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

Skills QuizSkills Quiz

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