Graduate schemes (also known informally as ‘the Milkround’) are career schemes provided by employers – often investment banks and strategy consulting firms - that are aimed at recent graduates. 

The specific details of graduate schemes vary between different employers but most begin immediately after your graduation and offer a graduate-level job for a specified period of time, usually between 2 and 3 years. These roles may involve some rotations between different departments. Most employers will offer the opportunity for more permanent roles on completion of the scheme.

Graduate schemes are very competitive, so early research and preparation is essential. They also involve a lengthy application process generally consisting of an online application form with competency based questions and a one page CV (curriculum vitae or resume). You may also be asked to submit a cover letter. Shortlisted applicants will usually be invited to take an online numeracy test. If successful, a first interview will then follow (possibly video interview format), with progression to an assessment centre for further interviews. If your application gets through the first screening you may be surprised by how quickly you are invited to take online tests (e.g. numerical, non-verbal reasoning and problem solving tests) and/or a video interview, so ensure you have done some practice tests/interviews and are familiar with the format and time pressure.

Would suit:

• Students who have done their employer research and already have a clear idea of the sector they would like to work within.
• Students who have already completed an internship or other work placement.

Key things to remember:

• Research is key: thoroughly research the different employers and tailor each application accordingly.
• Prepare early: most schemes open as early as August and close in October or November (your course begins in early September).
• Take advantage of virtual LSE Careers events: meet representatives from different employers at the many LSE events, such as graduate fairs for banking & finance and consulting.
• There is a strong value of having your application reviewed by LSE Careers so you may want to wait until you have started at the LSE before sending off your applications. Remember that most organisations accept only one application per student in a 12-month cycle.
• Entry to these schemes is very competitive so don’t be disheartened if you are not successful.  Most students will have many unsuccessful applications due to the competitive nature of the process. However we find that as a group our students are very supportive of each other, and we often find that our students do very well in ultimately finding a role they are happy with, whether on a graduate scheme or through a different path.

Graduate internships are similar to full-time graduate schemes but are much shorter, lasting from anywhere between a few weeks to a few months. They are paid positions, and in many cases can lead to an offer of a full-time position by the employer. These are offered by most investment banks, strategy consulting firms, and other financial and tech institutions.

The application process is similar to that for full time positions, although deadlines are usually later in the autumn or January, and some ‘off-cycle’ internships are offered even later in the academic year. 

Would suit:

• Students who have done some employer and sector research but want some experience to be certain of their choice.
• Students without any previous industry experience.

Key things to remember:

• Research is key: thoroughly research the different employers and tailor each application accordingly.
• Quality of applications wins over quantity. Students who take a scatter-gun approach generally make poor, unfocussed and unsuccessful applications. One application can take 6 to 8 hours, so use your time carefully and narrow down the organisations you apply to.

Entry-level or lateral hire positions are jobs advertised within organisations that are not specifically reserved for new graduates. There is no general recruitment period, but most tend to recruit later in the academic year giving you more flexibility and time to identify suitable roles and employers. LSE Careers has strong contacts with hundreds of organisations, often via alumni, and advertises positions for graduates and lateral hires in all financial services areas, consulting, start-ups and other sectors.

Would suit:

• Students who have completed an internship.
• Students open to jobs with smaller firms or start-ups.

Key things to remember:

• LSE Careers is a key resource so attend their employer fairs and be sure to check the Careers website for new jobs regularly.
• Networking and meeting representatives from different employers, including alumni, is often key to your career search.

Speculative applications are job applications you make to employers you are interested in working with who have not necessarily advertised a vacancy. Most students who make speculative applications do so because they are particularly interested in and passionate about the specific organisation they are applying to.  

During the year you will have the opportunity to meet and network with a wide variety of employers and alumni, and you will also benefit from a variety of careers sessions and learn more about your own motivations and skills. This will help you tailor a more successful application. Remember that these applications are unpredictable in their outcome but can prove successful.

Would suit:

• Students who are confident in networking and have a keen interest in a specific sector or organisation.
• Students open to jobs with smaller firms or start-ups

Key things to remember:

• Networking and meeting representatives from different employers, including alumni, will be advantageous for your career search. Be open to a process of meeting with, getting to know, and speaking to representatives of the organisation you would like to apply to.
• Think carefully about why you want to work at that specific organisation and what you can offer them. 

The Department of Finance offers an in-depth Professional Development Programme for our students, in order to help develop your skills and assist you in your job search. In previous years, skills training and workshops have included:

• Introduction to how the City works
• Preparing a CV
• Networking Skills
• Case Study Course
• Cover Letters and Application Processes
• Application Forms
• Financial Modelling
• Communication and personal impact training day at the Royal Academy of Dramatic Art

Sector introductions:

• FM410 Private Equity is accompanied by a programme of practitioner seminars led by a range of experts in the field
• The City Speaker Series consists of talks by industry professionals from a range of sectors, including investment banks, asset management, hedge funds, boutique banks, consulting and capital markets.

Networking opportunities:

• MSc Finance alumni networking events are held three times a year, and are an opportunity for students to network with alumni from the programme, as well as with MSc Finance (part-time) students.

One-to-one careers guidance:

• CV checking one-to-one sessions
• Mock interviews and technical interview practice with our experienced in-house careers consultant

LSE Careers is one of the best in UK for the support it offers to students and also its links with recruiters. As a student at the LSE you would be able to access the following:

Employer presentations: many employers give presentations and hold events, allowing you to meet their representatives, either virtually or in person. These events will be a great way for you to learn about each organisation and its culture.

Careers Fairs: the LSE holds many careers fairs, including a dedicated banking and finance careers fair, which takes place in October. Many of the major banks attend. Once you are an LSE student you will be eligible to register and attend this recruitment fair, and many others including the consulting careers fair. 

Skills workshops: there are skills workshops taking place throughout Autumn and Winter term, including a number of sessions dedicated to your programme during September. There is also a central programme of job hunting workshops plus a range of companies coming in to LSE offering training sessions covering topics including technical finance interviews and case studies as well as insights into specific business areas.

Careers and CV advice and practice interviews: the team of LSE careers consultants is available for 1:1 meetings to discuss your CV, your general careers options, or specifics such as interview techniques. When you have a job interview coming up you can have a practice interview.

With so much going on, particularly during October and November, when there will often be more than one recruiter event each night, you will need to be focused and targeted when it comes to the time you spend at these events. It is very important not to overstretch yourself and let your studies suffer.