Leading companies received a record number of applications this year – an average of 83 for every vacancy.
This is almost double the number of two years ago – 49 – and nearly treble compared with three years ago when there were 31 applications for each job.
In total, a staggering 777,457 applications have been made to the top 144 companies this year – equivalent to more than 5,000 for every company.
One sixth of companies received more than 10,000 applications, according to a survey.
And candidates leaving university without a 2:1 are likely to miss out on a job, with three quarters of firms saying this is a minimum requirement.
The record level of applications shows tens of thousands of recent graduates will fail to find a graduate level job, fuelling soaring unemployment.
With tuition fees due to rise to £9,000 at most universities next year, more than one in three recent graduates is on the unemployment scrapheap or in a dead-end job.
The biannual Association of Graduate Recruiters (AGR) survey questioned 144 member firms about their graduate vacancies, including Barclays, Nestle, Tesco, Accenture and Microsoft.
The findings also show that the number of graduate vacancies is predicted to increase by 2.6 per cent this year, compared with year-end figures for 2009/10.
Accountancy or professional services firms are offering the largest number of graduate level jobs – a fifth of predicted vacancies among the surveyed companies.
But competition is most tough for investment banking, with 232 applications for every opening.
A tenth of firms said they had received more than 150 applications for every job. And one in eight is receiving between 101 and 150 applications per job, up from one in ten last year. There has also been a shift in recruitment practices, with a fifth of companies saying they now use online tests to screen candidates.
They also use ‘psychometric’ assessments – which include personality questionnaires and aptitude tests – and telephone interviews at preliminary stages.
The poll also asked about graduate pay, and found that the average starting salary has increased slightly to £25,500 – the first rise since 2008.
Stephen Isherwood, of accountancy firm Ernst & Young, said applications for graduate jobs at the company are up 30 per cent and undergraduate applications are up by 96 per cent.
He added: ‘We’ve seen record demand for our graduate vacancies this year.
‘It’s clearly a very competitive jobs market but, for candidates who are prepared to be flexible, there are still vacancies available for September.
‘However, graduates will need to get on their bikes for work and look beyond the UK’s major cities.’
AGR chief executive Carl Gilleard said students must prepare themselves for the competitive jobs market.
‘My advice for graduates is to make sure you reflect on what you have learned – both at university and in an extra-curricular capacity – and be able to articulate it in your applications and at interviews.’
Despite the stiff competition for jobs, universities said the employment climate was improving.
Nicola Dandridge, chief executive of vice-chancellors’ umbrella group Universities UK, said: ‘While the recession has been very hard for the whole jobs market, there are signs that things are improving for graduates.
‘The predicted rise in the number of graduate vacancies is positive. It’s also good to see that average starting salaries have increased slightly during these turbulent few years.
This is almost double the number of two years ago – 49 – and nearly treble compared with three years ago when there were 31 applications for each job.
In total, a staggering 777,457 applications have been made to the top 144 companies this year – equivalent to more than 5,000 for every company.
One sixth of companies received more than 10,000 applications, according to a survey.
And candidates leaving university without a 2:1 are likely to miss out on a job, with three quarters of firms saying this is a minimum requirement.
The record level of applications shows tens of thousands of recent graduates will fail to find a graduate level job, fuelling soaring unemployment.
With tuition fees due to rise to £9,000 at most universities next year, more than one in three recent graduates is on the unemployment scrapheap or in a dead-end job.
The biannual Association of Graduate Recruiters (AGR) survey questioned 144 member firms about their graduate vacancies, including Barclays, Nestle, Tesco, Accenture and Microsoft.
The findings also show that the number of graduate vacancies is predicted to increase by 2.6 per cent this year, compared with year-end figures for 2009/10.
Accountancy or professional services firms are offering the largest number of graduate level jobs – a fifth of predicted vacancies among the surveyed companies.
But competition is most tough for investment banking, with 232 applications for every opening.
A tenth of firms said they had received more than 150 applications for every job. And one in eight is receiving between 101 and 150 applications per job, up from one in ten last year. There has also been a shift in recruitment practices, with a fifth of companies saying they now use online tests to screen candidates.
They also use ‘psychometric’ assessments – which include personality questionnaires and aptitude tests – and telephone interviews at preliminary stages.
The poll also asked about graduate pay, and found that the average starting salary has increased slightly to £25,500 – the first rise since 2008.
Stephen Isherwood, of accountancy firm Ernst & Young, said applications for graduate jobs at the company are up 30 per cent and undergraduate applications are up by 96 per cent.
He added: ‘We’ve seen record demand for our graduate vacancies this year.
‘It’s clearly a very competitive jobs market but, for candidates who are prepared to be flexible, there are still vacancies available for September.
‘However, graduates will need to get on their bikes for work and look beyond the UK’s major cities.’
AGR chief executive Carl Gilleard said students must prepare themselves for the competitive jobs market.
‘My advice for graduates is to make sure you reflect on what you have learned – both at university and in an extra-curricular capacity – and be able to articulate it in your applications and at interviews.’
Despite the stiff competition for jobs, universities said the employment climate was improving.
Nicola Dandridge, chief executive of vice-chancellors’ umbrella group Universities UK, said: ‘While the recession has been very hard for the whole jobs market, there are signs that things are improving for graduates.
‘The predicted rise in the number of graduate vacancies is positive. It’s also good to see that average starting salaries have increased slightly during these turbulent few years.
‘UK graduates are still highly valued by employers.'
Source: Kate Loveys, Dailymail.co.uk, Tuesday 28th June 2011
Source: Kate Loveys, Dailymail.co.uk, Tuesday 28th June 2011
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