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POST-BREXIT GRADUATE
CAREER TRENDS
PERSPECTIVES FROM RISING INTERNATIONAL TALENT
Almost half of respondents (49%) are now less likely to seek or accept a position in the UK than they were prior to the referendum. More than half of the respondents (54%) believe that they will be less successful in finding a position in the UK because of the consequences of BREXIT.
Our research highlights the urgency with which UK recruiters need to address the perceptions that are taking hold. Not only must UK employers brace for the future challenges of BREXIT, they must also proactively devise talent attraction strategies to offset the declining interest of rising international talent. At the same time, BREXIT may present a unique opportunity for recruiters across continental Europe to capitalise on a potential influx of this highly demanded talent pool.
Perfectly aligned with the mission of the NewGen Talent Centre – to provide insight into the expectations and motivations of new generation talent – we hope that this report will provide our corporate and recruiting partners with useful insight to develop and refine talent acquisition strategies in a post-BREXIT world.
Over the last year, net migration from the EU to the UK has fallen by 26%1. With UK unemployment at its lowest in over four decades2 and the graduate job market predicted to grow by nearly 5% this year3, businesses are considering how BREXIT may affect their capacity to attract highly-skilled talent from critical international pools.
To help shed light on this question, the EDHEC NewGen Talent Centre launched a survey to assess the perceptions of our students and gauge their willingness to work in the UK post-graduation.
EDHEC graduates embody the rare qualities sought by leading businesses world-wide. Our multilingual, multinational graduates bring an unparalleled diversity of experience, a deeply global mind-set, academic zeal and a commitment to civically-oriented leadership. As recruiters in the UK and across Europe seek increased granularity on how BREXIT will affect their talent pipelines, the perceptions of EDHEC students will prove invaluable in illuminating how the referendum is influencing the choices of some of the most competitive postgraduate talent in finance and management in Europe.
Our students have historically shown a keen interest in working in the UK, and our findings show that despite the uncertainties caused by the BREXIT referendum, the UK remains their second most desired post-graduate destination. Nevertheless, our research reveals that the UK’s reputation as a place to advance the careers of highly-skilled new generation talent is under threat.
EXECUTIVESummary
While the BREXIT process is still on-going and its outcomes remain unclear, data suggest that the BREXIT referendum itself has already begun to erode confidence in the UK as an employment destination.
38% of respondents indicated that the falling Pound made them less likely to seek or accept employment in the UK.
CASSANDRA PITTMANCountry Manager, UK & Ireland
POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT2
354 students, across our Masters in Financial Economics and Masters in Business Management programmes.
While the ages of respondents vary, most fall between 22 and 24, with expected graduation between 2018-2020.
The gender distribution of our study (61% male, 39% female) accurately reflects the approximate ratio between male and female students enrolled on our graduate programmes.
With EDHEC’s Lille, Nice and Paris locations, it is unsurprising that 59% of respondents are French citizens, and 78% of students surveyed have EU citizenships. Nonetheless our sample reflects the diversity of our student body, with many respondents holding Chinese, US and Indian citizenships.
Multinational businesses in the UK rely heavily on French talent.
According to the UK Office for National Statistics, 155,000 French citizens currently live in the UK. 65% of French citizens working in the UK between 2013-2015 were employed as highly-skilled talent4.
WHO took part?
French Talent IN THE UK
WE SURVEYED
Finance
Consulting
Technology
TOP 3 SECTORS
55%41%27%
Over 92% of EDHEC graduate students indicated they were interested in working in Europe. The UK emerged as the second most desired location for work post-graduation, as it had been prior to the BREXIT referendum.
The three top sectors our future graduates are interested in entering post-graduation are, in order or popularity:
Almost one third (29%) of UK-based French citizens are employed in the banking or finance sector5. EU nationals currently make up approximately 8% of the workforce in the UK and there are great parallels to be drawn, as well as lessons to be learned, from the responses of French nationals6.
3POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT
12%
35%44%
8%
22%
50%
20%9%
Number 1 choice
Very interested
Somewhat interested
Not at all interested
12%
35%44%
8%
22%
50%
20%9%
Number 1 choice
Very interested
Somewhat interested
Not at all interested
We asked EDHEC students to assess their interest in working in the UK before and after the UK voted to leave the European Union. As anticipated, the desirability of the UK as a post-graduation destination fell sharply following the BREXIT vote.
Pre-referendum, almost half of the students were highly motivated to work and live in the UK, with 47% indicating that they were either “very interested” in working in the UK after graduation, or that the UK was their number one choice.
Post-referendum, just 30% were still highly motivated to work in the UK following their graduation from EDHEC, while those not at all interested more than doubled.
KEY FINDINGS
IMPACT ON ATTRACTIVENESS of UK as a working destination
INTEREST IN WORKING AND LIVING IN THE UK PRE AND POST-BREXIT REFERENDUM
PRE-REFERENDUM POST-REFERENDUM
POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT4
2018
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
2019
YEAR OF GRADUATION
2020 2021
69%
28%
47%51%
Women
Men
FINANCE: UK, Germany, Switzerland, Luxembourg, Italy
FMCG: Germany, UK, Netherlands, Switzerland, Belgium
HEALTHCARE: Germany, Luxembourg, Ireland, Switzerland, Belgium
CONSULTING: UK, Germany, Switzerland, Luxembourg, Belgium
TECHNOLOGY: UK, Germany, Switzerland, Netherlands, Luxembourg
ENERGY: UK, Germany, Ireland, Switzerland, Luxembourg
NONPROFIT / PUBLIC SECTOR: UK, Germany, Italy, Ireland, Luxembourg
69%
28%
47%51%
Women
Men
Interestingly, impact and perception seemed to vary noticeably across gender. 69% of women maintained that the UK was their first choice post-referendum, where only 28% of men did.
Unsurprisingly, France is the most desired post-graduate destination for our students, irrespective of their nationality or degree programme. Historically, the UK has been the second most desired location. While this remains the case overall, students interested in working in the FMCG sector now list Germany as their most desired location outside of France. For those interested in working in Healthcare, the UK no longer makes the top five.
There was a notable decrease, per graduating class, in the percentage of students for whom the “UK was their first choice” following the BREXIT referendum in June 2016. For the class of 2018, many of whom had already secured offers for full time employment, 14% reported that the UK was their first choice. This number plummeted to 2% for the class of 2019, 3% for the class of 2020 and 6% for the class of 2021. The class of 2021 represents the smallest sample size of the survey.
% OF STUDENTS FOR WHOM THE “UK WAS THEIR FIRST CHOICE” POST-REFERENDUM, BY GRADUATING CLASS
% OF WOMEN AND MEN FOR WHOM THE UK REMAINED THEIR 1ST CHOICE POST-REFERENDUM
TOP FIVE MOST DESIRED EUROPEAN WORKING DESTINATIONS (EXCLUDING FRANCE) BY SECTOR INTEREST
5POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT
5%
46%49%
More likely
No impact
Less likely
5%
46%49%
More likely
No impact
Less likely
69%
28%
47%51%
Women
Men
69%
28%
47%51%
Women
Men
In an effort to understand the impact of the BREXIT referendum on the career choices of our graduate students, we asked respondents to assess the likelihood that they would seek and/or accept a post-graduate position in the UK.
Results vary across gender. 51% of male respondents indicate that they are less likely to seek or accept a postgraduate position in the UK following the BREXIT referendum, as compared to 47% of female respondents.
% OF WOMEN AND MEN WHO REPORT THAT THEY ARE LESS LIKELY TO SEEK OR ACCEPT A POSTGRADUATE POSITION IN THE UK, POST-REFERENDUM
THE IMPACT OF THE BREXIT REFERENDUM ON THE LIKELIHOOD OF SEEKING OR ACCEPTING EMPLOYMENT IN THE UK.
IMPACT ON Career Search
KEY FINDINGS
THE RESULTS WERE MIXED
of respondents claim that they are now less likely to seek or accept a post-graduate position in the UK post-referendum,
of respondents say that the UK voting to leave the EU had not affected their preferences for destinations of post-graduate employment.
49%
46%
POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT6
38%
57%
Financial Economics track
Business Management track
38%
57%
Financial Economics track
Business Management track
5%
46%49%
More likely
No impact
Less likely
5%
46%49%
More likely
No impact
Less likely
53% 55%51%
63%
42% 39%
Healthcare
Non-profit / public sector
Energy
Technology
Consulting
FMCG
53% 55%51%
63%
42% 39%
Healthcare
Non-profit / public sector
Energy
Technology
Consulting
FMCG
Students currently studying Business Management seem to be less likely to pursue post-graduate positions in the UK, being more affected by the UK’s decision to leave the EU than students enrolled on the EDHEC Financial Economics track (57% and 38% respectively).
However, nearly half (48%) of students interested in working in finance post-graduation, irrespective of their degree, are now less likely to seek or accept employment in the UK.
Beyond finance, those interested in working in key sectors also show less interest in working in the UK post-graduation; more than 50% of students interested in working in technology, consulting, FMCG and healthcare report they are now less likely to seek or accept employment in the UK.
% OF STUDENTS LESS LIKELY TO SEEK/ACCEPT EMPLOYMENT IN THE UK, BY GRADUATE PROGRAMME
THE LIKELIHOOD OF SEEKING/ACCEPTING POSTGRADUATE POSITION IN FINANCE IN THE UK, POST-REFERENDUM
% OF STUDENTS INTERESTED IN KEY NON-FINANCE INDUSTRIES LESS LIKELY TO SEEK/ACCEPT EMPLOYMENT IN THE UK, POST-REFERENDUM
7POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT
6%
56%38%
More likely
No impact
Less likely
6%
56%38%
More likely
No impact
Less likely
POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT
We therefore asked students to assess whether the depreciation of the British Pound has impacted their desire to seek or accept employment in the UK.
While we purposefully chose to consider this factor in isolation, the results of our study suggest that in most cases the currency depreciation, while an important factor for some, is not the primary driver of diminishing interest in the UK as an employment destination. More than half of respondents (56%) said the depreciation of the Pound had no impact on their likelihood to seek or accept employment in the UK.
THE IMPACT OF THE DEPRECIATION OF POUND STERLING ON THE LIKELIHOOD OF SEEKING/ACCEPTING EMPLOYMENT IN THE UK
IMPACT OF Depreciating Pound Sterling
KEY FINDINGS
As of February 2018, British Pound Sterling had fallen by approximately 12% against the Euro since the Brexit Referendum7, yet living costs in the UK remain comparatively high8.
Nonetheless, 38% of respondents indicated that a falling Pound did make them less likely to seek or accept employment in the UK. Amongst the 46% for whom the BREXIT referendum had no impact on the likelihood of them to seek or accept employment in the UK, 14% nevertheless reported that they are less likely to do so because of drop in value of the Pound.
POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT8
40% 38%45%
38% 36% 36% 35% Technology
Finance
Energy
Non-profit / public sector
FMCG
Consulting
Healthcare
40% 38%45%
38% 36% 36% 35% Technology
Finance
Energy
Non-profit / public sector
FMCG
Consulting
Healthcare
27%
39%
Women
Men
27%
39%
Women
Men
It seems that the currency depreciation may have played a greater role for those 49% who had already indicated that the BREXIT referendum would make it less likely that they would seek or accept employment in the UK. Of those, 63% said the depreciation of the Pound made it less likely they would seek or accept employment in the UK.
Again, results vary across gender. Women were significantly less affected by the currency depreciation (27%) than were men (39%).
THE IMPACT OF THE DEPRECIATION OF POUND STERLING AMONG STUDENTS WHO ARE LESS LIKELY TO SEEK/ACCEPT EMPLOYMENT IN THE UK POST-REFERENDUM
% OF WOMEN AND MEN WHO REPORT THAT THE DEVALUATION OF THE POUND MADE IT LESS LIKELY THEY WOULD SEEK/ACCEPT A POSITION IN THE UK
2%
35%
63%
More likely
No impact
Less likely
2%
35%
63%
More likely
No impact
Less likely
% OF STUDENTS WHO REPORT THAT THE DEVALUATION OF THE POUND MADE IT LESS LIKELY THEY WOULD SEEK/ACCEPT A POSITION IN THE UK, BY SECTOR INTERST
Over a third of students interested in working in each of the seven key sectors we included in our survey cited the falling pound as a factor in making the UK a less desirable working destination, with those interested in working in FMCG and Consulting the most affected:
9POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT
9%
54%
37% More likely to be successful
Less likely to be successful
No impact on success
9%
54%
37% More likely to be successful
Less likely to be successful
No impact on success
6%
71%
23%More likely to be successful
Less likely to be successful
No impact on success
6%
71%
23%More likely to be successful
Less likely to be successful
No impact on success
IMPACT ON Confidence of Success
KEY FINDINGS
In their final year of studies, our graduate students have many demands on their time, and may be less likely to invest in application processes in which they believe their chances of success to be limited. In order to better understand how they might construct their job searches, we asked our graduate students to assess their chances of successfully securing employment in a UK which has decided to leave the European Union.
CONFIDENCE OF SUCCESS IN SECURING EMPLOYMENT IN THE UK, POST-REFERENDUM
CONFIDENCE OF SUCCESS IN SECURING EMPLOYMENT IN THE UK, POST-REFERENDUM, AMONG THOSE STUDENTS WHO ARE LESS LIKELY TO SEEK/ACCEPT EMPLOYMENT IN THE UK FOLLOWING THE BREXIT REFERENDUM.
Of the 49% who had indicated that the referendum has made it less likely that they would seek or accept employment in the UK, 71% believe that the BREXIT referendum would negatively impact their chances for successfully securing a position in the UK.
More than half of the respondents (54%) believe that the referendum decision has made it less likely that they will be successful in finding employment in the UK. Only 37% believe that the BREXIT referendum will have no impact on their success in finding employment in the UK.
Overall, the results show the perceptions are less than optimistic.
POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT10
66% 63%71%
62%58% 58%
Technology
Energy
Consulting
Non-profit / public sector
FMCG
Healthcare
66% 63%71%
62%58% 58%
Technology
Energy
Consulting
Non-profit / public sector
FMCG
Healthcare
Over 50% of students interested in working in each of the seven key sectors included in the survey now believe that they would be less successful in a UK job search.
% OF STUDENTS WHO BELIEVE THEY WILL BE LESS SUCCESSFUL IN SECURING EMPLOYMENT IN THE UK POST-REFERENDUM, BY SECTOR INTEREST
For those interested in working in technology, healthcare, FMCG, and non-profit sectors, the number tops 60%
11POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT
57%53%
Women
Men
57%53%
Women
Men
61%
52%EU / EFTA Citizens
Non-EU Citizens
61%
52%EU / EFTA Citizens
Non-EU Citizens
Dwindling belief in chances of success in securing employment in the UK has not been limited to non-EU citizens. Over 50% of students who hold citizenship from an EU or EFTA member country report that the referendum has made it less likely that they would be successful in landing a job in the UK, if they tried.
% OF WOMEN AND MEN WHO BELIEVE THEY WILL BE LESS SUCCESSFUL IN SECURING EMPLOYMENT IN THE UK POST-REFERENDUM
% OF STUDENTS WHO BELIEVE THEY WILL BE LESS SUCCESSFUL IN SECURING EMPLOYMENT IN THE UK POST-REFERENDUM
Female respondents reported less confidence in their potential for securing employment in the UK post-referendum. 57% of women believe that they will be less successful in finding a position, compared to 53% of men.
POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT12
Results indicate that numerous factors have lessened our student’s eagerness to launch their postgraduate careers in the United Kingdom, ranging from their confidence in securing competitive positions, reservations about their long-term trends in key industries, and an unwelcoming financial climate in light of a depreciating Pound.
The real economic impact of BREXIT remains to be seen. As of today, the impact of the BREXIT referendum on UK employers and their ability to recruit and retain highly-skilled labour is primarily a matter of shifting perceptions and confidence loss.
ConclusionThe findings of this survey speak to the diminishing desirability of the UK as a place to live and work, with a significant number of students reporting that they are now less motivated to seek or accept a position in the UK since it voted to leave the EU.
Only in the later stages of the BREXIT process will we fully know how institutional changes to labour mobility and EU migration will impact employment and talent attraction in the long-term.
While the future of the UK economy and job market remains uncertain, it is apparent that the prospect of BREXIT has made Britain a less attractive destination for rising international talent.
13POST-BREXIT GRADUATE CAREER TRENDS - PERSPECTIVES FROM RISING INTERNATIONAL TALENT
Endnotes
CONTACTS
CASSANDRA PITTMANCountry Manager, UK & Ireland
THE NEW GEN TALENT CENTRE
www.edhecnewgentalent.com
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3- The Graduate Market in 2018. Report. 2018. Accessed November 1, 2018. https://www.highfliers.co.uk/download/2018/graduate_market/GMReport18.pdf.
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5- Randall, M., Living abroad: migration between Britain and France. Office for National Statistics. Available at: https://www.ons.gov.uk/releases/livingabroaddynamicsofmigrationbetweenbritainandfrance [Accessed November 1, 2018] - Release Date: 8 August 2017
6- Mclean, P., 2017. Financial Times ONS: One-third of French citizens in UK employed in finance. Financial Times. Available at: https://www.ft.com/content/0c3ff651-5c05-3073-a0e7-959129348f10 [Accessed October 29, 2018].
7- Reland, J., 2018. The pound has fallen in value since the Brexit vote. Full Fact. Available at: https://fullfact.org/economy/pound-fallen-since-brexit/ [Accessed October 29, 2018].
8- Anon, 2018. Cost of Living Ranking in Europe. Expatistan. Available at: https://www.expatistan.com/cost-of-living/index/europe [Accessed October 29, 2018].
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