If you don’t get a job by 2018 you’re screwed, research finds
More heartwarming news from Brexit
A report published this week shows that today’s graduates have a better chance of getting hired than any university leavers since 2008, but Brexit will massively diminish the opportunities available to students graduating from 2018 onwards.
Prospects Research have found that in 2016, just 5.7 per cent of grads were unemployed six months after leaving uni, down from 6.3 per cent in 2015.
However, the outlook is bleak for current first and second years, as experts are warning that leaving the EU will reduce the number of UK graduate jobs in many job sectors.
We spoke to Charlie Ball, Head of Higher Education Intelligence at Prospects, to find out how your chances of getting hired will decrease in the next two years:
“This year’s graduates can be reassured that we are approaching Brexit with a graduate jobs market that is in relatively good shape, certainly the best it has been for some time.
“However, leaving the EU will cause the jobs market to deteriorate in the next 18 months, although we don’t know exactly how it will look. Where the impact will fall and how large it will be is still highly uncertain, presenting challenges to careers.
“The areas which will be worst affected are Research and Development, because there will be less international access, and the Public Sector – there is a shortage of nurses and teachers, nonetheless it will be a question of what the public purse can afford. And Brexit will mean huge question marks over that funding. Financial Services will also be among the hardest hit, as many banking and consultancy jobs will move abroad.”
We spoke to Cambridge graduate Jack, 22, who works for a major financial institution in the City, to find out about the sea change in banking graduate employment. He explained it was common knowledge behind closed doors that grad jobs in the UK are already under threat as opportunities will move to the EU:
“It’s anticipated that at least some, and possibly all, foreign banks in the UK will move abroad in the next two years, as it will cost them less to be based in Frankfurt or Paris. Grads will be more likely to get hired if they can speak German or French, it is becoming more important than ever to be flexible.”
To get ahead of the downturn, Charlie Ball recommends starting applications as soon as you can:
“I always say you’re better off securing a job early, for peace of mind. The sooner you have a job lined up, the sooner the pressure comes off.
“It’s worth postponing post-university gap year plans to ensure your place in the jobs market. It’ll also mean you can concentrate on exams without having to worry about your employment prospects.”