NEARLY half (45 per cent) of current university students and recent graduates in the Asia Pacific surveyed by the CFA Institute said they are reassessing their career paths in light of the pandemic.

Their top concerns include feeling underqualified for the job they want (24 per cent); low pay in their preferred sector (23 per cent); wage reductions as a result of the pandemic (22 per cent) and lack of jobs in their preferred sector (22 per cent).

The survey which took in the responses of more than 15,000 recipients from 15 markets, including Australia, Hong Kong SAR, India, Japan and Singapore in the Asia Pacific region, also found that 46 per cent of respondents in Asia Pacific said their perceptions on career prospects, desires and expectations have changed since the pandemic outbreak.

A further 41 per cent said they have had to reassess the sector they want to go into after the pandemic.

In Singapore, 22 per cent of respondents identified lack of jobs causing them to abandon their preferred sector as their biggest fear when it comes to their career prospects. The 2nd most prominent fear among respondents (21 per cent) was the sense of being underqualified for the job they want.

More than 4 in 5 (83 per cent) have identified upskilling and professional/post-graduate qualifications as important in the current job market. Slightly less than half are taking active measures - 38 per cent said they plan to prolong their time in education while the job market is still volatile.

A NEWSLETTER FOR YOU

Friday, 3 pm

Thrive

Money, career and life hacks to help young adults stay ahead of the curve.

Sign Up

"As more students and recent graduates choose to further their studies, the pandemic may end up yielding a more highly skilled workforce. Alongside public and private sector efforts to nurture strong financial talents in Singapore, especially amongst individuals who can help build capacity in fintech and environmental, social and governance, as well as experienced wealth managers, the preference for further education bodes well," said Nick Pollard, managing director, Asia Pacific, at CFA Institute.

"To meet this demand, higher education and credentialing institutions need to ensure their offerings can help graduates enhance their professional skills and boost their job prospects," he said.

Globally, 58 per cent of respondents said they still feel confident about their future career prospects in the wake of the Covid-19 pandemic. Respondents across all 15 markets ranked finance as 1 of the top 5 most valuable majors for finding a career. Overall, graduates felt that medicine/science was the most stable and attractive, followed by healthcare and education.

A majority of graduates said they believe their future career will be as good or better than their parents' generation, despite the pandemic. Findings showed that those studying accounting and finance were particularly confident, with 80 per cent believing their prospects are as good as or better than their parents' generation, compared to 75 per cent of respondents overall.

"Graduating and starting a career amid the Covid-19 pandemic requires a mindset shift to be workforce-ready," said Pollard.

"While some graduates don't feel prepared or willing to jump into the job market where it's currently at, others, ironically, are going to be better suited to the new normal of hybrid workplaces, video conferencing, remote working and flexible hours.

"With a job market that will likely remain somewhat distorted for the foreseeable future, it is clear there is value in developing skillsets that are adaptable, flexible and ready to pivot at any time."