Graduates more confident in finding jobs despite economic concerns

Graduates across the globe are more confident than in years past that they’ll find work post-study, despite looming recession fears and unease in the job market.

The Graduate Outlook Survey 2023 by CFA Institute revealed that 70 per cent of respondents are confident about their career prospects. This is up from 58 per cent in 2021. Furthermore, 56 per cent believe their career prospects are better than their parents’ generation.

This confidence could be on the rise due to the state of the talent market. Many believe it is still a candidate’s market, as skills and talent shortages persist in many industries. This means many graduates have a higher level of choice in their employer.

As far as specific industries go, finance degrees seem to be the most popular across the world. They’ve replaced healthcare and medicine as the top-ranked profession.

In fact, 24 per cent of respondents rated finance as the top industry for career prospects, followed by education, sales, media and marketing, and IT and telecoms at 19 per cent, 18 per cent, and 18 per cent, respectively. Another 24 per cent also consider finance the most stable career choice.

While there aren’t too many fears to do with career prospects, pay has become the top concern for graduates, with 28 per cent noting their top concern was low pay in their sector. This was followed by unfulfilling work at 27 per cent and lack of jobs at 24 per cent.

CFA Institute found that 62 per cent said a good salary was what was most important when finding work, by far the top consideration. Following was flexible work, at 39 per cent, and progression opportunities, at 31 per cent.

With the cost of living skyrocketing, it’s no surprise that money is on graduates’ minds. Similarly, flexibility is still a top consideration. Many graduates would have been studying through the prolonged lockdowns and are entering the working world off the back of the pandemic. It’s no surprise then that flexibility is expected, as it has become the norm for many in the workforce.

The pandemic also played a role in shaping the careers of graduates. In fact, 47 per cent said COVID-19 permanently affected their career prospects, and 56 per cent are prolonging education while the job market remains volatile.

Most graduates are happy that their degree will be worthwhile. CFA Institute revealed that 72 per cent believe their studies will help to secure better pay and will give them an edge in the job market.

It doesn’t end with a degree, though. Upskilling by way of earning certifications is important to 93 per cent of graduates. Similarly, 69 per cent believe these certifications will have a significant effect on job opportunities.

Another top consideration is environmental, social and governance (ESG), with 91 per cent wanting to provide meaningful contribution to the world around them through their work. A quarter looks for positive ESG policy in an employer, with teaching, science, healthcare, and non-profit industries seen as the best way to achieve this.

To read CFA Institute’s full Grad Outlook Survey 2023, click here.