The ongoing financial crisis is convincing more and more graduates to look for post-graduate education rather than seek work in the financial sector, it has been suggested in a Times report.
Jobs in the financial industry could be left vacant for longer as increasing numbers of potential graduate recruits opt to study for an MBA instead of joining the workforce.
Speaking about the effects the phenomenon is likely to have on the industry, Dave Wilson, president and chief executive of the Graduate Management Admission Council (GMAC), told the newspaper: "Our data shows an inverse relationship between downturns in the economy and GMAT test-taking volume.
"For example, during the recession from 1989 to 1991, GMAT volume grew to 240,000. Again, during the dot.com bust era, volume peaked, with 2002 as the record year to date (245,000). And 2008 is already ahead of that year."
Graduate recruitment is key for financial industries such as accountancy but the long-term effects of the popularity of further education should mean that accountancy firms can enjoy a healthier recruitment market in years to come.
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