Placements and Internships

How will it lead to a better graduate job?

One of the best ways to kick-start your career in finance and accountancy is to do a graduate placement. These can be anything from a few weeks to a few months and can really help you in landing that first graduate job! Finding the right placement can be difficult so we’ve been chatting to the experts on your behalf!

Rate My Placement, set up by four Loughborough University graduates in 2007, allows students who’ve completed a work placement or internship to rate and review their experiences. These reviews then form an invaluable database of information for students searching for the placement that is right for them.

We cornered Rate My Placement’s Chris Wickson to find out everything you need to know about graduate placements:

First of all – why is it important to do a work placement/internship?

With so much competition for graduate jobs it has never been so important to make sure your CV stands out. There are loads of graduates leaving University with excellent degrees so grades alone won’t guarantee you an interview let alone a job.

For many graduate employers, work experience is often the most important thing they look for when they’re hiring. And when they say work experience they’re not talking about a few shifts behind the Student Union bar – if you really want to impress then you’ll need to demonstrate that you have relevant work experience – and a placement or internship is the ideal way of achieving this.

By doing a placement or internship you’ll be able to give an employer a much clearer idea of your capabilities and how you’ll really perform in the role – that’s something they can’t get from looking at your academic record.

How difficult is it to get a good placement and how can I ensure I get the one I want?

Although you’ll still be in competition with other students for placements there are plenty of opportunities out there. Many University courses require you to take a placement year in industry as part of the degree course, often known as a ‘sandwich’ year, so many employers are already geared up to take on undergraduates.

Obviously, the earlier you apply the better your chances of securing the placement you really want. If a placement is a requirement of your course you should be thinking about what you want to do at the start of your second year – and then get applying!

When you’re ready to apply for a placement you’ll need to give it the same time and attention you would a job application. Tailor your CV and cover letter to the company and make sure you’ve done your research! Before you apply visit Rate My Placement and read reviews of other students who’ve done the placements you’re applying for.

Not only will this give you a realistic view of what the placement will involve and what’s expected of you, it’ll help you decide whether it’s really the right role for you.

Any tips for making the most of my placement?

How much you get from your placement is really up to you – it can be as big as you want it to be. If you just want to keep your head down and get on with the work you’re given that’s fine but if you want to make the most of your time you’ll need to be more proactive. The key to getting noticed in a placement or internship is to go beyond what’s expected of you and exceed expectations. As well as building up a bigger skills base you’ll come across as genuinely keen to get more involved in the company and hopefully be remembered when it comes to potentially returning after you have graduated.

Networking is also a great way to get noticed in the company. This gets you known around the company and helps you make contacts that will be useful to you both during your placement and hopefully in the future. It’s also worth remembering that good interpersonal skills count for a lot in most companies so the ability to network is highly valued.

Should I be looking to get experience in a big name company or is it worth giving smaller companies a chance?

While big name companies will always look great on your CV, don’t discount SMEs and smaller companies when you’re searching for a placement. In a smaller company you’re more likely to be given genuine responsibilities and it’s likely you’ll be working alongside people who are quite high up in the company. It’s also a lot easier to get noticed in a smaller company where your contribution will mean more. The important thing when you’re considering your options is to look at the actual role rather than focusing too much on the company.

What else do I need to consider when looking for a placement?

The salary is usually around £13,000 - £15,000 for a 12 month placement. If you’re working in a location like London this isn’t going to stretch far and you’ll need to be prepared for this. Some big companies can offer more impressive salaries – but be prepared to earn every penny!

A full 12 month placement gives you a great chance to earn some money and gain that invaluable experience. Although the salary is significantly lower to what you will earn as a graduate, focus on the fact that you’re building a foundation for an excellent job and salary in the future.

Any final words of wisdom?

Whatever you do make the most of your placement! Go in there determined to get involved in everything you can. Even if all you learn is that it’s not the job for you you’ve saved yourself a lot of time and energy in the future and you’ll take away skills that are transferable to roles you really want to do.
Placements and internships really are a great way of planting a foot on the first rung of your career ladder.