In the ever-evolving landscape of employment opportunities for graduates, the technology sector has emerged as a dominant force, according to the Prodigy Finance Impact Report 2022. The report, which surveyed a wide range of graduates, highlighted that 56% of respondents were employed in STEM fields, with the technology sector leading the pack.
This trend comes at a crucial time, as the tech industry has been experiencing rapid growth and innovation. Despite concerns over job opportunities due to layoffs in recent years, the exponential growth of artificial intelligence and the increasing demand for technological advancements across industries have created a promising future for students entering the workforce.
One of the most intriguing findings of the survey was the popularity of STEM fields even among business graduates, with 28% of them securing employment in these areas. This shift indicates that tech is no longer just a niche field but is increasingly offering opportunities for graduates across disciplines.
The dominance of the technology sector in employing graduates reflects the ongoing digital transformation across industries. According to the US Bureau of Labor Statistics, STEM jobs are projected to grow 10.8% by 2032, compared to 2.3% for non-STEM jobs. This highlights the importance of STEM education in preparing students for the jobs of tomorrow.
Several factors contribute to the tech sector’s pull for graduates. Tech companies are known for offering competitive salaries and attractive benefits packages, making them highly desirable for graduates seeking financial security. Additionally, technology has found its way into nearly every industry, offering graduates from various disciplines the opportunity to leverage their skills in the tech sector.
In response to the growing demand for skilled graduates in the tech sector, universities and educational institutions are adapting their curricula to offer programs that equip students with the necessary technical and soft skills. Prodigy Finance, a leading provider of student loans, has also adapted its focus to cater to students pursuing postgraduate degrees in technology. The company’s annual share of engineering students funded increased from 51% in 2021 to 67% in 2022, reflecting its strategic shift to align with the shifting landscape of employment opportunities.
Prodigy Finance believes in equal access to life-changing education globally and strives to remove financial barriers for students worldwide with their no collateral, no cosigner student loans. Students can apply for Prodigy Finance loans starting from $10,000 and potentially reaching up to $100,000, depending on the program, university, and individual eligibility. Applications are currently open for the fall 2024 intake, providing students with the financial support needed to pursue transformative higher education in the ever-growing tech sector.
