The CFA Institute recently released results from a survey that it conducted on the career outlook of almost 10,000 university students and recent graduates aged 18-25 from 13 countries.
The research, conducted by Dynata, surveyed those who have either completed their graduate studies or were currently completing their bachelor’s degrees from India, the UK, the US, Canada, Singapore, Hong Kong SAR, the UAE, Germany, Spain, France, Brazil, Australia or Mexico.
Let us look at what the answers were from those in India and also the global benchmarks.
In India, about 1,000 participants were surveyed. The answers gave interesting insights about the career prospects and aspirations of the people.
Career Confidence: Indian graduates were optimistic about their career prospects, with 48% expressing confidence of finding a job in the current economic environment. This figure surpassed the global average of 39%, showcasing the positive outlook of Indian graduates.Social Media Presence: Indian graduates exhibited a higher tendency (39%) to leverage social media platforms to enhance their professional presence, compared to the global average of 31%. This demonstrates their proactive approach in improving job prospects through digital platforms.Salary Considerations: Over half of the Indian respondents (55%) prioritised a good salary when considering an employer, surpassing factors such as training opportunities and a flexible working environment.
Career Impact: Indian graduates showed a growing interest in creating social impact through their careers, with 68% considering it important for their profession to have a societal influence. This percentage was significantly higher than the global average of 49%.
Let us dig a little deeper into the various career considerations:
To the question “What, if anything, do you think gives/gave you an ‘edge’ in the job market upon graduation?”, 59% of those surveyed in India chose skills as the top answer, followed by internships and grad school. The relative importance of skills as a way to get that career edge has increased since 2021. In fact, 75% of them said upskilling and postgraduate degrees were also important. This number was significantly higher than the global average. They also acknowledged the benefit that degrees and certifications had on their prospects. Tech and finance were the areas they considered most valuable in terms of finding a career.
When it came to ways of working, about a third preferred hybrid working or flexibility but 29% preferred a work-from-office model. Globally, that number was much lower at 19%.
The respondents also shared some concerns.
Over 70% of them, on an average, said they had to reassess their career path expectations after Covid-19.
They had certain fears when it came to their career prospects. Their biggest (top 3) fears when it came to career prospects were around lack of jobs in their preferred sector, lower pay in their preferred sector or having to work in a sector that did not interest them.
As they began to understand the nuances of their first job, most graduates interviewees said that they do not intend to stay in their first jobs for more than 4 years, with 44% choosing to stay in the job between 1 and 2 years.