In this economic climate, with such high rates of graduate unemployment, should school leavers give far greater consideration to vocational qualifications?
Public debate over youth unemployment has taken on a new urgency of late. April's ONS announcement that close to one million young Britons are without a job placed a renewed focus on whether or not the educational establishment is providing them with work-ready skills.
Sadly though, youth unemployment is hardly limited to unqualified school leavers: it now extends to many of Britain's brightest and most able young people. A recent report from the Centre for Economics and Business Research (CEBR) and the Association of Accounting Technicians (AAT) revealed that graduate unemployment rates are hovering at nearly twice the national average and a new phenomenon underemployment is now blighting our nation's young people. Too many recent graduates have ended up in low paid, menial jobs that they didn't need a degree for. The CEBR/ AAT report found that four in 10 of our university elite are currently trapped in a low-skilled or menial job.
It would appear that a university education does not automatically lead graduates to the promised land. So what are the alternatives for parents hoping their children will become successful lawyers, accountants and engineers – the 'white collar careers' many people aspire to.
The most promising alternative lies in high-quality vocational qualifications. McDonald's – one of the world's largest employers – recently made headlines for praising on-the job learning as an alternative to university, one in a growing chorus of corporate voices offering routes to the top for school leavers without degrees. Their report was met with the usual snobbery, allegations of "Mcjobs" and the thinly veiled suggestion that it's perhaps a good option for other people's children.
But you ignore the possibilities of jobs offered by forward thinking companies like McDonalds at your peril. High-quality vocational qualifications and on the job learning can be the best option for many of the most talented students.
However, the vocational path is not a panacea and there are a few significant issues that need to be addressed.
First, we need to make the distinction between soft vocational subjects and rigorous, high-quality courses that both equip young people with the skills employers demand and offer a direct vocational path to senior management.
Second, we need a vocational equivalent to the Higher Education Statistics Agency that tracks quality and employability rates for universities. With the plethora of vocational qualifications available, it is high time that further education introduced a standardised auditing system that allows young people and their advisors to identify the best options available.
And finally, whilst it is encouraging to hear David Cameron pledge to fix our country's schools problem, his government must live up to their commitment to create more apprenticeships to help students combine their qualifications with valuable on-the-job training. If young people are to reap the full benefits of high-quality vocational qualifications, the paradigm shift away from university must also be felt at the very top.
• Jane Scott Paul is chief executive of the association of accounting technicians (AAT)