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Wednesday, 16 May 2012

Two-thirds of Employers Plan to Hire University Graduates in 2012

As the university year draws to a close, a promising new survey, from CareerBuilder.co.uk, shows university graduates can expect up to 20% higher starting salaries than they did in 2011. Finding that dream role could be less demanding too with 17% of employers saying they are planning to recruit more graduates this year than last.

Six in ten employers are planning to hire new graduates this year and more than half (53% ) plan to hire up to 10 graduates while 29% are planning on taking on 11 to 50.

“It is encouraging to see that the majority of employers plan to add recent university graduates to their companies this year,” said Tony Roy, President of CareerBuilder EMEA.

“Employers across the UK are placing a strong emphasis on recruiting fresh talent for positions designed to drive revenue - and in certain areas -- they’re willing to pay more for high-skill, educated labour.”

The online job site surveyed 100 employers across the UK and companies that are particularly keen to recruit recent university graduates include Information Technology (37%), Sales (28%), Business Development (27%) and Marketing (25%).

Employers are looking for a variety of skills from recent university graduates but strong written and verbal communications top the list with 65% of employers looking for these followed by technical skills (42%) and Math skills(40%).

Tony Roy has some top tips to share with new graduates:

You may have more experience than you realise – While recent university grads are likely to highlight internships and part-time jobs on their CVs, they may not know that many employers will consider course work (43 %), managing activities in university clubs and societies (42%), volunteer work (40%) and part-time work in another area or field (40%) as relevant experience. 
 
Make social media your friend, not foe – One in ten employers (13%) would also consider social media (personal or school-related blogs, social networking pages) to qualify as relevant experience. However, before you start to apply for positions, remove any photos, content and links that can work against you in an employer’s eyes.

Be respectful of the interviewer’s time – More than half of employers (57%) reported that the recent university graduate acted bored during the interview while nearly half (48%) said the graduate came to the interview with no questions about the company. Forty-two per cent of employers reported a recent university graduate did not turn his/her mobile phone off during a job interview. It’s important to show enthusiasm for the job, arrive prepared and leave the mobile phone at home.

Source: Onrec.com, Wednesday 16th May 2012

Tuesday, 15 May 2012

Professional and Career Development Loans – what’s the deal?

The future is looking bleak for this year’s graduates. With youth unemployment at a record high, the number of university leavers dashing in the direction of post-graduate study has risen sharply.
It’s normal for people to seek further qualifications in an economic downturn, but this time it coincides with rapid price-rises for Masters programmes and cuts to funding bodies, which are making scholarship money increasingly hard to come by. One of the few options available to those who don’t have parents with the necessary funds is to take out a Professional and Career Development Loan, a bank loan which the government (or the Skills Funding Agency to be precise) pays the interest on until you finish your course.

PCDLs, as they’re known, are available from the Co-op and Barclays to people between the ages of 18 and 69 who wish to undertake further training or education – that means any approved part-time, full-time, or distance learning course that lasts up to two years (three years, if the course involves a year of work experience). You can take out between £300 and £10,000 and you pay it back at a fixed interest rate of 9.9 per cent per annum over a period of one to five years, previously agreed with your bank.

The loan can be used to pay up to 80 per cent of your course fees, or 100 per cent if you’ve been unemployed for three months. Once your course is over, you have one month to find work before the repayments start. In the current climate, that is no mean feat.

Greg Davies, 24, took out the full £10,000 in 2010 to fund his Masters in Occupational Psychology at Manchester University’s Business School. As his course neared its end, Greg began frantically searching for work.

“I was just really lucky and a week after finishing my Masters I started a job. For a bit it looked like I wasn’t going to find work in time, but it was just a case of perseverance. I applied to everything and anything. I wasn’t picky in the slightest.”

His job was as a researcher in the employee relations research team of a market research company and, although he thinks the loan worked for him, he’s keen to stress that it’s not a decision to be taken lightly: “You need to be 100 per cent certain that you’re going to find work and can afford the repayments, especially if you’re taking out the full amount.”

Some don’t get lucky so quickly and Andrew Wilson, 24, who also took out the full £10,000, didn’t find a job immediately after finishing his Masters in International Relations from the LSE. Upon graduation he was offered a sought-after internship in Brussels which, although paid, wasn’t going to leave him with enough money to start repayments of just over £200 per month. Under certain special circumstances, both Barclays and the Co-op will allow you to delay or lower your repayments, on condition that you discuss the matter with them before you are due to start repaying the loan. Such circumstances include being unemployed and claiming benefits, or being on a government training programme.

“It’s actually more flexible than it seems,” says Andrew. “Considering the economic climate they’re aware that graduates are finding it very hard to find jobs, especially ones where they can pay back £200 per month.” Andrew rang his bank and explained his situation. They allowed him to lower his repayments to £100 per month, subject to review every three months. “I was nervous about talking to them and I thought I was going to have to haggle and get it down, but they were actually really understanding.” Now Andrew has a job working for the Civil Service and has started making his repayments in full.

“I think the main thing to say is that you need to know what you want to do and that you’ve researched how the course will benefit you,” says Francesca Turner, a careers advisor at the National Careers Advice Service. “For some students who’ve recently finished undergraduate study it can be tempting to fall back into the comfort of education, bypassing experience. There’s no point doing a course unless you’ve researched where it’s going to take you and you’ve asked whether it’s best to get a bit of experience first of all.”

She stresses that it’s vital to assure yourself that the course you’re considering is recognised, something the National Careers Advice Service can help you with. There’s no point getting into debt doing a course that won’t help you find the job you’re looking for.

“You should also make sure you’ve exhausted all other possible sources of funding before taking out a loan,” adds Francesca.

Don’t be fooled – a PCDL is a bank loan and, although the government pays the interest on it while you’re studying, once you’ve graduated it’s just like any other commercial loan.

“In an ideal world we’d all get funding from elsewhere,” she says. Possible sources of funding include universities (which sometimes offer discounts to students who did undergraduate qualifications with them), charitable organisations, research councils and professional bodies relating to your chosen course of study.

“The funding that’s available can be very specific to the course you’re looking to do, so it’s best to speak to a career advisor who can inform you of your options,” she says.

“I would recommend a PCDL if there’s no other way of doing it,” says Andrew. “It’s helpful, but taking on such a large amount of debt on a commercial basis is scary and the repayments might seem very high initially.” But, he adds, there are up sides to this. “In a way, what’s good about it is that it puts the responsibility on you to make the right decision and make a sound investment. Because that’s what it is - an investment. You’ve got to ask yourself whether you’re going to maximise the return on your investment and if you’re not, it’s a lot of money to waste.”

Greg says that the repayments don’t have to be seen as terrifying: “I factor in the repayments to my monthly outgoings, so I think of it as another tax. It’s 50 per cent of my monthly rent (in London), so if I didn’t have to make the repayments I would have a nicer flat and be able to do more things, but at the same time I might not have got such a good job if I hadn’t done my Masters, so swings and roundabouts.”

Overall, the advice is to be careful. “If it hadn’t been for the availability of Professional and Career Development Loans I wouldn’t have been able to do a Masters,” says Greg. “I just didn’t have that money and nobody could have lent it to me. But you need to be aware of the effect it’s going to have. You’ll be paying it off for five years, so you need to be prepared.”

Source: Frances Perraudin, Independent.co.uk, Monday 14th May 2012

Monday, 14 May 2012

Pharmaceutical graduate gets business bug

A Sunderland PhD graduate has swapped her lab coat for her new business, aimed at promoting the North East.

Donna Petch, 30, studied a BSc in Chemical and Pharmaceutical Science and completed a PhD in Medicinal Chemistry at Sunderland University before moving to Leeds, where she worked at St James’s Hospital and Leeds University in Cancer Research.

Fast forward three years and Donna, from Roker, moved back to her home town where she set up The North East HUB. Donna contacted the North East Business and Innovation Centre (BIC) for advice and courses on how to start her business. Donna explains:

“I came back to the North East initially to get a job as a chemist and be closer to my family, I missed my home town. In the meantime I wondered if I could find something to occupy my time that I both enjoyed and was good at. I came up with the inspiration of helping to promote the North East with an online organisation, using social media, blogs, tutorials and much more and it was from this that The North East HUB was born.”

“The BIC have been fantastic I have learnt a lot; not only about how to promote myself but I have learnt about marketing strategies, and the actual launching of my business.”

Jo Sinclair, Business Support Officer, commented:

“It is always rewarding to see people reap the benefits of being hard working and having a can do attitude. The most favourite part of my job is seeing people succeed in their dreams of becoming their own boss. Donna’s business has gone from strength to strength in a short period of time and I look forward to seeing what the future holds for The North East HUB.”

The North East HUB launched earlier this year and already has a variety of businesses, events and more being promoted on the blog site every week. Most recently Donna helped local singer Jason Isaacs with his successful campaign to win a record contract. Jason said:

“Donna and The North East HUB have been really supportive in helping to promote our gigs and raise our profile in the area. She is a quite inspirational in her energy, passion and the innovative ways in which she engages the public, we are extremely grateful to have her fighting our corner!”

In the near future Donna will be helping Jason to promote his first single as well as working with Roger Armstrong promoting his new sci-fi film which is being filmed in the North East.

Donna adds: “If I could give one piece of advice to anyone wanting to start their own business is to just do it, especially if it is something you enjoy and have a passion for.”

Source: Bdaily.co.uk, Monday 14th May 2012

Sunday, 13 May 2012

Adopt an Intern promoted in the Highlands by graduates


Two graduate interns have been recruited in the Highlands to spread the word about a nationwide Adopt an Intern programme that offers unemployed graduates paid work experience.
Eilidh Finlayson and Gemma Gentles have begun a paid three-month internship to promote the programme and help attract graduates and interested organisations.
Adopt an Intern was created by the Centre for Scottish Public Policy (CSPP), an independent think-tank, in January 2010. The programme gained Scottish Government funding in March of that year.
However, these two new internships have been made possible by the Highland Council through an Innovation Challenge Grant of just under £10,000 for which the programme successfully applied.
The council agreed to supply desk space for the graduates, as well as some useful guidance from its staff in the planning and development service department.
The graduate interns are busy meeting with key public agencies and businesses across the region to encourage them to employ a graduate for a minimum of three months and up to one year.
The Adopt an Intern team are dispersed throughout Scotland. They provide a free recruitment and shortlisting service to help make the process as cost-effective as possible for the host organisation.
To date, they have placed 153 graduates, 12 of them in the Highlands and islands.
The interns have already met careers service staff at the University of the Highlands and Islands and all UHI graduates will be advised of the opportunities presented by the programme.
Eilidh and Gemma are both graduates of Edinburgh University.
Eilidh said: “Having been looking for graduate employment in the Highlands, where I was born and brought up, I have experienced how few opportunities there are for graduates and how difficult it is to get a job close to home.
“To find a job, graduates first need experience in the workplace and the Adopt an Intern programme provides this important opportunity, as well as promoting a paid internship culture in Scotland.”
Gemma said: “It would be great if public agencies and private businesses take part in the programme and help job-seeking Highland graduates gain vital work experience near their homes, keeping local talent local.
“The programme has already witnessed the positive benefit this brings to local businesses and organisations alike. Our own internship is much appreciated and will give Eilidh and I important experience in project management.”
The council’s director of planning and development, Stuart Black, said: “The Highland Council recognises the challenge of graduate unemployment at the current time.
“The Adopt an Intern programme is an important way of tackling this issue and we were pleased to support the CSPP with their project in the Highlands.”
Source: Pressandjournal.co.uk, Friday 11th May 2012

Saturday, 12 May 2012

Internships: with age comes the search for experience

The number of interns over 25 is rising, but while maturity brings expertise – and benefits the economy – apprentices face a number of age-related issues.



A tuft of grey chest hair pokes out of the top of Alan Kean's stripey shirt. It catches my eye as we drink tea amid the deafening chatter and the expensive fig trees in Portcullis House where Alan, 55, is six months into life as a parliamentary intern.
In recent months there has been much gnashing of teeth over young people flooding into these positions, unpaid or poorly paid, with scant observation of working rights, desperate to get a foot on the career ladder. That has left little room for discussion around a lesser-known trend: of the 457,200 apprentice positions started in 2010-11 in the UK, 182,100 were started by people aged 25 or over, according to the Data Service. Five years ago, only 300 people aged 25 or older took up these roles.
Of the overall rise between 2006-7 and 2010-11, 68% were in the 25-plus age group, according to the National Audit Office (NAO); an increase it attributes to Tony Blair's government, which, in 2003, widened the age eligibility criteria for government-funded, private company-run apprenticeships to include over 25s.
Many people presume that interning, or being an apprentice (the two are used almost interchangeably) is for graduates or school leavers only and the newly-launched National Careers Service doesn't disabuse would-be applicants of that notion.
Jobs websites bring up advert after advert seeking "ambitious graduates" with a "work hard, play hard attitude" to fill numerous unpaid or minimum-wage internships and apprenticeships – wording that barely complies with age-discrimination law and makes plain the cultural advantage younger, cheaper applicants have over older ones. Part of the problem is that the National Apprenticeships Service pays up to 100% of the training cost of placements taken by 16-18 year olds, and up to 50% for ages 19-24, but makes only an unspecified "contribution" for placements taken by those aged 25 or over.
"The impression is that the government doesn't provide routes for older people like that. We know there's no such thing as a job for life anymore, but culturally, we're yet to develop that broader attitude," says Rosemary Thomas, a research assistant at the Work Foundation, previously a work psychologist at Jobcentre Plus.
"At Jobcentre Plus I worked with lots of long-term unemployed, or over-25s that hadn't worked out what they wanted to do. An apprenticeship or internship would have been a perfect solution for them, but it was so hard to come across anything. We tended to guide them down the voluntary route."
What kind of people make "mature interns"? A Leicestershire boy who left school with no qualifications, Kean fell into hotel work and meandered through "low administrative level" jobs in the NHS and the local branch of the Department for Work and Pensions, later working in the community football stadium in Doncaster where he and his wife relocated, before moving again to London. After a short employment contract with Harrods, he worked as a volunteer with Locog interviewing other potential Olympics volunteers. Then he saw that the Social Mobility Foundation was offering nine-month internships working for parliamentarians, paying £17,500 for that period.
"I did wonder if I was too old to apply because most interns are 18-25, aren't they?" says Kean. "Once upon a time someone like me would be at the end of their working life. But I'm not ready to lie down," he adds. "Like most working-class people I've not had a career, but I've shown in my work that I can do almost anything – I'm flexible and the labour market has a need for that. Being stuck in a rut is a luxury of years gone by. The more strings you have to your bow, the easier it should be to find paid work."
The forthcoming rise in retirement age makes refreshing your skills and competitiveness important. And while older interns and apprentices are doing that, they're providing the UK taxpayer with value for money. In a February 2012 report, scrutinising the government's apprenticeship programme, the NAO found that its advanced and intermediate apprenticeship models produce returns of respectively £21 and £16 for every pound of public funding they receive (the Department for Business, Innovation and Skills estimates those returns at respectively £24 and £35, using a different calculation).
At 27, Ben Harford is an older intern, one of many thousands trying to break into the creative industries, where, though much criticised, poorly-paid internships are all but mandatory. Redundancy last Christmas brought a small sum of cash that Ben ploughed into a career change, retraining from public sector administration to graphic design. A Gumtree advertisement led him to a full-time internship designing sponsorship collateral for a Premiership football club. The commute costs him £500 a month, taking up most of his minimum-wage salary, and he relies on his girlfriend's income to shore up their living expenses.
The work is enjoyable, says Ben, but could end at any time. "It was meant to be six weeks, but it always gets extended for another week, another two weeks … they keep their cards close to their chest, so you're always in limbo," he says. "In this industry you've got to earn your stripes by working for not much money. Even junior positions expect one year's experience. So you've got to start with an internship." His fellow interns, most of whom graduated last summer, "have rich boyfriends or live at home rent-free – they can enjoy being 21 and survive on the minimum wage with their parents' backup. They don't have the responsibilities I've got."
But it can work. Mike Mann was 39 when he joined Pricewaterhouse Coopers' Headstart scheme in 2007 – its equivalent to a graduate scheme, but for those without many formal qualifications – leaving behind a long-established career in sound production. Apprentices are paid a salary to work full-time and study for their accounting qualifications.
He now manages audits for the businesses he was attached to when he started. "I was fed up working in an environment where we were incredibly experienced technically and commercially, but had no real business understanding. I wanted to understand what makes businesses succeed and felt strongly that I needed a mixture of hands-on work and formal training," says Mann. "It was very daunting at first, but being in an environment where everyone is enthusiastic about learning is so refreshing."
He adds that one of his oddest apprenticeship experiences was revising for exams at the kitchen table alongside his daughters who were studying for their GCSEs and AS levels: "Not what you expect to be doing at 40."
The Headstart scheme pays between £16,000 and £20,000. Can an older apprentice survive on that? "This has been the hardest part, but in less than five years I'm back to a healthy salary and over the next few years it will easily surpass what I could have earned before changing career," Mann says.
The NAO report says that completing an advanced apprenticeship is associated with raising earning power by 18%, and completing an intermediate internship raises salaries by 11%.
The cultural barrier to older people accessing these positions remains strong. Some think employers presume they will want too much money, defend their workers' rights too strongly or even show them up professionally. "Employers might be put off because they think they'll expect lots of money, but they might have come out of a well-paid career and aren't motivated by money any more," says Rosemary Thomas.
Kean, the oldest participant on the parliamentary interns scheme, agrees. "So many MPs and their interns have no expertise and haven't worked anywhere else, so I've brought in some procedures here to make things run smoothly," he says. "But I think some employers might be intimidated by someone a bit older with a mind of their own like that. We're more likely to stand up for ourselves, while young workers are new to the workplace and don't know what's expected of them – which is why they are abused."
The government intends to invest more in apprenticeships, and given the return on investment older participants appear to provide, it makes sense to give them more funding.
But Chris Ball, chief executive of The Age Employment Network, sees the cultural blockade at its strongest within the government's apprenticeship machinery. "There are huge issues around economic inactivity among older people, and the fact is the government has put far more energy into supporting young workers than older workers," he says.
"Older people need to feel there is somebody out there working for them, but they're just not a priority – they have to wait six months before they're allowed onto the Work Programme, in which time demoralisation and self-pity can set in. You'll look like a far better prospect to an employer if you're doing something like interning than if you're out of work."

Case study: the translator

Well travelled and multi-lingual, Marta Rodriguez, 34, is the epitome of the progressive European prepared for tomorrow's labour market. A BA twice over, and currently studying an online Master's degree as a mature student, she is highly experienced in translation work.
She is halfway through a six-month internship with a west London translation company, on a scheme operated by the European commission which aims to "help students to adapt to the requirements of the EU-wide labour market".
For Marta, it's a shrewd way to see how her translation clients work from the inside while getting paid. The position was advertised unpaid except for €500 for living costs. But Marta got lucky: her employers pay her £500 per month on top. "They're happy because I think they were expecting an intern with whom they had to spend a lot of time teaching and explaining things."
Marta is the agency's first intern and is seven years older than her manager.
"At the beginning they thought I'd be working on their database all day long, but I'm translating, I'm proof-reading translations from our freelance translators, and I'm about to do some project management," she explains.
"They weren't expecting me to be as experienced as I am or to know what I'm doing. They can rely on me and delegate things.
"I hadn't even thought about the possibility of being an intern before. I thought my employer Erasmus wouldn't accept me because of my age – that they might think 'oh, she must be a loser'," Marta admits.
"That's about my preconceptions – that there's an established way. You finish university, you do your internship, then you get a job, you get a better job and that is what you do with your life – so I thought that was how society would behave towards me."
Source: Melanie Stern, Guardian.co.uk, Friday 11th May 2012

Friday, 11 May 2012

Slaves and the City: graduates working at top firms for free

A job in the Square Mile used to be a guarantee of riches and success — but to get on the ladder some new graduates are working for free at London’s top firms.

In the days before the crash, when the City of London looked like a real-life version of Opportunity Knocks, the hiring game for the best new graduates at top investment banks often played out like this: the recruiter charged with slimming down the towering pile of applications would pick up half of the many hundreds of CVs on his desk — and dump them in the bin. He would then start wading through the rest to see who was a hopeful and who was a no-hoper.

If that sounds brutal, it now represents a golden age, as at least half of those applicants had some sort of chance. These days there are next to no jobs for graduates in the City. Recent figures from the Centre for Economics and Business Research found that financial sector jobs in London have fallen to their lowest level since 1996.

And for those lucky enough to secure a rare position, they have to quickly lose their previously reasonable belief that a job in the City is the best way to wipe out student debts swiftly. One trading floor recently hired a string of top-notch maths PhDs on £20,000 a year. Another firm is said to have taken on graduates for as little as £6,000 a year, with a promise to pay for stockbroking exams on top of a salary that leaves some worse off than when they were students.

“No one is really interested in graduates,” says Stephen McCarty, managing partner at City recruiter BBM Partners. “There is simply no appetite for them. In 2009, a large number of the graduate intake who were due to start in September were asked to defer, and I imagine this will happen again for those people due to start in September this year.”

The grads are being hit by a double whammy. There’s a low level of recruitment at the bottom and increased insecurity in the middle. With the squeeze on at City firms and job cuts rife, senior people desperate to keep their positions are doing the grunt work that might otherwise have kept a bright new hire occupied. And the few grads taken on in recent years know they are at risk.

“The vast majority of job cuts during the last market dip were at vice-president and associate level. This time we are seeing graduates who have been with financial services organisations for six to 18 months becoming surplus to requirements,” adds McCarty.

So the pool of talent keeps widening. This year’s grads will compete for jobs with each other and with those still unemployed grads from the past two years. You don’t need to be a maths whizz to see what that does to salaries.

The situation is so bad that headhunters, normally keen for publicity, are suddenly coming over coy. “Leave me out of it, can you?” says one. “I don’t want a thousand graduates phoning me for jobs I haven’t got.”

What recruiters say in private is that Oxford and Cambridge candidates with a First are still likely to get something, but it may not be the job at Goldman Sachs they had expected; more likely one at a smaller firm of which they had previously never heard. Such boutique organisations can hardly believe their luck.

However, even just getting an entry-level job that many a bright spark may think is beneath them is tough, and some are looking at other options. According to findings from a recent survey of more than 25,000 UK students, financial services companies have been pushed out of new graduates’ lists of the top 10 most desirable employers. Tech companies, such as Google, intelligence services, such as M16 and M15, and charities — where a lower wage is perhaps offset by working for a socially conscious cause — have now overtaken the likes of Deloitte and Ernst & Young.

And back in the financial world, budgets are being watched so closely, no one wants to be responsible for hiring someone who can’t cut it, so even lowly positions require the successful applicant to meet senior managers for the nod of approval.

The hoops young applicants are asked to jump through to get a job are ever more onerous. One graduate, recently chasing a position, thought he had got the job. After a telephone interview, a face-to-face interview, a four-hour exam, a conference call with managers in the US and then a weekend-long project — they hired someone else.

McCarty says those with quirky backgrounds or skills have a better chance: “I recently placed an Australian guy who was a professional swimmer — he’d been in the Commonwealth Games. In a small investment bank, he stood out.”

But those who can’t swim at world-record speed may need something else, as a First from Oxbridge may no longer be sufficient on its own. This is changing the very character of the Square Mile.

Until recently the City could claim to be some sort of meritocracy. The old school tie helped, of course, but it was eminently possible for bright, hard-working folk from poor backgrounds to get ahead, to make a fortune even. Now, to get a foot in the door you might have to work for free or at least on a salary that makes it hard to live in London.

“This results in City employees increasingly coming from families who are able and willing to support them for the first few years of their working life. It is hardly the social diversity and mobility the sector has been working towards,” says McCarty.

In some ways the situation is absurd. The banking sector has been blighted but it’s not as if the big firms aren’t still very wealthy institutions. That some of the richest companies in the world should be using cheap labour is an oddity not lost on those at the sharp end.

So if you want a City job is it even worth getting a degree? Terry Smith, once one of those kids from nowhere who has built a huge fortune after decades in the City, doesn’t have a graduate programme at his firm Tullett Prebon. “We require trainee applicants to take a numerical test and if they pass that then they proceed to interviews. The reason we have gone down that route is that we have experience of graduates from UK universities who can’t do arithmetic to an acceptable standard,” he says. The average starting salary for Tullett trainees is about £25,000, he adds. That’s far from a fortune but at least it’s a start.

Those still dreaming of one day becoming swaggering, globetrotting deal-makers — Zurich for breakfast, New York for dinner — might find all of this dispiriting. Though Goldman Sachs, for example, insists it is still hiring, most banks have trimmed their graduate recruitment programmes and some (those that said they were going for growth in Europe but are now having second thoughts) are said to have quietly ditched them all together.

The bad news is that this trend may be about to get worse. Sarah Butcher, of efinancialcareers.com, says: “The extent of this pull-back hasn’t really been felt yet. Banks typically hire students on the back of summer internships and this year’s classes are still quite big. The real crunch will come when those summer interns try to get graduate offers — at that stage, it may become apparent that there are a lot fewer jobs to go around.”

Some may welcome the idea that Britain’s brightest young people may now seek work away from the financial sector, perhaps instead devoting their working lives to curing cancer, say. But those intent on a job in the City perhaps shouldn’t be too despondent: busts are always followed by booms. At least, they always have been before.

HOW TO LAND THAT CITY JOB

There are still jobs available. Banks almost always struggle to hire graduates into technology roles, so there are often technology opportunities late into the year. Accounting firms are also still recruiting students for this year’s summer internships, particularly into less sexy provincial offices (eg Kettering).

If you’re a student who’s bursting to get into investment banking you will have to be a lot more strategic about it now than previously. You will also have to devote a lot more of your university career to pursuing your goal. For their “glamorous” front office jobs (eg M&A), banks want students who’ve done first-year internships, second-year internships, who know what a discounted cash flow is, can talk about the eurozone crisis and say why they really want to work for bank A rather than bank B. They want commitment, understanding and previous experience (even before you’ve graduated).

However, there are also plenty of less glamorous roles in banks (eg accounting roles), where banks simply need intelligent, interested, eager individuals who are keen to work in finance.

Salaries for graduates working in investment banks went up a couple of years ago and have stayed fairly static since. If you’re a first year, you can now expect to get anything from £45-50k, including a signing bonus. The real difference now is in bonuses. In the boom years of 2005-2007, some top first years were earning six figures. This is now unheard of.

Source: Simon English, Thisislondon.co.uk, Friday 11th May 2012

Thursday, 10 May 2012

Financial firms must change approach to graduate recruitment

Financial firms need to shake up their strategy for attracting and retaining the best graduates says new PwC report.

A new study from PwC indicates that financial services firms need to adapt their recruitment strategies to retain the best talent in their business with a ‘significant gap’ between what graduates expect from their graduate job and the job itself.

The study found that 55% of graduates had compromised on their job choices due to the economic downturn in the UK and globally indicating that as the job market improves many financial service firms may find it difficult to retain talent with graduates open to new opportunities with only 10% indicating that they were satisfied with their current role in the long term.

Jon Terry, a partner at PwC said; ‘Financial services companies are already finding it hard to keep younger workers and this is likely to become even tougher as the job market starts to improve. This generation of graduates demand a different approach to recruitment, retention, management and development, which organisations simply can’t afford to ignore. If companies fail to invest in trying to understand what drives this group, they face the real risk of losing large numbers of them to other companies when the job market picks up.

“Carrying on with the same approach to recruitment and retention is no longer an option. Millennials want more than ‘just a job’. They expect a varied and interesting career, constant feedback and the opportunity to progress quickly. Their high expectations mean that companies might find it harder than ever to keep their best talent if they don’t adapt their approaches to their development appropriately.'

Source: Pareto.co.uk, Wednesday 9th May 2012

Wednesday, 9 May 2012

Job Site Adzuna Launches Graduate of the Year Competition 2012


Competition for graduate positions continues to rise in the UK with over 50 applicants for every available graduate job. Unemployment among 18-25 year olds is the highest it’s been for decades and graduates without existing work experience are finding it tougher than ever to land an entry level position.

But there are glimmers of hope in the market, with companies like job search engine Adzuna launching a nationwide campaign to find Britain’s “Graduate of the Year 2012”.

The competition, open to all recent and soon-to-be graduates, rewards the brightest and best graduates in their field - from academics and student politicians to sportspeople and young entrepreneurs. Applicants must answer a series of simple questions about themselves and what makes them special, and the winner will be rewarded with the following prize:

  • An internship with a top UK company (including eBay, L’Oreal, Sony & Google)
  • A cash prize of £1000
  • A CV clinic with a top UK entrepreneur
  • The Illustrious Crown of “Graduate of the year”


Applications for Graduate of the Year are open from today and will stay open until midnight on the 31st May 2012. Students and recent university graduates can appy directly here -www.adzuna.co.uk/jobs/graduate-of-the-year and the overall winner will be announced on the 1st July. 


Source: Ian Thomas, Studenttimes.org, Tuesday 8th May 2012