Banks to hire more graduates - survey
Investment banks and fund managers in the UK plan to hire 47% more graduates this year than they did in 2003, a survey shows.
One big investment bank expects to take on 200 more graduates than last year, while two others plan to employ an extra 150 each, the annual recruitment survey by the Association of Graduate Recruiters (AGR) found.
Banks and fund managers were among the most bullish recruiters by industry. The average employer surveyed expected to increase graduate hiring by 12%. Only transport and IT companies were more optimistic, with hiring expected to rise 79.5% and 55.5% respectively.
The survey also found that investment banks and fund managers are unlikely to increase graduate salaries in 2004. Nevertheless, with median starting salaries in the sector at 35,000, they will continue to pay more than any other industry. The median graduate starting salary across all industries is forecast to rise 3.9% to 21,100 in 2004.
A total of 215 employers took part in survey, including BNP Paribas, Citigroup, Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC, JP Morgan, Merrill Lynch, Morgan Stanley and Royal Bank of Scotland. .
Martin Birchall of High Fliers Research, which produced the survey for the AGR, said: 'Banks' vacancies went up enormously between 1998 and 2000, but were cut back substantially in 2002 and 2003. What we have here is a strong upturn again.'
Birchall said High Fliers' research showed that students are keen on investment banking as a career: 'There has never been a lack of appetite for City of London jobs. The AGR survey suggests they will now be easier to come by.'
