This year's Association of Graduate Recruiters' summer review was more depressing than ever about graduate jobs in investment banks

The Association of Graduate Recruiters (AGR) always has a tendency to be a little depressing when it comes to statistics for investment banks' hiring plans. Earlier this year, it said there were only 1,450 positions on offer in investment banks and fund managers in 2012, compared to an estimate of 2,700 by research company High Fliers.

This time, however, the AGR has outdone itself in terms of pessimism when it comes to investment banks' hiring: it says recruitment at banks and fund management firms will be down 67% this year, more than in any other sector.

Unlike High Fliers, which thinks there are 82 applications per place for investment banking jobs nowadays, the AGR also thinks there were 142 applications for each investment banking job in 2011-2012. If you want to apply to a less competitive area, you should go for jobs in the public sector.

The only plus point from the AGR's survey is that students working in investment banks and fund management firms are paid considerably more than anyone else. This, however, is unlikely to come a great revelation to anyone reading this article.