"The City has historically attracted many new graduates hoping to embark on careers ranging from Banking and Finance to PR and Law."
The City has historically attracted many new graduates hoping to embark on careers ranging from Banking and Finance to PR and Law. Still, it is interesting to see whether the situation has now changed, given the difficult economic climate and to an extent, the change in people's attitudes in the aftermath of the financial crisis.
Recently, labour market research has revealed that the flow of jobs has remained "sluggish" and the number of jobs advertised in the City of London has fallen again. Therefore, it seems that the effects of the financial crisis are still with us and it will take more time for the situation to improve. Still, some larger firms will continue to recruit for their normal graduate intake each year, so even if the competition has intensified (owing to fewer places), you should apply if that is the route you wish to take.
It is interesting to see that the government is actually encouraging graduates to move away from the City. Currently there are proposals that aim to give graduates financial incentives to "opt against" a career in the City. During university, students would be offered Â£2,000 per year and a guaranteed one year paid placement. However, the main condition is that once students have graduated, they are required to work for at least three years in the UK manufacturing industry. The main aim of this scheme is to boost the manufacturing sector by recruiting the best talent once again.
This scheme will try to reduce the number of engineering graduates who go to the City to work in investment banks and hedge funds, where there are generally much greater financial rewards. When considering a graduate job, one of the motivating factors should be your genuine interest and enthusiasm for the career. For example, even though you studied engineering, you may have discovered during the few years at university that you want a change of scenery and the chance to apply your skills in a different way. Furthermore, the City has many opportunities, such as working in larger teams and greater scope for making international contacts.
Overall, you should not turn your back on the City in haste. It is a place where you can succeed if you are genuinely interested in the work and enjoy the lifestyle. Still, there are many opportunities throughout the UK in the manufacturing and retail industries. These will also give you the chance to apply the skills that you have learnt during university and transform your initial graduate job into a long and satisfying career.
Arnab DattaIt is true for many graduates that all roads lead to London - and there are plenty of jobs - but look again. You'd be surprised where opportunities exist. Do you have any job hot spots to report?