Why the massive increase in the number of people applying to PWC's spring programme is depressing

This is not an easy time to be young. Today it emerged that one third of university applicants are facing rejection as student numbers soar.

It has also emerged that more people than ever want to work at PricewaterhouseCoopers.

This April, 209 graduates are starting their careers as part of the 'spring entry' class at PWC. However, 5,877 people applied for the spring positions - 446% more than 2009. There are now 30 applicants to every place.

This is depressing for several reasons.

Firstly, it suggests the aspiring investment banker's fallback position - accountancy - is no cake walk.

Secondly, it reflects the fact that there are still loads of graduates from 2008 and 2009 who are yet to find employment and are competing for places. One third of PWC's new spring intake graduated two or even three years' ago.

Thirdly, it means the spring entry programme isn't really the solution for graduates who apply for positions elsewhere starting in August/September and aren't successful. Previously, PWC's spring programme was a bit of a safety net for this cohort, but with 30 people applying for each place it's looking more like a stab in the dark.