Rise in graduate starting salaries better than predicted
Things looking good up for graduates as survey shows average graduate starting salary increases by 6%.
In January, a bi-annual survey conducted by the Association of Graduate Recruiters (AGR) predicted a 4% increase in salary but results released today show an increase of 6% to £26,500. The rise follows three consecutive years of salary standstill between 2009 and 2011.
The survey also shows that vacancies for graduates are predicted to dip by 0.6% as a pose to the 1.2% predicted for the same period suggesting that there is a gradual return of stability in the graduate jobs market.
Chief executive of the AGR Carl Gilleard said: “It is reassuring to see that employers are investing in graduate talent. The significant rise in starting salaries to £26,500 will be very good news indeed to students, who are bracing themselves to take on higher levels of debt as tuition fees rise to £9,000 from September this year.”
Results also show that there are now an average of 73 applicants per vacancy this year compared to an unprecedented high of 83 applications per vacancy last year. Respondents of the survey commented on the increased quality of applications suggesting that graduates are taking more times and being more selective in their applications.
Carl continued: “Businesses that create a programme which goes beyond mere training, and gives graduates the opportunity to engage in a meaningful, hands-on way with the organisation will find that they are rewarded with enthusiasm and long-term commitment by well-selected graduates.”
The most common selection criteria used by graduate recruiters remains a 2:1 with 76% using it as a minimum entry standard for all graduates they recruit, this has risen from 73% last year.
The Association of Graduate Recruiters produces a bi-annual survey which gives an extensive and detailed insight into the graduate jobs market. Its most recent findings are based on the responses of 215 AGR members across 20 sectors which will provide around 21,194 graduate vacancies this year.
This was posted in Bdaily's Members' News section by Francesca Dent .