34% of recent graduates have successfully found full-time work in the career of their choice, according to new research published today by Endsleigh, which has been insuring students, graduates and young professionals since 1965. However, the figure contrasts with the optimism of current final-year students, 59% of whom said they expect to find a permanent job within 12 months of graduation, suggesting that the reality of the employment market proves more difficult than students expect when they leave university.
Endsleigh's report on student and graduate career expectations and experiences was based on national research conducted by NUS Services Research Department. The survey collected the views of 1423 final year students and 971 graduates (79% of whom were aged between 21 and 24). The results found that female final year students were more realistic about the difficulties they face, with almost two-thirds (61%) saying that they will struggle to find a job after graduating, compared with just over half (53%) of males.
In terms of salaries, Endsleigh found that for almost half (48%) of all graduates questioned, their current wage is lower than expected. 57% currently earn £15,999 or less, with some within this group claiming to earn nothing at all. As expected, the survey found that graduates in London earn the most, with almost half (48%) earning £16,000 or more compared with a national average of just over a third (38%). Overall, 21% of respondents said they earned between £16,000 and £21,999.
Endsleigh found that 71% of graduates agree that university enhanced their chances of getting a job (79% for final year students). In addition, almost half (43%) of university leavers found that their university experience had set them up for life in the wider world – with 79% of graduates claiming university had helped build their self-confidence in meeting people and socialising, 55% saying it taught them how to manage their own money and 76% saying it had helped widen their interests.
Antonia Olex, a recent graduate of the University of Exeter, said: “As a final year student, I thought I would find a job in advertising fairly quickly but it wasn’t as easy as I assumed. The scale of the competition quickly became clear- on one advertising grad scheme, over 900 people applied for twelve places! Getting to the interview stage was a daunting process and that was only the first step. I’ve now been working in property for a year and although I’d previously dismissed it as an option, I am really enjoying it and luckily it seems to be the career for me. I’m also earning more than I expected, which is a bonus!”
Kim McGuiness, Education Sector Manager, Endsleigh Insurance, said: “As they prepare to leave university behind them, students today are, on the whole, realistic about the challenging time they face as they look to kick-start their careers. For some, however, finding a job they want that meets their salary expectations will undoubtedly be even harder than expected. The research has shown that graduates are nonetheless encouraged by the skills they have developed whilst at university, which they say have boosted their employability and also helped prepare them for life in the wider world more generally.”
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Notes to Editors
The survey was conducted online during March 2014 and surveyed 1423 representative university students (sample aged 18-31, with 57% being aged 21-22 years old) and 971 representative graduates (with 79% aged 21-24).
Endsleigh has been supporting students, graduates and young professionals since 1965. Endsleigh is an independent intermediary specialising in the provision of insurance and financial products for career people, offering products and services for graduates and professionals, as well as being the preferred insurance supplier for a variety of trade unions and professional organisations.
Endsleigh’s extensive range of insurance products will cover everything needed for expanding lifestyles, from car, travel and gadget insurance to home insurance, including buildings cover, and even contents cover in shared accommodation. Create the perfect cover, no matter where you’re living, with a tailored insurance policy from Endsleigh.
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