Business students swap banking careers for jobs in consumer goods

Graduates are choosing chocolate, washing powder and lipstick over credit default swaps, structured products and company takeovers.

Fast-moving consumer goods has replaced banking for the first time as the most popular career for business students worldwide, according to an annual survey by professional services firm Deloitte.

Work-life balance emerged as these students' top career goal - something that is hard to find in the banking industry, which is notorious for the gruelling hours endured by interns and young bankers. And it appears that money - once the banking industry's main carrot - no longer holds the same motivation.

Margaret Doyle, head of financial services insight at Deloitte, said: "Money is not the top motivator for business students . . . they place more emphasis on professional training and development than on pay. And they place more importance on high future earnings than on immediate rewards."

Banks' popularity for graduates has been declining since the financial crisis, which tarnished the sector's reputation. The largest drop came in the immediate aftermath of Lehman Brothers' collapse in 2008.

Fewer than two-fifths of those business students considering a career in banking associate banks with ethical standards, the report found.

Applications to Unilever's graduate scheme, where graduates earn a starting salary of £29,000, increased 15 per cent between 2012 and 2014. It offers placements in areas including sales, marketing, supply chain management, financial management, human resources and business and technology management.

"FMCG (fast moving consumer goods) offers a career in everyday stuff that people really understand," says Tim Munden, vice-president HR at Unilever, whose best-known products include Hellman's mayonnaise, Dove soap and Wall's ice cream. "There's something very attractive about that."

Mr Munden believes Unilever's reputation for flexible working - rather than putting in maximum hours in the office - and its emphasis on sustainability, resonate with the current generation.

Deloitte's survey found that FMCG scored particularly well among the growing group of female students, which accounted for 58 per cent of the 174,000 business students in the latest survey.

"Today's graduates are interested in their development," says Gemma Friggens, talent lead Europe at Mondelez International, the maker of Cadbury chocolate and Kenco coffee. "In FMCG there are a lot of diverse opportunities and ability to move around."

At Mondelez graduates earn a starting salary of around £27,000. The company is planning to incorporate more international opportunities in next year's graduate scheme to address growing appetite among applicants for travel.

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