Study STEM and benefit from higher pay and a better job

Wed.10.Oct.2012 BST

If you are currently thinking about what subjects to study and have discounted Science Technology, Engineering and Maths (STEM) think again, as a new report out from Centre for Business and Economic Research (CEBR) has found that STEM graduates will benefit from higher salaries and better job prospects than all other graduates as the UK economy undergoes a science and technology boom over the next five years.

New research conducted by the Centre for Business and Economic Reserch (CEBR), commissioned by Staffordshire University,  ahead of the opening of its £30m Science Centre has revealed that science and technology industries are experiencing robust growth during the general economic downturn, with consequential growth in job numbers and graduate opportunities.

It is expected that approximately 140,000 new STEM-related jobs will be created by 2016/17.  And by 2017 the report forecasts that STEM related occupations will account for 7.1% of UK jobs.

As a result, the report authors claim STEM graduates can expect to find their entry into the job market significantly easier than graduates with non-STEM degrees.  The report identifies that STEM graduates have already proved resilient in the face of a tightening labour market with the graduate unemployment rate rising by only 0.6% to 8.4% during the financial crisis.  In comparison, unemployment amongst non-STEM graduates has risen 0.9% to 9.8%, proving that STEM graduates have been better positioned during the downturn. 

Whilst unemployment amongst graduates is forecast to rise, STEM graduates are forecast to fare better than most. In the future, unemployment for STEM graduates in the 2012/13 financial year is forecast to be 9.2% which compares well to a forecasted unemployment rate for non-STEM graduates of 10.8%. 

The growth in science and technology jobs will also fuel accelerated wage growth in the years to 2017.  Despite the economic malaise, wages for science, technology and engineering jobs will grow more rapidly than in the 2008-11 period by 1%, 0.6% and 1.1% respectively.

So what does this all mean? Watch our video to find out: