UK tuition fees are an ever-contentious issue, with most institutions now charging the maximum £9,000 per year to study. This means that many school and college leavers are facing a difficult decision. According to LSBF, the UK economy is now on the upswing, which might lead people to ask the question: Is a degree worth the debt in the long term, or would it be more beneficial not to go to university and work your way up into a career instead?
Educated Competition on the Rise
Competition to find that elusive graduate job and get a foot on the ladder into a desirable career is steep. Figures show that in June last year, there were nearly 250,000 graduates competing for just 54,200 jobs across the UK. However, when it comes to earnings, the average graduate can expect to earn up to £200,000 more than non-graduates over their working life – more than compensating for the additional debt.
These figures could be enough for many potential university students to decide that a degree is worth the debt in the long run, but how does the job market and average salary for all graduates compare to that of finance graduates specifically?
The Job Market for Graduates
The job prospects for a finance graduate are rather rosier than the average university graduate in the UK. According to a recent news story from the LSBF, which states that there are more jobs available in the City of London, the capital’s finance district, than there are applicants. Data from Robert Walters recruiters showed 10,560 vacancies on its books, with only 6,090 candidates to fill the positions. If it is the worry of finding employment within the financial sector after graduating that potential finance students are concerned about, these figures will come as welcome news.
What’s more, according to eFinancial Careers, the average salary for graduates entering the finance industry was £38,700, while investment banking analyst roles pay £45,000+. On top of this, total bonus payments averaged at around £10,000. While a survey from the LSBF has found that today’s graduates are looking for more than money in their job search, these findings will come as a reassurance to finance students that their investments in education will return in the long run.
The long-term benefits of studying finance do not end at a successful career, but extend to every aspect of life. Finance students gain invaluable skills that enable them to manage money effectively, save successfully and invest sensibly to lead a more prosperous lifestyle. Many people go through life without a solid understanding of money management, which can result in them living their entire life in debt and struggling to scrape by. If there’s a degree out there that sets up a solid base of skills to succeed, finance is it.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.