Technology - The ‘Affluent Emerging Market’ - from the
perspective of a Data Science Graduate
‘You like maths? You should go into tech, there are loads of jobs and money in tech.’
This is the message that many of today’s teens and graduates are receiving, either
from their teachers, the media, or family and friends. The result is an increase in
students reading Data Science and other technological studies.
Contrary to the message, many graduates are finding that it is not so easy to secure a job.
As an Economics BSc graduate with a love of maths and no desire to work in
finance, I was told the above, and dove into a Master’s of Data Science head first. It
was brilliant, all the thought processes and fundamentals of maths, with real world
applications at the forefront of technical innovation – the dream, right?
It started with cramming 2,000 word corporate graduate program applications around
3,000 word assignments with attached code solutions during exam season, leading
to long days and late nights. Then graduation came around, and the real race began.
There were 130 MSc Data Science students in my cohort at my university alone,
plus those applying to Data Science positions from other degrees (such as Physics,
Computer Science, and Engineering), and people in industry seeking to re-skill.
It's a year later, and whilst I didn’t keep up with all 130 of my peers, I did manage to
stay in contact with my group of friends from my course. Of the 10 of us, I alone
secured a data science role. The truth is, whilst there are job opportunities available
for more senior/mid-level positions, opportunities for graduates are few. I had
university friends who passed their master’s degree with a Distinction, have been
published, and even had previous experience in Data Analyst roles. They are unable
to find work in Data Science; many have moved back home, and a few have taken
up PhDs to enter the job market later on.
So why aren’t the roles available?
There are many reasons, but here are a few:
1) The increase in the amount of people wanting to go into tech.
In July 2023, a BBC article claimed that the rise of AI caused computing
applications to rise 10% in comparison to the previous year, making the area
the seventh most popular to study at higher education. Another article by
Startups Magazine claims that since the pandemic, 22% of 16-17 year olds
have decided to pursue tech careers. With more students and therefore more
graduates in play, competition is higher.
2) Keeping up with what’s new.
Data science didn't really exist 30 years ago. In fact, when I tell people I am a
Data Scientist, I get blank stares followed by, ‘what is that?’. Companies have
been slow to set up data science teams, and it isn’t typically new grads they
want to hire: it’s those with as much experience as possible. Grads tend to get
hired by more established teams who can provide the required support.
Consequently, there is a bottleneck where there are more openings for
mid/higher level roles, but the number of entry level applicants is rising at a
higher rate than the roles available for them.
3) Location.
Whilst the utilisation of hybrid/remote working increased after lockdown, many
companies have since reduced the number of remote roles, or require a set
amount of days per week in the office. The issues shown with the move from
hybrid is highlighted in a Bloomberg article (titled: England’s Graduates Suffer
the Worst Jobs Market in Years) which maps opportunities by regions in the
UK, clearly showing that London and Manchester are the places to be.
However, not all grads can relocate, and grad salaries + London living costs,
don’t appeal to everyone.
I love my job. Working in tech is highly rewarding and every day I learn something
new. However, the message that students are receiving is leading to many
disappointed (and unemployed) graduates, and to students pursuing careers in tech
for the wrong reasons. Getting started is difficult, and the likelihood is, you won’t be
buying a shiny convertible (or whatever) in your first few years, but there is a high
ceiling. By squashing the myths surrounding careers in tech, grad disappointment
will decrease, and more people motivated by actual interest will be the ones to
pursue it.
https://www.bbc.co.uk/news/technology-66178247
https://www.bloomberg.com/graphics/2023-06-reed-jobs-report-graduates-face-worst
https://startupsmagazine.co.uk/article-quarter-students-have-decided-pursue-tech-ca
