UK graduates are increasingly pursuing careers in finance due to economic uncertainties and a lack of high-paying jobs.
- The CFA Institute 2024 Global Graduate Outlook Survey reveals 32% of UK graduates lack confidence in their career prospects.
- Graduates are drawn towards finance for stability, ranking it above STEM, IT, and healthcare.
- A significant portion believe AI and machine learning will impact job accessibility, but see tech skills as vital.
- Despite challenges, the desire to make a societal impact remains strong among graduates.
The current economic climate is steering UK graduates towards careers in finance, as revealed by the CFA Institute 2024 Global Graduate Outlook Survey. Amidst concerns over job scarcity and low salaries, 32% of graduates express uncertainties about their future career prospects, a figure notably higher than the global average by 10%. This economic anxiety is prompting graduates to seek more stable and financially rewarding career paths.
Finance has emerged as a preferred choice for UK-based graduates and students, surpassing fields like STEM, IT & telecoms, and healthcare in terms of perceived stability and attractiveness. The allure of finance is linked to its promise of high pay and resilience amidst an economic downturn.
As technological advancements in AI, automation, and machine learning continue to evolve, 61% of respondents indicated concerns about how these technologies might complicate their job search. Nevertheless, an overwhelming 88% recognize the importance of acquiring knowledge in these areas, seeing it as essential to enhancing their career prospects.
Despite facing a challenging job market, graduates are steadfast in their values, showing a strong desire to contribute positively to society and the environment through their careers. This inclination towards meaningful work is becoming an increasingly important factor for the new generation of job seekers.
Work experience and skill acquisition are being prioritized by graduates aiming for career success. More than half (57%) believe that practical experience will give them a competitive edge, with professional qualifications being viewed as crucial by 93% of participants. There is a clear recognition that upskilling not only aids in career advancement but also in securing higher earnings.
Confidence in higher education persists among UK graduates, with 79% acknowledging that a degree has enhanced their career opportunities, an increase from the previous year. Peter Watkins, Senior Director at CFA Institute, emphasizes the importance of real-world experiences in distinguishing oneself in a competitive job market, advocating for organizations to foster continuous learning and upskilling.
The economic landscape is shaping graduate career choices, with finance offering stability and opportunity despite broader market challenges.
