What is a graduate scheme? Everything you need to know

Have you just graduated? Are you feeling the pinch and the pressure of graduate life?
Although it’s easy to say, try not to worry too much- there are plenty of schemes out there if the job search is not really going to plan.
If you’re looking to move into the workplace, then a graduate scheme could be just the thing for you.
What is a graduate scheme?
Consisting of a structured training programme run by employers, graduate schemes work to develop future leaders and key players in certain organisations.
Lasting between one to two years, graduate schemes are available in a number of specialisms and tend to resemble an internship in that it’s all very much learning on the job, although the pay is much better and the experience more real.
Graduate schemes are available in a widening range of professions, from finance and marketing though to retail and law.
Although the idea of a trainee scheme right after university may be a little bit off putting, the top graduate schemes available can pay anything from £30,000-40,000 for their starting trainees, with 13 of the most popular and respected graduate schemes delivering an average salary of £45,000 from 2017 figures.
According to Graduate Prospects- the impressive salaries are only on the condition that the graduate employee is willing to adapt to the workplace and to have the flexibility to work across a variety of differing roles, working to build key skills and close relationships.
Although graduate schemes are usually heavily subscribed each year, it is worth keeping a lookout for any potential opportunities that may come your way.
What are the top graduate schemes?
There are a variety of graduate schemes available across a wide ranging sector, yet there are always key players prominent.
If you would like to branch into HR graduate schemes then these are usually offered by BP, KPMG and Tesco, or if the medical world is more suited to you then you can always apply for an NHS graduate scheme.
Some of the most popular graduate schemes fall under marketing, with many companies finding their graduate offers massively oversubscribed during the job hunting process.
Companies such as the BBC, Sky and Virgin Media all offer excellent marketing graduate schemes, whilst companies such as Barclays, Lloyds and HSBC all offer impressive graduate roles as well.
If you are looking to go into retail, then many of the UK’s biggest retail giants offer a range of graduate schemes, with Next, John Lewis and Marks and Spencer all offering brilliant scheme opportunities.
Do I need a 2:1?
Graduate schemes do tend to be quite set on the 2:1 requirement, although there are some companies that are rather flexible, for example, the NHS have been known to take on 2:2 graduates, whilst Nationwide have also employed 2:2 graduates onto their schemes.
If you do get invited to an interview, it is important to remember that your employer will discuss and ask you about your grades. Rather than panicking (or lying!), it’s best to simply use the time to discuss your grades yet to also highlight your strengths- if you’re taken part in any extra-curricular activities then this would be the best time to discuss.
What if I hate my new job?
According to studies, one fifth of all graduates do not make it past the first year of their training and employment- so try not to worry too much if the scheme just isn’t for you!
There are a number of options available to you if you decide to leave your position. You could transfer to another job; change career or change to a better paying placement.
Bear in mind that less than a sixth of people changed courses because they were simply unhappy.
Will I be offered a new job off the back of my graduate scheme?
It’s incredibly common for graduate schemes to develop into a full time job, although it is important to not simply expect your scheme to transpire into a full time occupation.
You’ll definitely need to check the specific programme that you’re applying for, give everything a good read and make your decision from there. If you feel that you do not want to invest years in a company without being offered a job at the end of it all, then it might be best to consider other graduate schemes.