Amid growing economic concerns, UK graduates are increasingly turning towards the finance sector.
- The 2024 Global Graduate Outlook Survey highlights a significant shift in career preferences among young graduates.
- A notable 32% of UK graduates express lack of confidence in current job prospects.
- AI and technology are perceived as challenges, yet essential for future success.
- Graduates prioritise values and societal impact, despite present market uncertainties.
In light of persisting economic challenges, a compelling trend has emerged among UK graduates and university students. As revealed by the CFA Institute’s 2024 Global Graduate Outlook Survey, an increasing number of young individuals are gravitating towards the finance sector. This inclination is driven by the simultaneous appeal of financial stability and the promise of high-paying positions, which are particularly coveted amidst economic uncertainty.
One in three graduates, reflecting a 32% increase over the global average, express a significant lack of confidence regarding their future career prospects. This sentiment is predominantly influenced by the perceived scarcity of jobs and inadequate compensation within their preferred fields, compelling them towards more secure career paths such as finance.
The enduring perception of finance as a stable and attractive career choice was reiterated, as graduates and students ranked it above other notable fields like STEM, IT, telecoms, and healthcare for the second consecutive year. This preference underlines the acute impact of ongoing economic unpredictability on young professionals’ career decisions.
Furthermore, the rapid advancements in AI, automation, and machine learning are viewed as both a challenge and an opportunity. A substantial 61% of respondents believe these technologies will complicate their job search. However, an overwhelming 88% recognise the importance of proficiency in such technologies for their career advancement, affirming the potential benefits of acquiring relevant skills.
Despite the daunting current job market, graduates remain steadfast in their commitment to their values. They aspire to secure roles that allow them to contribute positively to society and the environment. Compared to the previous year, an increasing number of graduates are determined to incorporate a societal and environmental focus into their careers.
The necessity of real-world experience and skill acquisition is emphasised by over half of the surveyed graduates. Work experience and skill development are prioritised over academic grades and university prestige, indicating a shift towards practical qualifications. Noteworthy is the fact that while 57% of respondents value work experience, 93% view upskilling and professional certifications as critical to securing a competitive advantage in the job market.
Confidence in higher education remains robust, with 79% acknowledging an improvement in their career prospects following degree completion, a slight increase from 75% in 2023. Graduates continue to pursue opportunities that can distinguish them within a competitive landscape, with many seeking further industry-specific qualifications to enhance their employability.
UK graduates are navigating economic uncertainties by prioritising stable, values-driven careers in finance.
