Graduate Destinations ...

Is HE still worth it? Gemma LudgateHead of C2 EducationThe Careers GroupUniversity of London

Key questions

Grad Vs Non-grad: earnings and employmentKey factors

HEI Subject Grade

Conclusions (?)Resources

Grad Vs Non-Grad: employment

58% of 2012 grads unemployed or under-employed 6 months later56 applications for each graduate job, 7% rise on 2011But ... Non grads still more than twice as likely to be unemployed

Continuing Trend ...

2010...New grad unemployment: 18.5% (compared to 7.9% whole UK)Aged 21-24 with deg: 11.6%Aged 21-24 without deg: 14.6%

ONS 2010 data - www.statistics.gov.uk

“The economic advantage of having a degree has dropped by nearly 30% during the past two decades”

Grads still paid more on average but a “high proportion” earned the same as A-level school leavers2008:23% paid more than 30% above average but 27% paid more than 30% below average

Grad Vs Non-Grad: earnings

Can students afford not to ‘gamble’?

2012 survey...23% don’t specify qualifications, 26% specify a degreeFewer graduates are now in non-graduate jobs - 74% in graduate jobs, 69% in 2006

To earn merely average pay, “it is increasingly necessary to be a graduate”, Dr Brynin writes in “Individual Choice and Risk: The Case of Higher Education”.To earn merely average pay, “it is increasingly necessary to be a graduate”, Dr Brynin writes in “Individual Choice and Risk: The Case of Higher Education”.To earn merely average pay, “it is increasingly necessary to be a graduate”, Dr Brynin writes in “Individual Choice and Risk: The Case of Higher Education”.To earn merely average pay, “it is increasingly necessary to be a graduate”, Dr Brynin writes in “Individual Choice and Risk: The Case of Higher Education”.To earn merely average pay, “it is increasingly necessary to be a graduate”, Dr Brynin writes in “Individual Choice and Risk: The Case of Higher Education”.

“To earn merely average pay, it is increasingly necessary to be a graduate”Dr Brynin: “Individual Choice and Risk: The Case of Higher Education”

Other factors: subject choice2010 Browne review: average graduate earns an additional £100,000 over their lifetime compared with someone with just A levels (2002, Dept for Education and Skills)

£340,000 Medicine & Dentistry

£240,000 Maths, Eng & Computing

£52,000 Humanities

£35,000 Arts The Economic Benefits of a Degree, PricewaterhouseCoopers/Universities UK, 2007

www.universitiesuk.ac.uk/Publications/Pages/Publication-257.aspx

Other factors: HEIRussell Group Vs non Russell Group (2011)

Unemployment: 7.86% Vs 8.68%

Average FT salary: £25,7k Vs £23,2k

Other factors: degree result

May 2013, Centre for Economic Research: Degree classification has a genuine impact on earning potentialGrads from between 2005 and 2010Grads with a 2,1 paid 7% more than those with a 2,2 - extra £81,000 in working life2012: 2,1 most common selection criteria used by employers – 76% reject 2,2s. Up from 73% in 2011

(Very!) Tentative conclusionsGraduate ‘premium’ still existsBut ... Students should consider the status of the HEI,

the course they are thinking of and aim to get a 2,1But ... A 2,1 isn’t enough on it’s own! Work

experience and extra-curricular stuff matters... Make the most of uni careers services!

Final thoughts from the horse’s mouth

A May 2013 survey of 500 Fresher's (studentmoneysaver.com)

showed that:

Although 58.4% felt their first year wasn’t worth the £9000, 86.2% would enrol into university if they had to make the choice again

84.4% would recommend university to someone considering it 1.6 % expressed dissatisfaction with every aspect of their first

year 20% of comments mentioned the university ‘experience’ as part-

justification for the cost.

Useful resources

http://unistats.direct.gov.uk/

http://wlgd.thecareersgroup.co.uk/

www.prospects.ac.uk/

http://www.london.ac.uk/challenge.html

The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London.

The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London. 24 June 2013.The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London. 24 June 2013.The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London. 24 June 2013.The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London. 24 June 2013.The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London. 24 June 2013.The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London. 24 June 2013.The Careers Group believes that all information provided in this publication is correct at the time of publication. Copyright © The Careers Group, University of London. 24 June 2013.