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ALLIANZ WARNS OF SIX MONTH STRUGGLE TO SECURE GRADUATE JOB

Press Release   •   Aug 19, 2013 13:08 BST

Allianz Insurance research reveals that the average 2012 graduate faced six months of job hunting before securing employment and one in 10 endured a year long wait before finding their first job.1

With competition fierce, insurance giant Allianz is calling for this year's students to plan ahead. Savvy students are preparing for their careers with more than half (56%) planning their career whilst still studying, yet Allianz Insurance has found that 20% of students are still waiting until after graduation before looking for a job and a further 19% are neglecting to plan until at least six months after graduation day.

Current students and recent graduates who are now in their first full time job agree that the main barriers to employment are the competitive market and the overflow of unemployed school leavers and graduates from previous years. University leavers also admit to being hampered by a lack of practical experience, having spent time on academic work over hands-on experience.

Top barriers according to students

Top barriers according to 2012 graduates

1. The current competitive jobs market (54%)

1. The current competitive jobs market (36%)

2. The state of the economy (49%)  

2. A lack of practical experience (28%)

3. The overflow of unemployed school leavers and graduates from previous years (39%)

3. The overflow of unemployed school leavers and graduates from previous years (24%)

New research from Allianz Insurance reinforces that the graduate job hunt is a struggle, with a third of graduates (33%) describing the process as difficult. However, the long wait isn't dampening the spirits of this year's students, with more than a third (39%) of those still in studies believing it is likely that they will secure a job after graduating.

With competition fierce, insurance giant Allianz is calling for this year's students to plan ahead. Savvy students are preparing for their careers with more than half (56%) planning their career whilst still studying, yet Allianz Insurance has found that 20% of students are still waiting until after graduation before looking for a job and a further 19% are neglecting to plan until at least six months after graduation day.

The findings reveal that students around the country view the job market differently. Students in London feel confident they will secure a job (63%) whereas those studying in Yorkshire and Humber feel unsure or believe it unlikely that they will secure a job (63%).

Those yet to enter the world of work are realistic about the salary they can expect, with the average expected starting salary sitting at £20,970.46 - just below the £21,350.47 annual wage reported by first-time employees. According to the Association of Graduate Careers Advisory Services (AGCAS)2, the typical starting salary for a trainee insurance underwriter on a graduate scheme is £25,000, marking the insurance industry as above average for graduate earnings. Current students believe that the telecoms industry will yield the highest starting salary, yet graduates revealed the highest starting salary can be expected from the computing and electronics industry, with an average graduate wage of £30,193.

Commenting, Amanda Haig, HR Manager at Allianz Insurance said: “Whether you are leaving school, college or university, the way to get ahead is through gaining as much practical experience as possible. Work experience impresses potential employers and can give jobseekers the advantage they need to secure their first role. Our research confirms that competition is fierce, so it is crucial that school leavers and students do all they can to reach the top.”

Allianz Insurance has a lot to offer graduates looking for a challenging and rewarding career, and so far this year, Allianz has received over 6,000 applications for 2013/2014 schemes. Students and university leavers can visit http://www.allianz.co.uk/graduates for details of the schemes and placements available.

- Ends -

Notes to Editors

1Omnibus research with 1,000 respondents aged 18+ amongst three key groups using 72 Point Onepoll, July 2013. Sample size divided by 250 people due to complete their studies within three years, 250 people who completed their studies within the last three years (2010 onwards) and are now in full time employment and 500 business leaders who currently employ school leavers and graduates who completed their studies within the last three years (from 2010 onwards).

2AGCAS Career overview of UK Insurance Underwiter, Prospects website as at August 2013. AGCAS cites the typical starting salary for a trainee underwriter on a graduate scheme as £25,000. The range of typical salaries at senior level/with experience: £40,000-£65,000. Salaries for qualified underwriters with the right experience can exceed £100,000.

About Allianz

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, one of the leading integrated financial services providers worldwide and the largest property and casualty insurer in the world.  With approximately 142,000 employees worldwide, the Allianz Group serves approximately 78 million customers in more than 70 countries.

The mission of Allianz Insurance is to be the outstanding competitor in our chosen markets by delivering products and services that out clients recommend, being a great company to work for and achieving the best combination of profit and growth.

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

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