The 2023 Global Graduate Outlook Survey by CFA Institute revealed that finance is viewed as having the best career prospects by a quarter of global respondents, a significant increase from the 2021 survey. Indian graduates participating in the study are optimistic, with 48% expressing confidence in finding a job in the current economic climate. They also show a greater inclination (39%) than the global average (31%) to utilise social media platforms for enhancing their professional presence and improving job prospects. Notably, over half of the Indian respondents (55%) prioritise a good salary when considering employers, surpassing other factors such as training opportunities and a flexible working environment, according to the survey.
In a survey of 9,437 global respondents, including 1,000 from India, individuals aged 18-25 pursuing or having completed a bachelor’s degree in the past three years, it was found that the pandemic has prompted Indian graduates to reconsider their career paths. 64% of graduates reported reassessing their career paths or desired sectors since the pandemic began, and 63% said that Covid-19 has had a negative impact on their long-term career prospects. Consequently, 72% of respondents expressed plans to extend their time in education to enhance their career prospects significantly, the survey revealed.
“Despite the uncertainty created by the pandemic, students and recent graduates across the world feel positive about their career prospects, most notably in finance, which now enjoys the confidence of more graduates than any other profession,” Margaret Franklin, CFA, president, CEO, CFA Institute, said. “This generation of graduates displays demonstrable interest in developing the skills needed for career advancement. Seventy-two percent say post-graduate certifications and qualifications will help them secure higher earnings and give them an edge in the job market, she added.
Indian graduates highly value higher education qualifications, with 77% believing pursuing a degree was worthwhile and 83% stating that their career prospects have improved as a result. Half of the respondents emphasise the importance of higher education in relation to the job market, while nearly half acknowledge the influence of certifications in data science, cryptocurrency, and artificial intelligence on employment prospects. Indian graduates also prioritise making a positive societal and environmental impact, with 68% considering it important for their profession, surpassing the global average of 49%, as per the report.
“The increased aspirations of Indian graduates is a positive sign and is a symbol of optimism in the economy. The good news is that nearly half of them remain positive about their career prospects. It is also noteworthy that more and more Indian graduates are understanding that growth in career and compensation requires professional development and upskilling. Certifications in emerging fields hold immense potential and this is where CFA Institute plays a vital role to help equip talent with the finance skills of the future. Arati Porwal, country head, India, CFA Institute, said.
In India, the preference for finance careers has significantly increased, with the number of graduates expressing confidence in this field doubling from 17% in 2021 to 32% in 2023. This indicates a notable shift in career preferences, with a decline in confidence for sectors such as architecture & construction and law, which dropped to 3% and 2% respectively, compared to the growing confidence in finance, it added.