The class of 2009 is likely to have to consider its career choices much more carefully before entering work.

PricewaterhouseCoopers, the accountancy firm, reports a “career crunch”, with 81 per cent of graduates concerned about their job prospects and 42 per cent expecting lower salaries than previously hoped for.

Concerns about the future of certain sectors are also affecting their choice of career. Research from the Higher Education Careers Services Unit (Hecsu), a research charity, suggests that as early as last year, graduates were swapping plans to work in the finance sector for careers in the public sector.

In 2007, the number of graduates entering financial services dropped by 2.7 per cent, after a 1.1 per cent increase in 2005-06. The numbers entering occupations related to social care rose from 4,765 in 2004 to 6,135 in 2007. The number of graduates going into health professions rose by 2.7 per cent over the previous year and it has risen by 8.7 per cent between 2004 and 2007.

Charlie Ball, the deputy director of research for Hecsu, expects to see the number of people going into health and social work rise as the downturn bites. He said: “The graduates in this survey would have been well aware of what was going on in the economy. Now the situation is much more serious.”

Sian Thomas, the director of NHS Employers, the health service’s representative body, said: “The public sector always attracts more people in a downturn. Average salaries are now only 0.1 per cent lower than in the private sector.” The popular image of the public sector is as a safer haven, Ms Thomas said. “Without a doubt there is a perception that the package is more secure,” she said. “However bad things get, there are always going to be jobs in the public sector.”

The NHS is the largest employer in Europe. It is also more commercial than ever before. Although many new joiners seek vocational careers, others seek jobs that let them use their business acumen, Ms Thomas said.

Graduates leaving financial services for the NHS bring transferable skills, such as performance management, designing contracts and building client relationships to NHS procurement roles, “making sure the health services we offer match the needs of the local population and that resources are used in the right way”. Graduates interested in finance could find themselves managing portfolios of cash and property investments for a hospital trust, for example.

Mike Wardle, the chief executive of the General Social Care Council, which registers social workers, said that government bursaries of £3,000 a year for those taking a new degree in social work were boosting numbers. However, more than half of new recruits were professionals making a “definite career change”, he said. More than the perceived stability, Mr Wardle cited the public sector ethos of giving something back to society as being behind the rise in recruits.

The downturn could be good news for teaching, as well. According to The Economist, graduate unemployment also leads to a surge in applications for teaching. Visits to the website of the Training and Development Agency, which oversees teacher training, are up a third on last year.

Times Recommends

• Gazprom brands Ukraine 'a barbarian' in gas row
• Services sector raises fears over UK jobless
• Retailers surge as profits survive sales plunge