Job prospects for university graduates in 2014 have hit their lowest point in more than 20 years, a new survey shows.

The 2014 Australian Graduate Survey shows 32 per cent of graduates looking for full-time work had not found a job four months after completing their degree.

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According to a Fairfax report, this replaces the previous 1992 record when 29 per cent of graduates were looking for work.

The survey of 100,000 students shows employment prospects for graduates have failed to recover following the 2008 global financial crisis.

Before the crisis In 2008, 85 per cent of students had found full-time work after completing their degree, compared to just 68 per cent this year.

Starting salaries for graduates have also been falling since 2000, with the average starting pay for graduates in 2014 just 74 per cent of the national average for men.

Medicine and engineering students were the most likely to find jobs, with 97.5 per cent and 82.8 per cent in full-time employment respectively.

Chemistry and visual/performing arts students has the lowest employment rates of 57 per cent and 44 per cent.