As any finalist will attest, employment prospects are tough this year. Though companies are keen to stress the success of their recruitment targets, an enormous increase in applicants means graduates have cause to feel anxious.

As the UK’s largest private sector employer, PricewaterhouseCoopers was enthusiastic to announce plans to recruit over 1000 students and graduates for work in 2010. Applications to the tax, assurance and advisory firm, however, increased 48% this year.

For some firms, such as KPMG, the economic climate has resulted in a decrease of recruitment targets. Like Deloitte, recruitment is first-come first-served for those who match the criteria, and candidates have been applying earlier than normal.

“Currently applications are some 20% up on this time last year” said Sara Reading, KPMG’s graduate recruitment manager. “As we fill places through the year until we reach the required number, graduates who still wish to secure a place this autumn will be well advised to apply as soon as possible as some entry routes and locations are already full.”

For seemingly omnipresent Deloitte, who have retained last year’s recruitment targets, the increased quantity of applicants hasn’t necessarily correlated with quality.

 “We’re getting some exceptional candidates, but also many applications who aren’t so strong,” said recruitment manager Rob Fryer. “It seems many students are taking the ‘spray and pray’ approach – making lots of applications, but not investing so much time in each. It’s noticeable when students have really thought about what companies appeal to them and put a lot of effort into their application.”

With private sector jobs declining, more students are turning to alternatives – but these are far from easy options. Teach First, for example, has been able to increase the places they offer, but, with an astounding 65% application increase in 2009, competition is harder than ever.

The charity takes grads who wouldn’t normally consider a career in teaching and puts them in challenging schools, where a third of pupils get free school meals, or fewer than 25% achieve 5 A-C GCSES.

The programme is founded to address educational disadvantage, but its grads win out as well as the kids. On top of time in the classroom, grads complete a leadership development programme supported by over 50 employers; PWC and the civil service, among others, will defer a candidate’s placement with them for their two years teaching. The scheme is as much about Canary Wharf as it is about the inner city.