The Milk Round landscape has changed a lot, and inevitably it depends on what you want to do. Economics and science graduates may also struggle alongside arts graduates if they want to stay in their field rather than looking for more general accountancy, banking, civil service, marketing, etc, jobs. Indeed DD, who is going to read medicine, can be confident of getting "a job" but knows that if she wants to specialise or do research she will need to work hard, focus and get the right experience.
A lot of graduate recruiters now seem to recruit mainly through internships, which means that job search can start as early as your first term. I attended a parents welcome event when my son started at University, where the then Director cheerfully said that peer pressure was such that there was no need to worry if your DC were undecided about future careers, they would change over their first year. The second year student taking us around pointed out the careers centre and moaned that you were only allowed three appointments in your first term. Very different from my day when no one even considered visiting the careers office till their third year.
DS followed the crowd, bough an M&S suit so he could attend the regular networking breakfasts run by City employers, and applied, but did not get anywhere. By the second year he had decided that he wanted to work in his field, and not drift into banking or accountancy, and landed a relevant internship, though outside London, which helped clarify what he wants to do. He is staying on for a Masters, and this year only applied to his two preferred employers, one for the third time. He passed the assessment but not well enough to be offered a place. Two of his course mates were offered research jobs with consultancies following summer internships, but apparently jobs are scarce and so more (according to a person writing references) are applying for an extra year of study.
The learning from this is:
- Your first year results count. They are all an employer has to go on when recruiting for a summer internship at the end of the second year.
- Landing the internship is hard work. Some will have as many as five stages application form/on line aptitude test/phone interview/assessment centre/final interview. A lot to take on whilst studying, given each employer will have loads of applicants, so you need to make a lot of applications.
- DS reckoned it was important, if aiming for a more general banking/accountancy employer to attend lots of networking events armed with a good CV.
- He was not convinced that the University matters if talking about public/third sector employers. He came across candidates from places like Westminster University and Oxford Brooks, alongside those taking Masters at Oxbridge. Some are working hard to improve their diversity and will want to cast the net wide. However there seems to be quite a difference in the academic ground covered by different Universities, and the more technical the job the more important the more important is course content.
- Soft skills matter a lot, even for more technical jobs. It is worth considering some form of interview training.
- Because of the time involved in landing an internship there is a choice to be made between degree focus and job application focus. A friend whose son was taking a Masters in chemistry, said this applies even more at that stage. DS only applied to two places this year and will probably only make two next. Instead he plans to get the best degree and Masters possible, and take a year out, probably doing a bit of tutoring or teaching and start applying then.
- Don't rule out apprenticeships and sandwich degrees. DH comes across a lot of finance industry professionals and has noted a range of University backgrounds from LinkedIn profiles. Read for a finance degree at Bournemouth University, Yorkshire or another place where banks have major back room operations, impress during your year in industry, get your Masters part time from another linked University (Southampton Solent?) and be promoted to Head Office. Once there you will only ever be judged on your performance in job. I know a barrister who made a not dissimilar journey from Middlesex University using access schemes, ability, hard work and determination.
- Show flexibility. This is not the time to say you don't want to work in London or outside London. Numbers and quality of applicants will vary across the country. Teaching and F1 jobs in medicine are obvious examples, but there will be others.
In short you can make a choice between focusing on your degree or your job search, but the days, when simply having a degree would land you a job, are probably gone.
One thing to note is that Master degrees can be very expensive, especially finance ones. (Both LSE and Imperial have one year courses costing £32,000 before living expenses.) If they are not linked to a first degree they will not be eligible for standard student loans, tough for a student who is doing well on a four year engineering course who wants to either "trade up" to a more prestigious institution or wants a change of scenery.