As Michaelmas term gets underway, finalists have begun to think seriously about their post-Cambridge plans. While many are actively seeking employment in graduate schemes, others are considering further study or travel options.

Varsity spoke to Careers Service Advisers, finalists, and graduates to get a grip on what the future holds for Cambridge graduates.

The major concern brought up by most students was the potential impact of the recession on career opportunities available to them.

As one third-year Economist said, "Whether you want to work in the private sector or the public, or whether you want to research or travel, almost everything is impacted by the economic situation."

The recent economic downturn, which has plagued many industries that typically hire large numbers of graduates, has contributed to fears that many graduates would be left unemployed and saddled with debt.

According to figures released last year by the Higher Education Statistics Agency, almost one in ten students who graduated from university in 2008 were jobless.

Cambridge graduates and recession

Despite rising concerns about employment prospects for graduates, Varsity finds that the recession seems not to have hurt job prospects for Cambridge graduates.

According to Gordon Chesterman, Director of the Careers Service, "At the height of the recession, unemployment rates for Cambridge graduates actually fell." He explained, "Of the graduating year 2009, at Christmas time only 3 per cent were unemployed, compared with 4.7 per cent in the past."

Despite these reassurances, Cambridge students are not entirely convinced. "I feel like this is one of the toughest job markets ever for graduates, and it almost feels like bad luck that I’m graduating this year," said one History finalist.

He added, "From what I’ve seen, there are jobs available, but there are hundreds of people going for each vacancy, which makes it very difficult for an applicant to stand out."

What can Cambridge students do to make sure their CVs do not get lost among the hundreds of others an employer has received? According to the Careers Service, students need to pay special attention to detail.

"Our research has shown that Cambridge graduates perform very well in job interviews, however they are often turned down in the initial stages due to applications which are full of errors," Chesterman told Varsity.

"What this really demonstrates is a lack of interest and a lack of research in the job for which they have applied. A Cambridge degree will always attract the attention of an employer, but their expectations will also be higher. This means that the quality of your application and your performance at the interview need to stand up to your academic qualifications."

Where do Cambridge graduates go?

The employment destinations of Cambridge graduates are varied. In 2008-9, the single biggest industry that employed Cambridge graduates was health, which accounted for 11 per cent of graduate employment. This was followed by teaching at 8.7 per cent and banking at 8.5 per cent. Public Service accounted for 6.7 per cent of 2008 graduate employment.

Other prominent industries included accountancy, the arts, IT, consulting, manufacturing and utilities, science research, and social work.

However, employment is not the only post-university destination for graduates. In fact, according to data released by the University, only 53.5 per cent of 2008 Cambridge graduates went into employment.

A substantial portion of graduates (37.5 per cent) went into further study. Of this, 48 per cent started a taught degree course, 31 per cent started a research degree, 13 per cent opted for legal training, and 8 per cent chose teacher training.

A small percentage of graduates (6 per cent) chose to travel or undertake other activity which rendered them unavailable for work.

Job-hunting in a recession

While Cambridge graduates have done very well despite the tough economic climate, they are advised to keep an open mind about their career options. According to Chesterton, "We now advise students to adjust their expectations of what they hope to achieve when they first graduate. Still aim for what you would most like to do, but be prepared to have a plan B and a plan C."

He explained further, "Be ambitious but accept that you may not be doing your dream job for the next two or three years. Even in the good times Cambridge students were disappointed when they graduated and could not walk into the career of their choice."

He added, "The days of one career for life are over."

Chesteron advised that students should diversify their career search. "Look at smaller organizations, ones that only recruit from one or two universities. They will receive fewer applications, so there is less competition. For example, instead of applying to a prestigious bank, you might want to consider smaller venture capitalists or hedge funds."

Students are also advised to start using their time at university to learn transferable skills that may be attractive to an employer.

Chesterton explained, "In the UK, the majority of employers don’t care what you studied, they are more interested in the transferable skills you have picked up during your degree."

He added, "The Institute of Chartered Accountants recently published

a survey which showed that musicians made the best accountants, scoring the highest of all applicants in accountancy tests."

How to use the Careers Service

As graduates feel a greater pressure to distinguish themselves in a competitive job market, more and more of them are using the resources provided by the Careers Service. According to Chesterton, The Careers Service is seeing more students earlier, "In Michaelmas last year, 2,300 students visited us in one week."

The Careers Service is an invaluable resource, providing comprehensive career guidance, information, and advice to all current undergraduates, postgraduates, and postdoctoral research staff at Cambridge. The Service also provides resources to University alumni.

The Service is used extensively by students. Just last year alone, they conducted 4,436 personal careers guidance interviews. Moreover, according to their annual report, eight out of ten graduating students will have used the Service at some point during their time at Cambridge. In addition, the Service remains in touch with a further 22,000 alumni.

The Careers Service has received national recognition for its work. In particular, it was ranked first among 51 participating UK institutions for international student satisfaction.

This year, the Careers Service has attracted over 5,000 employers to target Cambridge students by actively marketing to smaller organizations and to those who did not previously recruit from Cambridge. Chesterton explained, "It is free to advertise on our website, which attracts smaller companies. At our careers fairs, we see ourselves as ‘Robin Hood’, charging big firms a fee to have a stall, and using the money to pay transport costs for charities and NGOs, so that they can also be represented."

According to Careers Service advisers, students should aim to use Careers Service resources as early as possible. Chesterton said, "Use the careers service, preferably in your second or third year. Don’t wait until you graduate."

Students are invited to register with the Careers Services website, which allows them not only to look for vacancies, but also to receive personalized information regarding the career fields in which they are interested.

Additional reporting by Jessie Waldman and Jane Ashford-Thom