Studying Business Week 4 Preparing for success in the Graduate Job Market Helen Kidd - Department of Business and Service Sector Management

Lecture Plan u Introduction u Overview of the Graduate Labour Market u What Skills are Employers looking for u Skills Audit u Support and opportunities

The Good News for all graduates “Having a degree opens up more doors than without one…Graduates have significantly higher earnings than non-graduates and the financial benefits of a degree increase markedly with age.”

The Good News for Business Studies Graduates u Business, finance and management graduates continue to appeal to employers with consistently high percentages entering employment upon graduation u The most common academic background of FTSE 100 business leaders is accountancy and finance Source: Prospects website

Unemployment Rates (2002) LawChemistryAccountancy Business & Management Average Modern languages Mechanical Engineering Media Studies IT Source: Prospects website 3.8 % 6.0 % 6.6 % 6.7 % 6.9 % 7.1 % 9.9 % 10.1 % 14.6 %

Graduate Destinations 2002 Source: Prospects website All GraduatesBusiness & Management

However... We are in an era of mass Higher Education. u In 2002, 274,440 people completed a degree u Of those, 33,590 (12.2%) obtained a degree in a Business related subject u In 2003 over 5000 students graduated from London Metropolitan University u Many graduates come to London to get their first “graduate” job

However... “ The most recent labour market information appears to provide evidence that a degree on its own, without accompanying work experience, evidence of achievement, and/or transferable skills, is not enough. This is true especially against a backdrop of increasing participation in Higher Education…..” Source: Prospects website

Three Key points to ensure success u Academic Background u The Right Skills u Understanding the Game

Academic Background u A good degree is becoming more important – increasing numbers of employers are looking for 2:1 classification

Transferable Skills u Evidence of transferable skills gained through work experience, volunteering, university activities, community activities

What Skills are Employers looking for? u Analytical u Business awareness u Communication skills (written & oral) u Customer service u Interpersonal u Leadership u Problem-solving u Self-management u Team work

What Attributes are Employers looking for? u Commitment u Common sense u Dependability/relia bility u Desire to achieve u Drive/energy u Flexibility/ adaptability u Leadership u Motivation/initiative u Sense of humour u Willingness to learn

Skills Quiz

Objective Graduate Job- Start Planning Now! Stage 1 - Audit your Skills Stage 2 - Develop your Skills Stage 3 - Evidence your Skills

Stage 1 - Audit u Develop a systematic approach u Allow scope for action planning u Review every year u Seek feedback on your development

Example Skill Audit

Business Studies Student Year 1

Business Studies Student Final Year

Stage 2 -Develop your Skills

Stage 3 - Evidence your Skills u Employers need more than just a statement of the skills and experience you possess u You will need to u qualify u quantify u give examples

Understand the Rules of the Game u Know the job market u Understand the processes employers use to select candidates u Learn how to sell your strengths u Keys to success : u Practice! u Good advice and guidance

How does the University support you with all this?

Developing Skills u Sandwich placements u Placements Office, Stapleton House, Room 213 u Advice and guidance on skills audit, planning, making applications, interview technique u Advertises hundreds of placement vacancies every year u Offers advice on work experience for non- sandwich students

Short Placements u Employability Unit u Mezzanine Floor, Learning Centre u Support for students taking short placement module u Module available to all degree students not on sandwich course

Developing Skills u Study Abroad Opportunities u USA or Europe u One Semester in your second year u Exposure to different culture, language u Demonstrates adaptability, flexibility, broad outlook u Language skills and knowledge of different cultures

Developing Skills u Student Development Service u Mentoring programmes, Volunteering programmes, Student welcome team

Developing Skills - Volunteering “Put aside preconceptions: volunteering is work experience… the act of choosing to be a volunteer can show greater initiative and commitment” Miles Killingley, Senior Manager, Executive Education at HSBC “Volunteering can be a great way to develop the skills we look for when recruiting graduates.” Helen Feltham, Marks and Spencer’s Director of UK Retail, Human Resources

Resources Career Development & Employment Service u CVs, application forms, covering letters u Quick careers queries/vocational guidance u Workshops u Information on jobs, careers and employers u Employment Service Online - u Visiting employers-presentations, stands, workshops u Computer-aided guidance u Psychometric test sessions u Free take-away literature

Conclusions u You will already have many skills and abilities that employers will value u You will further develop these and learn additional ones whilst at university u Work experience and/or volunteering are vital u Learning how to communicate your abilities to employers is essential