Investment banks and fund managers in the UK want to hire more students in 2012-2013 than they did in 2011-2012.
The latest survey from the Association of Graduate Recruiters (AGR), reveals that full time graduate places at banks and fund managers are likely to rise by 7.5% this year. This sounds impressive – until you look at the construction sector, where graduate hiring is expected to rise nearly 80%. Other jobs in banking and financial services, including retail banking graduate positions, are expected to fall by 28% in 2013.
Last year, the AGR says investment banks and fund managers hired 1,528 graduates in the UK. This suggests that an additional 115 student places will be created this year.
Most of the students who are offered jobs at investment banks or fund managers, accept them. The AGR puts the acceptance rate at 92.7% – higher than for any other industry.
The high acceptance rate may have something to do with the fact that investment banks pay graduate entrants more than any other industry. As we noted last week, hourly rates for junior bankers aren’t that high when long working weeks are factored in. However, average salaries for graduates going into banking are significantly higher than the £28.5k average starting salary for students across London as a whole. Some of the highest paid graduate hires in the UK are first year lawyers at US law firms in London: according to the Times, they are paid £97k in year one.