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Banking sector proving more popular than law for graduates

Published: Friday, 04 December 2015   Category: All Graduate Jobs News

The banking sector has seen twice the number of application than law, according to new research from the Association of Graduate Recruiters (AGR).

Law firms were found to have 42 applications for each advertised vacancy, compared to the banking sector that saw 78 people going for each graduate position.

It was far lower in accountancy, as 22 applicants were fighting it out on average for every role.

In the research, 205 large graduate employers were found to offer more than 24,100 positions while starting salaries were also taken into account.

The average salary for those entering the industries at graduate level was £28,000, although there was widespread variation by sector.

Law was found to pay £37,000 but securing a training contract is not an easy process as prior qualifications are needed.

A role in banking meanwhile paid an average of £31,520 while accountancy paid £28,000. At the bottom of the pile were retail graduates who could expect an average of £21,500 annually.

Law graduates were least likely to go back on a job offer too, as just 1.3% of graduates who had accepted training contracts later turned them down.

The figure for the accountancy sector was 12.9% while it was marginally lower at 12.8% for banking roles.

In 2014, law schools produced more prospective lawyers than there were training contracts on offer – while 5,514 new trainees were registered with the Solicitors Regulation Authority, some 6,171 students completed the Legal Practice Course.

Interestingly, law firms were also found to invest the most into graduate development. When the costs of training are considered, the research suggests that it costs nearly £17,000 on average for a law firm to train one lawyer. 

That compares to the development of an individual for the finance services or banking sector which costs less than £3,000. 

Grad Plus has a wide range of graduate jobs in finance and banking for those looking to kick-start their careers

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