Students enrolling in 2012
will leave with an average
debt of £53,400
Telegraph
Sir James Dyson says that 70% of engineering and technology postgraduates are from overseas,
Life Rich, Cash Poor
Individuals wishing to improve career prospects know that it may be necessary to obtain a degree, but unless they’ve stumbled upon a small fortune in the school yard or their mother or father is an executive board member, they’ll be likely to need financial assistance or loans. The level of debt that will be incurred over a course of study can be enough to keep some from participating in tertiary education, despite the life enriching experience university study can provide. Tuition fees are just the tip of the iceberg. Maintenance loans and student overdrafts are all significant financial burdens for graduates. With the rise in tuition fees, students beginning study in 2012
many of them taking their skills with them when they return
25% of graduates are unable to find
the growing gap between student degrees and employment needs
He stresses that housing research and development facilities within the UK is vital for UK PLC. Currently Dyson look abroad to facilitate their growing needs. Four of the largest UK accountancy firms have manufactured a solution to their current talent gap. Collectively, they hire several thousand graduates annually and their recently formulated solution involves replacing universities all together. By establishing a school-leaver training programme, which provide successful A-level students with the opportunity to complete a five or six year structured course that will filter them successfully into employment. Students enjoy probable employment, while the firms benefit from the process of moulding students into a more relevant and talent focused workforce. A high level of personal capacity and professional competence is required for graduates
to enter today’s workforce. The responsibility of a successful transition from education into a work environment would lay with the university. Employers would expect higher education institutions to provide the training and workplace skills needed within a graduate’s repertoire.
entry level positions
ONS
The socio-economic issues after graduation must also be considered; because the average student loan repayments take approximately 11 years to repay, potential first time home buyers will find it difficult to gain a foothold on the property market and one in three graduates are reluctant to start a family. In the past, the benefit of achieving a degree qualification was to enhance the chance of following a preferred career path with higher wages. Today, 25% of graduates are unable to find an entry level position, with 68% of all university leavers underestimating how much money they owe. A sobering statistic shows that 86% of students have taken out some form of financing aid and 19% of those students believe that those aids are interest-free.
A recent ONS report stated that 36% of recent graduates are employed in lower skilled jobs compared to 27% in 2001. Last year, one in every five graduates were unemployed, and the problem is compounded for arts graduates, whose hourly wage is 21% below the graduate average. Employers tend to lay blame with universities for unpolished and unfocused graduate. In the UK, a third of companies cannot find suitable candidates for graduate positions. Prospective employers are demanding more of candidates than ever before. Training or bedding in time will effectively cost the organisation money in the short term. It’s a difficult situation for graduates, knowing that to be successful in attaining a job they must have relevant experience.
12
Something’s missing:
Sir James Dyson claims that 70% of engineering and technology postgraduates are from overseas, many of them taking their skills back with them when they return home.
will leave with an average of £53,400 of debt (compared to £26,100 in 2011).
86% of students take out some form of financing aid while 19% of those students believe the aids are interest free
Quick Read Insights
average time student loan repayments take to clear
are reluctant 1 _ ofto graduates start start families due 3 to financial constraints
35 new universities have been created in the UK since 2001. Competition between all universities is now highly competitive. Dramatically rising fees mean dramatically rising student and parent expectations that are proving increasingly challenging. China is currently the largest exporter of students into the UK. Our key universities increasingly have satellite campuses worldwide. There is a growing disparity between graduate degrees and employers needs. The average graduate debt will rise to £53K in 2013 and will take 11 years to pay off.
ONS
Flexible and adaptive spaces within the campus have become vital.