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Getting a good salary remains at the top of their mind, but positive societal and environmental contribution through their career is also important.
Undoubtedly, graduates are highly sought-after human resources amidst a global talent shortage. As such, according to a recent career survey, Hong Kong’s graduates have a positive outlook about their future careers.
The 2023 global Graduate Outlook Survey released by CFA Institute showed that, 67% of graduates in Hong Kong said they feel confident about their future career prospects, while two in five (44%) consider themselves to have better career prospects than their parents’ generation. Over three quarters (76%) of Hong Kong graduates said they know what employers are looking for in graduate employees, showing a substantial boost in confidence compared to 46% saying the same in 2021.
Finance (27%), STEM (26%), and IT & telecommunications (25%) were rated the top industries where Hong Kong's graduates felt confident in their career prospects, each seeing significant increase from 16%, 15%, and 18% respectively in 2021.
Over a quarter of students (29%) or recent graduates consider finance the top career sector after starting college, followed by IT & telecommunications (25%), and medicine (21%). However, when it comes to the most stable
and attractive career choices, almost a third (32%) of Hong Kong graduates chose the government sector, significantly higher than the global average of 17%.
Good salary and positive impact are equally important
However, Hong Kong graduates do not intend to stay in their first job for long, with over half (53%) staying for one to two years only, compared to the global average of 37% who are doing the same.
There is no doubt that salary is still one of the major incentives for employees to stay. In fact, when looking for job opportunities, Hong Kong graduates are increasingly looking for a good salary in an employer, up from 25% in 2021 to 61% in this year’s survey. Good leave allowance (46%) and clear progression opportunities (45%) come second and third.
Meanwhile, flexible working arrangements have also become a popular option for graduates – over half (51%) said they prefer complete flexibility on working in office or remotely, and 45% said a hybrid work environment is preferred.
With ESG (environment, social and governance) becoming an integral part of businesses and individuals’ everyday life, it is crucial to Hong Kong graduates that they make a positive societal and environmental contribution through their career – 82% said it is at least quite important. Careers as a doctor, scientist or teacher are seen as offering the most positive societal and environmental contribution; investment professional careers lag behind.
On the other hand, graduates in Hong Kong have a greater fear of a lack of diversity (22%) in their preferred sector compared to the global average (11%).
Hong Kong graduates recognise the advantages of upskilling for their career
Margaret Franklin, CFA, President and CEO, CFA Institute, said this generation of graduates displays demonstrable interest in developing the skills needed for career advancement. The survey indicated that nearly seven in ten (68%) graduates in Hong Kong said pursuing a degree was worth it, some think it is not enough. When asked about their biggest fears regarding their career prospects, 26% said they feel underqualified for the job they want.
It is, therefore, not surprising to see almost all (93%) graduates consider postgraduate or professional qualifications as important in the current job market, with over 60% citing these will help them secure higher earnings and give them an edge. More than half (52%) also think internships will give them advantages in the job market upon graduation, 11 percentage points higher than the global average.
Nick Pollard, Managing Director for Asia Pacific at CFA Institute, therefore believed it is essential to stay curious and work hard to be equipped with new skills, such as data science, artificial intelligence and ESG investing, in order to remain relevant and competitive.
The global Graduate Outlook survey was conducted as an online survey, fielded by Dynata from 12-24 April 2023 among a sample of 9,437 respondents studying for a bachelor’s degree or higher, or who have graduated with a bachelor’s or higher within the last three years, aged 18-25.
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