Scottish graduates still have ample opportunity to work in financial services, especially if they’ve studied computer science
Graduate recruits may be inexperienced, but they have a significant advantage: cost. This may be why, despite recent economic conditions, graduates remain highly sought after by Scotland’s financial services employers.
'I'm hearing that graduates are the largest number of new recruits among our members,' says Alan Thornburrow, chief executive of trade association Scottish Investment Operations (SIO).
Nevertheless he adds: 'Many are not finding jobs easily as the vacancies are not there to take up the slack, and I do not see the picture changing much in 2012.'
Graduate employment prospects appear to be a bit better in Scotland than elsewhere.
The Higher Education Statistics Agency (HESA) released statistics in June 2011 showing that the assumed unemployment rate among Scottish students was 7 per cent, compared to 9 per cent overall.
The broader financial sector is the biggest recruiter inScotland. The Association of Graduate Recruiters says that of 960 vacancies in Scotland recorded in April to May 2011, accountancy and professional services ranked highest at 17.9%. Banking and financial services was third with 4.5%, followed by consulting and business services (5.5%) and investment banking and fund management (5.3%).
IT graduates are in particular demand in the financial sector. Linda Murdoch, deputy director of the careers service atGlasgowUniversity, says: "We are seeing healthy demand for IT graduates from financial sector companies such as JPMorgan. Financial services companies are now competing with technology companies for them."
Graduates still in the jobs market should not ignore internships. "Between 60 and 80% of graduate jobs result from internships," says Murdoch. This is confirmed by the recent report from High Fliers on the state of graduate hiring across the UK: 70% of investment banks’ graduate hires came through the intern programme.
Morgan Stanley Glasgow is offering 40 summer internships, but apply now - recruitment ends on January 31.
For graduates still looking for jobs, Baillie Gifford's information systems graduate training programme for 2012 is still open (applications deadline is January 31) while Barclays Wealth Management's graduate recruitment is ongoing and Standard Life Investments is set to continue recruiting graduates throughout 2012.
