Graduate recruiters are receiving fewer applicants for each vacancy and are having to offer higher starting salaries, according to new figures.

The Association of Graduate Recruiters (AGR) say the average number of applicants per vacancy has fallen to 32.9 from 37.6 last year, with accounting and professional services having some of the most under-subscribed vacancies.

However these sectors have shown some of the fastest rises in graduate salaries, offering around £22,000 to new recruits.

Carl Gilleard, chief executive of the AGR, said: “There has been growth across the board, but particularly in the IT and investment banking sectors where there has been a degree of catch-up following a couple of lean years.”