Some of us may think it is the worst of times, but a significant proportion of Ireland’s soon-to-be graduates think otherwise, with high hopes for their futures

With the economy on its knees, one might reasonably expect the final-year students interviewed for The Ireland Graduate Careers Survey 2009 to be a downtrodden bunch – nervous about the future and pessimistic about their prospects.

Remarkably, the graduates-to-be of 2009 seem to be taking the doom-laden reality in their stride. The harsh economic realities has done little to dent their inner belief and confidence. Their mantra? Yes, times are hard but things will only get better.

The class of 2009 is not oblivious to what’s happening; they concede that getting a job might be difficult in the immediate future. But once they get on the career ladder, they expect to be earning an average of €48,000 within five years. Six per cent of those surveyed set their expectations somewhat higher – at €75,000 – within the same time-frame.

The majority want to rake in the money working for a major national or international company. KPMG is the most popular of those companies with Google and PricewaterhouseCoopers coming in second and third place.

Members of the class of 2009 are also placing a premium on secure, pensionable employment. Jobs in the civil service are suddenly among the most valued.

Ireland’s great entrepreneurial spirit isn’t exactly burning brightly, however, with only 16 per cent of students aiming to set up their own business by the age of 30.

Students are preparing to settle for lower salaries – expectations have dropped from a target for a starting salary of €27,500 last year to €26,000 this year. Some 15 per cent of graduates anticipate earning less than €20,000 for their first job.

Confidence in the immediate jobs market has fallen. More than one-third of students say they are “really worried” about their prospects of having a successful career after university; 97 per cent say there aren’t enough graduate jobs to go around.

As a result, the “safe” career options have experienced a surge in popularity. Teaching and accountancy, along with research and development, are the sectors that inspire most interest among the class of 2009.

The number of students applying for jobs in once coveted jobs in investment banking has slumped dramatically. More than one-fifth of students admit to applying for jobs in which they have no interest just to get onto the career ladder.

Students appear confident they can ride out the recession by staying on in college or by travelling for a few years. Almost 70 per cent of them have no plans to enter the workplace on graduation this summer.

Further study is the most popular path with 40 per cent of students intending to do a postgraduate course. At NUI Galway, half of this year’s graduates are hoping to stay in college.

Having secured a job, career expectations are high. A quarter expect to have reached a senior management position by the age of 30 and 17 per cent see themselves earning at least €100,000 per annum within the same timeframe.

What about family life? Some 41 per cent of students want to be married by the age of 30; 28 per cent wanted to have had children by that time. The most common long-term ambition? This was the desire to own a property; almost two-thirds of students expect to own a house or flat by the age of 30.

Travel features strongly among long-term goals with almost 60 per cent wishing to work in a foreign country during their 20s.

Over 45 per cent also want to have taken at least 10 foreign holidays over that time. Remarkably, eight per cent of those surveyed disregarded the property crash, and said that they hope to invest in a buy-to-let or holiday property within the next decade.

THE CLASS OF 2009

WHO ARE THEY?

They are final-year students, aged between 21 and 22, in our seven universities. They have enjoyed college. More than two-fifths have been active in a society club or sports team at university.

Sometimes unfairly labelled as the selfish generation, almost one in three have participated in charity or voluntary work. They are a well-travelled bunch – 34 per cent have lived in a foreign country for three months or more.

The students of 2009 are more politically active than their predecessors in 2008, with 17 per cent of them having participated in political campaigns or protests – an increase of six per cent on last year.

EDUCATION

Again, the confidence shines through. More than a quarter of the class of 2009 predict they will graduate with a first-class honours degree under their belt, while almost 60 per cent expect a 2:1. In UCD, 92 per cent of students expect to graduate with at least a 2:1 degree.

A quarter of students say they might have opted out of college if they had known how tough the graduate jobs market was going to be. A large number now intend to stay on in education. Forty per cent will opt for postgraduate study; 51 per cent expect to gain a postgraduate qualification by the time they are 30.

THE WORKPLACE

One-third of those surveyed expect to join the jobs market – but most acknowledge that jobs are limited. Teaching, research and development and accountancy are the most popular career choices.

Over 40 per cent of students expressed a desire to work for one of the bigger companies. The popularity of small- and medium-sized firms as employers has plummeted from one-third of students to just 18 per cent.

And working in banks – once a top choice for graduates – is suddenly very passé.

Work experience and workplace readiness is all important in a competitive jobs market. More than half of UL students will graduate having done some form of work experience related to their degree. Overall, one-third of graduates have done some form of work placement, internship or relevant summer work lasting four weeks or more. However, almost another third of students felt they were leaving college with no work experience whatsoever.

MONEY MATTERS

The average student debt upon graduation for the class of 2009 will be €3,800 – up €100 on last year. However, 43 per cent of students expect to graduate with no debts whatsoever, thanks to part-time work, funding from graduate employers or generous parents.

More than half of students worked part-time during term time, with a sixth of those surveyed employed for more than 20 hours per week. Those studying in TCD face the highest average debt at €6,000, whereas the average expected debt in NUIM is the lowest in the State at €3,200.

Average salary expectations have dropped to €26,000 with 15 per cent of students expecting to earn less than €20,000 for their first job. The average salary expectation after five years is €48,000 with an ambitious 17 per cent aiming to earn at least €100,000 by the age of 30.