Recruitment agencies often advertise many graduate schemes which promise the prospect of better jobs with better pay. Here’s a frank look into what they are and what do they mean.
Graduate schemes are structured programs which are a mix of work experience and training and the programs are specifically targeted towards graduating prospects. They extend from a period of three months to three years. On completion, the trainee is affixed a permanent position and the bonus of professional qualification. In the fields of finance, retail management and data survey, graduate schemes are aggressively employed to attain the best talent from the market. The applications for these schemes generally cease from start around Fall with the deadlines being around December. These programs are very competitive and those in the program are frequently assessed through interviews, psychometric tests and performance evaluation.
How difficult is it get in?
For positions suitable to graduates with their qualifications, in posts such as financial officers or research analysts or in human resource and marketing, large firms are the sole providers for such schemes. Small businesses recruit primarily into entry-level postings. This method makes the company able to employ with the availability of a position and not through the constant accumulation of recruited graduates. Small and medium sized organizations (financially speaking, SMEs) employ less than two hundred personnel and hence graduates often do not pay a lot of importance to these SMEs and apply to larger established firms. With so many application for so few seats, competition becomes very intense, as with Goldman Sachs graduates. More than eighty percent of all graduates place in an SME with positions in entry-level roles. Applications are called in whenever the firm has positions available.
What’s the big deal?
These schemes make those who get placed through them very reputable as they gain reputation by coming past very intense competition. They are known to be trained and skilled and they ascend through the ranks with greater frequency. The initial pay packages are significantly higher and often at par with experienced workers in the firm. These schemes offer options to explore multiple sectors of the firm and firms generally offer permanent positions to those who show exemplary talent. The networking opportunities that are available to the graduate also make for many chances for furtherance in later employment.
These programs are also exclusive with the average ratio for each graduate position is almost seventy three to one with positions as Goldman Sachs graduates or Deloitte graduates being even more competitive. Thousands of graduates apply to graduate schemes every year and only about ten percent of all applicants get in. Accountancy giants Pricewaterhouse Coopers stated that they received thirty thousand applicants for twelve hundred positions.
A good alternative is to look towards SMEs (small and medium enterprises) and SMEs jobs provide the same experience as the big firms in terms of applications and even so, they are more personal and intimate. SMEs provide loyal employers who desperately seek high quality graduates but most graduates settle for larger firms as they tend to have a much more significant pay check and greater possibilities. The SMEs provide the same intense on the job experience but reduce the sample size that the graduate has to play with. Graduates may stay with the firm as long as they gain training and the firm benefits from the graduate’s applicability and versatility.
Jill is a career consultant who handles consultancy columns for jobs in the financial sector. She is well-equipped to handle queries on what the Goldman Sachs graduates have to go through and how they prepare for graduate schemes and other forms of employment procuring.