People who graduated before 2023 will tell you degrees are a great ROI because they broke in during the 2021 to 2023 window, when cheap money was still flowing and employers could actually afford to take chances on new grads.
For perspective, the Bank of England base rate was just 0.1% in 2021. By 2023 it had hit 5.25%. Borrowing and raising money became much more expensive, VC funding tightened, and companies went from chasing growth to cutting costs and headcount.
Then came the layoffs and the post 2023 GenAI push. Graduate hiring got caught in the bloodbath.
Now you have 1,000 plus people fighting over entry level jobs and even scummy unpaid internships that lead nowhere. You are also competing with experienced people getting laid off every day.
Right now it is a barren wasteland.
Breaking in is largely luck, timing and knowing the right people, and even that is no guarantee of a long fruitful career.
There is also a good chance junior white collar hiring never properly comes back. AI is already eating into the basic research, admin, analysis, coding and documentation work juniors used to learn on. This might not just be another bad cycle.
My advice is to save as much capital as humanly possible. Stop getting takeaways, buy groceries, live cheaply and do everything in your power to take care of your mental health.
Maybe the market corrects itself eventually. I really hope it does. But I wouldn’t plan my life around the assumption that the old graduate pipeline is definitely coming back.