Banking graduate jobs may be easier to land if applicants have evidence of work experience, it has been claimed.

Dr Paul Redmond, head of careers at the University of Liverpool, told the Times that the concept of "employability" was changing and the value of qualifications alone is starting to fall.

"As in any buyer’s market, the trick is to set your product apart from the competition," he said.

"To be employable, we’ve developed a formula. A degree by itself isn’t enough: you need work experience, you need contacts, you need skills."

Mr Redmond’s comments follow reports that young graduates are paying for work experience opportunities by way of auction.

The Times states that six different one-week placements were auctioned at an event last week, with bids reaching £3,700 for work experience at Conde Nast, £3,000 for a period at Ecosse Films, and £1,100 for a placement at financial consultancy Pelham Bell Pottinger.

Meanwhile, over 50 universities have utilised the government’s £13.6 million fund to create internships in small businesses, an initiative that forms part of the Backing Young Britain campaign.

The new programme aims to support small businesses in a bid to encourage them to take on a graduate intern.

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