Marketing intern, Guy Backhouse, recently completed a week long placement here at The London Institute of Banking & Finance. Guy is amongst thousands of other students across the country applying for internships and industry placements and gives an insight into the process from a student's perspective. Guy recounts...
The Benefits of a Placement
"Competition for graduate jobs has never been so intense. With thousands of students coming out with similar degrees to myself the importance of professional experience can make all the difference in finding a job. The benefits of a placement is not just experience and financial gain but also the opportunity to network and gain contacts that will possibly aid your career in the future."
Quality or quantity?
"For the large multinational companies the process of getting your foot in the door for just the final interview is both a competitive and elongated process. Due to thousands of students applying to these large companies the question for me remains whether I will get more from my year in industry from a small or large company. The appeal of working for a large multinational is that it might be a company you immediately recognise or will stand out on your CV. However due to the intense competition for a role, the application usually involves a long process starting with an initial application form followed by a video interview. This is all before a very testing numerical exam and, if successful, then a last review of your CV and cover letter before being awarded a place at the assessment centre. From my own personal experience the process takes time and can be hard pill to swallow once getting the first rejection email and even more so further down the line.
However, whilethere is always an attraction to work for a large transnational; the possible benefits for working for smaller companies do cross my mind. The positives of working for a smaller company are not just limited to a shorter application process but also what the role entails. You are likely to have greater responsibility whilst also being able to engage in more areas of your chosen industry. Along with this, the possibility of a permanent role being offered to you at the end of your year may be higher than if you were working for a large multinational."
Onward and upwards!
"Despite the application process being a tough one, I feel that I have gained some valuable skills for future use. On a personal level I feel that I have been able to develop my analytical skills in terms of not only having to do research into the company and its values, but also having to adapt each cover letter to suit the individual company. This hopefully can act as a useful skill in my year in industry.
After applying to a variety of placements I have had a few rejections. This is expected in the process, unfortunately due to the size of many of these companies feedback is rare, so it can often be challenging in editing for your next application. Despite this, I will usually review my application and take notes on any elements in which I feel could have been done better. Although motivation may be down initially the impulse to get a placement still remains as the year is likely to give me skills and contacts that will benefit me dramatically in my future career."
Find out how we can help find a placement in industry by getting in contact with our careers and employability team.