GRADUATE TRENDS SURVEY 2003/4 - HWandrea/careers/GTISurvey2003.pdf · 2004. 2. 5. · GTI Graduate Trends Survey 2003/4 [email protected] 2 Introduction Our objectives

GRADUATE TRENDS SURVEY 2003/4

Analysis of the sectors of engineering, IT, law (solicitors and barristers),finance, management consulting, the built environment and property overthe past four years.

The survey looks at the information supplied to the TARGET by sector series based on actual employer requirements.

December 2003

GTI Specialist Publishers, The Barns, Preston Crowmarsh, Wallingford, Oxon OX10 6SL UKTel. +44 (0)1491 828905 Fax. +44 (0)1491 833146

©GTI Specialist Publishers, December 2003

GTI Graduate Trends Survey 2003/4 [email protected] 1

At a glance – key findings of2003/4• Outlook on vacancies proves different for

different sectors – some sectors experience anincreased number of vacancies, some seenumbers fall slightly and others hold steady.The average expected growth in the economyof c.2.5% does not yet seem to have filteredthrough to graduate recruitment

• Mixed picture on applications too with IT, thebuilt environment and property sectors seeingincreased applications but the majoritywitnessing a decline

• The relentless increase in online recruitmentpauses, at least for this year

• Salaries generally hold steady or fall slightlybut, especially in the business sectors, firmsare very coy about disclosure

• Presentations to graduates increase in mostsectors

• Benefits packages improve in most sectors

• Engineering and IT sectors experience reneweddemand for traditional degree subjects

• Work experience opportunities fall in mostsectors but IT, the built environment andproperty buck the trend


IntroductionOur objectivesThe GTI Graduate Trends Survey analyses trends ingraduate recruitment in the last four years in thefollowing sectors: engineering, IT, law (solicitors andbarristers), investment banking, finance, managementconsulting, the built environment and property.

MethodologyThe statistics used are compiled from formscompleted by graduate recruiters advertising in thelast four issues of relevant publications in theTARGET by sector series.

GTI is the market leader in terms of the number ofemployer advertisers in each of the sectors in thesurvey and so we are confident that the findings arethe best representation of the graduate recruitmentsituation within each of the sectors.

The TARGET by sector publications used in thesurvey are:• TARGET Engineering• TARGET IT• TARGET Law• TARGET City & Finance• TARGET Management Consulting• TARGET Civil & Structural Engineering*• TARGET Construction & Building Services*• TARGET Quantity Surveying & Commercial

Management*• TARGET Property.*titles which constitute the built environment sector

The organisations involvedAround 500 organisations have completed forms toprovide us with the data for the survey.

We asked them to estimate their current and futurevacancies, the number of applications received and thestarting salary for graduates.

We also asked them to comment on selectionmethods, benefits packages, degree disciplines, workexperience and secondment opportunities.

The GTI Graduate Trends Survey is the largest andmost comprehensive graduate trends survey in theUK.


Analysis of engineeringstatistics

Headlines for engineering sector• After a decline last year, the number of vacancies on offer starts to rise

• Confidence returns as forecasted vacancies next year are up too

• The number of applications falls slightly and very few are on paper

• Salaries rise after last year’s fall but benefits continue to decline

• Demand for most engineering disciplines returns

• Work experience opportunities decline further

Vacancies – confidence returns withmore actual and expected vacancies We are happy to report that, after a sharp decline inthe average number of vacancies per organisation lastyear, this year has seen a modest but significant rise –from 92 last year to 95.5 this year. While not reachingthe levels of 2001, it is an encouraging developmentafter last year’s fall.

Mirroring this trend is increased confidence withinthe industry that prospects are better for next year,with the number of expected vacancies also rising. Atthe same time last year, the engineering sector wascautious, not expecting much improvement or declinein the number of vacancies but next year’s estimatedaverage is a healthy 124. Over the last three years ofthe Graduate Trends Survey the engineering industryhas over-predicted vacancy numbers but, evenallowing for a touch of the rose-tinted spectacles, thisyear’s predictions must indicate renewed confidencethat better times are ahead.

(See figures 1.1, 1.2 and 1.3 for more information)

Figure 1.1: The average number of graduate engineeringvacancies from 2000 to 2003

Figure 1.2: The average number of expected graduate vacanciesbetween 2001 to 2004

Figure 1.3: A comparison of the average number of vacanciesversus expected vacancies


2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year60

90

120

150

2001 2002 2003 2004

Highest range

Lowest range

Expected vacancies

Year50

100

150

200

2000 2001 2002 2003 2004

Expected vacancies

Vacancies

Vacancies

Year0

30

60

90

120

150

Applications – slightly down asvacancies are slightly upThe number of applications received by employers inthis sector has remained almost the same for the lastfour years. This seems to indicate that engineeringgraduates are not deserting the sector in droves,despite occasional press reports that indicateotherwise. A note of concern, however, needs to bestruck this year. Against the background of a slightincrease in the number of vacancies, the averagenumber of applications received per employer hasfallen, albeit slightly, from 1,827 last year to 1,728this year.

(See figure 1.4 for more information)

Figure 1.4: The average number of applications received byengineering recruiters

Application method – electronicapplications spell the demise of paperThe dramatic growth in the use of online applicationsystems over the last four years seems to have plateauedthis year at around 70 per cent. Indeed there was aslight decrease reported. It’s difficult to know what willhappen in the future – next year might see a new surgeof converts to online applications (most commentatorsbelieve this to be inevitable) but for the moment, theadvance has stalled at a respectable 67 per cent.

Despite what may only be a pause in the relentlessdrive towards online recruitment, the days of the paperapplication form and CV are well and truly over. Thepaper company application form has declined in use inthe last two years from 42 per cent of engineeringemployers to this year’s 14 per cent.


2000 2001 2002 2003

Highest range

Lowest range

Applications

Year1,000

1,500

2,000

2,500

In a reversal of trends, the electronic CV e-mailed toemployers has more than doubled in popularity, from10 per cent usage last year to 24 per cent this year. Thismay be a response by employers not fully committed tocomplete online recruitment wishing to handleapplications in a partially electronic fashion.


Figure 1.5: The percentage of engineering recruiters using eachapplication method

Selection procedures – first interviewsless popular this yearSelection procedures remain virtually unchanged sincelast year, which shows that the industry is confidentthat the methods it uses to recruit deliver the rightresult.

There is a continuation of the steady fall in the useof the traditional first interview, although nearly 70per cent of employers still use them. The numberusing tests has stabilised at around 40 per cent, whichis a lower percentage than in the finance and businesssectors.


Figure 1.6: Selection procedure favoured by engineeringrecruiters


0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

st

Panel

inte

rview

Aptitude

te

st

2001

% Recruiters using procedure

Selection procedure

2002

2003

2004

CV & letter

EAF SAF Online Via e-mail

2001

% Recruiters

Method of application

2002

2003

2004

0

10

20

30

40

50

60

70

80

EAF – employer application formSAF – standard application form

Salaries – salaries rise after fall lastyearEncouragingly for graduates, salaries are rising againafter last year’s fall. This year’s average starting salaryof £20,857 is modestly but pleasingly higher than lastyear’s figure of £20,444 and is higher than the averageof two years’ ago.

There are very few spectacular starting salaries onoffer to engineers but the percentage offering over£21,000 has increased this year.

(See figures 1.7 and 1.8 for more information)

Figure 1.7: Average starting salaries

Figure 1.8: Salaries offered to graduates pursuing engineeringcareers

Benefits – share options rise whileoverall benefits fallThis year has seen a further gentle fall in the value ofthe benefits packages being offered by engineeringemployers. Golden hellos, gym membership, seasonticket loans, company cars, annual bonuses andsubsidised restaurants are all less common features ofbenefits packages this year.

In contrast, the offer of private healthcare hasincreased slightly while share options have risensharply from 27 per cent of employers offering themto new recruits last year to 41 per cent this year. Theperformance of the stock market over the last yearmight mean, however, that the real value has not beenrealised yet but this is an interesting development.


Figure 1.9: Benefits offered to graduates pursuing engineeringcareers


0

20

40

60

80

100

Annual bonus

Pensio

n schem

e

Shar

e optio

ns

Car

Life a

ssura

nce

Priva

te h

ealth

care

Subsid

ised re

staura

nt

Golden

hell

o

Paid

ove

rtim

e

Seas

on tick

et lo

an

Gym m

ember

ship

2000

% Recruiters offering benefit

Benefits

2001

2002

2003

% Companies

Salary0

10

20

30

40

50

60 2001

2002

2003

2004

No resp

onse

£11–

15k

£16–

20k

£21–

25k

£26–

30k

£31–

35k

Compet

itive

2001 2002 2003 2004

High £21,470 £22,738 £22,444 £22,857

Low £17,470 £18,738 £18,444 £18,857

Degree subjects – demand increasesafter last year’s fallAfter last year’s Graduate Trends Survey reportedfalling demand for all engineering disciplines, thisyear’s survey sees a welcome reversal of this trend.The decline in demand for electrical engineeringgraduates has been halted while demand foraeronautical engineers, which fell last year, has risenonce again.

Encouragingly, mainstream disciplines likemechanical, production and electronic engineering areincreasing in demand, which bears out the generallyoptimistic view that the industry has aboutrecruitment next year.


Figure 1.10: Degree disciplines sought for engineering careers

Work experience – still decliningThe engineering industry is offering less workexperience than last year and less than at any time inthe last four years. Although the fall has not beendramatic – 68 per cent of organisations surveyed thisyear against 79 per cent in 2000 – it’s still significantagainst the widespread support from government,higher education and employer groups for increasingthe number of work experience placements available.We warned last year of the dangers to the industry offailing to offer as much work experience as competingsectors. Students that the industry wants to retainwithin engineering might start looking elsewhere forthe placements that they want.


Figure 1.11: Percentage of employers offering work experienceopportunities


2001 2003 2004

Yes

No

Please note that average figureswere used for this analysis, that is,the middle figure between thelowest and highest range.Some of the data were collected inranges, for example on the subjectof vacancies the response optionswere 0-5, 6-10, 11-20, 21-30, etc.On the graphs the lowest rangeuses the smallest figure, ie 1, 6, 11and the highest range uses theupper figure, ie 5, 10, 20, etc.Unless otherwise stated, theaverage figure is used in thecommentary.

0

20

40

60

80

100

Aeronau

tical

eng

Chemica

l eng

Control e

ngEle

ctrica

l eng

Electr

onic en

g

Mec

hanica

l eng

Producti

on eng

Softw

are e

ngNo re

sponse

2001

% Recruiters

Degree discipline

2002

2003

2004

73%

27%

69%

31%

68%

32%


Analysis of IT statistics

Headlines for the IT sector• Vacancies continue to fall but at a slower rate

• Gloomy predictions for next year’s vacancies

• Applications continue to rise as graduates stay desperate for jobs

• Employers cautious about salaries until a clearer view of themarket emerges

• Benefits packages less generous than last year

• Growing demand for technical degrees once again

• Industry reacts positively by offering more work experience

Vacancies – continuing fall in vacanciesbut rate slowsThe decline of the IT sector as a recruiter of graduateshas been well documented in the press and wasparticularly marked last year. This year’s surveyresults continue to make grim reading but a touch lessgrim than last year. Both the average number ofvacancies and the actual number on offer havedeclined further but the rate of decline has slowed.This year, the average number of vacancies fell from142 to 124 which represents a less dramatic fall thanthe previous year.

But there is no real sign of confidence returning tothe sector. The average number of vacancies predictedfor next year continues to fall, from 136 to 119 peremployer and we should point out that the industryhas been persistently pessimistic about recruitmentforecasts over the past three years, justifiably so as itturned out.

(See figures 2.1, 2.2, 2.3 and 2.4 for moreinformation)

Figure 2.1: The average numbers of graduate IT vacancies from2000 to 2003

Figure 2.2: The actual number of graduate IT vacancies from2000 to 2003 amongst those employers surveyed


2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year50

100

150

200

250

2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year0

2,000

4,000

6,000

8,000

10,000

12,000



Applications – applications rise asgraduates despairThis year sees once again the nightmare scenario ofthousands of well-qualified IT graduates lookingforward to an uncertain future that they could nothave imagined when they started their degrees threeor four years ago. There are more graduates chasingfewer vacancies. Applications per employer have risenfrom 3,161 last year to 3,700 this year. To set this incontext, in the fond-remembered days of 1999 thisfigure was below 2000. The consequences of moreand more IT graduates entering other professions canonly be imagined when, some day soon we hope, themarket returns to the levels of buoyancy of three yearsago.


Figure 2.5: The average number of applications received by ITrecruiters


2001 2002 2003 2004

Highest range

Lowest range

Expected vacancies

Year50

100

150

200

2000 2001 2002 2003 2004

Expected vacancies

Vacancies

Vacancies

Year0

50

100

150

200

2000 2001 2002 2003

Highest range

Lowest range

Applications

Year2,000

3,000

4,000

5,000

Application method – online still theway to goPredictably enough, the most popular recruitmentmethod is online applications which seems to havepeaked this year at 80 per cent. Whether this is a signthat the inexorable growth of online recruitment hasstopped or it’s merely a short pause, we shall discoverin next year’s survey.


Figure 2.6: The percentage of IT recruiters using each applicationmethod

Selection procedures – presentationsand testing declineThe use of presentations continues to decline, perhapsbecause the industry feels less pressured to attractgiven the healthy number of applications anticipatedin a tough job market for graduates.

Rather puzzlingly for an industry that has alwaysbeen keen on testing, the number of employers usingaptitude tests and personality inventories is falling.


Figure 2.7: Selection procedures favoured by IT recruiters


CV & letter


2001

% Recruiters


2002

2003

2004

0

20

40

60

80

100


0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

st

Panel

inte

rview

Aptitude

te

st2001


Selection procedure

2002

2003

2004

Salaries – salaries fall back as theindustry waitsPredictably perhaps, as supply exceeds demand, theaverage starting salary has fallen this year from£24,764 to £24,000.

This year, for the first time, recruiters have been coyin publishing their starting salary with nearly aquarter simply stating that their salaries will be‘competitive’. In a volatile recruitment sector, thisallows adjustments to be made when a clearer view ofthe market emerges. Significantly, although salarieshave increased slightly, the really spectacular salariespaid by a small group of employers have declined,with only 2 per cent paying over £31,000 comparedto 16 per cent last year.


Figure 2.8: Average graduate starting salaries

Figure 2.9: Salaries offered to graduates pursuing IT careers


% Companies

Salary0

10

20

30

40

50 2001

2002

2003

2004

No resp

onse

£11–

15k

£16–

20k

£21–

25k

£26–

30k

£31–

35k

£36–

40k

Compet

itive

2001 2002 2003 2004

High £22,375 £24,716 £26,764 £26,000

Low £18,375 £20,716 £22,764 £22,000

Benefits – bad news for recruits asbenefits fall across the boardLast year there was mixed news on benefits packages.This year it’s far from mixed, it’s absolutelyunambiguous bad news for recruits. The value ofbenefits packages has fallen with each and everyidentified benefit offered by fewer employers than theprevious year. It’s difficult to know whether, likestarting salaries, this is another belt-tighteningexercise in the face of declining vacancies and highdemand or part of a longer-term trend.


Figure 2.10: Benefits offered to graduates pursuing IT careers

Degree subjects – technical degreesback in demandThe Graduate Trends Survey reported last year thatthere was a worrying fall in demand for traditional‘relevant’ degree subjects like computer science, mathsand engineering and a corresponding rise in demandfor ‘any discipline’ graduates. This year sees theindustry re-assessing its needs and coming to a verydifferent conclusion. They want more applicationsfrom computer scientists, mathematicians, physicists,engineers and IT conversion course graduates. Thedemand for ‘any discipline’ graduates is still high butno longer increasing.

This change may be explained by an industry thathas reduced graduate opportunities over the past fewyears to the stage where technical disciplines are onceagain in demand.

In marked contrast to the increase in demand for ITconversion course graduates, the industry remainsunconvinced about the value of research degrees inthis sector.



0

20

40

60

80

100

Annual bonus

Pensio

n schem

e

Shar

e optio

ns

Car

Life a

ssura

nce

Priva

te h

ealth

care

Subsid

ised re

staura

nt

Golden

hell

o

Paid

ove

rtim

e

Seas

on tick

et lo

an

Gym m

ember

ship

2001


Benefits

2002

2003

2004

Figure 2.11: Degree disciplines sought for IT careers Work experience – back in fashionDespite the troubles that the industry continues tohave, one very encouraging development is theincrease in the numbers of employers offering workexperience – up dramatically from 64 per cent lastyear to 74 per cent this year. This figure is very closeto the historical high point of the survey in 2001when the percentage reached 79. It’s undeniable thatwork experience is high on the agendas ofgovernment, higher education, employers and, ofcourse, students so it’s a good sign that the ITindustry recognises the benefits of offeringplacements.


Figure 2.12: Percentage of recruiters offering work experienceopportunities


0

10

20

30

40

50

60

70

80

Any gra

duate

Arts

Busines

s stu

dies

Compute

r scie

nce/IT

Languag

es

Mat

hemat

ics

Scien

ces (

inc p

hysics

)En

ginee

ring

IT M

Sc co

nversi

on course

IT postg

raduat

e res

earch

deg

ree

No resp

onse

2001

% Recruiters

Degree discipline

2002

2003

2004

2003 2004

2001 2002

Yes

No


79%

21%

69%

31%

64%

36%

74%

26%


Analysis of law statistics –solicitors

Headlines for the law sector – solicitors• Vacancies remain unchanged

• Salaries edge upwards with more firms paying at the top end

• Outside London, however, salaries fall

• Online applications are now used by the majority of firms

• Placements are the preferred method of selection but fewer firmsoffer them

• The benefits package for starters has improved significantly

Vacancies – average vacanciesunchanged for the third yearFor the third year in a row, the average number oftrainee posts has remained virtually unchanged, 28per firm compared to 29 last year and 28 the yearbefore. Against a background of economicuncertainty, the profession is a steady and regularrecruiter of graduates.


Figure 3.1: The average number of graduate vacancies

Salaries – increasing, especially at thetop end of the scaleThe average annual starting salary for all trainees hasrisen for the fourth consecutive year. This year, firmsare offering, on average, £24,388 which is a smallincrease on last year’s figure of just over £24,000.Outside London, however, the situation is different.Firms are not only paying less than London firms,they are paying, on average, less than last year. Thereis a considerable difference in average starting salariesbetween London firms and those outside – traineescould earn nearly £10,000 a year less if they chose tostart their careers outside London.

The increase in starting salaries at the top end ofthe scale has continued for the fourth year in a row.This year, over 60 per cent of firms surveyed paid over£26,000, an 11 per cent increase over last year.




2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year15

20

25

30

35

40

% Firms

Salary0

10

20

30

40

50

60 2000

2001

2002

2003

No resp

onse

£11–

15k

£16–

20k

£21–

25k

£26–

30k

£31–

35k


Figure 3.4: The table shows the difference in average graduatestarting salaries between London firms and firms outside London

Application methods – more than halfnow recruit onlineThe percentage of firms using online applicationsystems has risen for the fourth year in a row. Nownearly 60 per cent recruit online compared with 45per cent last year. All other methods of application aredeclining which is hardly surprising given the manyadvantages in time and efficiency that onlinerecruitment offers.

The majority of firms surveyed have closing dates in July and August, with a significant growth in thenumber of firms specifying July. There is a slight fallin the number of firms that accept applications all theyear round.


Figure 3.5: The percentage of firms using each applicationmethod


CV & letter


2001

% Firms


2002

2003

2004

0

10

20

30

40

50

60

70

80

2001 2002 2003

High £24,483 £26,053 £26,388

Low £20,483 £22,053 £22,388

2002 2003 2004

Out of London £15,571 £18,000 £18,100

London £25,228 £27,020 £27,439


Figure 3.6: Closing dates for graduate applications Selection procedures – vacationplacements grow in importanceFor the fifth year in succession, the percentage of firmsusing vacation placements as a way of selectingtrainees has increased. This year, 53 per cent of firmsfavour this approach compared with 36 per cent in2000. There has also been a growth in most othermethods of selection which indicates that theprofession takes recruitment very seriously.


Figure 3.7: Selection procedures favoured by law firms


Mar Apr

May Ju

n Jul

AugSe

ptOctNovDec

Open

No dat

e give

n

2001

% Firms

2002

2003

2004

0

10

20

30

40

50

60

70

80

0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

stVac

atio

n

placem

ents

Panel

inte

rview

Aptitude

te

sts

2001

% Firms

Selection procedure

2002

2003

2004

Work experience – on the way back upbut fewer firms take partAfter a dramatic fall last year, the average number ofplacements offered by firms has risen to 37 whichalthough encouraging is still way below the figure twoyears ago. This modest increase has come from fewerfirms as the percentage of firms offering placementshas fallen 4 per cent to 74 per cent. This is a slightlyconcerning trend as students are still as keen as everto obtain the work experience that is valued by allfirms.

Rather more encouraging for trainees, however, is asubstantial increase in the number of firms offeringsecondments. This year, 85 per cent of firms areoffering secondments, a 17 per cent increase over lastyear.


Figure 3.8: Average number of work experience placements

Figure 3.9: Percentage of firms offering work experienceplacements

Figure 3.10: Percentage of firms offering secondmentopportunities to their trainee solicitors


2001 2002 2003 2004

Average numberof placements

Average

Year30

40

50

2003 2004

Yes

No

Secondment opportunities 2002 2003 2004

None 26% 32% 16%

To both clients and overseas 44% 41% 51%

To clients 22% 18% 22%

To overseas offices 8% 9% 11%

78%

22% 26%

74%

Support for CPE and LPC – supportincreases significantlyThe percentage of firms offering support for the CPEand LPC has risen this year. 83 per cent of firmssurveyed offered support for the CPE (4 per cent morethan last year) and 97 per cent supported the LPC (6per cent more). This is great news for aspiringlawyers.


Figure 3.11: The percentage of firms offering finance for the CPE

Figure 3.12: The percentage of firms offering finance for the LPC


2003 2004

2001 2002

Yes

No

2003 2004

2001 2002

Yes

No

74% 79%

26% 21%

21% 17%

79% 83%

85% 93%

15% 7%

9% 3%

91% 97%

Benefits – the profession invests inbetter benefits for traineesThe average benefit package on offer this year is adramatic improvement on last year’s, which was itselfbetter than the year before. Almost every specifiedbenefit is being offered by more firms with the mostnoticeable improvements in gym membership, lifeassurance, private healthcare and season ticket loans.


Figure 3.13: Benefits offered to trainee solicitors


0

20

40

60

80

100

Annual bonus

Pensio

n schem

eSh

are o

ptions

Life a

ssura

nce

Priva

te h

ealth

care

Subsid

ised re

staura

nt

Seas

on tick

et lo

an

Gym m

ember

ship

2001


Benefits

2002

2003

2004


Analysis of law statistics –barristers

Headlines for the law sector – barristers• Pupillage vacancies virtually unchanged from last year

• Awards rise, especially at the top end and fewer sets are paying atthe lower ranges

• Online applications used by 75 per cent of chambers

• Nearly all offer mini-pupillages

Vacancies – virtually unchanged fromlast yearAfter a fall last year, the average number of pupillagevacancies per firm has risen very slightly to just over3. With most chambers recruiting small numbers, thisincrease is probably not significant and the averagenumber of vacancies has been quite steady for the pastfive years.


Figure 4.1: The number of pupillage vacancies

Awards and guaranteed earnings –generous increases on offerThere continues to be an increase in the percentage ofsets offering rewards at the top end of the scale. Thisyear 46 per cent are offering awards and guaranteedearnings of over £26,000 compared to 34 per cent lastyear. There is a wide disparity in the figures as aquarter of all sets are offering £15,000 or less.Encouragingly, this is an improvement on last yearwhen 36 per cent featured at the bottom end of thescale.

The average pupillage award has increaseddramatically this year to £23,526, fuelled by the 9 percent of sets offering awards of over £36,000.


Figure 4.2: Awards during pupillage


2001 2002 2003 2004

Vacancies

Year0

1

2

3

4

5

% Chambers

Salary0

5

10

15

20

25

30

35 2001

2002

2003

2004

£0–1

0k

£11–

15k

£16–

20k

£21–

25k

£26–

30k

£31–

35k

£36–

40k

Figure 4.3: Average awards and guaranteed earnings Application method – onlineapplications reach a plateauIn common with many other sectors, the growth inonline recruitment methods, so dramatic in the lastfew years, has stopped this year. The percentage ofchambers using this method is still high but time willtell whether the quarter not using online recruitmentwill convert in the coming years.

The closing date for most applications is in April,thanks to the introduction of OLPAS a few years ago.


Figure 4.4: The percentage of chambers using each applicationmethod


CV & letter


2002

% Chambers


2003

2004

0

10

20

30

40

50

60

70

80

2001 2002 2003 2004

High £19,638 £19,704 £22,500 £25,789

Low £14,855 £15,113 £17,694 £21,263

Figure 4.5: Closing date for graduate applications Work experience – almost universallyofferedGood news for students – the percentage of chambersoffering mini-pupillages stays at 98 per cent,unchanged from last year.


Figure 4.6: Sets offering mini-pupillages


Jan

Feb

Mar Apr

May Ju

n Jul

AugSe

ptOctNovDec

Open

2001

% Chambers

2002

2003

2004

0

10

20

30

40

50

60

70

80

2003 2004

Yes

No

98% 98%

2% 2%


Analysis of bankingstatistics

Headlines for the banking sector• Vacancies fall for the third year in a row but are greater than 1999

levels

• The banking sector predicts that the situation will get worse nextyear

• Applications fall slightly but this is still a massively popular career

• Online applications peak

• Selection becomes even more thorough

• Salaries rise although many banks keep their own counsel

• Work experience opportunities fall sharply

The companies covered in this section of the survey are those whichhave advertised in the banking and investment section of TARGET City& Finance. 83 per cent of them are investment banks and the other 17per cent is made up of investment management companies and TheBank of England.

Vacancies – vacancies decline andworse times expectedAfter two years of steady growth, the last three yearshave seen a steady decline in the number of vacanciesper employer – from 93 two years ago to 84 last yearand 72.5 this year. Although this fall is predictable inthe light of the problems experienced in worldfinancial markets, it should be noted that the figure of72.5 is higher than the figure in 1999 when thissurvey started.

The sector predicts difficult times ahead andexpects vacancies next year to fall sharply to anaverage figure of 52.5. This might be understandablecaution following last year’s experience when bankspredicted more vacancies than were actuallyadvertised.


Figure 5.1: The average number of graduate banking vacancies

Figure 5.2: The average number of expected vacancies in thearea of banking


2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year40

60

80

100

120

2001 2002 2003 2004

Highest range

Lowest range

Expected vacancies

Year40

60

80

100

120


Applications – slight fall from last yearPerhaps because of the fall in the number ofvacancies, there was a small fall in the number ofapplications per employer, from 2,833 last year to2,635 this year. This figure is, however, still higherthan two years ago so the popularity of investmentbanking as a desirable career option is still enduringand the competition, due to the falling number ofvacancies, remains fierce.


Figure 5.4: The average number of applications received bybanking recruiters


2000 2001 2002 2003 2004

Expected vacancies

Vacancies

Vacancies

Year0

20

40

60

80

100

2000 2001 2002 2003

Highest range

Lowest range

Applications

Year1,500

2,000

2,500

3,000

3,500

Application method – onlinerecruitment peaksThe banking sector has been at the forefront of onlinerecruitment for many years but the proportion ofemployers recruiting online has stabilised at just over70 per cent. There has been no real change in the lastthree years which leads to the conclusion that theadvance towards universal online recruitment,forecast by many commentators, has paused forbreath. Only a tiny 3 per cent recruit by paperapplication form, although CVs are still hanging inthere.


Figure 5.5: The percentage of banking recruiters using eachapplication method

Selection procedures – even morethorough and varied The use of aptitude tests continues to rise, confirmingthe trend of the last four years but this year sees anincrease too in the use of group selection methods.Presentations are also more popular as the sectorcontinues to invest in varied and thoroughrecruitment methods to select the very best. Despitethe falling number of vacancies, selection methods arearguably more demanding than ever.


Figure 5.6: Selection procedures favoured by banking recruiters


CV & letter


2001

% Recruiters


2002

2003

2004

0

10

20

30

40

50

60

70

80

0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

st

Panel

inte

rview

Aptitude

te

st

2001


Selection procedure

2002

2003

2004


Salaries – on the up but lips are tightStarting salaries, after a slight fall last year, appear to beon the way back up this year – from around £29K lastyear to this year’s figure of £30,777. We say ‘appear’as, for the first time, a large number of banks have notrevealed their starting salary, falling back on thedescription ‘competitive’. It’s difficult to know why thishas happened this year except to say that manyemployers are cautious about committing themselves toa figure in a volatile market. Despite this reluctance tocommit, it is worth pointing out that salaries in thissector remain at the top end for new graduates.



Figure 5.8: Salaries offered to graduates pursuing bankingcareers


% Companies

Salary0

10

20

30

40

50

60 2001

2002

2003

2004

No resp

onse

£16–

20k

£21–

25k

£26–

30k

£31–

35k

£36–

40k

Compet

itive

2001 2002 2003 2004

High £28,148 £31,111 £30,869 £32,777

Low £24,148 £27,111 £26,869 £28,777

Benefits – some rising, more fallingA mixed picture on the benefits front. Over the lastthree years, banks have improved the packages onoffer to new graduates but this year sees a degree ofretrenchment, with some specified benefits increasingand others falling. The benefits being more widelyoffered this year are pension schemes and lifeassurance and those being offered less are annualbonuses, gym membership, share options, subsidisedrestaurants and season ticket loans. Golden hellos arepredictably rare and private healthcare is beingoffered by exactly the same percentage of employersas last year.


Figure 5.9: Benefits offered to graduates pursuing bankingcareers


0

20

40

60

80

100

Annual bonus

Pensio

n schem

e

Shar

e optio

ns

Car

Life a

ssura

nce

Priva

te h

ealth

care

Subsid

ised re

staura

nt

Golden

hell

o

Paid

ove

rtim

e

Seas

on tick

et lo

an

Gym m

ember

ship

2001


Benefits

2002

2003

2004

Work experience – big fall inplacementsThree years of growth in the number of employersoffering placements ended last year and the trend hascontinued downwards. This year, 77 per cent ofemployers offered work experience compared to 87per cent last year. This is quite a steep drop for asector that values the importance of internshipsprobably as much if not more than any other. It mustbe difficult to maintain the level of work experiencewhen recruitment has been scaled down, so we fullyexpect this figure to rise in line with anyimprovements in the health of international businessand markets. It’s worth noting that this year’s figure isstill far more than the 69 per cent offering workexperience in 2000.




2003 2004

2001 2002

Yes

No


85%

15%

89%

11%

87%

13%

77%

23%


Analysis of financestatistics

Headlines for the finance sector• Vacancies fall again but optimism returns

• No real increase in the number of applications

• Online applications more popular with employers

• Tests more widely used in recruitment

• A slight fall in salaries but benefits packages improve

• Less work experience around this year

The companies covered in this section of the survey includeaccounting, financial management, insurance and financial servicecompanies along with retail banks and a small number of City-basedorganisations servicing the financial sector.

Vacancies – continuing to fall butoptimism for the futureContinuing the trend in the last two years, the fall inthe number of vacancies per employer has continuedthis year. Last year, the average number of vacanciesfell to 98 and this year sees that figure drift furtherdownwards to 85.

Despite the trend, predictions for next year areupbeat with a very bullish estimation of vacanciesnext year of 126 per employer. Given the fact that thesector has over-predicted the number of vacancies forthe last two years, this estimation might end up atouch over-optimistic. But we shall see.


Figure 6.1: The average number of graduate finance vacancies

Figure 6.2: The average number of expected vacancies in thearea of finance



2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year60

90

120

150

2001 2002 2003 2004

Highest range

Lowest range

Expected vacancies

Year50

100

150

200

2000 2001 2002 2003 2004

Expected vacancies

Vacancies

Vacancies

Year0

30

60

90

120

150

Applications – no change after surgelast yearRather worryingly for the sector, despite there beingmore jobs on offer, the average number ofapplications that organisations received has notincreased this year. The figure has remained virtuallyunchanged which indicates that the popularity of thissector with graduates, after a surge last year, hasstabilised, albeit at quite a high level compared to twoor three years ago when applications were fewer.


Figure 6.4: The average number of applications received byfinance recruiters

Application method – onlineapplications become even more widelyusedThere has been a decline in all methods of applicationexcept online systems. 85 per cent of employers in thissector now recruit online, compared to 68 per cent in2001. In contrast to the investment banking sector,however, many employers still offer graduates theoption of applying via a paper application form butthis might change as the relentless march towardsonline recruitment gathers pace.


Figure 6.5: The percentage of finance recruiters using eachapplication method


2000 2001 2002 2003

Highest range

Lowest range

Applications

Year1,000

1,500

2,000

2,500

3,000

CV & letter


2001

% Recruiters


2002

2003

2004

0

20

40

60

80

100


Selection procedures – tests morewidely usedLast year saw an increase in the number of employersusing tests as part of recruitment. This year, theincrease has become more marked, with 87 per centof all employers using tests of some sort. In commonwith other sectors this year, presentations havebecome more widely used as a way of attractinggraduates to apply. Group exercises are also morepopular with employers, with 56 per cent using themin 2001 rising to 100 per cent this year.


Figure 6.6: Selection procedures favoured by finance recruiters

Salaries – slight fallAfter four years of rises, starting salaries this yearhave fallen back to the level of two years ago. Thisyear’s average figure of £21,704 compares to £22,833last year. There may well be some alteration to thisfigure, however, as 15 per cent of employers did notpublish their starting salaries, preferring to describethem as ‘competitive’. This cautious behaviour in notrevealing salaries is shared with the investmentbanking sector.



Figure 6.8: Salaries offered to graduates pursuing finance careers


0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

st

Panel

inte

rview

Aptitude

te

st

2001


Selection procedure

2002

2003

2004 % Companies

Salary0

10

20

30

40

50 2001

2002

2003

2004

No resp

onse

£11–

15k

£16–

20k

£21–

25k

£26–

30k

£31–

35k

Compet

itive

2001 2002 2003 2004

High £23,225 £23,783 £24,833 £23,704

Low £19,225 £19,783 £20,833 £19,704

Benefits – a good time for graduatesto joinOn the whole, a good year for graduates entering thefinance sector, with benefits packages generally moregenerous than last year. There was an increase in thepercentage of employers offering share options,company car, life assurance, private healthcare,subsidised restaurants, golden hellos, overtime andseason ticket loans and a decline in those offeringannual bonuses, gym membership and, rather oddlyfor this industry, pension schemes.


Figure 6.9: Benefits offered to graduates pursuing financecareers

Work experience – placements fallEmployers have come a long way fast in the provisionof work experience opportunities. In 2001, only justover half the employers surveyed offered placementsbut this rose quickly to 75 per cent two years later.This year’s figure is slightly down at 71 per cent butemployers in the finance sector remain committed tooffering work experience which is good news forgraduates.




0

20

40

60

80

100

Annual bonus

Pensio

n schem

e

Shar

e optio

ns

Car

Life a

ssura

nce

Priva

te h

ealth

care

Subsid

ised re

staura

nt

Golden

hell

o

Paid

ove

rtim

e

Seas

on tick

et lo

an

Gym m

ember

ship

2001


Benefits

2002

2003

2004

2003 2004

2001 2002

Yes

No


56%

44%

76%

24%

75%

25%

71%

29%


Analysis of managementconsulting statistics

Headlines for the management consulting sector• The number of firms recruiting increases

• Average number of vacancies per recruiter falls but the sectorpredicts a stable future

• The number of applications that firms receive has fallen butremains high

• There is even more competition for jobs at the interview stage

• Online application systems more widely used but the CV is king

• Interviews remain the heart of the selection process

• Reported salaries fall but not all firms commit

• Benefits packages better this year

• The number of firms offering placements falls again

Vacancies – vacancies fall but thesector predicts a stable futureThe average number of vacancies per employer hasfallen from last year’s figure of 54 to 41 this year. Thenumber of firms recruiting has risen but, on average,they seem to be advertising slightly fewer vacancies.

Last year’s forecast of vacancies per employerproved to be rather optimistic and this year firms arebeing more circumspect in their estimations. Theyexpect a more realistic figure of 42 next year, which isa way of saying that the market outlook for graduateswill be roughly the same as it is now. This figure,though considerably smaller than last year’s gung-hoestimation, is still larger than two years’ ago so firmsremain cautiously optimistic that vacancies will notfall in the coming year.


Figure 7.1: The average number of graduate managementconsultancy vacancies from 2001 to 2002




2001 2002 2003

Highest range

Lowest range

Vacancies

Year20

30

40

50

60

70

80

2002 2003 2004

Highest range

Lowest range

Expected vacancies

Year20

40

60

80

100

120

2001 2002 2003 2004

Expected vacancies

Vacancies

Vacancies

Year0

20

40

60

80

100

Applications – applications fallThe number of applications per employer has fallenthis year from a high of 2,306 last year to 1,685 thisyear. This figure is still higher than two years agowhen there were 1,542 applications per firm soconsulting still remains one of the most desirablecareer options for graduates.


Figure 7.4: The average number of applications received bymanagement consultancies

Interviews – more interviews, greatercompetitionFor the third year running, the average number ofcandidates interviewed by firms rose, from 252 lastyear to 267 this year. Against the backdrop of fewervacancies, this shows that the odds are stacked againstapplicants and confirms how selective firms can be.


Figure 7.5: The average number of interviews given bymanagement consultancy recruiters


2001 2002 2003

Highest range

Lowest range

Applications

Year1,000

1,500

2,000

2,500

3,000

2001 2002 2003

Highest range

Lowest range

Interviews

Year100

150

200

250

300

350

400

Application method – the CV still rulesbut online is growingBucking the trend in most other sectors, managementconsulting firms still favour the CV over all othermethods of application. Even though onlineapplication systems are on the increase, with 68 percent of firms using them, the humble CV is themethod of choice with nearly 90 per cent. Theincrease this year in online applications has been atthe expense of e-mailed applications which suggeststhat, in a year or so, there will only be the CV andonline options for graduates. Paper forms are virtuallyextinct.


Figure 7.6: The percentage of management consultancies usingeach application method

Selection procedures – interviews atthe heart of selectionFor the last three years there has been absoluteconsistency. ALL firms surveyed placed the interviewat the heart of selection. Personal assessment ofcandidates, especially when there are a small numberof vacancies, is key and although more interactivemethods of selection are growing in popularity andtesting is used more than previously, it’s the interview,especially the case study interview, that reignssupreme. Interestingly, firms are gradually doing morecampus presentations each year as a way of attractingthe right candidates.


Figure 7.7: Selection procedures favoured by managementconsultancies


CV & letter


% Recruiters


2002

2003

2004

0

20

40

60

80

100

0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

st

Panel

inte

rview

Aptitude

te

st


Selection procedure

2002

2003

2004


Salaries – salaries fall but many firmskeep quietAverage starting salaries fell from just over £29Klast year to £28K this year, although this figure issomewhat provisional as, in common with employersin the banking and finance sectors, many chose not toreveal their starting salaries. As you would expect, thelargest grouping of firms paid over £31K to start soit’s fair to assume that when salaries are eventuallyrevealed, the average will rise to probably just abovelast year’s level.



Figure 7.9: Salaries offered to graduates pursuing managementconsultancy careers

Benefits – better packages on offerBenefits packages have improved this year, with alarger percentage of firms offering pension schemes,share options, car, life assurance and privatehealthcare (ALL firms offered the last benefit).

Golden hellos, last seen two years ago, have notmade a re-appearance since and neither do gymmembership or subsidised restaurants. Two years ago,firms paid for their staff to keep fit and eat cheaplybut no longer it seems.


Figure 7.10: Benefits offered to graduates pursuing managementconsultant careers


% Companies

Salary0

10

20

30

40

502002

2003

2004

No resp

onse

£16–

20k

£21–

25k

£26–

30k

£31–

35k

Compet

itive

Top o

f mar

ket

0

20

40

60

80

100

Annual bonus

Pensio

n schem

e

Shar

e optio

ns

Car

Life a

ssura

nce

Priva

te h

ealth

care

Subsid

ised re

staura

nt

Golden

hell

o

Paid

ove

rtim

e

Seas

on tick

et lo

an

Gym m

ember

ship


Benefits

2002

2003

2004

2002 2003 2004

High £31,250 £31,250 £30,000

Low £27,250 £27,250 £26,000

Work experience – another fallThe last three years has seen a gradual fall in thepercentage of firms offering work placements, to 58per cent this year. The government and highereducation has stressed the importance of workexperience for undergraduates, so it is hoped that thistrend is reversed at some stage. But with no problemat all in attracting high-quality applicants, theimperative to provide placements is perhaps not sourgent.




2002 2003

Yes

No

2004


68%

32%

67%

33%

58%

42%


Analysis of builtenvironment statistics

Headlines for the built environment sector• Although the market appears buoyant, vacancies are slightly down

this year but are still higher than in 2001

• The sector is optimistic but cautious about prospects next year

• Applications continue to rise and most are now online

• Gradually, more group selection is being introduced

• Salaries remain virtually unchanged

• Excellent news for students – work experience opportunitiescontinue to rise

Vacancies – vacancies down butmarket still healthyAfter last year’s dramatic increase, the averagenumber of vacancies per employer has fallen to 37this year. To put this into perspective, this figurecompares with 32 in 2001 and 29 in 2000 and so thevacancy situation in this sector is still healthy.

Employers in the sector are cautious about nextyear’s vacancies and although they predict morevacancies than they actually advertised this year (41),this figure is slightly down on last year’s estimation.Taken together, the message seems to be that themarket for graduates is still buoyant but maybe thatthe peak has been reached for now.


Figure 8.1: The average number of graduate built environmentvacancies from 2000 to 2003.




2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year20

30

40

50

60

2000 2001 2002 2003

Highest range

Lowest range

Expected vacancies

Year20

30

40

50

60

2000 2001 2002 2003 2004

Expected vacancies

Vacancies

Vacancies

Year0

10

20

30

40

50

Applications – applications continue toriseFor the fourth year in succession, the average numberof applications per employer has risen. This steadyincrease, explained in part by the relative health of thesector, is encouraging news for built environmentemployers, giving the lie to the belief that business isluring away relevant graduates.


Figure 8.4: The average number of applications received by builtenvironment recruiters

Application method – growth in onlinerecruitment continuesIn a trend that spells the end of the paper applicationform, the industry is embracing online recruitment ina big way. Four years ago, just over 20 per cent ofemployers used online applications systems. Now thefigure is 72 per cent and rising. Despite mostorganisations encouraging graduates to apply online,many still allow applicants to submit CVs in the old-fashioned way.


Figure 8.5: The percentage of built environment recruiters usingeach application method


2000 2001 2002 2003

Highest range

Lowest range

Applications

Year300

600

900

1,200

1,500

CV & letter


2001

% Recruiters


2002

2003

2004

0

20

40

60

80

100


Selection procedures – more groupselection of candidatesAs expected, all employers will interview applicants.The change from last year has been that fewer arerelying on the second interview as the next stage, withmore introducing group selection and testing. Thissector is still way behind most other sectors in the useof group selection but the figure is edging towards 35per cent. In common with many sectors this year, theuse of presentations to candidates has grown.


Figure 8.6: Selection procedures favoured by built environmentrecruiters

Salaries – no real change on last yearThe average starting salary offered to graduates in thissector stayed virtually unchanged at just under£19,000. This may be a reflection of the slightlysmaller number of jobs on offer and the rising numberof applications.



Figure 8.8: Salaries offered to graduates pursuing builtenvironment careers


0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

st

Panel

inte

rview

Aptitude

te

st

2001


Selection procedure

2002

2003

2004

% Companies

Salary0

10

20

30

40

50

60

70

80 2001

2002

2003

2004

No resp

onse

£11–

15k

£16–

20k

£21–

25k

£26–

30k

Compet

itive

Varies

2001 2002 2003 2004

High £19,117 £20,126 £20,952 £20,903

Low £15,117 £16,126 £16,952 £16,903

Work experience – nearly allemployers offer it nowContinuing the trend over the last four or five years,the percentage of employers offering work experiencehas increased again. Now more than nine out of tenorganisations offer work experience which is adevelopment that will please the industry and allowstudents to find out more about working life. It’scritical for the built environment sector to continue tooffer good quality paid work experience to excitegraduates about the challenges of the industry as itoften cannot compete with other sectors on startingsalary.



Secondment opportunities – slight fallafter last year’s rise

The opportunity to undertake a secondment, either inthe UK or overseas, is a powerful attractor forgraduates but this year, after two years of growth, thepercentage of employers offering secondments hasfallen slightly. To keep this in perspective, only arounda third of employers surveyed offer no secondmentopportunities.



2003 2004

2001 2002

Yes

No

2002 2003 2004

Both clients & overseas 22% 30% 24%

To clients 29% 33% 38%

To overseas offices 8% 6% 4%

Blank – no 41% 31% 34%

Please note that average figures were used for this analysis, that is, themiddle figure between the lowest and highest range.Some of the data were collected in ranges, for example on the subject ofvacancies the response options were 0-5, 6-10, 11-20, 21-30, etc. On thegraphs the lowest range uses the smallest figure, ie 1, 6, 11 and thehighest range uses the upper figure, ie 5, 10, 20, etc. Unless otherwisestated, the average figure is used in the commentary.

87%

13%

90%

10%

90%

10%

93%

7%


Analysis of propertystatistics

Headlines for the property sector• Actual and estimated vacancies unchanged after years of decline

• Applications to firms surge but online applications peak

• Group selection more popular this year

• Benefits and salaries continue to improve

• Work experience on the increase too

Vacancies – holding firm after years ofdeclineIn what looks like good news for the sector, the fall invacancies has been arrested. For the previous threeyears the average number of vacancies per employerhad been gently falling, but this year sees no change inthe figure of 15.

The predicted number of vacancies next year isvirtually unchanged from last year’s estimation, whichperhaps reinforces the belief that the sector hasstabilised its graduate recruitment and maybe sensesthat the corner has been turned.


Figure 9.1: The average number of graduate property vacancies




2000 2001 2002 2003

Highest range

Lowest range

Vacancies

Year10

15

20

25

2001 2002 2003 2004

Highest range

Lowest range

Expected vacancies

Year10

15

20

25

30

2000 2001 2002 2003 2004

Expected vacancies

Vacancies

Vacancies

Year0

5

10

15

20

25

Applications – sharply up on last yearIn a further sign of better news for the sector, the

average number of applications received by employershas increased sharply from 458 last year to nearly 500this year. This is another tentative sign that the sectorhas regained the confidence of graduates and bodieswell for the future.


Figure 9.4: The average number of applications received byproperty recruiters

Application method – growth in onlineapplications haltsThe steady growth in online application systems hasstalled at around 50 per cent. Whether this is a pausebefore continuing upwards or an indication that halfthe sector are quite happy with traditional methods ofapplications can only be guessed at (and seen in nextyear’s survey).


Figure 9.5: The percentage of property recruiters using eachapplication method


2000 2001 2002 2003

Highest range

Lowest range

Applications

Year300

400

500

600

700

800

CV & letter


2001

% Recruiters


2002

2003

2004

0

10

20

30

40

50

60

70

80


Selection procedures – group selectionbecoming more popularThe sector continues to employ a range of selectionmethods, although there are signs that traditionalinterviews are being used less and group selection andtesting more this year. In common with many othersectors, the use of presentations has increased.


Figure 9.6: Selection procedures favoured by property recruiters

Benefits offered to new graduates –the generosity continuesDespite the tightness of the market for graduates,property firms continue to invest in benefits packages.Nearly all benefits specified in the survey haveincreased this year and virtually every firm surveyedoffers something in the way of an attractive package.Last year, this could have been explained as a way ofencouraging reluctant applicants but that would notexplain this year’s enhancements. The property sectoris a model in respect of benefits offered to joiners.


Figure 9.7: Benefits offered to graduates pursuing propertycareers


0

20

40

60

80

100

First

inte

rview

Group

exer

cises

Group

exer

cises

Psyc

homet

ric

tests

Seco

nd

inte

rview

Pres

enta

tions

Case s

tudies

or in-tr

ay te

st

Panel

inte

rview

Aptitude

te

st

2001


Selection procedure

2002

2003

2004

0

20

40

60

80

100

Annual bonus

Pensio

n schem

eSh

are o

ptions

CarLif

e assu

rance

Priva

te h

ealth

care

Seas

on tick

et lo

an

Gym m

ember

ship

2001


Benefits

2002

2003

2004

Salaries – significantly higher than lastyearIn harmony with increased benefits packages, averagestarting salaries continue to rise. This year’s averagefigure of £20,000 is significantly higher than lastyear’s £18,833 and is starting to get competitive withother sectors.

It’s also significant that, for the first time in thissurvey, we have property firms paying over £26,000to joiners.



Figure 9.9: Salaries offered to graduates pursuing propertycareers

Work experience – work experience onthe increaseThe encouraging news continues with workexperience as the trend continues upwards. This year,84 per cent of firms are offering work experiencecompared with 77 per cent last year. As with benefitsand salaries, the sector is focussed on giving graduatesa good deal.




% Companies

Salary0

10

20

30

40

50

60

70

80 2001

2002

2003

2004

No resp

onse

£11–

15k

£16–

20k

£21–

25k

£26–

30k

Compet

itive

Varies

2003 2004

2001 2002

Yes

No

2001 2002 2003 2004

High £19,166 £20,625 £20,833 £22,500

Low £15,166 £16,500 £16,833 £18,500


76%

24%

65%

35%

77%

23%

84%

16%

Documents

GRADUATE TRENDS SURVEY 2003/4 - HWandrea/careers/GTISurvey2003.pdf · 2004. 2. 5. · GTI Graduate Trends Survey 2003/4 [email protected] 2 Introduction Our objectives