You’re a student and you know that you should be applying to *gestures broadly*. But what do these things mean? How are they different? When should you apply? And will you be paid?
Here’s the Career Zone’s guide to everything you need to know about Graduate Schemes, Work Placements, Internships, Vacation Schemes, and Spring Weeks, all of which you can find on advertised on Handshake
Spring Weeks (also known as Insight Weeks or Insight Days)
Traditionally only available to first year students looking for a career in investment banking, Spring Weeks are now available for many more sectors (different types of employers), with some being open to second year students.
What are they?
They’re a day-long to week-long opportunity to find out what an employer does, and what areas of the business you might be interested in. They’re also a day-long to week-long job interview; if they like you, they’ll invite you to apply for their summer internship, and you’ll have your application fast-tracked. It’s possible to have a Spring Week, Internship, and then land a graduate role all at the same employer.
If you do want a career in investment banking, it’s a very good idea to get into a Spring Week as it’s great experience, and part of the expected career path for this highly competitive area.
When do they take place?
Easter holiday of your first or second year at Uni.
Where do they take place?
Usually at the employer’s offices.
Will I be paid?
If it runs for a week then yes, but less than that and you’ll only be paid some of your expenses, like travel. You’ll likely have your food during your working hours paid for, and there will be some networking events with free food and drink in the evenings. Always check with the employer first if you’re not sure.
When do I apply?
Even though the Spring Week will be during the Easter Vacation, applications open as early as the September before, so if you’re a first year student you’ll need to apply as soon as your degree starts. As we said, investment banking is highly competitive area.
Where will I live?
It’s time to call in that favour from a friend or family member that lives reasonably nearby, or book an Airbnb.
Vacation Schemes
Interested in a law career? This is the one for you.
What are they?
Lasting between a week and a month, law vacation schemes give you some crucial legal work-experience and an insight into how law firms operate. You’ll be able to work with experienced staff on live cases, and depending on the size of the firm there might be lectures and presentations, as well as social events, to attend. As with all types of work experience, they’re also a very long job interview, and the firm might fast-track your training contract application if they like you. Prepare to impress.
When do they take place? And what if I’m a non-law student?
Firms differ, but in general –
If you’re a law student, your scheme will most likely take place in the Spring or Summer Vacation between your second year and final year at Uni. However, you can also take part in a scheme during the Christmas Vacation of your final year.
If you’re a non-law student, your scheme will most likely take place in the Christmas Vacation of your final year.
Where do they take place?
Usually at the employer’s offices.
Will I be paid?
Yes, most in the UK are paid, but do check with the employer before you apply.
When do I apply?
If you’re applying for spring and summer schemes, you need to apply at the start of the Autumn Term and get your applications in as early as possible in case the employer has had enough applications and decides to close early.
If you’re applying for Christmas Vacation schemes, applications usually open in October and close in November. Yes, you read that right.
Where will I live?
Depending on how long the scheme lasts, you could stay with a friend or family member that lives reasonably nearby, or book an Airbnb.
Internships
Internships are available for a wide range of sectors.
What are they?
They’re (usually) a full-time job that lasts a set period between a week and a few months, where you’ll gain tons of experience in a sector that you’re interested in. They’re brilliant for your CV, and often a crucial step towards a graduate role, plus they can really help you decide on the kind of area you’d like a career in. They’re also brilliant for the employer, as they get work done relatively cheaply by keen employees trying to make a good impression.
When do they take place?
Summer Vacation between second year and final year, or the summer after you’ve graduated.
Where do they take place?
At the employer’s offices, unless otherwise specified. Potentially a remote-working opportunity, but with many employers moving back to in-office working that’s less likely now than a couple of years ago.
Will I be paid?
Yes, unless you’ve chosen to take an unpaid internship. If the employer hasn’t stated if it’s paid or not you need check with them before you sign any contracts. The average paid internship in the UK is just under £26,000 per year, but you’ll only earn a fraction of that because you’ll be working for a much shorter period.
When do I apply?
Start looking at least six months before the Summer Vacation for the kinds of employers you might be interested in, and then expect to apply any time from six to three months before; around December and January would be ideal. The earlier you start your research and applications the more choice you’ll have. Some employers will have a set date when their internship applications close, some will close when they’ve received enough good applications to process.
Where will I live?
Again, if you’ve got a useful friend or family contact with a spare bedroom within commuting distance that would be ideal, but as you’re being paid an ok wage you could look at a short-term house share with other young professionals.
Work Placements/Placement Years/Industrial Placements
Your degree may already have a built-in Placement Year, or you can add one in if you think you’d like this extra opportunity.
What are they?
Like an internship but longer, and likely to have a rotational element to the work. Rotational means you’ll get to experience a range of areas across the business, and you also be able to work on longer projects that will add real value to the employer. Much like an internship, if the employer likes you, they might fast track your gradate job application. Placement years are great; you earn money, develop professionally and personally, and then come back to Uni ready to take on your final year of academic study.
When do they take place?
Usually during what would have been your third and final year at University, making your course four years long.
Where do they take place?
At the employer’s offices, unless otherwise specified.
Will I be paid?
Yes. In the UK salaries typically range from £19,000 – £23,000 but can be as high as £43,000 or as low as £12,500 depending on your placement provider and location.
Because you’ll still be part of the University you’ll be charged 20% of your tuition fees for undertaking a full year work placement. On the plus side, you keep your student status for the year, meaning you’re eligible for student discounts and exceptions, including Council Tax, Oyster Cards and UNiDAYS.
When do I apply?
Start your search as early as you can in the Autumn Term of your Second Year. As always, get your applications in as early as you can to give yourself the broadest range of opportunities.
Where will I live?
We’re back to the friend or family contact with a spare bedroom within commuting distance if they’re happy for you to say for a longer period, but a house share with other young professionals is also doable, especially if you’re lucky enough to earn £43k.
Graduate Schemes
This is it; your first ‘real’ job where you’ll be using the skills and experience you gained during your degree to earn a reasonable wage, while doing something that interests you.
What are they?
You’ll usually sign a two-to-three-year contract to work for the same employer, often in a rotational job where you’ll experience different areas of the business allowing you – and the employer – to decide where you’ll fit best.
What’s the difference between a graduate scheme and a standard job?
Apart from the rotational aspect, standard jobs will expect you to have more experience, so you’ll be paid less than a more experienced worker.
How long do I remain a ‘graduate’?
For a maximum of three years after you’ve graduated. Some employers don’t accept more than two years post-graduation.
When do they take place?
They’ll usually start in the September after you’ve graduated, but you may be able to negotiate a different start date if the employer can be flexible.
Where do they take place?
At the employer’s offices, with potentially some elements of hybrid work, depending on the employer and the role.
Will I be paid?
The average salary for graduates in the UK in full-time employment is £27,340 but you could earn much more or bit less depending on the sector and location.
When do I apply?
Start your applications as soon as the Autumn term begins of your final year at University.
Where will I live?
Wherever you can afford to.
Bonus questions
Why are the closing dates so early?
It’s all in the numbers; there are over two million students in the UK alone, that’s a lot of applications employers need to process. Some employers will close their schemes early if they find they have enough high-quality applications.
Am I too late to apply?
No, you’re not. The earlier you start, the more opportunities you give yourself to succeed, but some employers have rolling, or year ‘round applications for graduate schemes.
How many jobs should I apply for?
There’s no definitive answer. The more applications you make, the more opportunities you give yourself. However, what we want more than anything is for you to come out of University with the grade you deserve, and to be mentally and physically ok. Applying for jobs is time consuming, and if it’s taking over your life it’s time to take a step back and contact Wellbeing if you need to.
Where can I find more help?
The Career Zone is here to support you with every part of finding and applying for all kinds of opportunities, we’re open during all Vacations too. Let us know how we can help.