Many companies use the top two classes of honours degree as the standard for selecting graduates, causing shortfalls in recruitment, it has been suggested.

According to a review conducted by the Association of Graduate Careers Advisory Service, 43.4% of employers surveyed reported that there are insufficient graduates with the right qualifications.

Commenting on the findings, Elspeth Farrar, communications director of AGCAS, said: "In the past [firms] would have been happy with students who had 2:2s. Now [they] are saying 'we have got to have a first or a 2:1’."

Such organisations could have well-qualified, very capable students coming on to their recruitment schemes but they are rejecting them in the early stages by using firsts or 2:1s as a "benchmark", she added.

Recent figures produced by Income Data Services suggested that, while the current outlook for graduate vacancies remains optimistic in general, finance firms are planning on taking on 14.7% fewer graduates this summer.