Opinion may vary as to how much is too much to pay for a university degree, and many in higher education welcome the extent to which tuition fee reform has put the spotlight on the employability record of degree programmes.
The increased questioning of late as to the "worth" of educational qualifications requires that institutions provide a quality, meaningful experience to students, but also prepare them for future work; to be a stepping stone in their career. Just how much spring is in the step from that stone will have as much, or more, to do with the institution's links and partnerships with industry as the student's own network.
Recent figures from the Office for National Statistics indicate the clear value to be gained from completing a degree, with an analysis of salaries in the final quarter of 2010 showing graduate employees earn 85% more than those who left school after GCSEs. Even so, 15% of graduates earn less than the average for those who quit school at 16, suggesting there is much more work to be done to improve graduate employability.
More worrying perhaps is latest analysis in this area from the Higher Education Statistics Agency, which suggests that almost 28% of UK graduates who left university in 2007 were still not in full-time work three and a half years later. Figures like these underscore the need for universities to boost their careers advice offering as well as their links with industry. Indeed, these two key activities of any institution should go hand and hand, with one informing the other and vice versa.
We're seeing more focus in the HE marketplace on degrees sponsored by employers, formalised agreements for work placements and the like, but the pace and innovation of such activity must increase. In today's competitive student market, institutions have to offer more than just academic study.
At LSBF, we've recently launched the LSBF Trium UG degree which guarantees a graduate level, full-time job within six months of graduation or a refund of £2,500. This three-pronged programme leads to an undergraduate BA degree, the advanced stage of a professional qualification and completion of a graduate development programme to hone students' interpersonal and professional skills. Professional career coaching, soft skills training and encouragement to do a professional qualification alongside one's degree – these are the services today's students need and which employers are demanding; in other words, a commercial perspective that's highly attuned to the needs of employers and careers of our students
Universities have long provided careers advice, but only when this service is informed and updated through ongoing dialogue with corporate partners will it deliver results for students. I've no doubt most universities would claim to be doing just this, yet many remain saddled by bureaucratic operating models, working practices and infrastructure. Alternative providers have been and continue to be successful at challenging traditional working practices in HE to align with the needs of students and employers alike. That means new programmes of study designed according to what employers and potential students need – as well as internship and placement opportunities that provide real challenge for students, not to mention professional level career coaching and practical skills training to prepare them for the workplace.
Our corporate partners at LSBF indicate that approximately one-third of this year's entry positions are expected to go to graduates with experience of working for their organisation or in their chosen field, whether it's short term work experience or year-long internships. For individuals, the 'power of your network' has long been promoted as a key component of one's career portfolio. Now it's a phrase we're certain to hear increasingly applied to universities and business schools as students and their families are ever more mindful of the value for money of a given degree.
Source: James Kirkbride, Guardian.co.uk, Monday 17th October 2011
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