Amidst the skills shortage, May 2022 saw 14,690 graduate job vacancies advertised across the UK, according to new research from job search engine Adzuna.
This is +59 percent higher than 9,265 this time last year, as employers tap up new graduates to plug gaps in their workforces.
In a bid to attract talent, pay rates are also rising. Advertised salaries on offer for graduate openings have climbed to £26,076 in May 2022.
This is up by 7 percent year-on-year from £24,389.
It marks a six year high in advertised salaries for graduates.
Also, in the most competitive sectors, pay rates have hit new heights, with salaries of up to £70,000 on offer.
What role is inflation playing?
Crucially for grads concerned about the cost-of-living crisis being driven by high inflation, many employers have been raising the pay rates they offer.
In the law sector, European firms are struggling to keep up with their American counterparts. US legal firm Davis Polk & Wardwell has bumped up salaries for newly qualified solicitors (NQs) by 8.5 percent from £147,500 to £160,000, while its graduates earn £60,000.
By comparison, Magic Circle firm Freshfields Bruckhaus Deringer is offering grads £50,000 in their first year, with NQs earning £125,000.
The same is true in banking, with Barclays offering their grads £50k, RBS £31,850, compared to JP Morgan at up to £70,000.
Other employers offering lucrative options include MI5 (starting salaries of £33,000) and BP at £35,000 – £45,000.
The most valuable grads in the UK
Adzuna also dug into which university graduates receive the highest compensation five years after graduation between 2019 and 2022.
Oxford and Imperial are beating Cambridge University in terms of leavers’ earnings, with University of Oxford grads bringing in an average salary of £47,618 five years after graduation, compared to £45,741 for Imperial College grads and £44,190 for University of Cambridge grads.
Oxford is second only to Bayes Business School leavers, formerly known as Cass Business School but renamed in September 2021 due to links with slavery.
The lowest earning grads meanwhile, studied at Aberystwyth University (£25,129), Bath Spa (£25,196) and Edge Hill (£25,334).
Paul Lewis continues: “The choice of university can massively impact earning potential, with students from the most prestigious institutions raking in over £20k more a year on average five years post graduation, compared to grads from lesser-known places of learning. For those wanting to earn big, London universities are good bets with grads from Imperial College, UCL, and King’s all top earners five years into their careers. Russell Group institutions also dominate the list, showing when it comes to earnings, the stamp of approval from a prestigious academic institution can still make all the difference.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
