The report Life as a professional is based on a survey of 2,448 young people and their parents. It has been compiled to coincide with Professions Week.
It suggests that a large number (86%) of parents are happy to give careers advice to their children. Of those who aren't, the majority (60%) are reluctant because they don't feel that they know enough.
Parents from "lower" socio-economic groups are generally less likely to give their children advice. Additionally, only 45% of children from these backgrounds believe they will "probably" go to university, compared to 83% from more affluent backgrounds.
A section in the report reads: "Where aspirations are low this appears partly due to lack of information, not negative perceptions." CMI director of strategy Petra Wilton added that with the UK in need of one million additional managers "in the next five years alone", improving careers advice for young people is key.
"That means making employability a priority in education, so young people know what’s needed for a professional career and have the information they need to make the right choices about their studies," she said.
Professions Week chair Sarah Hathaway highlighted the need to offer high-quality careers advice for "both young people and their parents".
"Professional bodies can help by providing accurate information for careers advisers and online sources, however there is a need for a co-ordinating role between individual advisers, their schools and colleges, professional bodies and employers," she said.
