According to research, there are more than 80 candidates competing for every single job in the UK. The majority of these students are new graduates who are finding it extremely hard to cope with the current economic situation.
According to the data published by the Association of Graduate Recruiters; The most sought after are the off course the well paid jobs – that have become so difficult to get that the number of candidates have almost trebled since 2009. Research reveals that more than 200 candidates are applying for every single position available in investment banks, and over 150 candidates are applying for every job in the energy sector.
As a result of this high competition, the selection criteria are also becoming tougher. On average the student who score 2:1 are now considered below average or just about acceptable for 75pc of the firms out there.
The report also suggests that a large number of these qualified graduates are likely to end up with low paid work. This is also due to the current economic difficulties and their expectancy of low salaries. On the flipside, the top 200 companies are saying that they are creating more graduate jobs.
The new graduates also have to face competition from highly experienced workers who were laid off in the recent months. It’s hard for a company not to choose someone with years of experience over a fresh graduate, while offering them the same level of salaries.
Nicola Dandridge, chief executive of vice-chancellors’ umbrella group Universities UK, said: “This is encouraging news. While the recession has been very hard for the whole jobs market, there are signs that things are improving for graduates.
“Competition for some graduate positions remains intense, but 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.