If you want to know more about the job market for UK university students in 2024, the latest 2024 Cibyl Graduate Research has some useful insights. It’s a mixed bag shaped by economic pressures, evolving career aspirations, and local preferences so let’s break down what’s happening.
Economic pressures and salary expectations
The cost-of-living crisis has hit students across the UK as much as anybody, pushing them to focus more on salary expectations. After a big 15% jump in salary expectations in 2023, things have settled a bit in 2024, but expectations are still high. This shows that graduates are prioritising financial security when choosing careers, which makes sense given the economic challenges everyone’s facing.
Job market outlook and student confidence
Two-thirds of UK university students who responded to the survey think finding a job this year will be tough, especially those in their final year. This growing apprehension reflects how competitive the job market is and possibly indicates a mismatch between students’ skills and the demands of employers. The good news is that in Wales, students like you display greater optimism about graduate career prospects compared to their counterparts in the rest of the UK, particularly those in their penultimate year.
Sector preferences
Even though there’s been a drop in interest, technology is still a top sector choice for UK students. This ongoing interest shows that tech is seen as a sector with great potential for growth and innovation, despite the challenges students face in meeting its technical demands. Addressing these confidence gaps could be key to harnessing the full potential of the tech-driven job market so speak to your Employability Teams if you want to find out more.
Early career planning and geographic preferences
Almost half (46%) of first-year students surveyed hadn’t started thinking about their graduate careers yet, which points to a need for earlier career guidance and planning. When it comes to where they want to work, London is still the top choice, highlighting its role as a hub for graduate opportunities. On the flip side, students in Wales are more open to moving around and considering opportunities across the UK, though there’s a significant number who prefer to stay within Wales.
Adapting to a shifting landscape
As UK students navigate a job market shaped by economic constraints, local differences, and sector shifts, the need for strong career support and guidance is more important than ever. Universities, employability and career services in Wales are adapting, offering targeted support to help students like you build skills, boost confidence, and stay aware of opportunities, ensuring they’re well-prepared to enter a competitive job market. The e-Hub is a good example of how Welsh universities are coming together to help their students with additional support.
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This article draws on the latest trends and statistics from the 2024 Cibyl Graduate Research to provide an insightful overview of the challenges and opportunities facing UK university students in 2024. Understanding these dynamics is crucial for stakeholders across the educational and employment sectors to better support students in making informed career decisions.
