STEM Graduates to Benefit from Higher Pay and Better Job Prospects
Graduates studying Science Technology, Engineering and Maths (STEM) will benefit from higher salaries and better job prospects than all other graduates as the UK economy undergoes a science and technology boom over the next five years, according to a new report.
The research, conducted by the Centre for Business and Economic Research (CEBR) for Staffordshire University who have just invested £30 million in a new state-of-the art Science Centre, demonstrates that science and technology will generate 1 in 4 new jobs in the UK in the years to 2017. It is expected that approximately 140,000 new STEM-related jobs will be created by 2016/17. And by 2017 the report forecasts that STEM related occupations will account for 7.1% of UK jobs.
As a result, the report authors claim STEM graduates can expect to find their entry into the job market significantly easier than graduates with non-STEM degrees. The report identifies that STEM graduates have already proved resilient in the face of a tightening labour market with the graduate unemployment rate rising by only 0.6% to 8.4% during the financial crisis. In comparison, unemployment amongst non-STEM graduates has risen 0.9% to 9.8%, proving that STEM graduates have been better positioned during the downturn.
Whilst unemployment amongst graduates is forecast to rise, STEM graduates are forecast to fare better than most. In the future, unemployment for STEM graduates in the 2012/13 financial year is forecast to be 9.2% which compares well to a forecasted unemployment rate for non-STEM graduates of 10.8%.
The growth in science and technology jobs will also fuel accelerated wage growth in the years to 2017. Despite the economic malaise, wages for science, technology and engineering jobs will grow more rapidly than in the 2008-11 period by 1%, 0.6% and 1.1% respectively.