According to the Office for National Statistics (ONS), medicine graduates have the highest rate of employment at 95 per cent, followed by those with engineering degrees (92 per cent).
These graduates also come top of the class when salaries are being dished out, with engineering graduates picking up the highest average gross annual wage at £45,000, closely followed by medics (£44,000).
Languages students are at the opposite end of the scale, with only 84 per cent finding employment after graduating. Their average annual pay of £25,000 isn’t quite the worst however – this goes to arts graduates, who are earning an average of £20,700.
According to the ONS there were 14 million graduates in the UK between July and September 2017, a figure that has been increasing steadily over the past decade.
In 2002, just 24 per cent of the UK population was classed as graduates, compared to 42 per cent between July and September 2017.
The term ‘graduate’ applies to anyone who left education with qualifications above A level standard (including NVQ level 5, foundation degrees and nursing qualifications) and covers – for the purpose of this report – men and women aged between 21 and 64.
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The study also found that graduates from Russell Group universities were earning more than those who completed their undergraduate degree at a non-Russell Group institution.
The Russell Group defines themselves as a group “that represents 24 leading UK universities which are committed to maintaining the very best research, an outstanding teaching and learning experience and unrivalled links with business and the public sector”.
A greater proportion of male graduates were found to be employed than female graduates – 86 per cent, compared to 79 per cent. A likely reason for this is that 11 per cent of female graduates were inactive in the workforce due to family and/or home commitments, compared to just 2 per cent of men.
Female graduates are also much more likely to work part-time – 33 per cent, compared to 8 per cent of men. And male graduates also earn more than their female counterparts -their gross hourly pay is £17 per hour, compared to the £14 per hour that women earn.
London has the highest concentration of graduates at 56 per cent, while only 33 per cent of the population of the North East had attained this level of education. London also has the highest rates of graduate unemployment at 4 per cent, however.