Cambridge University: The most popular with business employers

The survey, involving 229 leading employers, also indicates that almost three-quarters of them target specific universities in their hunt for talented graduates.

An earlier piece of research by the AGR and the Financial Times suggests that traditional universities with long-standing reputations for excellence - led by Oxford and Cambridge - are still those most favoured by many top firms.

But, Mr Gilleard says, the focus is shifting away from the emphasis on this tradition in some industries, such as engineering and information technology, in which the syllabuses followed by students have a greater importance.

Top 10 universities targeted by businesses

Cambridge Oxford Imperial Manchester Leeds Warwick Umist Nottingham Loughborough Bristol

He said: "One of the exciting things is the development of the internet, which means employers can keep track of students by e-mail and follow them around.

"It also means that students from all universities have access to companies through their websites, and there is less need for employers to decide to target specific universities."

Salaries

The research indicates that 75% of employers use the internet to describe vacancies, 60% to advertise specific vacancies, and 46% to receive application forms from candidates.

Hard at work - and hoping it will pay off

It suggests that the average starting salary for graduate recruits this summer is �18,300 - a 4% rise since last year.

But it says that graduate salaries vary wildly, from about �13,000 in the insurance industry and public sector, up to about �28,500 in legal services.

The research findings also suggest that graduate vacancies will rise by 15% this summer - despite the fact that nearly 30% of organisations are intending to cut their graduate intake.

Mr Gilleard said: "It is very difficult to generalise about the graduate recruitment market.

"All the evidence shows that gradates earn a significant amount more in a lifetime than non-graduates.

"Women graduates fare even better in comparison with women without degrees, as the earnings of women non-graduates are so low.

"Going to university is an investment. Students do have to make sacrifices, but the returns in terms of salary are good."