But does it pay off?
Recent research by "Graduate Market Trends" (Winter 2011/12 edition) analyses regional trends in graduate employment since the recession to come up with some interesting contrasts between employment patterns in London and elswhere. What it broadly shows is the following:
- In certain key sectors, the London area dominates the UK employment scene so that over 50% of 2009 - 10 graduates working in some fields of work are based there. In broad terms, London is a mecca for media careers (including editing), fashion and clothing design, finance, management consultancy and politics.
- On the other hand there are some industries, notably Engineering, where opportunities are just as available elsewhere.
- Although London has the highest number of graduate employers in the country, the rate of unemployment for London HE institutions is actually HIGHER than in other parts of the country.
- The reverse of this paradox is shown in Scotland - although Scotland is the only part of the country to show a decrease in graduate employment since 2007, the unemployment rate for Scottish HE institutions in the lowest in the UK.
- At 74% levels of private sector employment are considerably higher in London. Elsewhere percentages of public sector employment levels are a good deal higher*. Additionally, only half of graduates in private sector employment outside London were considered to be in graduate level employment, whereas the figure for London was 67%.
- It is therefore interesting to reflect that ongoing public sector cutbacks are likely to have a more profound negative effect on unemployment in areas outwith London.
* N.b. however this does not mean there are fewer health and education sector vacancies in London than Lancashire and Cumbria - the reverse is likely to be true! (Ed.)
