A-Level students have been told to expect fewer A* and A grades this year, while UCAS has advised they brace for fierce competition in the clearing process, as anticipation for results day builds.
With many students waiting anxiously to discover their grades, new data by Indeed shows three quarters (74%) believe they need a degree to achieve a higher salary, or progress faster in their career.
As we mark 25 years since the Teaching and Higher Education Act 1998 was enacted, introducing tuition fees of up to £1,000 a year for UK students, research has found three quarters (66%) who have been to university over the years are still paying them back, with an average £16,900 owed.
This comes as recent changes mean students starting university this September for the 2023/24 school year are expected to stack up approximately £42,900 in debt, with the time before they are wiped increasing from 30 to 40 years.
Considering the high cost today, more than a third of Brits (37%) would not encourage school leavers to go to university. More than 1 in 10 UK adults add that they wouldn’t encourage leavers to go as work experience is more valuable, with 19% saying the amount they spent on their degree is more than it’s worth to them today.
Of those who didn’t go to university, the top 3 skills that Brits believe they have achieved in their career to date are: experience of work (34%), problem solving (31%), and earned money (29%)
So what jobs are out there for those who chose not to pursue further education? A leading careers expert is on hand to offer alternatives, and share advice for those who do not achieve the grades they were hoping for.
With 50,000 going into clearing each year, expected to rise this year with fewer top grades expected, it is important to remember that university and further education alternatives are not the only route to achieve high paying roles, and fast career progression.
In hand, this could give UK economy a boost, and continue to reduce the amount of job vacancies. Opportunities to learn on the job will also exist, helping the UK upskill its workforce, and become less reliant on costly further education routes.
Of those school leavers deciding not to go to university, two thirds (66%) say high costs was a deciding factor. Two in five (40%) believe that only some degrees are worth the expense, and others are not.
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NewsTranscript
00:00 There is a deep suited belief that you have to go to university in order to get a good
00:08 degree.
00:09 But actually we know that's not the case.
00:12 We know that there are many opportunities and many routes into good work except from
00:19 going to university and getting a degree.
00:22 So for example, apprenticeships, we've seen a 30% increase in interest from job seekers
00:31 in apprenticeships over the past three years, which is telling us that yes, people think
00:38 that you need to go to university to get that good career, but there are other routes.
00:44 This is also a really good time to enter the jobs market for school leavers.
00:49 There are more than 200,000 jobs on Indeed at the moment, many of them paying around
00:55 the £30,000 mark for entry level roles.
00:59 And what we're seeing on the employer side is an increasing sense of flexibility.
01:05 We are in the midst of a cost of living crisis.
01:08 Many students rely on parents to subsidise them through university.
01:12 Plus there are obviously the student loans with many students paying back an average
01:15 of around £16,900.
01:19 Is the financial burden of university putting people off from attending higher education?
01:24 Yes, our research is showing that the cost of living is weighing down on students.
01:29 And actually more than half of those that we spoke to said that they were either reconsidering
01:34 the university that they were thinking of going to or changing course based on affordability.
01:41 And I think what we also need to stack up is that accommodation is rising as well, and
01:48 as is the general cost of living, as you mentioned.
01:52 And finally, how can the UK economy benefit from a shift towards alternatives to university
01:57 education and what advice can you provide to students who didn't achieve the desired
02:02 A-level results?
02:04 Students and graduates play an especially important role in filling some of those high
02:08 skilled opportunities that the UK labour market needs and the wider economy needs, especially
02:16 to meet those net zero targets that the country has.
02:20 Now when it comes to advice for university students, today could be a disappointing day
02:27 for many because we know that some of those top grades have become less common, harder
02:33 to come by this year.
02:35 I think the important thing is to speak to your teachers, speak to your universities
02:40 where you would like to study, use UCAS, look at what's available in Clearing.
02:45 There are 30,000 courses as of Thursday available through Clearing and there are also 8,000
02:52 apprenticeships on Clearing too.
02:54 So have those conversations, see what is available and then make what you believe to be the best
03:00 decision.
03:01 Some great advice.
03:02 Thank you so much for your time today.