If you have recently finished university you may have thought about applying to graduate schemes as a next step. But what exactly is a graduate scheme? How does it work? And how do you apply? In this article we cover everything there is to know about graduate schemes to help you take the first steps of your career.
What is a graduate scheme?
A graduate scheme is a structured training program that is specifically designed for graduates in the early stages of their careers. It is an entry to the workforce, and for many, their first job.
Generally, graduate schemes will come with a competitive salary, a clear career path, resources for training and development. Graduate schemes give graduates the opportunity to gain hands-on experience and take responsibility right from the start.
Some graduate schemes operate on a rotational basis where graduates will gain experience across a range of departments within the company. This provides graduates with broad experience and a deeper understanding of how the company operates. Rotational graduate schemes are especially helpful for graduates who don’t know what they would like to specialise in.
How long does a graduate scheme last?
Graduate schemes vary in duration. Typically, they last between one and four years, with the majority being one to two. Rotational schemes run over a set period of time, and you’ll normally join a rotation schedule between 12-36 months.
What are the benefits of a graduate scheme?
If we really simplify it, graduate schemes introduce graduates to working life. It’s training. A structured, guided start to the responsibilities and pace of the workplace. They are entry-level jobs and should be treated as such. They just don’t expect graduates to have worked before.
Some are role-specific (i.e. a marketing coordinator position) and others are industry-focused (i.e. rotational positions within a publishing company). Rotational graduate schemes give graduates the chance to experience different roles and capabilities within a given industry, and are an excellent way for graduates without a clear sense of direction to try things out.
How much do graduate schemes pay?
All graduate schemes are paid, and they will pay as entry level jobs. The range depends on the size of the company, the industry, and other standard market determinants, so don’t expect any consistent pay band for graduate schemes across the board.
Alongside your salary, also be aware that the company will be investing in your training and mentorship.
When do graduate schemes start?
Graduate schemes normally start between July and September and have set application dates. The Fall start date makes sense given that the bulk of applicants are coming fresh from finishing their degree. There are, however, outliers and companies that offer graduate schemes starting throughout the year, often called off-cycle internships or recruitment periods.
When should I apply for graduate schemes?
The short of it: whenever you see the posting. You can expect the majority of these to come out at the end of your second year, hiring for the Fall after graduation. You should know which you’d like to apply for well in advance and set up notifications from job sites to be the first to see when their openings are posted. Most graduate schemes follow this recruitment calendar, and the hiring process itself often takes months.
The application process
Application processes take a long time, so you’ll have to be patient. This can be especially frustrating as a final year student with all that’s on your plate already.
Most graduate programmes ask for a 2:1 but increasingly accepting graduates with a 2:2. For example, EY and Deloitte have scrapped their minimum requirement of a 2:1.
The standard application process is as follows:
CV
The initial application will involve sending a CV coupled with a cover letter. Remember to tailor both for each role you’re applying for.
You may also have to answer a series of questions asking you why you want to work in that industry and what relevant qualities or experience you have. Pull from your extracurriculars and academic experience. Having had internship experience will be especially helpful here, and we strongly recommend current students to look out for internship opportunities during your time at university.
Writing your first application may take a long time. But once you have a strong cover letter and answers to questions, you can more or less simply adjust these for each subsequent application.
Online Test
The next stage will be an online test. You can normally expect aptitude tests involving verbal and numerical reasoning.
There are plenty of sites you can practise these on and it is essential that you do so.
Once you’ve done a few, you’ll really start to get the hang of them. Therefore, when you get to this stage of the application, you’ll feel like you’ve seen all the questions before.
Telephone Interview
If you’ve made it here then well done. Most applications are cut before this. Make sure you can thoroughly explain to them both why you want the job and why they should hire you.
Interviews will contain competency-based questions so brush up on your strengths and weaknesses beforehand. Also think of examples involving teamwork, leadership and where you’ve overcome a challenge.
It is also important to note that some interviews are recorded video interviews. This means you’ll be answering a set of predetermined questions with no one on the other side. Having a one-way conversation is, understandably, more difficult so be sure to thoroughly practise all your answers beforehand.
We offer coaching for all interview types, and have tailored an online video interview course for just this kind of application.
Assessment Centres
If you’ve been invited to an assessment day, you are one of the select few they are strongly considering. An assessment day usually involves a group exercise followed by an interview. However, it may also involve a solo presentation, written exercises or professional role play.
There will always be some sort of group exercise to see how you interact with other applicants. If you find the idea of this stressful, don’t worry, everyone does. Having to address a room of people you’ve never met before is especially daunting.
Don’t feel like you are competing directly against the other candidates. Everyone could get hired from your assessment day or no one could. The key is showing the company the attributes that they are after. And to present how well you problem solve and behave in a group. Take deep breaths throughout. Don’t let your nerves get the best of you. You should act measured, thoughtful, don’t be too quiet and certainly don’t domineer and hog the limelight from others. Make sure you get your voice heard but also try and include other people. Others may not have said as much as you, and offering space for them to do so will impress the recruiters. These big companies are looking for team players, not someone who already thinks they can do the job better than everyone else.
Face-to-Face Interview
The interview is likely to be a more thorough version of the phone interview discussed earlier. Make sure you come across as being passionate about the role. No one expects you to know everything at an entry-level interview, and you do not have to pretend that you do. For this type of role, companies are looking for people they can train. Show that you are eager to learn.
The Job Offer
Once all the interviews and assessment day is done, the hard work is out of the way and all you can do is wait. They will normally set a timeframe telling you when to expect a response.
If you are offered a job, congratulations, your hard work has paid off. If not, don’t panic. Just learn from your mistakes and move on to the next one.
Firms will normally give you feedback and if they don’t make sure you ask them for it. It’s important to know where you went wrong so you can make adjustments for next time.
When to apply for graduate schemes if you are in the final year of your degree or already graduated?
While Graduate Schemes typically hire right out of university, you can still apply if you are in your final year or have freshly graduated. You’ll follow the same application process as above and apply to the same postings. Try to leverage any additional experience you’ve gained since graduating in your application.
What is the difference between a graduate scheme and a graduate job?
The main difference is that graduate schemes offer structured mentoring opportunities that help you develop skills while receiving on-the-job training. Graduate jobs are jobs like any other, and employers may expect any level of prior experience from their applicants.
Many graduate schemes follow a standard and seasonal recruitment schedule. Graduate jobs, on the other hand, don’t. So, if you somehow managed to miss the application deadlines on any graduate schemes, you can apply freely to graduate jobs. They will post roles for graduates as and when they need them throughout the year. They also tend to have a far swifter application process.
Generally, graduate jobs are more specialised. You’ll receive thorough training but it’s more hands-on as you learn on the job. You will not be following a set program as you do in a graduate scheme, and you will be expected to perform well. Perform well and you’ll receive greater responsibility and be rewarded with opportunities to progress further.
Which route you go for is up to you. In summary, graduate schemes for big companies look fantastic on your CV and, as a result, are very competitive. A graduate job may provide opportunities for a faster progression.
Are graduate schemes worth it?
Graduate schemes are highly competitive. And employers are looking for promising candidates who will bring value to the company. If you are able to get a place on a graduate scheme, congratulations, your first step into the working world has been secured. Along with the training they provide, graduate schemes are very much worth the effort of the application.
However, graduate schemes are not the only option for graduates. There are several other routes that you can take if you do not want to complete a graduate scheme or if you are unsuccessful in getting a place on a graduate programme.
Which industries offer graduate schemes?
Many, many industries offer graduate schemes. There is no set or definite list. Search for graduate schemes in the industries you are interested in.
To name just a few, you will commonly find graduate schemes in:
- Accounting and professional services
- Armed forces
- Banking
- Technology including cyber security
- Charitable sector
- Consulting
- Engineering
- Human Resources (HR)
- IT
- Law
- Media
- Pharmaceuticals
- Real estate
- Finance
Are graduate schemes just for recent graduates?
Some graduate recruiters specifically state that their schemes are designed for candidates who have graduated within the past year. However, many of the graduate schemes are open to all candidates with a degree.
It is a misconception that you’ve missed the boat if you aren’t successful in getting a graduate scheme in your final year of university. You can generally apply (or reapply) for graduate schemes once you have graduated.
If you are unsure about your suitability for a graduate scheme, speak to the graduate recruitment team for the company you are interested in.
What are the entry requirements for graduate schemes?
It is important to note that the entry requirements will vary depending on the company.
Depending on the industry and the role, specific degrees or classification of degree will be required. For instance, a STEM degree will be required for most technical roles.
That being said, a large number of graduate schemes do not require specific degrees. Graduate programs in consulting, investment banking and accounting usually do not ask for specific degrees.
And while more and more companies now look for more than just a high grade, and as we noted above some have even removed a 2:1 as a requirement, many companies will still favour applicants higher grades.
Can I apply for graduate schemes if I got a 2:2 in my degree?
That does not mean, however, that you should not apply if you don’t have a 2:1. Emphasise your experiences, your soft and hard skills, and show personality in your application. A 2:2 does not reflect intelligence or promise. And the working world rewards different skills and in different ways than the academic world does.
Do my A-level grades matter for a graduate scheme?
A-levels have become increasingly less relevant. However, some will ask for specific A-levels or a certain number of UCAS points. If a company has an A-level requirement, it will ask for your top three A-levels completed within your first sitting.
Can I apply for a grad scheme if I’m an international student?
Yes, you can. And it has become a lot easier to do so. As of July 2021, the UK government has rolled out the Graduate Visa, allowing recent graduates to live and work in the UK for two years.
International students may also apply for a Skilled Worker Tier 2 Visa, if sponsored by the company. That allows a registered employer to sponsor a graduate for up to five years.
You must secure either of these visas before your Tier 4 Student Visa expires.
If you are an international student hoping to secure work in the UK after your degree, get in touch with us as we may be able to give you some advice.
Am I too old for graduate schemes?
In short, no. Whilst most candidates on a graduate scheme will be in their early 20s, you can complete your degree at any stage of your life. Therefore, if you were a mature student you’ll be eligible to apply for graduate schemes.
Mature graduates with relevant qualifications can offer valuable experience gained from working in different fields.
After all, it would be age discrimination if you were denied a place on a graduate scheme due to your age. Age discrimination is illegal in the UK. Furthermore, many companies are actively trying to increase the diversity of their graduate hires.
What should I do if I miss the deadline to apply for graduate schemes?
If you are really interested in a particular company or industry, but you’ve missed the deadline, generally, you can apply the following year.
In the meantime, it is a good idea to gain work experience in the form of taking a different graduate job, or doing internships. Doing so will help to strengthen your application.
What can I do to increase my chances of getting a graduate scheme?
Graduate schemes are very competitive. Before you start your job search, it is vital that you take the time to assess your skills and attributes. This will help you to understand what you can offer the employer.
Also, before you apply for a graduate scheme, make sure that you have taken some time to research the company and the position properly to ensure that you are the right fit.
Here at Graduate Coach, we offer a six stage 1-2-1 coaching programme for students and graduates who want to thrive in their graduate careers.
Research and Plan in Advance
If you find your dream job when researching, then great. However, don’t rush and apply straight away. Yes, the pressure is on to submit your CV and cover letter but also make sure you understand the company and the role you are applying to.
Where would you be based? What do the opportunities for progression look like? How structured is their training program? Research anything and everything you can think of. If you can’t find out information, then why don’t you make a list of questions to ask should you get through to the interview stage.
Also, find out as much as you can about the application process. Will you be required to complete psychometric tests? Do they do group interviews? Can you find any information on how they conduct their assessment days? It’s wise to start preparing when you can.
Optimise your CV
Make your CV tailored to the role you are applying for. Recruiters will be able to tell when you use a standard template for every single job you apply to. If you tailor your CV and cover letter to the specific role, it will stand out. The amount of generic and often plagiarised CVs companies receive is shocking.
These days, most CVs for graduate schemes go through an AI filtering process before they are seen by recruiters’ eyes. This is most commonly called an Applicant Tracking System, or ATS for short. Making sure your CV is ATS-compliant is the first, and most crucial, step in optimising your CV. We offer thorough CV writing training to get yours doing the heavy lifting for you.
Use Social Media to your Advantage
Social media now is a great way to find a job. With over 500 million users, LinkedIn is the most popular medium for recruitment. Use LinkedIn to build up your professional network.
Complete your profile, connect with pages that fit your studies and add your skills and work experience. Doing this will make you stand out to recruiters as they will be able to see your qualities when glancing at your profile. Make sure you choose a good headshot and include a headline that is straight to the point.
You can find professionals in the area of work you are interested in and see how their career path progressed.
As a note, graduate employers will check your social media even if you haven’t used them for your application. This includes Twitter, Facebook, Instagram and the like. So make sure your channels reflect your personality and have nothing that would cast doubt in the recruiters eyes.
Are there any drawbacks to doing a grad scheme?
No, not really. You may realise during your graduate scheme that you don’t like the work you are doing. But figuring that out is valuable knowledge. Try to isolate what about the role or company you don’t like, and look for what offers an alternative. The scheme will still provide invaluable training that will be transferable to any job following.
Less of a drawback and more of a warning, it is worth knowing that some contracts can include “lock-in” clauses which can mean you have to pay back training costs of up to £10,000 if you leave the job less than two to three years after starting. This shows the importance of reading the small print of your contract before you agree.
Where to find graduate schemes
If you know which graduate schemes you want to apply to, then great. You’ve probably already gone straight to their website, so this bit might not be a challenge for you. If you just want to browse through some graduate schemes online, then there are plenty of great sites. As we’ve noted above, LinkedIn is an excellent resource for this.
Can Graduate Coach help me to get a graduate scheme?
We certainly can. We work with current students, recent graduates, and even mid-career transitions. If you are interested in graduate schemes, or in exploring whatever you may want to do after your degree, get in touch. Our initial consultations are always free, and we offer a range of tailored coaching programs to suit your needs. We look forward to meeting you.
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