Confronted with stark new evidence that many migratory species are moving closer to extinction, governments at a major UN wildlife conservation meeting today in Brazil agreed on expanded conservation efforts, including new or enhanced treaty protections for 40 species and populations of birds, aquatic wildlife, and terrestrial animals.

Parties to the Convention on the Conservation of Migratory Species of Wild Animals (CMS) adopted several measures to strengthen global or regional conservation efforts of such iconic species as the cheetah, striped hyena, snowy owl, giant otter, great hammerhead shark, and several shorebird species facing steep population declines (listed below).

40 additional species or populations of species on CMS Appendices I (species in danger of extinction) or II (species in need of coordinated international action), which now include over 1,200 unique species under the 47-year-old Convention were identified.

They also approved multi-species conservation plans in the Amazon and other key regions. The week-long CMS COP15 opened with new findings that key indicators for many treaty-protected species continue to trend downward, reinforcing warnings that habitat loss, over exploitation, and infrastructure barriers are accelerating declines across species that traverse national borders.

The conference also highlighted a growing need to address threats such as deep-sea mining, climate change, plastic pollution, underwater noise, illegal wildlife killing, fisheries bycatch, and marine pollution.

CMS COP15 began with strong political and scientific warnings: migratory species are in accelerating decline and international cooperation is required to effectively respond.

CMS Executive Secretary Amy Fraenkel, said: “We came to Campo Grande knowing that the populations of half the species protected under this treaty are in decline. We leave with stronger protections and more ambitious plans but the species themselves are not waiting for our next meeting. Implementation has to begin tomorrow. Expanded protections for cheetahs, snowy owls, giant otters, great hammerhead sharks, and many more, demonstrate that nations can act when the science is clear. Our duty now is to close the distance between what we’ve agreed and what happens on the ground for these animals.”

COP15 outcomes at a glance

15 new Concerted Actions approved:

• Chimpanzee (Pan troglodytes) Behavioral Diversity and Cultures
• Straw-colored Fruit Bat (Eidolon helvum)
• Eurasian Lynx (Lynx lynx)
• Striped Hyena (Hyaena hyaena)
• Sperm whale (Physeter macrocephalus) of the Eastern Tropical Pacific
• Franciscana Dolphin (Pontoporia blainvillei)
• Lahille Bottlenose Dolphin (Tursiops truncatus gephyreus)
• Antipodean Albatross (Diomedea antipodensis)
• Flesh-footed Shearwater (Ardenna carneipes)
• Peruvian or Humboldt Pelican (Pelecanus thagus)
• Magellanic plover (Pluvianellus socialis)
• Sand Tiger Shark (Carcharias taurus)
• Basking Shark (Cetorhinus maximus)
• Blue Shark (Prionace glauca)
• All Devil and Manta Ray species (Mobulidae)

Report on previous Concerted Actions:

• Giraffe: A report of the Giraffe Conservation Foundation on the Concerted Action for giraffes highlighted that the combined number of the four giraffe species increased ~20% from ~113,000 to ~140,000 between 2020 to 2025.

10 new or updated Species-focused Action Plans:

• Regional Action Plan for Jaguar Conservation
• Single Species Action Plan for the Northeast Atlantic and Mediterranean Sub-Population of the Tope Shark
• Multi-species Action Plan for Amazonian Migratory Catfish
• Single Species Action Plan for European Eel
• Conservation Management Plan for Arabian Sea Humpback Whales
• Multi-Species Action Plan for Bustards
• Steppe Eagle Global Action Plan
• Action Plan for Migratory Landbirds in the African-Eurasian Region
• Action Plans for Birds
• Conservation of African-Eurasian Vultures

Endorsed Conservation Management Plan for Arabian Sea Humpback Whales

New initiative on the illegal and unsustainable taking of migratory species (detailed here: Global initiative to address mounting pressures from illegal and unsustainable taking of migratory species announced at UN wildlife conference, www.eurekalert.org/news-releases/1121422)

Groundbreaking new scientific studies and tools unveiled, including

• The Global Assessment of Migratory Freshwater Fishes (detailed here: Vital freshwater fish migrations are collapsing: UN report; www.eurekalert.org/news-releases/1119433

• An Online Atlas of the Americas Flyways (detailed here: New UN-backed atlas maps migratory lifelines of highly vulnerable bird species across the Americas; www.eurekalert.org/news-releases/1121605)

9 new champions of migratory species recognized for their long-term and sustained commitments in supporting conservation initiatives (detailed here: www.cms.int/news/migratory-species-champion-award-honors-long-term-commitments-conservation-initiatives-cms)

Germany, where the CMS treaty was first created in 1979, announced that Bonn would host the 16th Conference of the Parties in 2029, the treaty’s 50th anniversary.

40 species / populations of species added to / upgraded within CMS Appendices I and II

Terrestrial

Added to CMS Appendices I and II

• Cheetah (Acinonyx jubatus) – Zimbabwe’s cheetah population, estimated at 150 to 170 individuals, was . Other populations were already listed on Appendix I.
• Striped hyena (Hyaena hyaena)

Avian

Added to Appendix I and II

• Gadfly petrels (genera Pterodroma and Pseudobulweria):
• 16 added to Appendix II (15 species, plus two subspecies)
• 9 added to Appendix I

Added to Appendix II:

• Snowy owl (Bubo scandiacus)
• Flesh-footed shearwater (Ardenna carneipes)
• Iberá seedeater (Sporophila iberaensis) – added to Appendix II

Added to Appendix I:

• Hudsonian whimbrel (Numenius phaeopus hudsonicus)
• Hudsonian godwit (Limosa haemastica)
• Lesser yellowlegs (Tringa flavipes)

Aquatic

Added to Appendix I and II

• Giant otter (Pteronura brasiliensis)

Added to Appendix II:

• Patagonian narrownose smoothhound (Mustelus schmitti)
• Spotted sorubim (Pseudoplatystoma corruscans) App. II

Added to Appendix I (while maintaining their status under Appendix II):

• Pelagic thresher shark, bigeye thresher shark and common thresher shark (Alopias pelagicus, Alopias superciliosus, Alopias vulpinus)
• Scalloped hammerhead shark (Sphyrna lewini)
• Great hammerhead shark (Sphyrna mokarran)

About CMS Appendices

Appendix I  comprises migratory species in danger of extinction in the wild throughout all or a significant portion of their range. Parties that are Range States to a migratory species listed on Appendix I endeavour to strictly protect them by prohibiting the taking of such species (including the deliberate killing, capture or disturbance), with a very restricted scope for exceptions; conserving and, where appropriate, restoring their habitats; preventing, removing or mitigating obstacles to their migration; and controlling other factors that might endanger them.

Appendix II  migratory species require international agreement for their conservation and management. It also includes species whose conservation status would significantly benefit from the international cooperation that could be achieved by an international agreement. This can include setting common objectives and management measures for shared populations, preparing and implementing joint action plans, coordinating monitoring and research, sharing data and best practices, and working together to conserve and restore key habitats along the species’ migration routes. The aim is to ensure that protection and management efforts are aligned across borders so that conservation gains in one country are not lost in another.

A species can be listed on both appendices when it is endangered and also requires coordinated international action across its migratory range.

At a glance: CMS and COP15

Over 2,600 participants, and 39 resolutions adopted, spanning efforts to strengthening conservation of species, habitats and ecological connectivity to addressing urgent threats such as

The Conference of the Parties (COP) is the governing body of CMS, which meets every 3 years to review progress, add new species under the Treaty, and strengthen actions to address conservation needs as well as continuing or emerging threats. Strong science underpins the COP’s agenda, ensuring that policy discussions reflect the best available evidence on threats, population trends and effective response measures.

Venue: Bosque Expo, Campo Grande, Brazil (bosquedosipes.com/bosque-expo), 23-29 March, 2026

About CMS

The Convention on the Conservation of Migratory Species of Wild Animals is a legally binding international treaty under the United Nations. CMS is one of the most important global frameworks for wildlife conservation and plays a vital role in addressing the global biodiversity crisis.

By fostering international collaboration, supporting research, and developing conservation agreements and actions among the Range States in which these species are found, CMS ensures the long-term survival of migratory species of wild animals and their habitats, and the vital benefits they provide.

132 countries plus the European Union are Parties to CMS. In addition, several non-Party countries have signed one or more binding CMS Agreements to protect migratory species.

Related news releases:

Share of migratory wild animal species with declining populations despite UN treaty protections worsens from 44% to 49% in two years; 24% face extinction, up 2%; https://www.eurekalert.org/news-releases/1118733

Amid new findings that more migratory species of animals are facing extinction nations gather in Brazil to agree on actions

https://www.eurekalert.org/news-releases/1120997

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Uzbekistan is pushing ahead with a sweeping overhaul of financial reporting across its state-owned enterprises (SOEs), as part of a wider campaign to improve transparency, attract investment, and modernize corporate governance.

Under reforms mandated by Presidential Decree No. 4611, a growing number of major enterprises are now required to produce financial statements in line with International Financial Reporting Standards (IFRS). The first wave of compliance, launched in 2021, is beginning to bear fruit, with government officials hailing early successes and promising full adoption across all largest SOEs by the end of 2025.

A recent seminar in Tashkent brought together finance leaders from SOEs, international audit firms, and regulators to share progress and lessons learned. Officials from the Ministry of Economy and Finance noted that 20 major state enterprises are on track to submit IFRS-compliant reports by the end of this year.

Among the most recent adopters is Navoiyuran, the state uranium producer, which has already published two consecutive years of IFRS financials. The company received an unqualified audit opinion from Deloitte, marking a significant milestone. Its statements included fair-value assessments of key assets – an essential step for the company’s ambitions to secure a credit rating from Fitch. As a result, on 13 June Fitch Ratings has published State Enterprise Navoiyuran’s Long-Term Issuer Default Rating (IDR) of ‘BB-‘ with a Stable Outlook. The Standalone Credit Profile (SCP) is ‘BB-‘.

“This is not just about ticking boxes,” said Bobur Abdinazarov, Chairman of UzAssets. “It’s about laying the foundations for greater accountability, market confidence, and eventual investment.”

The IFRS push is part of a broader reform agenda backed by the Asian Development Bank and the European Bank for Reconstruction and Development. Alongside new accounting standards, SOEs are being required to implement governance frameworks covering anti-corruption measures, internal audits, and whistleblowing protections.

The Ministry of Economy and Finance has translated and endorsed more than 60 IFRS documents into Uzbek, while working with the Big Four accounting firms to train finance teams and build capacity. Auditors have been deployed to guide first-time adoption and ensure quality control during the transition period.

In the mining sector, beyond uranium, companies such as Navoi Mining and Metallurgical Complex (NMMC) and Almalyk Mining and Metallurgical Complex (AMMC) have already institutionalized IFRS reporting, with their financial statements audited by Big Four firms for several consecutive years. With a strategic role in Uzbekistan’s gold, copper metals output, NMMC and AMMC is seen as a bellwether for sector-wide financial reform. Greater transparency is a prerequisite for foreign investor interest in the country’s vast mineral reserves.

Uzbekneftegaz, the largest company in the country’s oil and gas sector, adopted IFRS in 2018. Its financial statements for the year ended 2024 were issued in April 2025, setting a new benchmark for accelerated financial reporting among SOEs. This marked a significant improvement, as the company had historically released its audited financial statements in July. Other key sector players, including Uztransgaz and Hududgazta’minot, also report under IFRS. However, significant delays persist in their period-end closing and issuance of audited IFRS financial statements, which limit the flexibility for those companies to have efficient communication with investors. The reforms are seen as critical to attracting capital for infrastructure upgrades and gas export expansion.

In manufacturing, the state has earmarked enterprises in textiles, chemicals, and automotive production for IFRS alignment. Firms such as UzAuto Motors, a key employer and export contributor, have been issuing IFRS-based financials for several years as part of broader engagement with capital markets and preparation for future privatisation initiatives.

The energy sector, which comprises strategic and infrastructure-related assets is undergoing a fundamental transformation. Following the unbundling of Uzbekenergo in 2019, the sector was restructured into separate entities for generation (Thermal Power Plants JSC), transmission (National Electric Grid of Uzbekistan JSC), and distribution (Regional Electric Networks JSC). These entities have been publishing IFRS-compliant financial statements for several years and are actively preparing for partial privatization as part of Uzbekistan’s broader energy sector reform agenda.

The transport and logistics sector, particularly Uzbekistan Railways and the national airline Uzbekistan Airways, is also part of the IFRS drive. IFRS-based reporting has already become standard practice for Uzbekistan Airways, positioning the company among SOEs in terms of financial transparency. Uzbekistan Railways, after undergoing diagnostic assessments and internal restructuring, is set to publish its first IFRS-adopted financial statements by the end of 2025. These efforts aim to enhance transparency, financial accountability, and investment attractiveness across one of the country’s most capital-intensive sectors.

Yet challenges remain. Some enterprises are struggling to find qualified personnel, and the rollout of modern internal controls has been uneven. In many cases, there are still significant delays in the preparation and issuance of audited financial statements. To support transparency, improve oversight, and build investor confidence – particularly in the context of upcoming privatizations – a fast financial close process and full transition to IFRS are essential. Observers caution that sustained political will – and continued investment in governance systems – will be crucial to meeting the 2025 deadline.

Still, the government insists it is on track. “We are building a culture of financial discipline,” continues Mr Abdinazarov. “And that starts with telling the truth on the balance sheet.”

As Uzbekistan’s state sector prepares for potential privatisations and greater engagement with international markets, the ability to produce credible, transparent financial data could prove critical. With the 2025 deadline looming, all eyes will be on whether this ambitious shift from former government secrecy to global accounting standards can hold.

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Their principles – integrity, fairness, stewardship and accountability – would not be out of place in any modern ESG policy. But theirs was not a response to regulatory pressure. It was a matter of conscience.

Quakers were excluded from many professions due to their refusal to swear oaths, bear arms or conform to the established church. In response, many turned to trade, where their reputation for honesty became a competitive advantage. But more than that, they saw business itself as a moral endeavour – a way to serve society while making a living.

The most visible legacy of Quaker commerce lies in chocolate. Firms such as Cadbury, Fry’s and Rowntree became household names not just because of their products but because of how they treated people. Cadbury’s Bournville estate, built for factory workers near Birmingham, offered decent housing, schools, healthcare and green spaces – a deliberate rejection of the slums that surrounded most industrial sites. Joseph Rowntree went further, establishing charitable trusts to tackle the root causes of poverty. These were not philanthropic add-ons; they were integral to the business model.

Other Quaker-founded firms took a similarly progressive approach. Clarks Shoes, established in Somerset, offered fair pay, safe working conditions and resisted child labour – at a time when such practices were rife. Huntley & Palmers, the biscuit makers of Reading, built a company town with employee education and welfare baked into its structure. Even the world of finance was not immune: the early incarnations of Barclays and Lloyds banks were shaped by Quaker principles of prudence and trust, serving communities before shareholders.

What these firms shared was an instinctive sense of what is now described in ESG terms. Environmental concerns were framed as stewardship – a duty to care for the land and use resources responsibly. Social impact was felt in the way workers were housed, fed and educated. Governance was often collective and transparent, rooted in the Quaker tradition of decision-making by consensus. None of this was encoded in formal policies. It was lived practice, sustained by a belief that business could be a force for good.

Today’s ESG frameworks are more structured and more scrutinised. Investors demand disclosure. Regulators demand compliance. Critics question authenticity. Yet the challenges remain remarkably similar: how to make profit without exploiting people or planet; how to lead with integrity in the face of pressure to grow; how to balance short-term results with long-term consequences.

The Quaker experience offers both inspiration and caution. These were not perfect companies. Some, like Barclays, grew beyond their roots and left their founding values behind. Others were absorbed into larger conglomerates where social purpose became harder to sustain. But their legacy matters. They demonstrate that ethical business is not a new idea, nor a fringe concern. It has deep roots in British commercial history – and it worked.

In an age where ESG is often treated as either a marketing exercise or a compliance burden, the Quaker tradition offers something more radical: a vision of business as a moral enterprise, judged not just by how much it makes, but how it behaves.

If you’d like to learn more about ESG, there are lots of resources on the ESG Foundation’s website to explore:

Keeping Current: https://esgfoundation.org/keeping-current

The ESG Podcast: https://esgfoundation.org/esg-podcast

ESG Reports Showcase: https://esgfoundation.org/reports-showcase

The ESG Reporting App: https://reportingapp.esgfoundation.org/login/?redirect_to=https%3A%2F%2Freportingapp.esgfoundation.org%2F

(Image credit:Pexels.com)

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This future voluntary reporting standard for SMEs with less than 1,000 employees will also act as a “value-chain cap” to protect SMEs and other companies not subject to mandatory reporting under the CSRD from excessive information requests from their value chain partners: https://ec.europa.eu/commission/presscorner/detail/en/ip_25_1843

The voluntary standard for SMEs (VSME) was developed by EFRAG, the Commission’s technical advisory body for sustainability reporting.

The Commission encourages large companies and financial institutions that seek sustainability information from SMEs to base their requests on the voluntary standard as far as possible. SMEs may also wish to voluntarily report sustainability information to improve their access to sustainable finance and better understand and monitor their own sustainability performance, thereby improving their resilience and competitiveness.

For companies with up to 1,000 employees, the Commission proposed a voluntary reporting standard which will be adopted by the Commission, based on the recommendation which has now been adopted. Available here: https://www.efrag.org/sites/default/files/sites/webpublishing/SiteAssets/VSME%20Standard.pdf

The ESG Foundation’s ESG Reporting App for small businesses has been developed to help SME business owners and entrepreneurs embed ESG into their business plans. The ESG Reporting App is free. If some of the questions are not applicable that’s fine. The Foundation’s purpose is to encourage you to think about how ESG principles can make your world better: https://reportingapp.esgfoundation.org/login/?redirect_to=https%3A%2F%2Freportingapp.esgfoundation.org%2F

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The Global ESG Landscape: A Mixed Picture

Companies Scaling Back on ESG Efforts

1. Disney
   Under political pressure in the U.S., particularly around social and governance issues, Disney has reassessed its ESG positioning. Environmental targets remain, but reductions in social commitments raise questions around corporate governance, risk disclosures, and stakeholder reporting. For accountants, this presents a case study in how non-financial risks can affect company value, especially as regulators look more closely at how companies define and disclose material ESG risks.
2. ExxonMobil
   As energy prices soared in 2023, ExxonMobil and other oil majors were rumoured to be easing their ESG ambitions. This shift can alter how accountants assess provisions, asset impairments, and long-term liabilities linked to environmental risks—key knowledge areas in corporate reporting and audit. Investment analysts and pension trustees may adjust risk weightings and stress tests accordingly, directly influencing asset allocations.
3. BlackRock
   The world’s largest asset manager continues to champion ESG principles but has adopted a more cautious tone amid U.S. political pushback, including from Donald Trump and Republican state treasurers. Accountants working in or with asset management must be alert to how changing ESG strategies influence fund allocation models, risk reporting, and performance metrics—especially for clients with fiduciary duties like pension funds. Additionally, the increased politicisation of ESG means that accountants must be prepared to assess reputational risk alongside financial disclosures.

Companies Strengthening Their ESG Commitments

1. Patagonia
   Still a gold standard for sustainability, Patagonia’s ESG transparency sets an example for ethical sourcing and climate accountability. For students and trainees focusing on sustainability assurance or integrated reporting, Patagonia exemplifies how ESG narratives can translate into brand value and investor confidence. As reporting frameworks demand more detailed, audit-ready disclosures, such companies help set the benchmark for what good looks like.
2. Unilever
   Unilever’s “Climate Transition Action Plan” reflects a serious commitment to ESG integration. For accountants, this links directly to the increased adoption of climate-related financial disclosures (TCFD), scenario planning, and ESG-related KPIs. For those entering advisory, audit, or risk management roles, understanding how to evaluate the credibility and financial impact of such plans will be an essential skill.
3. Microsoft and SAP
   These tech giants have pledged to be carbon negative by 2030. Their proactive approach to ESG enhances investor trust and ensures early compliance with emerging global standards such as the EU CSRD and IFRS S2. Accountancy professionals involved in financial planning, audit, or reporting will increasingly need to assess and validate carbon data and transition plans as part of due diligence and assurance processes.

The Rising Tide of ESG Reporting

In 2023, ESG reporting surged significantly, driven by:

• The EU Corporate Sustainability Reporting Directive (CSRD), requiring large and listed companies to provide detailed, audited ESG data
• The SEC’s proposed climate disclosure rules in the U.S., aimed at mandating climate risk disclosures in financial statements
• The launch of the IFRS Sustainability Disclosure Standards (IFRS S1 and S2), bringing consistency and comparability to ESG reporting globally

For accounting professionals, this marks a structural change in the reporting environment. Sustainability disclosures are now entering the realm of statutory reporting, moving from voluntary to mandatory across many jurisdictions. Part-qualified accountants must be ready to understand and apply these standards, particularly in relation to materiality, double materiality, and assurance over ESG metrics.

Looking ahead to 2025, ESG reports will become more detailed, auditable, and aligned with international standards. This is already influencing how pension funds assess long-term investment risk and how companies are benchmarked in financial models. ESG literacy will soon be a minimum requirement for roles in audit, corporate finance, financial planning, and consultancy.

Key Takeaways for Part-Qualified Accountants and Students

• Be ESG-literate: Understanding how ESG affects financial reporting, audit, investment decisions, and stakeholder communication is becoming essential.
• Know the frameworks: CSRD, IFRS S1/S2, TCFD, and GRI are no longer niche – they are core to reporting, both now and in the future.
• Understand investment relevance: ESG risks can materially impact valuations, cost of capital, and pension fund asset allocations.
• Think career-wise: Whether you’re heading into audit, corporate reporting, financial advisory, or risk, ESG competence will enhance your employability and strategic value.
• Sharpen ethical judgement: ESG data is still subject to interpretation. Professional scepticism, a cornerstone of accountancy ethics, is critical in evaluating narrative and numerical disclosures.

Conclusion: ESG Isn’t Optional – It’s Evolving

Despite political resistance, including from figures like Donald Trump, ESG principles are being embedded into global regulatory frameworks and investor expectations. For accountants – especially those in training – this represents an opportunity as much as a challenge. The profession is being called upon to uphold transparency, ensure accountability, and provide insight into how companies are responding to environmental and social change.

For those entering the workforce now, ESG awareness isn’t just a box to tick – it’s a cornerstone of future-proof finance careers. Whether you’re preparing for your next exam or stepping into the profession, make ESG part of your toolkit.

You can subscribe to PQ magazine for free. Here’s a link to this month’s issue: https://issuu.com/pqpublishing/docs/pq_magazine_august_2025

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Surely that’s great, isn’t? Well, not really.

In this morning’s ‘Deloitte Monday Briefing’ they’ve taken a look at UK graduates’ prospects:  “We start with three facts about UK higher education. UK graduates earn far more than non-graduates over their lifetime, are more likely to be in work and are far more likely to work later in life.

“How, then, can we explain newspaper stories about graduates earning less than they would have done had they not gone to university, being unable to find work and doing jobs that don’t require a degree?

“Here’s our view on what’s happening.

“Graduates do, indeed, earn more than non-graduates on average. A 2020 study by the Institute for Fiscal Studies (IFS) found that after allowing for previous educational attainment and the cost of a degree, the average male or female earns about 20% more over their lifetime as a result of having a degree.

“That generalisation hides some important caveats. Earnings vary, especially by degree subject. The IFS estimates that over their lifetime, male graduates in creative arts will be £169,000 worse off than had they not gone to university. At the other end of the spectrum male medical students achieve a return of over £1 million.

“Where you go to university matters. The last 50 years has seen a tripling, to 147 institutions, in the number of accredited UK universities. Male graduates of the 34 Russell group universities earn, over their lifetime, more than seven times as much as the least selective universities.

“The class of degree plays a role, too. The IFS, for instance, estimates that in law and in economics, a graduate with a 2:1 degree earns 15% more than someone graduating with a 2:2.

“On average, graduates earn more than those who don’t go to university, but the IFS also found that roughly one in five graduates will see a negative return from going to university.

“Whatever the uplift to earnings from having a degree, it seems to have narrowed. A number of studies suggest that the graduate premium – or the excess income earned by a graduate over their lifetime – is shrinking. Data from the Department for Education (DfE) shows that for graduates aged 21–30 the premium over non-graduate pay fell by one-third between 2007 and 2024. (Even more alarmingly, the data shows that real median graduate pay for the 21–30 age group dropped by 9% over this period.)

“One obvious explanation for the waning of the graduate premium is an increase in the number of people with degrees. In 1950, just 3.4% of 17–30-year-olds went to university in the UK. By the year 2000, the proportion had risen to 33%. Today about half attend university.

“Competition for graduate jobs has sharpened, with data showing consistently weaker growth in graduate job vacancies than for the overall job market since 2021. The Institute of Student Employers reported that last year businesses received an average of 140 applications per graduate position, the highest since records began in 1991.

“A sharply increased supply of graduates has coincided with a squeeze on graduate pay in the public sector and with sharp, real terms increases in the minimum wage. The inevitable result has been a narrowing of the graduate premium.

“If this weren’t complex enough, we need to acknowledge a risk of relying on averages when looking at the graduate premium. If, as seems to be the case, more recent graduates earn less than their predecessors, averages, based on earlier cohorts of graduates, provide a flawed picture of what a degree is worth today.

“So what conclusions can we draw? The uplift to having a degree is significant, subject- and institution-dependent, and appears to have narrowed. Graduates are more likely to be in work than those who didn’t go to university, but competition for jobs has intensified and more graduates are doing jobs that do not require a degree. Whether these trends are temporary is hotly debated.

“It would help to have better information. We don’t have high quality, timely data on the uplift to earnings and job prospects conferred by a degree (as distinct from pre-18 educational attainment and potential) by subject and by institution. Given that half of young people go to university, this seems like a gap. We end with a perhaps obvious caveat. This briefing has been about income and jobs. Important though they are, they provide a very incomplete measure of the value of a university education to the individual or to society.”

To subscribe and/or view previous editions just google ‘Deloitte Monday Briefing’.

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