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".

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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 reskill.

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. 

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So why aren’t the roles available? There are many reasons, but here are a few:

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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.

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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.

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