The modern game of recruitment has changed as a consequence of the economic recession. What many fear as the darkest hour to emerge as a graduate has been left damaged but not completely distraught as even with large cutbacks, firms have realized that curtailing graduate intake only lessens the skill in their companies.
There has been a system called the graduate scheme which has proven to provide more success in placing good paying jobs than through the prevalent modes of direct entry and application. These schemes entail better packages and more in depth training. They also provide those under the scheme the options of moving across departments in order to diversify and increase their skills and knowledge. They also have influences after the jobs have been secured with performance incentives, better pension schemes and healthcare, larger expense accounts and the prospect of higher studies being supported by the firm.
Graduate schemes generally last for around a year and in many cases, the firm itself will sponsor the higher studies of the graduate as the pay off for the firm is that the graduate returns with an even more diversified skill set and better applicability in the firm. These schemes represent a combination of knowledge building with practical work experience. There are certain differences with the traditional applications with the first title given under a graduate scheme is ‘Trainee’. Some firms require compulsory inter-divisional transfers regardless of the choice of the trainee. The most significant aspect of graduate schemes is that the scheme commits the trainee to training for a year and not actually getting a job. However, the schemes still lead to jobs and positions with better pay packages than other job applications.
The financial sector is the primary provider of graduate schemes and in 2009, over forty six percent of graduate recruited were related to finance. They are the most effective way of making headways into the finance and accountancy. The trainee program is looked after by a mentor who is a managerial or upper management level employee. They oversee and guide the trainee in order to make a successful career and achieve the goals of the firm and in the personal life of the trainee. Despite not still being out-an-out employees, trainees are treated well and do provide an environment where the trainee can realistically foresee growth. After the completion of the programs, the trainees are employed in lower-management and the firm does consult the trainee in its decisions and placements.
The competition for a seat in the graduate training scheme is very high and there are often almost fifty to one applicants for each posting. Nowadays, the process has become very streamlined, the graduates fill online application forms which are reviewed and a selected group of graduates are interviewed and gauged. The firms generally focus on problem solving solutions and employ psychometric tests. These may sound slightly intimidating but there’s nothing that a detailed preparation could not handle.
As for personal information, firms are only interested with the basic information and details as the more personal and intimate relationships are made during the program. The interviews are not different from usual interviews and they can be handled through same techniques and industry research. They search for team players who are easy to work with. The graduate scheme is undoubtedly the best method of entry into the finance industry.