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As per a recent study conducted by the Royal Academy of Engineering, the UK lacks in number of engineering graduates as against the requirement. The study indicates that the UK needs to produce nearly 100,000 STEM (Science, Technology, Engineering and Mathematics) graduates a year to maintain a status-quo, i.e. much effort needs to be put in to increase the STEM graduates rates by nearly 50%. While the UK produces over 23,000 engineers every year, India and China are producing eight and twenty times more engineering graduates respectively.
According to the report, UK would need 830,000 graduate-level STEM experts and 450,000 technicians by 2020, which could not be met by the newly graduating students alone.
Analysis by the Higher education Statistics Agency revealed that a proportion of these STEM graduates choose non-science occupations. This clearly indicates the shortage of engineering graduates to meet the demand. Engineering firms are hunting for candidates with the right qualification but have failed. The condition is getting worse despite the graduate premium for engineering witnessing a rise over the past 10 years, while the general wage premium for graduates has been dropping during the same period.
UK has already been slipping down in the international innovation league tables. It calls for greater involvement to work closely with the industry to support engineering at all levels.