‘Young, Gifted and ….. Broke!’

OXFORD, England - This is the immediate future awaiting some of the country’s brightest graduates who left university this year with spiralling debt(1) and lacking the skills employers value(2) in a competitive labour market.

As many young people await their ‘A’ level results in August hoping to secure a place at university on a course of their choice(3), Gill Waters of Oxford College of Marketing, and a Fellow of the Chartered Institute of Marketing, considers an alternative route for this cohort which delivers academic success and enhanced employment opportunities in their chosen professions.

HOW IT BEGAN

‘Education, Education, Education’ - Tony Blair’s speech to the Labour Party Conference in 1997 resonated with many of those who hold fast to the belief that education was a route out of poverty, and an investment in the future. Access to higher education, in particular, was considered not only desirable at a personal level, but essential to economic growth and the ability of Great Britain plc to compete in the global market place.

The Government made access to higher education a priority, setting targets of 50% of all young people going into higher education, introducing Foundation Degrees and increasing the number of new universities to widen participation throughout the country.

This approach has been called into question over the intervening years by both academics and industry, in terms of quality of education, the relevance of skills and competencies acquired by students and decrease in spaces due to changes in funding. In particular, the introduction of ‘top-up’ fees and reduction in grants, led to a review of the cost-benefits to students of higher education, particularly for lower and middle income families.

WHERE WE ARE NOW

Issues currently confronting young people considering their options have been highlighted in headlines this year, as below:

‘A CBI survey has (revealed) … employers do not believe that going to university at 18 is the only route to success for young people…’(4)

‘Up to 50,000 6th formers will be denied places at university this autumn because of a surge in applications, combined with a freeze on undergraduate places.’(5)

And finally,

‘Student debt is spiralling because of increasing tuition fees and the use of some commercial loans at high rates, as a report commissioned by the Government suggested.’(6) - an issue borne out by my experience of working with Citizens Advice and the Thames Valley Financial Capabilities Forum.

To sum up:

- Employers are not always impressed with new graduates, feeling they lack key skills required in the workplace - Students are not always able to realise a return on their (or their parents’) investment in higher education - costs are currently perceived as outweighing benefits in the short to medium term - Despite the Government’s announcement in July of 5,000 additional university places, many of the brightest young people with potential to be future business leaders, are unable to achieve their personal goals of academic, as well as professional, success, and may find their future career opportunities restricted as a result.

For a substantial number of young people, one of the following scenarios will be a reality:

- ‘Nowhere to go’ - the impact of the recession on the labour market has resulted in higher demand for spaces at university. Many young people simply won’t get a place. - ‘Not quite made the grade?’ - Even when spaces are available, ‘A’ level results may mean that young people are unable to go to their preferred university or study the course of their choice. They will still have the ‘university experience’; however, taking account of fees and basic maintenance on a three year course, this ‘experience’ may cost a minimum of GBP21,000. If student loans are used to finance, interest accrued over the period of study will mean that on graduation they will owe approximately GBP25,000 - quite an expensive ‘experience’.

In addition, once in employment, career progression is often dependant upon studying for professional qualifications, for example, Marketing (CIM), Accountancy and Finance (CIMA), Human Resources (CIPD) and Purchasing (CIPS) to name a few, for at least 1-2 years.

So is it all doom and gloom? Emphatically NO! All the professional institutes have their own qualifications from introductory (post A level) stage to Masters level, and all qualifications have direct relevance to a range of functions within business and organisations. What is more, taking this route to Masters level potential will cost only a fraction of studying by the more traditional university route.

LOOKING AT AN ALTERNATIVE FUTURE

As a Chartered Marketer, I will take the Marketing profession as an example of an alternative route for young people to achieve their goals, as follows:

- Finish A Levels - take a gap year, or find a job (a challenge, but any employment will do in the short term) - Register with the Chartered Institute of Marketing as a student, indentify an appropriate course delivery centre and study options, and enrol for the Introductory Certificate in Marketing. - Work through the professional qualifications: - developing Marketing knowledge on the Introductory Certificate; - gathering knowledge and understanding of the role of Marketing and Research, the wider business environment and the importance of stakeholders on the Professional Certificate; - gaining relevant knowledge, understanding and application skills which are directly transferable to the workplace on the Professional Diploma (Honours degree level qualification).

The new CIM syllabus introduced in July 2009 offers a route through to Masters’ Degree level. Following the course of study above, students in work can study up to the Chartered Post-Graduate Diploma Stages 1 and 2. On completion of this qualification they will have accrued 120 Masters Level Credits which can be ‘topped up’ by 60 credits to a full Masters Degree. In addition, as part of Stage 2, they will have sufficient CPD hours to achieve individual Chartered Status.

In the time it would have taken to go through the traditional route to Masters degree and gain relevant experience, taking this option it is possible for a young person to achieve:

- A recognised professional qualification - A Masters Degree in their chosen specialist area - Chartered status and Membership of a professional institute - Extensive experience enhancing their future career path.

The challenge will be finding employment initially, but the benefits are tangible. In the medium term, as their peers graduate with degrees and debt, those following this option will be on their way to achieving academic and career success - young, gifted and … in the black!

Notes to Editors

About Gill Waters

Gillian Waters

BA Hons Dip.M FCIM MBA, Chartered Marketer

Gill has been an Examiner with CIM for over 15 years at Stage 2 - initially as a member of the team and subsequently deputy senior examiner for Marketing Operations, and has been a member of the MMIP examination and feedback team since its introduction for the standard and interim boards. In addition, she moderates across the Professional Diploma and Certificate levels for the interim boards. With business experience across a range of sectors including Defence, Logistics Consultancy and the City, her focus over recent years has been in the SME and Not for Profit Sectors.

One of the original cohort of Chartered Marketers, Gill has the PG Diploma in Marketing, MBA (OU) and a teaching qualification in non-compulsory further and higher education.

About Oxford College of Marketing

Oxford College of Marketing is one of the largest CIM accredited Marketing Colleges in the UK. With study centres in London, Uxbridge, Croydon, High Wycombe, Gatwick, Milton Keynes, Liverpool, Reading, Brighton, Sheffield, Birmingham and of course Oxford, the College has been running Chartered Institute of Marketing (CIM) courses since 1997, with superb student results. The College offers CIM Introductory Certificate, Professional Certificate, Diploma and Postgraduate Diploma qualifications and the new Chartered Postgraduate qualification through a number of study options, part time evenings, intensive weekends as well as distance learning and short and one-day marketing courses and tailored in-house training programmes.

(1) Times Online - 24th April - Public Sector Column

(2) www.cbi.org.uk/ndbs/Press.nsf/0363c1f07c6ca12a8025671c00381cc7/91f2730166cad25d80257420004fe11e?OpenDocument

(Due to the length of the above URL, it may be necessary to copy and paste the hyperlink into your Internet browser’s URL address field. Remove the space if one exists.)

(3) The Times - April 9, 2009 - Full universities will turn away thousands - Joanna Sugden

(4) Op.cit 2

(5) The Times - April 9th 2009 - Joanna Sugden

(6) Times Online - 24th April - Public Sector Column

For further information please contact Janey@oxfordcollegeofmarketing.ac.uk

www.oxfordcollegeofmarketing.ac.uk, Phone Laura +44(0)1865515255

Source: Oxford College of Marketing Ltd

For further information please contact Janey at oxfordcollegeofmarketing.ac.uk or Phone Laura +44(0)1865515255