Google and Apple top employers for business students
Business students’ salary expectations on the rise
Banking trails technology and FMCG as career choice for business graduates
Females even less attracted towards banking
11 January 2016: Software and computer services, FMCG, and banking are the top three most popular sectors amongst Irish business students, according to research released today by Deloitte. The research report called, Talent in Banking, contains survey results from more than 1,900 business students in Ireland, which shows that despite all three declining in popularity in 2015, they remain the most popular industries. The top five most popular employers identified by Irish business students are Google, Apple, Facebook, Disney and Coca-Cola.
The analysis is based on the Universum Talent Survey 2015. Overall, Deloitte examined the results from 211,000 business students in 30 markets globally.
The research was carried out to assess how the banking industry is faring in terms of attracting business graduates to the profession. Overall, the findings highlight that while the sector has proved a resilient career choice, it continues to trail behind the software sector in Ireland in the competition for talent. A fifth of respondents indicated software sector was their sector of choice, compared to just over 12% who favour the banking industry.
Key findings in terms of Irish business students top career goals
- Three fifths (60.7%) of Irish business students identified ‘work/life balance’ as a top career goal.
- Half identified ‘job security’ (50.2%).
- Almost 40% indicated the goal of having an ‘an international career’ (39.3%).
Banking specific findings
- Specifically amongst banking-inclined students in Ireland, while having a good ‘work/life balance’ remains the top career goal the score has fallen by almost eight percentage points since 2014 to 55.1%. There has been a considerable surge in the desire for ‘job security’ (up from 42.6% to 51.5%), which scores more highly among banking-inclined than all business students, suggesting that banking might be increasingly seen as a ‘safe’ choice of career.
- The desire for ‘an international career’ has also risen since 2014 – 43.7% identified this as a career goal, compared to 34% in 2014.
- The findings also indicate that banking is less attractive to female students in Ireland than it is across Europe, Middle East and Africa (EMEA). The proportion of female banking-inclined students is 18% lower than that proportion of female business students. Across EMEA, the drop-off is 16%.
- The findings also show that salary expectations have risen considerably among all business students, from €36,740 in 2014 to €39,537 in 2015.
- Amongst banking-inclined students, the expected annual salary is €42,720, broadly in line with the 2014 figure of €42,869.
- Interestingly, salary expectations in investment banking have fallen sharply in 2015 to €39, 773 from €45,275 in 2014.
Commenting, David Dalton, Head of Financial Services, Deloitte said: “The popularity of software and computer services is a reminder of the challenges banking faces in the digital age. While many organisations in the sector are still figuring out the implications of the digital economy on their business, non-bank competitors, mainly tech companies and FinTech start-ups, are disrupting banking. Software and computer services companies are now not only challenging banks’ business model, but are also posing a competitive threat to them in recruitment.
“Yet this digital age will bring change to the banking sector, from evolving distribution models to the wider impacts of digital, mobility, big data and analytics. Articulating the breadth and depth of exciting and innovative new opportunities within the sector, should go some way to raise the appeal and profile of the sector. And this is critical. The importance of attracting the best talent to the sector, with increased regulation and compliance obligations, has never been higher. Furthermore, if Ireland wants to cement its position as a global financial services economic hub, a talented and skilled workforce is simply an imperative.”
Insurance sector findings
In addition to the banking sector, Deloitte also examined how the insurance sector is faring in terms of attracting business graduates. The popularity of insurance in Ireland has fallen one place in 2015 to 19th out of 22 industries. In fact, no insurance organisation appears on the business students’ list of top 30 favourite employers.
Similar to the banking industry, the insurance sector is not attracting female graduates. Among the business students in the Irish survey, 55.1% were women, but they make up just 39.4% of students showing an interest in insurance. Only in Switzerland, among the EMEA markets surveyed, was the proportion of women interested in insurance lower.
The top career goal among Irish insurance-inclined students is ‘to be secure or stable in my job’, as identified by 66%. This was closely followed by ‘work/life balance’ with 63%. Irish insurance-inclined students say that they are more concerned with secure employment and development opportunities than with pay.
About the survey
Deloitte has analysed data from 211,000 business students in 30 markets. The research is based on a survey conducted by Universum, which polled 1.2 million students and professionals from over 2,000 universities and institutions of higher education in 55 countries in 2014-15. 1,989 business students in Ireland were surveyed.
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