A drop in graduate job prospects, particularly at former polytechnics such as Bournemouth, Nottingham Trent, Leicester De Montfort and London South Bank, where fewer students were in skilled jobs or further courses after completing degrees.
Many universities are bucking the economic downturn by spending more money on student facilities and ensuring smaller class sizes, suggesting undergraduates are increasingly being seen as demanding "customers" in the era of higher fees.
The number of students gaining good degrees a first or 2:1 differed hugely between institutions, with 91 per cent doing so at Oxford compared with just 34 per cent at London South Bank.
Bernard Kingston, the principal author of the guide, which has been producing the league table for almost 15 years, said rises and falls in the rankings were largely driven by the recession.
"Some universities have been able to maintain their share of so-called graduate jobs, either because of their strong reputation among employers, or through the efforts they have made to overcome the effects of the recession,'' he said.
"In other cases graduates are clearly trading down to find work in areas that are not defined as graduate employment."
Imperial College London was rated third for the second year running, while the London School of Economics and Durham made up the top five.
For full tables see: www.thecompleteuniversityguide.co.uk
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