Studying BusinessStudying Business
Week 4 Preparing for success in the Week 4 Preparing for success in the Graduate Job Market Graduate Job Market
Helen Kidd - Department of Business and Helen Kidd - Department of Business and Service Sector Management Service Sector Management
Lecture PlanLecture Plan
IntroductionIntroduction Overview of the Graduate Labour MarketOverview of the Graduate Labour Market What Skills are Employers looking forWhat Skills are Employers looking for Skills AuditSkills Audit Support and opportunities Support and opportunities
The Good News for all The Good News for all graduatesgraduates““Having a degree opens up more doors than Having a degree opens up more doors than
without one…Graduates have significantly without one…Graduates have significantly higher earnings than non-graduates and higher earnings than non-graduates and the financial benefits of a degree increase the financial benefits of a degree increase markedly with age.” markedly with age.”
The Good News for The Good News for Business Studies Business Studies GraduatesGraduates Business, finance and management Business, finance and management
graduates continue to appeal to graduates continue to appeal to employers with consistently high employers with consistently high percentages entering employment upon percentages entering employment upon graduationgraduation
The most common academic background The most common academic background of FTSE 100 business leaders is of FTSE 100 business leaders is accountancy and financeaccountancy and finance
Source: Prospects websiteSource: Prospects website
Unemployment Rates Unemployment Rates (2002)(2002)LawLawChemistryChemistryAccountancyAccountancyBusiness & ManagementBusiness & ManagementAverageAverageModern languagesModern languagesMechanical Engineering Mechanical Engineering Media StudiesMedia StudiesITITSource: Prospects websiteSource: Prospects website
3.8 %3.8 %6.0 %6.0 %6.6 %6.6 %6.7 %6.7 %6.9 %6.9 %7.1 %7.1 %9.9 %9.9 %10.1 %10.1 %14.6 %14.6 %
Graduate Destinations Graduate Destinations 20022002
Source: Prospects website
All Graduates Business & Management
However...However...
We are in an era of mass Higher Education.We are in an era of mass Higher Education. In 2002, 274,440 people completed a In 2002, 274,440 people completed a
degree degree Of those, 33,590 (12.2%) obtained a Of those, 33,590 (12.2%) obtained a
degree in a Business related subjectdegree in a Business related subject In 2003 over 5000 students graduated In 2003 over 5000 students graduated
from London Metropolitan Universityfrom London Metropolitan University Many graduates come to London to get Many graduates come to London to get
their first “graduate” jobtheir first “graduate” job
However...However...
““The most recent labour market information The most recent labour market information appears to provide evidence that a degree appears to provide evidence that a degree on its own, without accompanying on its own, without accompanying work work experienceexperience, , evidence of achievementevidence of achievement, , and/or and/or transferable skillstransferable skills, is not enough. , is not enough. This is true especially against a backdrop This is true especially against a backdrop of increasing participation in Higher of increasing participation in Higher Education…..”Education…..”
Source: Prospects websiteSource: Prospects website
Three Key points to Three Key points to ensure successensure success
Academic BackgroundAcademic Background The Right SkillsThe Right Skills Understanding the GameUnderstanding the Game
Academic BackgroundAcademic Background
A good degree is becoming more A good degree is becoming more important – increasing numbers of important – increasing numbers of employers are looking for 2:1 employers are looking for 2:1 classificationclassification
Transferable SkillsTransferable Skills
EvidenceEvidence of transferable skills gained of transferable skills gained through work experience, volunteering, through work experience, volunteering, university activities, community activitiesuniversity activities, community activities
What Skills are Employers What Skills are Employers looking for?looking for? Analytical Analytical Business Business
awareness awareness Communication Communication
skills (written & skills (written & oral)oral)
Customer service Customer service InterpersonalInterpersonal
Leadership Leadership Problem-solving Problem-solving Self-management Self-management Team workTeam work
What Attributes are What Attributes are Employers looking for?Employers looking for?
Commitment Commitment Common senseCommon sense Dependability/Dependability/
reliabilityreliability Desire to achieveDesire to achieve Drive/energy Drive/energy
Flexibility/Flexibility/adaptabilityadaptability
LeadershipLeadership Motivation/initiative Motivation/initiative Sense of humour Sense of humour Willingness to Willingness to
learnlearn
Objective Graduate Job- Start Objective Graduate Job- Start Planning Now!Planning Now!
Stage 1 - Audit your SkillsStage 1 - Audit your Skills
Stage 2 - Develop your SkillsStage 2 - Develop your Skills
Stage 3 - Evidence your SkillsStage 3 - Evidence your Skills
Stage 1 - AuditStage 1 - Audit
Develop a systematic approachDevelop a systematic approach Allow scope for action planningAllow scope for action planning Review every yearReview every year Seek feedback on your developmentSeek feedback on your development
Example Skill AuditExample Skill Audit
Skill/Attribute Score Examples/Evidence Plan for Development
Business Awareness
Oral Communication
Written Communication
Teamworking
Problem-solving
Initiative
Time Management
Drive/Energy
5 Excellent skills in this area 4 Reasonable level of skill in this area, but still scope to develop further 3 Some skills but need work on specific areas 2 A little experience, need a fair amount of development work 1 No experience of this at all
Skill/Attribute Score How developed? Action Plan for Further Development
Business Awareness 2
Summer job workingfor local estate agent
Find work next summer in a different area. Tryand get some work experience inaccounting/finance area. Go to as manyemployer presentations as possible. Takesandwich placement. Find out aboutmentoring programme.
Oral Communication 2Make presentations in coursework. Go forCourse Rep position
WrittenCommunication
2Courseworks atcollege
Attend writing support workshops to learnhow to structure written courseworks better.
Teamworking 3Young Enterprise atcollegeCollege volleyball team
Will have to do group work for some modules.Try for Uni volleyball team
Problem-solving 2Young Enterprise
Initiative 1Join student society such as SIS. Go onstudy abroad in USA.
Time Management 1Have to learn to manage courseworkdeadlines alongside part-time job
Organisational Skills 1Help organise community festival nextsummer
5 Excellent skills in this area4 Reasonable level of skill in this area, but still scope to develop further3 Adequate but need work on specific areas2 A little experience, need a fair amount of development work1 No experience of this at all
Business Studies Business Studies Student Year 1Student Year 1
Business Studies Business Studies Student Final YearStudent Final Year
Skill/Attribute Score How developed? Plan for Development
Business Awareness 4One year work placement asrecruitment consultant
Oral Communication 4
Negotiating rates with clients,pitching for business,persuading clients to takeassignments
WrittenCommunication
3written assignments at college
Teamworking 4Volleyball teamMonthly team targets onplacement
Problem-solving 5Placement – finding candidatesat last minute
Initiative 5Placement – finding newclients and sources ofcandidates
Time Management 4Juggling part-time job andassignments – not missingdeadlines
Organisational Skills 3Organised volleyballtournament
5 Excellent skills in this area4 Reasonable level of skill in this area, but still scope to develop further3 Some skills but need work on specific areas2 A little experience, need a fair amount of development work1 No experience of this at all
Stage 2 -Develop your Stage 2 -Develop your SkillsSkills
BusinessAwareness
Communi-cation
CustomerService
Organisational
ProblemSolving
Team work
CommunityWork
Courserepresentative
Mentoring Sport Universityclubs/societies
Volunteering WorkExperience
Stage 3 - Evidence your Stage 3 - Evidence your SkillsSkills Employers need more than just a Employers need more than just a
statement of the skills and experience you statement of the skills and experience you possesspossess
You will need to You will need to qualify qualify quantify quantify give examplesgive examples
Understand the Rules of Understand the Rules of the Gamethe Game Know the job market Know the job market Understand the processes employers use Understand the processes employers use
to select candidatesto select candidates Learn how to sell your strengths Learn how to sell your strengths Keys to success : Keys to success :
Practice! Practice! Good advice and guidanceGood advice and guidance
How does the University How does the University support you with all this?support you with all this?
Developing SkillsDeveloping Skills
Sandwich placements Sandwich placements Placements Office, Stapleton House, Room Placements Office, Stapleton House, Room
213 213 Advice and guidance on skills audit, planning, Advice and guidance on skills audit, planning,
making applications, interview techniquemaking applications, interview technique Advertises hundreds of placement vacancies Advertises hundreds of placement vacancies
every yearevery year Offers advice on work experience for non-Offers advice on work experience for non-
sandwich studentssandwich students
Short PlacementsShort Placements
Employability UnitEmployability Unit Mezzanine Floor, Learning CentreMezzanine Floor, Learning Centre Support for students taking short placement Support for students taking short placement
modulemodule Module available to all degree students not Module available to all degree students not
on sandwich courseon sandwich course
Developing SkillsDeveloping Skills
Study Abroad OpportunitiesStudy Abroad Opportunities USA or EuropeUSA or Europe One Semester in your second yearOne Semester in your second year Exposure to different culture, languageExposure to different culture, language Demonstrates adaptability, flexibility, broad Demonstrates adaptability, flexibility, broad
outlookoutlook Language skills and knowledge of different Language skills and knowledge of different
culturescultures
Developing SkillsDeveloping Skills
Student Development ServiceStudent Development Service Mentoring programmes, Volunteering Mentoring programmes, Volunteering
programmes, Student welcome teamprogrammes, Student welcome team
Developing Skills - Developing Skills - VolunteeringVolunteering““Put aside preconceptions: volunteering is work Put aside preconceptions: volunteering is work
experience… the act of choosing to be a volunteer can experience… the act of choosing to be a volunteer can show greater initiative and commitment”show greater initiative and commitment”
Miles Killingley, Senior Manager, Executive Education at Miles Killingley, Senior Manager, Executive Education at HSBCHSBC
““Volunteering can be a great way to develop the skills we Volunteering can be a great way to develop the skills we look for when recruiting graduates.”look for when recruiting graduates.”
Helen Feltham, Marks and Spencer’s Director of UK Retail, Helen Feltham, Marks and Spencer’s Director of UK Retail, Human ResourcesHuman Resources
Resources Resources Career Development & Career Development & Employment ServiceEmployment Service CVs, application forms, covering lettersCVs, application forms, covering letters Quick careers queries/vocational guidanceQuick careers queries/vocational guidance WorkshopsWorkshops Information on jobs, careers and employersInformation on jobs, careers and employers Employment Service Online - Employment Service Online -
www.londonmet.ac.uk/careers/employmentwww.londonmet.ac.uk/careers/employment Visiting employers-presentations, stands, workshops Visiting employers-presentations, stands, workshops Computer-aided guidanceComputer-aided guidance Psychometric test sessions Psychometric test sessions Free take-away literatureFree take-away literature
ConclusionsConclusions
You will already have many skills and abilities You will already have many skills and abilities that employers will valuethat employers will value
You will further develop these and learn You will further develop these and learn additional ones whilst at universityadditional ones whilst at university
Work experience and/or volunteering are vitalWork experience and/or volunteering are vital Learning how to communicate your abilities to Learning how to communicate your abilities to
employers is essentialemployers is essential