How are universities responding to demand for degrees that better prepare students for future employment? Martin Ince, convener of the QS Advisory Board, investigates.
What do employers expect a graduate to be able to do? Do they walk into work on day one and fit straight in, or are they still trainees despite their many years of education?
This question is growing in importance around the world as employment markets are tightening. Last week it was announced that fewer than 70% of Japan’s 2010 graduates had found work by December, a record low. And while this issue is important to all students, it is especially vital for those studying abroad.
Return on investment?
Students make a large personal and financial commitment to their education and expect a high return on both. In the UK, a recent study has shown that in some subjects such as law, over half of the graduate jobs are taken by people who have already worked in the company that hires them.
They have mainly worked as interns, and only half have been paid, admittedly a big increase on previous years. Given that higher education is already a big cost, the need to work for free even after leaving university only makes things even more expensive for students.
It also reduces the pool of labor available to employers to those from prosperous backgrounds and causes political arguments about excluding the rest. Master's degrees are one increasingly popular solution to the poor employment prospects of bachelors-level graduates.
Employers like them because they produce specialists who can be useful quickly. For the student, they offer better employment prospects and, according to a wealth of studies from around the world, higher lifetime earnings even than people with a PhD. And universities enjoy the fees that come with the master's degree boom.



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