University Education Becoming Less Important to Employers

BRIGHTON, England, October 15, 2014 /PRNewswire/ --

THE majority (63%) of SME owners in the UK believe that a university degree is becoming increasingly devalued, according to a recent poll.

     (Photo: http://photos.prnewswire.com/prnh/20141015/710055 )

Of that number, over two fifths believe that university degrees are now so commonplace that they have lost some of their meaning, while over a third say there is no substitute for practical experience.

The figures come from the latest Close Brothers Business Barometer, a quarterly survey that canvasses the opinion of business owners and managers from a range of sectors across the UK and Ireland.

CEO of Close Brothers Invoice Finance, David Thomson, said: "It may not come as a surprise to some that so many employers think that a university education is becoming less valuable.

"Despite the fact that the Universities and Colleges Admissions Service (UCAS) recorded the highest level of entrants to UK universities last year with almost 496,000 students beginning full-time undergraduate courses, the value of third level education is becoming a subject for debate.

"Our statistics seem to suggest that many employers are beginning to give greater recognition to practical, hands on experience, arguably ahead of academic achievement."

The survey found that almost two fifths of bosses say they do not consider a degree to be important at all when it comes to hiring new staff members.

"Given that SMEs account for 99.9% of all private sector businesses and collectively employ 14.4 million people in the UK, it is perhaps time for young people to think differently about their career path.

"Of course, it depends on your chosen career, but the skills potential employers are looking for can often be developed in many ways," added Mr Thomson.

For more information and news about Close Brothers Invoice Finance please visit http://www.closeinvoice.co.uk

Notes to Editors 

Methodology 

All figures, unless otherwise stated, are from a GMI survey conducted in September 2014. The survey canvassed the opinion of over 700 SME owners and business managers from several industries across the UK and Ireland on a range of issues affecting their businesses.

About Close Brothers Invoice Finance 

Close Brothers Invoice Finance is a leading, independent provider of invoice finance to both SMEs and large businesses throughout the UK, Ireland and Germany.

Close Brothers Invoice Finance is a member of Close Brothers Group Plc. Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. We employ 2,700 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.