As news of the UK’s historic referendum continues to reverberate around the world there have already been dire pronouncements as to what the result will mean for the young people and their job prospects.
The financial services sector in particular is reeling, with speculation as to how many workers US investment banks will need to relocate from The City to Frankfurt, Madrid and Dublin.
However, it may not be as bad as all that. Here are five reasons why you shouldn’t be giving up on that dream job just yet…
1. New, specialist roles
A new European business landscape should create new jobs in a few interesting places.
UK companies have thrived on free trade and the freedom to move resources back and forth from the continent at their leisure.
Without these assurances in place they may have to set up European subsidiaries in order to keep things flowing. The same goes for foreign organisations looking to maintain ties with UK businesses and consumers.
The need for new business frameworks should mean plenty of work for investment banks in areas such as M&A and capital markets.
Lawyers will also be needed to unpick the many complex regulatory issues involved, with investment banks needing to expand their own legal teams to navigate this new jurisdictional minefield.
The same goes for regulatory advisors and consultants, most commonly found at the Big Four as well as other major professional services firms.
2. Linguists wanted
There’s an often-cited argument that learning other languages is a waste of time. Everyone speaks English – it’s the de facto language of global business, just as London is financial capital of Europe.
However, noises coming out of the European Parliament suggest that a UK-less EU is likely to push languages such as French, German and Spanish to the fore.
UK employers are likely to be on the lookout for graduates with the language skills and cultural understanding to do business overseas.
3. Global opportunities
As the distance between the UK and its close neighbours widens businesses will hopefully look for new customer and partners, casting their net wider to other parts of the world.
Emerging markets such as China, India and Brazil offer significant long-term opportunities for trade and foreign direct investment. The UK has already started to court these markets and will now have an added incentive to do so.
Rather than Milan or Paris, you could be looking forward to secondments or rotations in São Paolo or Mumbai.
4. Innovation, innovation, innovation
A key argument for Brexit in the run-up to the referendum was that the UK would be able to assume greater self-determination over patenting and product development.
The inventor James Dyson was one of the most prominent backers of the Leave campaign. He felt that exiting the EU would grant businesses greater freedom to fast-track products away from Brussels’ watchful eye.
London is already one of the major start up hubs of the world and is a key centre for the FinTech, medical technology and engineering sectors in particular.
In an ideal scenario, the UK will be able to challenge the US as a leading centre for innovation and entrepreneurship.
5. There’s life in the economy yet
While the impact of Brexit is likely to be acutely felt by the economy and the job market in the short term, there is a good chance that the UK will muddle through over the coming months and years.
After all, it’s not the first time the British have come up against major challenges, the country having come through the economic strife and mass unemployment of the 1970s and 80s, as well as the 2008 financial crisis.
The UK has always emerged in one piece, arguably in better shape than when it went it. Here’s hoping history repeats itself.