A new survey by fintech business Quotezone found that only 50% of students are going to university after secondary school, with 29% heading straight to full-time work and only 13% to apprenticeships. According to the latest graduate outcome survey, 61% of students secure full time employment after university, the highest rate in four years, since the 2017/18 survey.*
Students told Quotezone, one of the top reasons for choosing to go to university was the hope of a career with a higher starting salary, according to 25.6% of respondents.
Statistics show the median salary of a graduate with a first-degree qualification in 2020/21 is said to be £20,000-£27,000, ranging depending upon the level of skill.*
Fintech is renowned for being one of the highest-paid sectors, especially for graduates, yet 76% of those surveyed had never considered a career in the industry.
Quotezone launched its annual Fintech Scholarship project three years ago, trying to encourage students to explore what the world of fintech has to offer plus supporting the winner with £1,000 bursary towards their studies. This year they’ve also added work experience to the project – two key elements identified by students that need addressing, finance and experience.
50.3% said finances were the biggest pressure facing students in higher education and 26.1% stated lack of experience and lack of awareness (35.9%) as the top two factors holding them back from the fintech sector.
Greg Wilson, Founder and CEO of Quotezone, said: “The fintech sector in the UK is accelerating at a rapid pace. It offers great prospects for graduates from all industry backgrounds, with high starting salaries and strong long-term career prospects.
“I’m concerned that 76% of students haven’t even considered our thriving industry as a possible career and I hope our Fintech Scholarship has gone some way to encourage students to see the diverse potential in this sector.
“Congratulations to this year’s winner Aayushi Sharma from the University of Glasgow, who wrote an insightful blog on how fintech is disrupting traditional financial services.” Here’s what Aayushi had to say about the project: “Through my essay, I aimed to shed light on how technology reshapes finance. This award fuels my passion to explore innovative solutions that will shape a more inclusive and efficient financial landscape.”
Full details of how to apply are available here. There is also a winner from Northern Ireland, run via Quotezone’s sister company, CompareNI.com.
References: *https://www.hesa.ac.uk/about
About Quotezone:
- Launched in 2005, Quotezone has grown to become one of the UK’s leading insurance comparison platforms. An early pioneer of price comparison systems, the Quotezone platform continues to use proprietary comparison technology to help millions of people find better deals on their insurance each year.
- Quotezone’s parent company, Seopa, was founded by the Northern Irish entrepreneur, Greg Wilson, in 2003.
- From its headquarters in Belfast, Northern Ireland, Greg Wilson, CEO, and Ian Wilson, Managing Director, have grown the company to more than 70 team members spread across two European offices.
- The company has been recognised with six Deloitte Technology Fast 50 Awards and has been awarded a Deloitte Best Managed Company Award each year for the past six years – now a Gold Standard Best Managed Company since 2020.
