The survey underscores a striking increase in confidence about career opportunities among Indian graduates, surpassing that of their counterparts in the US and the UK.
As artificial intelligence continues to reshape industries and economic landscapes are in flux, Indian graduates are increasingly favouring a sector synonymous with stability and growth: finance. The 2024 Global Graduate Outlook Survey by CFA Institute has revealed finance as the leading career choice for Indian university students and recent graduates. The survey, from nearly 10,000 global respondents, highlights an impressive surge in career confidence among Indian graduates.
39% of Indian graduates now see finance as the most promising career field, marking a seven-percentage point increase from last year. This growing confidence reflects a broader trend, with nearly 90% of Indian graduates feeling optimistic about their job prospects in the current economic environment. This optimism contrasts sharply with the sentiments of their peers in the US (70%) and the UK (68%).
Sharing her thoughts on the findings Margaret Franklin, CFA, President and CEO, CFA Institute said, “As graduates today seek professions that not only promise stability but also resonate with their desires to make a real tangible difference, finance emerges as an industry of opportunity. Our research shows that careers in finance offer the assurance of stability and provide a platform for graduates to support a more impactful future. With new focus on sustainable investment strategies and possibilities for AI to enhance practices, graduates have the opportunity to help shape a more innovative industry through a career in finance.”
Arati Porwal, Country Head – India, CFA Institute, commented on the findings, saying, "The survey results this year are encouraging, with graduates demonstrating a clear and optimistic outlook on their future careers. Their dedication to continuous learning, pursuing professional certifications and exploring emerging fields like AI, aligns well with the industry’s future needs and national skilling initiatives. This proactive approach to professional development and adaptability bodes well for India's future workforce.”
Indian Graduates Embrace AI
The survey also indicates that Indian graduates are particularly enthusiastic about integrating new technologies such as AI into their careers. A remarkable 85% of Indian graduates consider AI and automation crucial to their career success, significantly higher than the global average of 66%. Additionally, 69% believe that AI proficiency offers substantial benefits, and nearly 60% are keen on pursuing careers in AI, demonstrating a proactive approach to adapting to technological advancements.
Evolving Employability Strategies
To enhance their employability, Indian graduates are increasingly focusing on professional certifications, personality development training, and upskilling. Two-thirds (66%) view industry qualifications vital for career progression. Furthermore, 73% emphasise on the importance of continuous learning through postgraduate or professional qualifications.
Practical skills (66%), real work experience (52%), and internships (43%) are also prioritised, indicating a strategic approach to career preparation. This ensures graduates are well-equipped to meet the demands of their chosen fields.
Career Aspirations and Concerns
Despite high levels of confidence, some graduates express concerns about job availability (14%), career progression (9%), AI-induced job displacement (11%), low pay (10%), and job fulfilment (8%). Nonetheless, 97% of respondents value making a positive societal impact, with 53% indicating that a company’s commitment to environmental, social, and governance (ESG) significantly influences their job applications. Careers in finance, with their focus on ESG considerations, provide a platform for graduates to make meaningful contributions.
Sources of Career Information
Reflecting a shift from traditional career guidance, 60% of Indian graduates now turn to social media for career advice, a preference 16% higher than the global average (44%). Other key sources of information include social acquaintances and friends (53%), family (47%), college professors (46%), and career guidance professionals (43%).
Global Education and Career Prospects
While nearly three-quarters (72%) of Indian graduates still consider studying abroad, this number has declined from 80% in 2023. Interestingly, 72% of those studying overseas plan to return to India for employment, expressing high confidence in their career prospects within the country. This trend indicates a strong inclination to leverage global education while seeking professional opportunities at home.
Note: The article is written by the Brand Desk.
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