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1. Continuing weakness in the economy saw vacancies for students graduating in 2002 drop by 15% (from 8,487 in 2001 to 7,181 in 2002). However, it is pleasing to note that placement was not affected adversely. The percentage of 2002 Bachelor's Degree graduates who were still looking for employment when the survey was conducted actually dropped from 3.5% from 2001 to only 0.8% (18 persons) in 2002.
2. There are two reasons behind the improvement. Firstly, many more students continued to pursue a higher degree. The percentage increased from 20% in 2001 to 26% in 2002. This is very encouraging as Hong Kong is going through a process of transformation to a knowledge-based economy. On the individual level, a higher degree is likely to improve the person's earning power. For example, the average salary for postgraduates at $18,300 per month is 27% higher than that of a Bachelor's Degree.
3. Secondly, new graduates are increasingly flexible and accommodating. They realize the importance of experience and are willing to start at the basic level. They know that the route to improved income is a track record of successful contribution to the employer.
What are the changes in the graduate job market?
4. The Table 1, Table 2 and Table 3 show that breakdown of vacancies by employment sector, job nature and qualifications required as recorded in the Joint Institution Job Information System (JIJIS) over the past five years.(The tables can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.)
5. While the general pattern does not show significant changes, the following observations are worth noting :
(a) The number of vacancies for Trading is declining over the past five years. Nonetheless, it is noted from a report of the Trade Development Council that the growth in Hong Kong's export trade was estimated to be 2.3% in 2002. We shall look into the reasons for this apparently conflicting phenomenon.
(b) Tourism, which is identified as one of Hong Kong's four economic pillars, offers relatively few vacancies for university graduates and is therefore not ranked among the top five employment sectors.
(c) Vacancies for System Analysts show a significant drop in 2002 (326 vacancies) which contrasts sharply with the vast number of vacancies (3,498) in 2000 before the burst of the technology bubble. Demand for Computer Science graduates also drops drastically in 2002 (719 vacancies) compared with 5,134 vacancies in 2000. However, we believe that as computing services provide essential support to almost all business operations, the need for graduates with training in information technology will be very strong upon revival of the economy as a whole.
Employment prospects for different qualifications
6. More than one quarter of the vacancies are open to graduates from any academic discipline. This means that to a large extent, employers base their selection of candidates on the quality of the individual rather that the qualification. Students should choose subjects of study according to their interests and talents. They should pay attention to improving themselves as a person, developing constructive attitude towards working with others, solving problems and producing results. In fact, employment prospects for graduates from various Faculties are good. Employment situation and highest monthly salary recorded (Table 4) can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.)
Salaries offered
7. The salaries advertised in JIJIS over the past five years (Table 5) can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.
As many recruiters do not disclose the salary, figures in the above table (Table 5) may not accurately reflect the market salary range. In fact, the actual amounts of salary achieved by our graduates are significantly higher than that advertised in the recruitment notice. (Table 6 can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.)
Job market in 2003
8.It is now too early to draw conclusion on this year's graduate employment market. Based on the pattern of last year's vacancy distribution, vacancies from September to April represent only about 30% of the whole year's vacancies. Feedbacks from a number of employers reveal that up to now, the impact of SARS on graduates' employment prospects is minimal, except for the airline industry, as many employers have just postponed their recruitment programmes by a few weeks. Its full effect is not yet known until September this year.
9.We shall continue to explore employment opportunities in sectors which are less affected, e.g. science and technology and professional services, which normally require a longer lead time for graduate recruitment. Furthermore, we shall encourage graduates to make use of the summer months for training and acquiring work experience to prepare themselves for Hong Kong's development as the business centre for the Pearl River Delta.
Careers Education and Placement Centre Graduate Employment Situation
29 May 2003
Unemployment rate dropped significantly for 2002 Bachelor's Degree graduates despite weakness in the economy
1. Continuing weakness in the economy saw vacancies for students graduating in 2002 drop by 15% (from 8,487 in 2001 to 7,181 in 2002). However, it is pleasing to note that placement was not affected adversely. The percentage of 2002 Bachelor's Degree graduates who were still looking for employment when the survey was conducted actually dropped from 3.5% from 2001 to only 0.8% (18 persons) in 2002.
2. There are two reasons behind the improvement. Firstly, many more students continued to pursue a higher degree. The percentage increased from 20% in 2001 to 26% in 2002. This is very encouraging as Hong Kong is going through a process of transformation to a knowledge-based economy. On the individual level, a higher degree is likely to improve the person's earning power. For example, the average salary for postgraduates at $18,300 per month is 27% higher than that of a Bachelor's Degree.
3. Secondly, new graduates are increasingly flexible and accommodating. They realize the importance of experience and are willing to start at the basic level. They know that the route to improved income is a track record of successful contribution to the employer.
What are the changes in the graduate job market?
4. The Table 1, Table 2 and Table 3 show that breakdown of vacancies by employment sector, job nature and qualifications required as recorded in the Joint Institution Job Information System (JIJIS) over the past five years.(The tables can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.)
5. While the general pattern does not show significant changes, the following observations are worth noting :
(a) The number of vacancies for Trading is declining over the past five years. Nonetheless, it is noted from a report of the Trade Development Council that the growth in Hong Kong's export trade was estimated to be 2.3% in 2002. We shall look into the reasons for this apparently conflicting phenomenon.
(b) Tourism, which is identified as one of Hong Kong's four economic pillars, offers relatively few vacancies for university graduates and is therefore not ranked among the top five employment sectors.
(c) Vacancies for System Analysts show a significant drop in 2002 (326 vacancies) which contrasts sharply with the vast number of vacancies (3,498) in 2000 before the burst of the technology bubble. Demand for Computer Science graduates also drops drastically in 2002 (719 vacancies) compared with 5,134 vacancies in 2000. However, we believe that as computing services provide essential support to almost all business operations, the need for graduates with training in information technology will be very strong upon revival of the economy as a whole.
Employment prospects for different qualifications
6. More than one quarter of the vacancies are open to graduates from any academic discipline. This means that to a large extent, employers base their selection of candidates on the quality of the individual rather that the qualification. Students should choose subjects of study according to their interests and talents. They should pay attention to improving themselves as a person, developing constructive attitude towards working with others, solving problems and producing results. In fact, employment prospects for graduates from various Faculties are good. Employment situation and highest monthly salary recorded (Table 4) can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.)
Salaries offered
7. The salaries advertised in JIJIS over the past five years (Table 5) can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.
As many recruiters do not disclose the salary, figures in the above table (Table 5) may not accurately reflect the market salary range. In fact, the actual amounts of salary achieved by our graduates are significantly higher than that advertised in the recruitment notice. (Table 6 can be viewed at: www.hku.hk/eroonweb/careerchart-eng.htm.)
Job market in 2003
8.It is now too early to draw conclusion on this year's graduate employment market. Based on the pattern of last year's vacancy distribution, vacancies from September to April represent only about 30% of the whole year's vacancies. Feedbacks from a number of employers reveal that up to now, the impact of SARS on graduates' employment prospects is minimal, except for the airline industry, as many employers have just postponed their recruitment programmes by a few weeks. Its full effect is not yet known until September this year.
9.We shall continue to explore employment opportunities in sectors which are less affected, e.g. science and technology and professional services, which normally require a longer lead time for graduate recruitment. Furthermore, we shall encourage graduates to make use of the summer months for training and acquiring work experience to prepare themselves for Hong Kong's development as the business centre for the Pearl River Delta.
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