Ever since the introduction of £9,000 tuition fees six years ago, the long-term benefits of getting a degree university have been repeatedly brought into question.
However a new paper released by the Intergenerational Foundation (IG) has taken this scrutiny to a whole new level.
The IG’s study revealed that most graduates are unlikely to earn enough in their lifetime to cover the cost of the interest of their loans.
This new, comprehensive study, has also coincided with the recent scrapping of maintenance grants, adding further fuel to the fire.
Kevin Brady, Director of job search engine AdView said of the developments:
“Value for money is the key thing school-leavers will be taking into account before deciding whether or not to send off their UCAS applications. Given the recent IG report, this seems more than sensible.
“The evidence that certain degrees don’t pay as well as others has become more and more apparent for some time now.
“According to the Office of National Statistics (ONS), three years ago the proportion of graduates in non-graduate jobs stood at 47%.
“The IG report also states that 29% of fine arts graduates end up working in retail or catering after graduation, compared to just 4.7% of civil engineering graduates. This alone should encourage people thinking about going to university to do some serious research as to what their career and salary prospects will be.
“For graduates who studied degrees that don’t specifically relate to a specific career paths – in contrast to engineering, medicine, dentistry and the like – finding a graduate role is all the more difficult.”
|Graduate job sectors||% of total number of graduate jobs currently on AdView|
|Education & Teaching||9%|
|Marketing & PR||3.40%|
|Retail & Wholesale||1.30%|
|Charity & Voluntary||0.20%|
Whilst school-leavers have at least the opportunity to seriously consider whether university is right for them, what about current graduates and undergraduates who are concerned about their career prospects?
Mr Brady continued:
“As for current graduates who don’t have a ‘career-specific degree’ so to speak, I would recommend that they start giving serious thought how they can utilise the transferable skills they’ve gained from their degree and extra curricular activities.
“Sales and recruitment are two popular career paths for graduates; they’re great options to consider if you’re highly self-motivated and have great communication skills. A career in marketing or PR however might be a good option if you can demonstrate great written and analytical skills.
“These are examples of careers in which employers will consider candidates from a diverse range of degree backgrounds provided they demonstrate passion and ability.”