Graduates hunting for the best jobs when they finish university this summer are likely to search in vain as top employers say their positions are full.

Elite recruiters have slashed more than a quarter of their available positions this year, according to research by High Fliers, an independent market research company that specialises in the student and graduate sector.

A record number of final year students coupled with the impact of recession upon employee numbers, means 2009’s graduates are entering the worst job market for 20 years.

After four years of booming numbers of graduate positions in which holders of the best degrees were almost guaranteed to be snapped up by banks, big business or consultancy firms offering large starting salaries, graduates now face having to take whatever employment they can get.

Applications are up by a third to the 100 most sought-after graduate employers compared with an average of 45 people going for each place, the researchers said.

“There is now the very real prospect that tens of thousands of new graduates will be left unemployed after leaving university this year,” Martin Birchall, chief executive of High Fliers said.

The researchers compile an annual list of the UK’s top 100 graduate employers. Their end of year update on the graduate market in 2009, published today paints a stark picture of the employment future for this year’s finalists.

Many top employers have received a record number of applications and almost all have either filled their places or closed their application process, Mr Birchall added.

“For graduates looking for work in the coming months, the chances of landing a lastminute place with a major national or international employer now seem very slim,” he warned.

Among the 100 companies surveyed, including the Npower, HSBC and Unilever, there are 5,500 fewer vacancies this year than last as recruiters have been forced to scale back numbers.

More than one quarter (28 per cent) of graduate vacancies have disappeared and researchers predict a shortfall of 80,000 jobs for those 300,000 students leaving university this summer.

Experts have warned that graduates must act fast to get the best jobs but these figures, published today, suggest it may already be too late for those who have not yet secured employment.

Only the Armed Forces, retailing, the pubic sector and media companies, have increased their vacancies this year. Investment Banking has taken one of the biggest hits to recruitment following the collapse of big banks like Lehman Brothers last year. Intake in the sector is down 35.2 per cent on the previous year.

Only the chemicals and pharmaceuticals industry has seen bigger drops with recruitment cut by 36.8 per cent - applications to the sector were up by over a half (55 per cent).

Graduates putting off getting a job until next year could face disappointment as almost half (49 per cent) of employers say their recruitment in 2010 will be on similar levels to this year.

Claire McCartney, resourcing adviser from the Chartered Institute for Personnel and Development said graduates would be “disheartened” by the figures and should have contingency plans in place. “Graduates need to differentiate themselves to get employment. They need to highlight work experience and think creatively.

“It is worthwhile thinking about other schemes rather than just graduate positions, it’s about getting your foot in the door and getting work experience as soon as you can.”

Graduates without family connections or the finances to support unpaid work experience are likely to have to take mundane jobs to sustain themselves until they find something better.

David Lammy, Higher Education Minister, said: “These are undoubtedly tough times but a degree is a strong investment which stands graduates in good stead for a long and successful career.

“Like everyone in a recession it is natural for some students to feel concerned about their futures, which is why we are working hard to show that real opportunities are available to them including getting into work, finding an internship, entering further study and volunteering.”

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