The financial world's gone crazy... but what does it all mean for graduate programmes?

I've been asked by a few former followers to restart this blog - which I'm happy to do if you keep the questions and suggestions for topics you want to hear my general musings on coming! Specifically a couple of you have asked for my perspective on the current market and what it means for graduate recruitment.

What's behind the numbers?
It's important to understand the dynamics of graduate recruitment relationships at times like these. Grad Rec teams at big companies have long-standing relationships with the big universities in this country - say the top 20-25. They depend on the careers services to promo their opportunities, give them prime time slots and venues, help them make connections with faculty members to point them to the best students, allow them to sponsor prizes to increase visibility, etc. In good times and in bad, grad rec teams and career services need each other - and the 'balance of power' shifts along with the economy depending on the level of demand. The careers services depend on them to give jobs to their students, which in turn allows them to be seen as universities with great conversion rates into employment at top firms. Beneath the relationship dynamic is the unspoken rule that the big firms will visit the big unis on the Milkround year in, year out, regardless of how many grads/interns they are hiring, with few exceptions.
Thus, it's important that you do what you can to understand what the 'real' picture is with regard to hiring. What's behind the numbers? Asking the question straight out will only get you so far - if numbers are down you will only likely get a fairly loose answer, especially from the graduate recruiters themselves. At the careers fair or evening receptions, try to corner the graduates or business reps, with more of a "I saw in the careers guide that you're expecting to take 20-25 grads this year - is that still the case?". If you're a real planner, bring along a friend and ask him/her to pose as being interested in the internship programme and ask him/her to ask what the conversion rate was last year. (They are more likely to want to 'promote' the conversion rate to a potential intern than a potential grad as they are trying to sell the positives of the internship programme.)
You might also want to ask at the careers service as they might know more on the numbers as they have employer liaison officers who specifically develop the relationships with the graduate recruiters. A contact at the firm is of course also a great route, but not many people have this.
If a company is not really recruiting reasonable numbers, then you don't want to have to spend endless hours on an application if there is no real opportunities available.

Company Prospects...
More than ever before, you need to think about the company you join and not just the role or the graduate programmes reputation. Getting a solid 2-3yrs of experience is important in this market if you want to start out on a career journey if this is to be your chosen direction for a while. Companies in difficulty are increasingly having to brutally cut costs. Joining a grad programme only to be made redundant after 9-12mths can be a real kick in the teeth, and it can be difficult to get back on the ladder again, not least because that amount of experience is likely to mean having to re-start as a grad again - and facing back into that level of competition and the rigidity of the cycle can be difficult. Read the papers, read the blogs, read the forums and then make the best judgement you can about where you want to work - but I think in this market, you need to be more open-minded than might have been necessary in the past.

The importance of 'Reputation'
From day 1 in your new role, be that a grad programme, temp role or internship, it is more important than ever before to impress. In a world where people are moving on a lot because of level of redundancies and level of temporary workers in the marketplace, your reputation will travel faster than ever before. Don't make enemies and dont do anything stupid on those nights out with the MD.
In a market where people are not willing to take any risks when it comes to hiring decisions, a recommendation from someone internal about a known individual is worth more than ever. Likewise with companies watching every penny, employee referral programmes are infinitely more preferable (because they are so much cheaper!) than agencies - so again, networking and maintaining a strong reputation is key.

Rejection 
Do not take rejection hard. Don't let it knock you. Don't let it get you down.

In this kind of market, the level of rejection of CVs and applications is huge. Unfortunately there will be plenty of times where your CV has had little more than a glance - if that - before it's rejected. This is down to numbers, or the fact there have been loads of internal referrals, or just a busy, stressed-out manager not doing his/her job right. It sounds harsh, but it is the reality. Don't spend hours picking through the detail of your letter/application worrying about where you went wrong. If you're happy with your CV/letter, just move on to the next thing. Its disappointing, but the chances that it is nothing to do with your application or your profile are higher than ever before. Your application is a victim of these crazy times and, for now, this one isn't meant to be. Move on... their loss!

Do what's best for you
If you're lucky enough to get yourself into a position where you might get two offers - e.g. because you're invited to multiple assessment centres, etc - this might well be the year to hold onto both until the last minute. Yes, it annoys recruiters and might get you black-listed from a company for a couple of years, but if it means being guaranteed a job come next July... it's worth thinking about...

The temporary job market
More than ever companies are taking people on contract and temporary roles because they don't want to commit to permanent roles because of the costs involved. This makes this a great time to think about alternative routes into a company to 'try them out' or to get a mix of experience on your CV if you can get in the door. If you have temporary work or any internship experience make sure you are really doing a good job of that on your CV and not over-looking anything in terms of transferable skills that you developed. You might need to start at the bottom - data analysis, helping to fill admin gaps - but if you are willing to think about alternative routes to get into a company other than graduate programmes, this can be a good time for that.
If you do get something, work hard at making an impression. As mentioned earlier, its a very important time to do this. Don't winge or moan or feel the work is beneath you. There is a huge amount of that going on at the moment and anyone who rises above it and remains positive and professional immediately stands out from the crowd. Regardless of how tough times are, a great temp/ contractor who makes an impression is not someone anone wants to lose. I've seen it happen endless times where there are apparently no jobs and yet the invaluable temp is made permanent out of pure fear that they might leave. And if that doesn't happen, the impression you've made on those around you means you will be top of their list when someone asks "Do you know someone who....". Again, I've seen that happen many times - and indeed, made recommendations myself many times of people who have made an impression, sometimes years ago.

The old rules and advice of graduate recruitment all still apply - get your application in as early as you can, not the day before the closing date; attend the fairs and events to build up your contacts, etc. There are still jobs out there, you just have to look a bit harder and be a bit more open-minded.

These are just my views. The next recruiter might well give you a whole new perspective. Ask around, read the forums, read the articles on places like efinancialcareers, etc.

No job yet? What next?

So it's 2011, Christmas has come and gone, and you still haven't secured a permanent role much as you'd hoped to have one 'in the bag' by now. Where to go from here?

Well, firstly, all is not yet lost. Many consultancies and banks aspire to have everything filled by Christmas - and some do - but there are usually still graduate roles to be had right up into March/April if you are willing to be a bit flexible on the role / location / company you want to work for. You should also be sure to keep your eye open for roles around May/June/July time. This is usually when banks start to get reneges from graduates who have accepted 2, or even 3 roles, as they were worried that some might be pulled by the employers, or because they couldn't make up their mind. If guaranteed graduate numbers are required, some banks will look to fill these at the last minute. Efinancialcareers.co.uk is a good place to have a look, along with Targetjobs or Totaljobs.

The second major point is don’t panic and start applying to every job you see that is vaguely in the right ballpark. This will take time and effort. The most important thing to remember right now is don't sacrifice your 2:1 - keep studying!  As long as you have a 2.1, you are not closing the door to a whole range of options you have with regard to the way forward. Settle for a 2.2 and you can pretty much give up hope of getting a role on a banking or consulting grad programme, regardless of the route you take.

Many people at this stage wonder whether they should 'hold out' for another year and give the application process another go to see if they have any luck getting a role in the next cycle. To make the right decision, it is worth consider how close you came during this cycle. If you applied to 5 or more banks and didn't secure any interviews, then it's possible that your profile and background unfortunately are just not right for the industry and the level of academic and extracurricular endeavour it demands from its applicants. If you got through to a couple of interviews, or even an assessment centre, then you got past the first CV review hurdle, and so with the right practice, research and further "propping-up" of your CV with more employability indicators, its entirely possible that you might do better next time around.

For the entrepreneurial amongst you, it might be worth considering starting up on your own. There is great advice, and even some financial assistance available, if you go to the right place and have a good idea for development. Check out the Princes Trust website, Shell LiveWire. Local councils also offer advice and help to new start up businesses in their area. Also check out BraveNewTalent.com.

There are still graduate programmes in Financial Services that are open to applications at the moment. Try Man Group, Prudential Momentum M&G, ING, Markit Group …. all considerable players in the FS field, even though they are perhaps not mentioned in popular media as often as the Investment Banks.

Many people will also consider going on and doing a Masters if their graduate degree has not got them the job they were hoping for. This route proves successful for many, but with a huge number of Masters Programmes and candidates out there, it might be worth considering alternative ways of developing your employability. Perhaps think about a Mountbatten Internship in New York / London, or applying to TeachFirst UK Programmes if you have the right background? Volunteering may be an option for you - there are many of the other volunteering companies out there - although beware, volunteering is often a costly business - "voluntourism" companies can charge considerable amounts, so shop around. The Global Volunteer Network offers good value for money from what I've heard. If you have an ambition in relation to volunteering, it might be worth seeing if you could do some sort of fundraising exercise to help you on your way. Volunteering can be a great way to build management skills, leadership ability, entrepreneurial experience, etc, as well as many other life skills.

Hope that's given you some ideas. And remember, some of the applications you have made you may still hear back on, so don't give up on them completely just yet.... but maybe get a Plan B in place too, just in case. Think about doing an internship instead, if you can find one. Sometimes the application dates are later and they can lead to a full time role if you do a good job.

CLMs: Career-Limiting-Moves

There's been a well-publicised case lately of a high achiever who blew an internship (and given the level of media coverage, possible a career in finance might no longer be on the cards....).  Most of you will do really well on your internships, but we all make mistakes and in the very small world of financial services (believe me, it is...), mistakes can be very costly.

http://news.hereisthecity.com/news/news/business_news/11360.cntns

It doesn't matter who you are amongst your friends, at your university, in your hometown, etc... when you're working in the City or in management or strategy consulting, or many top 100 firms these days, you are one of many, many high-fliers. Yes, you can do very well, and yes the potential to do amazingly well is  definitely there... but you have to start at the bottom, like everyone else. An internship is a great opportunity that many would kill for.... don't do anything you'll live to regret.

So, what specifically, can be a CLM?  There are a few that I've seen quite a few times...

- Don't go off in a huff when you are told your development points during the mid-way review. Trust me, we all have them. Don't try to argue your way out of them. Take them onboard and work at them. If you don't you will fall into the 'doesn't take feedback well' category, and may very well find yourself without an offer at the end of the day.

- Don't consider the initial easy tasks you are given as being beneath you. You need to build trust and belief in you. You don't necessarily get this by default. This is the case in most new jobs in life, not just when you're an intern. Impress step-by-step and you'll soon find yourself with plenty to do.

- Don't get so drunk that you harass members of the opposite (or same) sex on a night out. Word spreads very quickly, chinese whispers often apply and unfortunately exaggeration often takes place and you go from being an overly-friendly person who had a few tequilas too many, to a sex-pest. If the HR team get wind of it, you could get your marching orders and potentially have to give up your aspirations of a career in finance.  Don't make the mistake of thinking that just because its not an 'official' night out, it doesn't count. Any nights out with colleagues count as ones you need to be careful of

- Be culturally aware. Just because you don't find particular comments or language offensive, doesn't mean someone you are with wont take offense.

- HR/recruiters are very conscious of the atmosphere/group mentality of their class of interns. Often what makes people want to return to the company is the friends they've made and the fun they've had, as opposed to just the work / the company. Anyone or anything that might upset this 'harmony' will come to their attention quickly. Like a rotten apple threatening to damage the rest of the fruit bowl, they will remove it quickly...

- "Romance" often ensues between interns. Keep it out of the office and away from the ears of HR. Equally, don't gossip with HR about any activity you have heard about.

- If you are invited out with the business on the same evening as an intern event, go with the business (if it cant be moved). The business/line will be the ones who decide your future, not HR and not the rest of the interns. Those types of invitations are not usually issued again if declined....

These CLMs are not that difficult to avoid... don't be the intern in your class that makes one. There is always at least 1 in every 50 in my experience....

I know what you did last summer (and unfortunately it wasn't an internship)…

If you spent your summers lounging on a beach in Bali, skiing in New Zealand or Inter-railing across Europe, then you're probably sick of hearing now that the only way to get a graduate job these days is to have a relevant internship. And even more sick of hearing about students who've done one every summer for the last 3 years and have a jam-packed CV.  Well, I wont lie to you - it definitely helps. A lot. But that's not to say that all is lost and that the only way to get on a graduate programme is to have an internship. However, at the start of your final year, you should take some immediate action to make sure you have enough on your CV/application form. Keep in mind that many of these will need to be submitted by Christmas, so planning to do loads in your Easter break is really too late if you want to secure something to start immediately after your graduation or in the months thereafter.

In order to beef up your CV in the absence of an internship, think about: 

- Volunteering, especially if it will allow you to develop a skill relavent to the role or industry in which you want to work

- Other work experience - in the evenings, on weekends - that is relevant to what you want to do (even if it needs to be unpaid)

- Take extra classes (e.g. learn chinese, do a media nightcourse) 

- If you're interested in banking & finance, set yourself up with a virtual trading account to see what you can do - makes for a great talking point at interview 

- Start a qualification relevant to your desired career (CFA / CIPD / CAIA… the list is endless). 

- Write a blog in a relevant area of interest to your job (and I don’t mean one that tells us what you had for breakfast every day… one with a real following of likeminded individuals).

- Look into open days, career days, spring weeks that you might be able to attend - many companies run first-come first-serve events for students, it's just finding out who and where can take a bit of research. Visiting careers fairs and talking to the recruitment staff can help a lot.

- Do some relevant reading - find out what the key text books are on courses that are relevant to your chosen profession. You can include a list of reading on your CV, especially if what you are studying is not directly related to your chosen profession, to show that you have been doing extra study. Be prepared to be questioned on them at interview if you mention them.

Look at what you already have 
I spoke to a student not that long ago who was despairing of the fact that he didn't have an internship and instead had worked at his local Chinese restaurant for the summers and part-time during terms. He was so disparaged by this that he did not even want to include that experience on his CV as he felt it wasn't worth it.  However, having discussed the experience with him further about what he did, it turned out that he did all the accounts for the restaurant, was responsible for arranging the staff rotas, cashed up at the end of the night, and was regularly supervising other staff when the owner was away.  Written up correctly, all of this is great to have on your CV.  If you don’t have an internship specific to the role you are after, examine the jobs that you have done and pull out the transferable skills that you have learned along the way.

Network 
It's no time to be picky. Tap into your network of family and friends. If you can get yourself even 1 week of unpaid work over the mid-term break in something relevant, then that can lead to 2 weeks somewhere else at Christmas and together they add weight to your application. You can put future-dated internships on your CV if they are definitely secured.  If can't get to the end goal immediately, break it down into baby steps and you will get there.

Other options to consider:- 
If you're really not hopeful of getting a role (e.g. if you are applying to one of the top firms, who will be very oversubscribed), then consider one of the following:

- apply for a summer internship rather than / as well as graduate positions 
Whilst some companies will only allow penultimate year students to apply, many will accept applications from final year students. If you manage to secure one, if you do a really great job, you might be lucky enough to be kept on in the place of a graduate who drops out last minute (there are always a few every year).

- apply for a year-long industrial placement Again, sometimes these are aimed only at courses with a placement included, but I have seen graduates recruited into these roles following graduation plenty of times. And again you could be kept on, or apply for the graduate position at that firm whilst you are working there and if you are doing a good job, you have a great chance of being kept on.

- think about a Masters 
You might need to go on and do a Masters or a Diploma. If your major concern is getting relevant experience, try to do one that has an internship or time in industry as part of the curriculum - there are more and more that feature some weeks in industry and this can be a great first step in the door…

… and keep that in mind. What is important here is getting your first step in the door somewhere so that you can show what you can do and hopefully impress and do a great job. After that, no one will care whether you were surfing Bondi til dusk or negotiating M&A deals 'til midnight, they will want you on their team.

The best way to finish your internship

So you're finished a tough summer internship with long hours (for both work and social reasons!) and you are taking a well-earned break before facing into what will likely be an equally tough final year at uni.

All very understandable! But if you want to save yourself hours and maybe even days of hard work later in the year, I'd highly recommend taking a couple of hours to review what you're done for the summer, whilst it is fresh in your mind.

First off, practicalities. 

Make sure you have:
- your internship line managers full name, email address and contact phone number (and ideally mobile phone number also)  (you'll be surprised how quickly you'll forget...)
- the contact details of anyone else you worked closely with
- HR contact details (e.g. the recruiter who hired you, or the name of the person in the company who you contact for references)
- your P45, or know when it is going to be sent to you
- if you did a mid/end of internship appraisal, make sure you have a copy and file it carefully somewhere you wont lose it

Record your experiences
The internship will be one of the key experiences you will use for answering competency-based questions at interview. Take some time to remember specific incidents or examples whilst they are are still fresh in your mind.

Remember that the best examples for competency questions are often examples of when things went wrong (and you helped resolve), where something wasn't working (and you put a new process in place) or in a difficult team (where you helped resolve disputes). Don't focus only on the 'day-to-day' things you did during your internship as often they are not necessarily the richest vein of information.

These 1-off occurences are also likely to be the ones that fade in the memory more quickly - in particular the detail about what happened, which are the details that you will need to recall at interview to make it a really strong example.

Join the a world of professionals
Create a LinkedIn profile and update it with details of your internship. In the last 18 months in particular, there has been a significant increase in the number of people and recruiters in particular using it.

Networking
You'll hear a lot in your career about the importance of networking. And now that you have joined the professional world, you have started to expand your network. Keep in touch with the friends you've made. As you are all interested in the same industry/area, it's highly likely that you will cross paths again and potentially help each other out along the way. Believe me, it's a very small world out there!

Useful materials
Within the bounds of what is allowed under your agreements with your internship employer, keep copies of an work you have done as it is very useful to read it through before interviews.

Some work to cover off all of the above activities will really be of use to you come November/December time when you are trying to prep for interviews along with studying for exams, final year projects and making the most of your last year at uni.