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Graduates told to seek low-skill work in jobs crisis
Tim Ross6 Jul 2009
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."
