Glad to see that I'm not alone. I've been fortunate enough to fund a Masters in a vocational discipline (which I start in October), even so, I'm sick and tired of getting rejected, and I'm horribly afraid that I won't be able to get a job even after spending another 15k. I graduated with a 2:2 in Maths from one of the top four universities in the country, and it seems like not many people care for it.
The lesson learned in hindsight? Stay away from academic subjects. No one gives a s*** about them in today's climate. For every grad scheme or big firm job you've probably got several applicants with highly specialised relevant degrees and perhaps relevant work experience, how can a generic academic degree compare to that? Without nepotism it seems close to impossible to get a first job with an unrelated degree.
I'm personally hoping to apply for grad schemes in September onwards, but I've not got high expectations as even with an MSc I think a 2:2 is going to put me at a disadvantage, and I'm not particularly good with bull****ing at these HR interivews (although I'm hoping to practice over summer).
As someone said ealier on (which I only recently found out), there are in fact LOTS of smaller companies that recruit people, typically from January to May after the big grad schemes have closed. My advice to anyone struggling to get a first job with an academic degree or a 2:2 is to perhaps look to specialise in a vocational qualification, some degrees are even completely funded! Also, stay away from the big companies that have grad schemes and are on the Top100 employers and so forth, these are advertised so much they are bound to be more competitive. Instead trawl through the internet for smaller companies that no-one has heard of, the chances are their recruitment process will be a lot simpler and less competitive.
Also, (and this is the hardest part for me), be PATIENT. At this time of year there will be very few jobs available, and even from September to December it will mainly be the big firms recruiting for grad programmes. Instead, do the research and practise on interview techniques for when the job adverts do start coming out.