Having a degree is "pointless", according to 10 per cent of employers, while 61 per cent of businesses value experience over academic qualifications.

That is according to a new survey of more than 1,500 managing directors across the UK conducted by StudentGems.

With more than 3 million people currently studying for degrees across the UK and unemployment high among graduates, many may struggle to find a job after finishing their course.

Two fifths of employers (41 per cent) said they preferred vocational over academic qualifications, which could mean that more people consider professional qualifications, which can be a good route to a career in banking or finance.

Sue Harrison, founder of StudentGems said: "With the current economic climate, job vacancies are receiving large amounts of interest and it is becoming more and more competitive – a reason many graduates are struggling to find jobs relevant to their degrees."

This week, new figures from High Fliers Research showed that the number of jobs in investment banking is set to rise by a third this year.

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