Careers advice

Graduate schemes (also known informally as ‘the Milkround’) are career schemes provided by employers – often investment banks and strategy consulting firms - that are aimed at recent graduates. 

The specific details of graduate schemes vary between different employers but most begin immediately after your graduation and offer a graduate-level job for a specified period of time, usually between 2 and 3 years. These roles may involve some rotations between different departments. Most employers will offer the opportunity for more permanent roles on completion of the scheme.

Graduate schemes are very competitive, so early research and preparation is essential. They also involve a lengthy application process generally consisting of an online application form with competency based questions and a one page CV (curriculum vitae or resume). You may also be asked to submit a cover letter. Shortlisted applicants will usually be invited to take an online numeracy test. If successful, a first interview (possibly video interview format) will then follow, with progression to an assessment centre for further interviews. If your application gets through the first screening you may be surprised by how quickly you are invited to take online tests (e.g. numerical, non-verbal reasoning and problem solving tests) and/or a video interview, so ensure you have done some practice tests/interviews and are familiar with the time pressure.

Would suit:

• Students who have done their employer research and already have a clear idea of the sector they would like to work within.
• Students who have already completed an internship or other work placement.

Key things to remember:

• Research is key: thoroughly research the different employers and tailor each application accordingly.
• Prepare early: most schemes open as early as August and close in October or November (your course begins in early September).
• Take advantage of on-campus recruitment: meet representatives from the different employers at the many LSE events, such as graduate fairs for banking & finance, consulting, and many more.
• There is a strong value of having your application reviewed by the LSE Careers Service so you may want to wait until you have started at the LSE before sending off your applications. Remember that most organisations accept only one application per student in a 12-month cycle.
• Entry to these schemes is very competitive so don’t be disheartened if you are not successful.  Most students will have many unsuccessful applications due to the competitive nature of the process. However we find that as a group our students are very supportive of each other, and we often find that our students do very well in ultimately finding a role they are happy with, whether on a graduate scheme or through a different path.

Graduate internships are similar to full-time graduate schemes but are much shorter, lasting from anywhere between a few weeks to a few months. They are paid positions, and in many cases can lead to an offer of a full-time position by the employer. These are offered by most investment banks, strategy consulting firms, and other financial and tech institutions.

The application process is similar to that for full time positions, although deadlines are usually later in the autumn or January, and some ‘off-cycle’ internships are offered even later in the academic year. 

Would suit:

• Students who have done some employer and sector research but want some experience to be certain of their choice.
• Students without any previous industry experience.

Key things to remember:

• Research is key: thoroughly research the different employers and tailor each application accordingly.
• Quality of applications wins over quantity. Students who take a scatter-gun approach generally make poor, unfocussed and unsuccessful applications. One application can take 6 to 8 hours, so use your time carefully and narrow down the organisations you apply to.

Entry-level or lateral hire positions are jobs advertised within organisations that are not specifically reserved for new graduates. There is no general recruitment period, but most tend to recruit later in the academic year giving you more flexibility and time to identify suitable roles and employers. LSE Careers has strong contacts with hundreds of organisations, often via alumni, and advertises positions for graduates and lateral hires in all financial services areas, consulting, start-ups and other sectors.

Would suit:

• Students who need a bit more time to research their chosen sector and employers.
• Students who have completed an internship.
• Students open to jobs with smaller firms or start-ups.

Key things to remember:

• LSE Careers is a key resource so go along to their employer fairs and be sure to check the Careers website for new jobs regularly.
• Networking and meeting representatives from different employers, including alumni, is often key to your career search.

Speculative applications are job applications you make to employers you are interested in working with who have not necessarily advertised a vacancy. Most students who make speculative applications do so because they are particularly interested in and passionate about the specific organisation they are applying to.  

During the year you will have the opportunity to meet and network with a wide variety of employers and alumni, and you will also benefit from a variety of careers sessions and learn more about your own motivations and skills. This will help you tailor a more successful application. Remember that these applications are unpredictable in their outcome but can prove successful.

Would suit:

• Students who are confident in networking and have a keen interest in a specific sector or organisation.
• Students open to jobs with smaller firms or start-ups

Key things to remember:

• Networking and meeting representatives from different employers, including alumni, will be advantageous for your career search. Be open to a process of meeting with, getting to know, and speaking to representatives of the organisation you would like to apply to.
• Think carefully about why you want to work at that specific organisation and what you can offer them. 

The Department of Finance offers an in-depth Professional Development Programme for our students, in order to help develop your skills and assist you in your job search. Just some of these opportunities are detailed below:

Skills training and workshops:

• Introduction to how the City works
• Preparing a CV workshop
• Networking skills workshop
• Case Study course
• Session on Cover Letters and Application Processes
• Application form workshops
• Interview and Presentation skills workshop

Sector introductions:

• The City Speaker Series which forms part of the pre-sessional programme is a series of talks by industry professionals from a range of sectors, including investment banks, asset management, hedge funds, boutique banks, consulting and capital markets.

Networking opportunities:

• MSc Finance and Risk has several alumni networking events during the year giving students an opportunity to network with alumni from the programme.

One-to-one careers guidance:

• CV checking one-to-one sessions
• Mock interviews and technical interview practice with our experienced in-house careers consultants

 The LSE Careers Service is one of the best in UK for the support it offers to students and also its links with recruiters. As a student at the LSE you would be able to access the following:

Employer presentations: many employers come on campus to give presentations and hold events, allowing you to meet their representatives in person. In addition others hold presentations in their London offices. These events will be a great way for you to learn about each organisation and its culture.

Careers Fairs: the LSE holds many careers fairs, including a dedicated banking and finance careers fair, which takes place in October. Many of the major banks attend. Once you are an LSE student you will be eligible to register and attend this recruitment fair, and many others including the consulting careers fair. 

Skills workshops: there are skills workshops taking place throughout Autumn and Winter term, including a number of sessions dedicated to your programme during September. There is also a central programme of job hunting workshops plus a range of companies coming in to LSE offering training sessions covering topics including technical finance interviews and case studies as well as insights into specific business areas.

Careers and CV advice and practice interviews: the team of LSE careers consultants is available for 1:1 meetings to discuss your CV, your general careers options, or specifics such as interview techniques. When you have a job interview coming up you can have a practice interview.

With so much going on, particularly during October and November, when there will often be more than one recruiter event each night, you will need to be focused and targeted when it comes to the time you spend at these events. It is very important not to overstretch yourself and let your studies suffer.

This is the best preparation you can do before arriving at LSE. Once you start your programme you will find that your time is in high demand. Research what industry sectors interest you and the types of roles you may wish to explore, even before you start the programme. You can then research further by attending recruiter presentations on campus and seeing how the courses you study may influence the areas you may wish to work in. The following links are good starting points for your research:

The following links are good starting points for your research:

• Efinancialcareers
• Vault
• Target jobs

Update your CV with your most recent education, internship experience, and other relevant information before you arrive at LSE. Banks usually prefer CVs to be one page only. Focus on highlighting the generic skills that recruiters will be looking for, such as quantitative skills, analytical skills, communication and teamwork, emphasising results and achievements.

You will have opportunities to receive one-to-one advice on your CV from a careers specialist, as well as learn how to write a finance focused CV, through sessions run by the Department of Finance and LSE Careers.

• CVs and cover letters

If you are already clear on the types of roles and organisations you want to apply to, you can use the summer before you arrive at LSE to start working on and submitting applications. But do bear in mind that the guidance and expertise available to you once you arrive at LSE will certainly help you prepare better applications. Please see the following recommended guide for preparing your applications:

• Writing a successful application

Online applications for graduate schemes will ask a series of competency based questions. Before you arrive, you should start preparing answers for the types of questions you may be asked, particularly thinking about examples you can provide for: how you have met specific competencies, such as teamwork or communication. See the following links for more guidance:

• Competency based questions
• Common banking interview questions
• Interview and assessment centre preparation
• Interview tests and exercises