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New research has brought up the question of whether students have realistic expectations about graduate finance jobs in the current economic climate.
High Fliers Research has canvassed the thoughts and opinions of final year students at 30 campuses and the results reveal that banking jobs are back in vogue. The finance sector suffered from a huge drop in interest levels amongst students during the economic crisis. It looks now though that those worries have been condemned to history with over 8% of students now thinking about a career in investment banking.
But how much do students expect to earn in a graduate finance job? Students at the London School of Economics (LSE) and other universities such as Oxford, Cambridge and Warwick had the highest expectation on how much they would earn from a graduate job in finance. Those students thought they would achieve a starting salary of at least £25,000. They forecast that they would be earning just a fraction short of £40,000 in 5 years.
But, are such salaries really attainable for graduates in the finance sector these days? Or do students need a reality check?
Well, Managing director of High Fliers Research, Martin Birchall revealed that there were rumours of starting salaries of £50,000 from at least three of the big banks that employ graduates. So maybe the students at LSE and other universities are not so wide of the mark.
Mr Birchall said that interest levels in graduate finance jobs were making a strong comeback: “During 2008-09, applications for investment banking fell by a third. When we spoke to people in March, more people had applied for banking than any other sector,” explained Mr Birchall.
David Willetts, the beleaguered universities minister, was happy about the findings of the research too. “I am pleased to see indications of increasing confidence in the graduate employment market. Graduates are rising to the challenge of a difficult market with a record number making early job applications. A degree remains a good investment and is one of the best pathways to achieving a good job and rewarding career,” said Mr Willetts.
The universities minister added that it was an important part of the government’s plan to better inform students of what to expect from a degree. Giving students good information about what a university education could bring in terms of future careers options and remuneration is a ‘key part’ of the government’s strategy for graduates.
What do you think? Is £25,000 a realistic starting salary for a graduate looking for a finance position? Is the rumoured £50,000 even possible? Ask your friends what they think via the social network channels below. And act quickly now to apply for our current range of Graduate Finance Jobs in London.
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