Graduate Programs and Hiring Schemes: What You Need to Know
We show you how graduate schemes work, how to apply and how they can benefit your future career.
Whether you've just graduated or are about to, you're likely thinking about how to transition smoothly from years of academia into your professional life. With so many options available across all types of industries, from entry-level jobs to internships, how do you know what's right for you? If you're looking for a structured career path that allows you to gain valuable industry experience, graduate programs (also known as graduate schemes or hiring schemes) are an excellent option.
A graduate program or scheme usually involves a combination of structured training, on-the-job experience, and mentorship opportunities. Graduate schemes are available in almost every industry. However, they are more prevalent in finance, technology, healthcare, human resources, and consulting. Companies in these industries typically offer grad schemes to attract and retain budding top talent, provide professional development and foster the next generation of industry leaders.
In this article, we take a closer look at what graduate programs or schemes are, how they can benefit you, where to find them, and how to apply.
What is a Graduate Program?
A graduate hiring program is a recruitment and development initiative designed to provide recent graduates with the skills, training, and experience they need to launch a successful career and grow within an organization. They can take many forms and may vary in length, depending on the company and the industry. You'll typically make a full-time salary and should receive some, if not all, workplace benefits.
Some programs are designed as rotational schemes. You'll more typically find these in psychology graduate programs and graduate nursing programs where you'll move between different departments or divisions over the course of a few years. This allows you to gain broad exposure to other areas within the field and develop various skills and knowledge. It also helps you identify which areas you are most interested in and where you want to focus your career.
You can also find specialized graduate schemes focusing on a particular area of expertise. These programs provide you with in-depth training and experience in a specific field and help you build a strong foundation of skills and knowledge.
What Are the Benefits of a Graduate Scheme?
Overall, graduate scheme jobs can be a great way to kick-start your career and gain valuable experience and skills. When exploring graduate programs, we recommend researching the company and specific program before applying to get a clear idea of what it offers. More specifically, here are some reasons why choosing a hiring program can be an excellent jumping off point for your career:
- Career development. You'll have the opportunity to receive structured training and development in your chosen field, which can help to further your career and put you on a path to professional success.
- Industry insight. Graduate schemes offer exposure to various aspects of your chosen industry and provide you with a deeper understanding of how companies operate, which can be invaluable for early career development.
- You'll have many opportunities to network with industry professionals, both within and outside your company, which can help you build valuable relationships and increase visibility.
- Competitive compensation. Many graduate schemes offer competitive salaries, benefits, and bonuses, which can provide you with financial stability and support your early career growth.
- Broad experience. You'll typically get to work in different departments, projects, and business units, providing you with a wider range of experience than you’d receive if you started in a conventional one-focus job. In this way, you’re able to build a well-rounded skill set.
- Career advancement. Graduate schemes can provide a foundation for future career advancement, as many graduates who complete a program go on to secure senior roles within their companies.
What Does a Graduate Scheme Application Process Involve?
It's important to note that the application process can be competitive and time-consuming, so you should be prepared to invest the necessary time and effort to make a strong impression.
We recommend researching and applying for graduate programs at the beginning of your degree's final year.
Also, keep in mind that the exact timing for applying to a graduate program can vary depending on the company and industry. Many companies have specific application deadlines, so it's essential to check their websites and apply well in advance.
Here are the steps typically involved in your application:
Update Your Resume
Because you're potentially applying alongside thousands of other candidates, it's crucial that you spend time on your resume and cover letter to stand out. Ensure that your education is front and center, including any academic honors or awards you received and remember to tailor each resume to the specific position you are applying to.
If you don't have any prior job experience, make sure to highlight any volunteer work or notable school projects that demonstrate skills relevant to the job. Remember, a potential employer is likely more interested in your transferable soft skills and willingness to learn role specifics on the job. For more resume advice and helpful tips, check out our sample college student resume.
Complete Your Application
Many companies allow you to apply online to graduate programs or schemes, so follow the specific instructions and submit your application materials before the deadline. Depending on the company, you may have to complete online assessments as part of the application process, administered through an online platform or via email.
These assessments could include various tests designed to assess your suitability for the scheme. For example, employers hiring for data science graduate programs may want to evaluate your proficiency in specific areas such as data entry, coding, and programming. Or if you're applying for a graduate research fellowship program or scheme, expect to demonstrate your ability to think critically, interpret research findings and solve complex problems.
Prepare for Your Interview
Once you pass the online assessments, you'll usually have an initial screening interview via phone or video. If selected, you'll go on to another round of either individual or group interviews. Don't be afraid to ask questions and prepare to discuss your interest in the program and how it fits into your desired career trajectory. This is your opportunity to shine.
It's essential to also prepare for the interview by researching the organization and reviewing the job description and requirements. Additionally, you should practice your responses to behavioral, technical, and industry-specific questions. Remember to showcase your enthusiasm, passion, and curiosity for the role and the organization.
Fortune 500 Companies with Graduate Scheme Jobs
Typically, you'll find that the larger national and international companies offer graduate programs as they have the resources, expertise, and experience to provide outstanding training. Here are some of the Fortune 500 companies you could work for:
Kick-Start Your Career with Help from Monster
Find a job that can help set you up for future success - we're ready to help you do just that. Start your journey by signing up for a free Monster profile. Upload your resume and start browsing graduate programs and hiring schemes that interest you. We'll help connect you to recruiters looking to fill top jobs with skilled candidates. Plus, we'll send customized job alerts to your email inbox, so you don't have to spend all day combing through ads.