The Department for Education has published its annual graduate labour market statistics for 2024, which shows that the graduate employment rate for the period remained consistent with 2023 at 87.6%.
The graduate high-skilled employment rate was 67.9%, a 1.1% uptick on the previous year. The graduate nominal median salary was £42,000 in 2024, up from £40,000 in 2023.
Lisa Randall, partner and National Head of Higher Education at RSM UK, comments: “Ahead of next week’s Government Spending Review and Industrial Strategy, it’s encouraging to see the high-skilled employment rate increase in 2024, indicating that universities are focusing on education and training which aligns with business needs and the government’s growth-driving industries. However, we know that the current financial landscape for higher education is tightening, due to rising operational costs, fewer international student numbers and employment tax increases, leading to consolidation of resource and provision.”
“Against this backdrop of resource constraints more generally and economic uncertainty, it will be challenging for the sector to sustain the upward trend of high-skilled employment outcomes without the fluidity in portfolio management that may be required to meet evolving government policy and industry needs. Providers continue to remain focused on financial sustainability and business transformation as a means of managing the risk of deficits.”
She added: “The government recognises the key role of UK universities in its Industrial Strategy, with many sourcing research, development and innovation teams (RDI) specialising across many of the growth-driving industries. However, next week universities need clarity on how education and research can drive UK productivity and long-term growth, to ensure programmes are relevant to the next cohort of undergraduates, align with industry goals, and are affordable.”
