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Graduates told to seek low-skill work in jobs crisis
Tim Ross06.07.09
Graduates seeking work in London will struggle this year as some of the city's biggest employers cut vacancies by 40 per cent, a report warns today.
Investment banks, law firms and management consultancies are all cutting back, with an average of almost 50 applicants for every graduate position in the country.
The Association of Graduate Recruiters, which surveyed 226 leading em- ployers, warns those looking for work in the capital to be prepared to take jobs as temps or bar staff this year.
London provides about half of all UK graduate-level jobs but prospects are not likely to improve next year, said Carl Gilleard, chief executive of AGR.
"The city is still the centre of the UK graduate market but when it comes to the current situation as vacancies are being cut back, London proportionately gets hit hardest," he said.
Graduate vacancies in investment banking and fund management, which are central to London's economy, are down 40 per cent, far higher than the average cut in graduate positions across all sectors, which was 25 per cent.
"For graduates coming out of universities this summer who want to work or stay in London, it is going to be tough," said Mr Gilleard.
The report follows figures last week showing that unemployment among graduates had risen by a third, with 21,000 out of work. One in three university leavers had to make do with non-graduate jobs in restaurants, factories or temping positions.
Mr Gilleard said more graduates would have to consider low-skilled jobs. "My view is any work is better than no work at all. Even some of the most routine jobs develop your skills and can open up networking opportunities."
Universities minister David Lammy said: "These are undoubtedly tough times but a degree is a strong investment which stands graduates in good stead for a long and successful career, giving them better prospects than those with lower qualifications."
Reader views (10)
I'm inclined to agree with Mr Gilleard that any work is better than no work, but many graduates like myself are rejected for jobs because we're 'over-qualified'. Surely that should be our decision? If we thought we were 'too good' for a job, would we really bother applying for it?
- Annette, London
The problem is that whereas two to three decades ago only 10 - 15% went onto degrees further education has been vastly extended to reduce the number of young unemployed. Sadly many get into debt to gain a non-rigorous degree that is ultimately of little value. The polytechnic I went to is now a university and has many more students. However, the number doing science or engineering has dropped significantly and some courses have been dropped. These have been replaced by subjects such as media, tourism, sports science, etc. Sadly many of these new degrees are little better than an additional 'A' level. I suspect the number applying for each job are far lower if you look at engineering, science, medicine, etc. People just have to get real.
- Michael, London
If the graduates take low paid work what is to happen to those 'ordinary' folk without a degree but a lot of common-sense. What are they to do - starve!
- Volpone, London, London
I don't understand why so many of these comments are revelling at the fact that graduates are finding it increasingly difficult to find jobs?
I see no need for graduates to eat humble pie. Trying to improve your job prospects through further study is not arrogant or presumptuous. Graduates did not expect to stroll into the role of managing director of a large bank- they just hoped for a place on a graduate scheme or a role that was interesting and challenging.
It does not matter whether you have studied mathematics, media studies or languages people across the board are struggling, and this has nothing to do with GCSEs, A-levels or the standard of the degree system. The economy is in recession and there are less jobs for everyone.
Graduates of 2009 will suffer because there are less graduate places and traditionally entry level jobs are being filled by over-qualified people who have been made redundant elsewhere. If a degree is an investment in your future as David Lammy says, then it seems unfair that graduates are not getting a return on theirs.
- Abraham, London
The world doesn't owe anyone a living. For as long as the job-market doesn't need these (or other) people, then those affected must be prepared to do what they must to survive. That's the bottom line.
- Rogan, Irving
At this rate, in 30 years time, you will need a PhD to do a street cleaning job.
People need to realise that many of the jobs out there today need excessive qualification (e.g. needing a First Class Honours at Cambridge when all you do in the job is just some excel spreadsheet). This needs to be changed.
- Ed, London
Far too mant graduates with non-relevant degrees expecting a fortune when they get in the real world.
The degree has been debased as a qualification with some univresities handing them out with frosties packets.
If you dont have good all round GSCE and A level results haveing a degree from a pointless university which exists purely to take people off the dole queues will just mean they become unemployed at 21 rather than 18.
Ask why it is that the number of students has gone up but the number of people studying Mathematics to degree level has fallen over the last ten years.
Standards have fallen A levels are a hollow shell of what hey used to be. Science has been the life blood of this country and we are neglecting it.
We will loose all manufacturing to the far east if we have no R&D capabilities.
Fall of the western european civilisation is truly upon us?
- Duncan, Kent
Follow the government mantra, 'education, education, education', and become a waitress or barman once you've swotted and sweated for your degree.
Mind you, Gordon Brown promised that he would get rid of our boom and bust society and he has succeeded spectacularly. Now there's no boom, only bust!
- Scotty, Cambridge UK
Time for the graduates to eat humble pie: you don't necessarily have several years experience in your portfolio to show evidence of work skills. A job's a job even if it barely pays minimum wage.
- Marianne, SW France/London
Low skill work - they can't all become politicians
- Mr Pastry, Brisbane
