Student Education News

How to get a well-paid graduate job in 2016

How to get a well-paid graduate job in 2016

A major review of the graduate jobs market in 2016 suggests the number of vacancies will increase, but how should you go about finding a top role?

It's the question on every soon-to-be graduate's mind; how do you land a well-paid graduate role before you leave the safe haven of university?

According to a new study of the UK's top 100 employers - as chosen by students - the number of graduate vacancies is expected to increase by 7.5 per cent this year - taking recruitment to its highest ever level - so you already have an increased chance of finding something, simply because you are looking now.

Good news? Maybe. According to 'The Graduate Market in 2016', over 1,000 graduate positions went unfilled by employers last year, with large numbers of graduates turning down job offers.

According to Martin Birchall, managing director of High Fliers Research - the company behind the report - this is down to graduates "becoming increasingly choosy about the employers they join".

So how should you be "choosy" as a graduate? And is there a formula to landing your ideal graduate role? Here are a few suggestions (using figures taken from the report).

1. Study at one of the top 10 'most targeted' universities by top employers

Admittedly, this might be a bit too late for current students, but don't fear, if you don't happen to attend one of these institutions, you might just have to work a little bit harder to find the vacancies, rather than expecting them to appear at careers fairs. It's interesting to note that this is one list that Cambridge and Oxford do not dominate.

1. University of Manchester
2. University of Nottingham
3University of Warwick
4University of Bristol
5University of Cambridge
6University of Oxford
7University College London
8Durham University
9. University of Bath
10University of Leeds

Incidentally, if you're on the look out for a role, the top five methods of promoting graduate vacancies are via graduate directories, graduate recruitment websites, social media, university careers services (no excuses now for not making an appointment) and via campus presentations.

2. Target an industry with the most graduate vacancies in 2016

A 7.5 per cent increase is expected in graduate vacancies this year - so, a positive time to be hunting for that post-university role. According to the report, two-fifths of organisations are preparing to take on more graduates this year and the largest recruiter of graduates is set to be in accounting and professional services - great news if you are good with figures.

3. Get some work experience under your belt in your chosen sector

Experience could be a deal-maker (or breaker). Recruiters are warning that 32 per cent of all vacancies are expected to be filled by graduates who have previously worked with the company. But this is a two-sided story. For example, if investment banking is your area, if you get a work experience placement it could be a positive step towards a job, with 77 per cent of vacancies given to those who have worked for an employer previously.

However, in accounting, work experience with a specific employer doesn't count for so much, with only 29 per cent of vacancies going to graduates who have completed internships.

It's important to note, though, that all employers advise candidates to have some form of work experience before applying.

Per cent of vacancies likely to be filled by graduates who have already worked for the employer

  1. Investment banking - 77 per cent
  2. Law - 56 per cent
  3. Banking and finance - 52 per cent
  4. Consumer goods - 47 per cent
  5. Oil and energy - 41 per cent
  6. Consulting - 33 per cent
  7. IT and telecommunications - 33 per cent
  8. Media - 32 per cent
  9. Engineering and industrial - 31 per cent
  10. Accounting and professional services - 29 per cent
  11. Retailing - 22 per cent
  12. Public sector - 8 per cent
  13. Armed forces - 2 per cent

 

4. Choose an 'in demand' role

You've chosen your industry, now how about the role? Now might be a good time to buff up on your IT skills. IT roles are most frequently required by top employers, according to High Fliers, followed by graduates for finance roles. What the research also makes a point of highlighting is that you don't have to work at an IT company in order to 'work in IT' - an obvious statement, perhaps, but worth mentioning.

Top 12 most frequently required roles

  1. IT - 55 percent
  2. Finance - 51 per cent
  3. Human resources - 39 per cent
  4. General management - 35 per cent
  5. Marketing - 34 per cent
  6. Engineering - 30 per cent
  7. Sales - 26 per cent
  8. Research development - 24 per cent
  9. Consulting - 22 per cent
  10. Transport and logistics - 19 per cent
  11. Accountancy - 17 per cent
  12. Law - 17 per cent

5. Be prepared to move to London

It seems that, unsurprisingly, the Capital is the place to be for graduates. According to the research, four-fifths of companies are offering vacancies in London in 2016. However, this doesn't mean you won't be successful in other areas. The North West and the Midlands have a high number of employers recruiting graduates into positions in these areas as well.

We don't advise moving to London in order to find a job, but it may just make finding one that bit easier if you are prepared to move around. Saying you want to work in East Anglia, for instance, might make the task of finding a role that bit harder.

6. Pick an industry with a high median salary

Now to address the 'well-paid' aspect of your career (if you care about this). According to today's report, the median starting salary for graduates across all industries is expected to stay the same as last year. However, since £30,000 is not to be sniffed at, this doesn't seem too negative. While five top employers are expecting to pay their graduates less than £20,000 per year, salaries can reach as high as £50,000.

Note the range of starting salaries advertised across the sectors. To use accounting as an example (again), you could earn up to £42,000 per year, but you could also be offered a starting salary of £16,000.

 

INDUSTRY OR BUSINESS SECTORMEDIAN GRADUATE STARTING SALARYRANGE OF GRADUATE SALARIES
INDUSTRY OR BUSINESS SECTORMEDIAN GRADUATE STARTING SALARYRANGE OF GRADUATE SALARIES
Accounting and professional services £30,300 £16,000-£42,000
Armed forces £30,000 £25,500-£30,000
Banking and finance £36,000 £27,000-£50,000
Consulting £31,500 £28,500-£50,000
Consumer goods £29,000 £27,000-£32,000
Engineering and industrial £26,000 £23,000-£31,000
Investment banking £47,000 £35,000-£56,000
IT and telecommunications £30,000 £27,500-£34,700
Law £41,000 £32,000-£42,000
Media £27,000 £20,800-£35,000
Oil and energy £32,500 £27,000-£45,000
Public sector £21,000 £19,600-£41,000
Retailing £26,000 £21,000-£42,000

 

7. Be really 'choosy' and pick these companies

The report suggests that the largest individual recruiters of graduates this year will be Teach First, with 1,870 vacancies, PwC, with 1,540 vacancies and Deloitte with 1,100 vacancies,

Alternatively, the highest starting salaries are being advertised at Aldi (£42,000), law firms including Allen and Overy (£42,000) and the European Commission (£41,000).

'Expert' conclusions

Getting a graduate job is never going to be easy - schemes are highly sought after and can be incredibly competitive. To illustrate this point, the top 100 employers surveyed have had 13 per cent more applications this year that they did for the same period in 2014-2015.

The media coverage of Aldi's generous graduate package is bound to ensure applications to the retailer remain high, but there are plenty of other schemes out there with great benefits attached. The important thing is to look around and really research the position.

However, if you're a Manchester student, aiming for an IT job, in an accountancy firm, in London, you could be on to a winner (with a good chance of a great starting salary).

Faetured in The Telegraph available at 

http://goo.gl/MNlxhK

18th January 2016