A study tracking university students over 6 years from the moment they applied for university until well after they graduated has been published this week.
Perhaps unsurprisingly, the findings reveal just how hard it has been for UK students graduating during the recession, with a significant increases in debt and lower earnings compared with the class of ’99. On a positive note, the vast majority thought it was worth it – see the infographic above.
The study found that :
- 1 in 10 graduates experienced significant spells of unemployment
- 40% were working in non-graduate jobs
- 41% of graduates had worked unpaid at some point
- Graduates had more debt compared to 1999 graduates – a 60% increase in debt over ten years overall
- Graduate earnings advantage has slowly declined – estimated at 2% annually
- But…Even in the face of adversity 96% of graduates would do it all again
Does this tally with your own experiences? Was your degree worth the cash and effort you spent on it? Let us know in the comments section.
The Futuretrack report, was commissioned by HECSU and undertaken by the Institute for Employment Research at the University of Warwick. Download the report here.
Report this comment
The 96% ‘would do it again’ statistic is impressive, but is perhaps due to the respondees thinking the degree path is the only means of becoming competitive in the job market. There are alternatives – but the Universities have such a strong hold on school-leavers decision making, these alternatives are unfortunately overlooked. For example, how many of the respondees, if offered an alternative that cost less and has equally good job prospects (such as becoming a Royal Yachting Association accredited Yachtsmaster), might choose against doing the degree again?
Report this comment
When considering whether to go to university, and pay the fees now required by many UK Universities, I would advise all students to do their research first. Look for statistics that show how many of the graduates from the courses you are interested in actually ended up doing the professions that they wanted to get into when they started. The same prinicple applies when considering doing Masters and PhDs. This will give you an idea of the likelihood that your investment will pay off. And have a back up plan for if you don’t get your top choice of professions on graduation. To minimise the risk of not getting your chosen career, pursue opportunities for work experience during your degree and especially make productive use of the holidays. Also, join societies that are relevant to your chosen career. However, if your chosen career doesn’t require a degree, then consider staying at home to keep costs down while working for free to get experience and contacts in your industry.