YOU might think that the spiralling problems in the financial markets have dented the appeal of careers in the City. The losses reported by banks and financial institutions since the global credit squeeze took hold last autumn are estimated to be at least £75.7 billion and the Square Mile is reported to be facing between 10,000 and 40,000 job losses by the end of this year.

Yet new research by High Fliers Research indicates that a record number of final-year undergraduates hope to join a City bank when they leave university this summer.

The UK Graduate Careers Survey 2008 is based on interviews with more than 15,000 finalists and reveals that one student in eight from the class of 2008 hopes to land a graduate job in investment banking, making it this year’s second most-popular career destination behind the media.

Many face disappointment as several leading banks have cut short this year’s graduate recruitment and others are reviewing their future entry-level vacancies. Tempted by the promise of big salaries, bigger bonuses and fast-paced careers, male graduates are likely to be the hardest hit - investment banking is the No 1 choice for almost a fifth of men at the top universities.

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The accountancy sector remains Britain’s largest recruiter of university-leavers, with more than 5,000 vacancies this year, but it is only the fifth most-popular career destination for final-year students. Applications for IT jobs have fallen by 15 per cent this year to just 3.5 per cent of finalists, the fourth consecutive year that interest in technology roles has dropped.

Students’ key priorities for their first graduate job include “being challenged and stretched day to day”, “having genuine responsibility from Day 1” and “working towards a professional qualification”. Less than half said that work-life balance was an important factor when choosing their future employer. One finalist in six expects a starting salary of £30,000 or more and a quarter think that they will be earning at least £50,000 a year within five years.

Martin Birchall is the managing director of High Fliers Research

THE STATS:

48 per cent of final-year students expect to find employment this summer

A quarter of finalists plan to stay on to take a postgraduate course

16 per cent want to take time off or go travelling

The most popular careers that finalists have applied for are: the media (13.1 per cent), investment banking (12.6 per cent) and teaching (12.4 per cent)

48 per cent of finalists want to work in London

Final-year students expect to earn an average of £22,700 when they start work and £39,900 after five years in employment

More than 80 per cent of finalists have used their university careers service to help them to find a graduate job this year

One finalist in seven believes that he or she will be on a salary of at least £100,000 by the age of 30

TOP DESTINATIONS:

MEN

1. Investment banking

2. Accountancy

3. Management consulting

4. Engineering

5. Science, research & development

6. Media

7. Marketing

8. Teaching

9. Law

10. Finance

WOMEN

1. Teaching

2. Media

3. Charity or voluntary work

4. Marketing

5. Science, research & development

6. Law

7. Accountancy

8. Management consulting

9. Human resources

10. Investment banking

Source: The UK Graduate Careers Survey 2008, High Fliers Research

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