Is the graduate scheme path right for you?
Applying to a highly-competitive graduate position to jump-start your career straight out of uni remains one of the most popular pathways for aspiring early professionals. But, is it the right path for you?
A graduate scheme is:
A structured training programme run by companies, which aims to develop graduates from the onset to become future managers and leaders of the organisation
Typically annual or semi-annual intakes (usually starting in Autumn or Spring), depending on staff turnover and business demands
Usually spans 1 - 3 years depending on the company and role, and may be rotational across a number of business functions or departments within the company
Can sometimes be coupled with studying for a professional qualification that is needed to to perform the role, post the graduate scheme (e.g. the ACA qualification to become a qualified auditor at one of the Big 4 accountancy firms, often done over the three years of the Audit programme)
Highly-competitive, due to the limited number of vacancies versus the number of candidates applying to those roles
Recent graduates or current final-year undergraduates may apply to these roles
Should you consider a graduate scheme?
The graduate scheme option may not be suitable for everyone, and there are of course alternative ways to start a career in your chosen field. However, there are still many benefits in going down this path.
A structured programme can help to steer you in the right direction early on in your career:
Grad schemes are typically structured to ease you into a certain role or sector, with a training syllabus that is designed to upskill you throughout the course of the programme. Not all of us are naturally independent learners, and it may be daunting to navigate a new job straight out of university without having any prior experience in the workplace. With the ‘graduate’ title, as well as support from the graduate programme team (which is usually accompanied by a whole host of other resources and initiatives to help in your development), this may benefit you coming in to the firm and the role, and can give you invaluable opportunities to learn and make mistakes at the very early stages of your career.
This can be especially important in a more technical role where you have to balance your learning of both the ‘hard’ skills (e.g. analytical skills, financial modelling, programming languages) and the ‘soft skills’ or people aspect of things (e.g. getting to know the people in your team and the wider company, and getting used to the work culture and how things are done at the firm).
The rotational nature of graduate schemes can help you get an overview of the business:
As grad schemes are usually rotational (i.e. you will get the opportunity to move around different parts of the organisation and try different roles/placements), this allows you to be a generalist from the start and get a holistic overview of how your company operates. This also allows you to figure out what part of the firm you want to specialise in, and there is usually the option to apply to the team/department of your choice at the end of the programme.
For instance, if you did a commercial banking graduate scheme at one of the big banks, you would likely be rotating every 6 months to a different team and at each placement, learn about different clients, products, and work with a range of colleagues.
If you did a Consulting graduate scheme, there would also usually be opportunities to rotate across different sector teams, or do secondments within internal, non-client facing teams at the firm, such as the internal Innovation, Finance or Recruitment/Talent teams.
Conversely, if you didn’t join the company on a graduate scheme, you may find that you have to commit to a specific team or sector specialisation right from the start.
Accelerated progression internally (and sometimes, externally):
Since grad schemes are intended to develop and mould future leaders of the company, there is a possibility to have an accelerated career progression within the firm if you do well and prove yourself as a star performer of the programme. Having the extra time to build your networks within the company before you ‘graduate’ from the programme and join the pool of other colleagues could be very beneficial for someone aspiring to progress up the ladder.
Similarly, if you choose to leave the company later on, having completed a graduate scheme for a top firm can look very good on your CV. Given that graduate schemes are so competitive and coveted, even managing to secure an offer for one implies you have the right attitude and aptitude.
Salary and benefits
Generally speaking, a graduate scheme tends to offer a higher salary than an entry-level role at the same company. This is partly why the positions are so highly sought after and why there is so much demand from the job market. Companies are only interested in the best graduates for these roles, and, these highly-competitive positions have attractive salaries and benefits packages to match and attract those candidates.
Alternatives to the graduate scheme path
If you’re looking to work in a start-up, where progression pathways are less structured, then the concept of a graduate scheme may not apply. Instead, you would likely join the company at an entry-level and it would be up to you to determine your path and trajectory in the company, through your own navigation.
Similarly, if you’re know what you want to specialise in from the beginning of your job search, then the rotational nature of a graduate scheme may not be relevant for you. In this case, it may be more suitable to apply to the specific role and team directly.
Securing a graduate scheme remains the best pathway for international students to work in the UK
If you’re an international student reading this, you would probably already be aware that securing a grad job at a top firm is the best way to be able to work in the UK. These schemes usually take a significant number of international students and are able to sponsor work visas, due to the high salaries on offer.
Applying?
If you’re a final year undergraduate (international or otherwise), and are applying to graduate schemes this year, do feel free to get in touch with us a free consultation.
