Almost 60% of financial service firms plan to reduce graduate recruitment, according to new research.
A survey by the Securities & Investment Institute (SII) shows 57% of financial service players are reducing graduate recruitment compared with last year.
A further 14% say the number of graduates being taken on by their firms is slightly down.
However, the survey shows that despite the sector tightening its belt due to the continuing difficult market conditions. it is not all doom and gloom for graduates' job prospects.
Just under 20% of respondents say the level of recruitment is unchanged while 11% say their companies are hiring more graduates. Of those, 8% responded recruitment is slightly up and 3% say it is increasing by 50% or more.
"This useful survey reflects what we are seeing in our advance graduate bookings, which we estimate are at 50% of last year's level," says SII chief executive Simon Culhane FSI.
"Many firms realise that graduate recruitment is a long-term investment and are keen to find talented individuals, even in more straightened times, which is why only a few firms are completely stopping their recruitment."
To take part in the latest SII online survey, click here.
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