Getting work experience in financial services

Work experience is vital if you want to get ahead of the competition for graduate jobs in financial services. Find out what's available, the kind of work you might do and how to ace the application process.

For many students, a formal internship is a first foray into the world of financial services. It’s an opportunity to get to know the sector, make contacts and see whether an employer or a type of work is a good fit. Internship programmes benefit both the students who take part and the graduate recruiters who run them. Both can find out about the other before making firm career choices. You will need to put some effort into finding the right internship, however, and even more into making a successful application.

'Internships offer a structured introduction to working life in the sector and the organisation. As an intern, you should be treated as a member of the team and given meaningful work to do.'

What is an internship?

Internships offer a structured introduction to working life in the sector and the organisation. Most finance internships are aimed at students in their penultimate year of study and run for eight to ten weeks during the summer, but some organisations also offer shorter ‘taster’ programmes or longer industrial placements. As an intern, you should be treated as a member of the team and given meaningful work to do. ‘Internships allow employers to attract high-calibre undergraduates to their graduate programmes at an early stage,’ says Joy Lesslie, graduate recruitment manager at Standard Life. ‘You’ll often be given the chance to tackle key pieces of work and projects that can really help the business.’

Interns are usually offered an initial training programme but you’ll also be expected to participate rather than observe from day one. You are likely to be given a small project to work on, for example simple analysis, some IT testing or researching a market.

Work experience now, a job in financial services when you graduate

You will get to test your skills in live situations, explore your career options and gain an insight into the organisation. It’s an unrivalled opportunity to find out about different areas of the business and to network with other professionals and like-minded ambitious students. An internship is not a ticket to a graduate job but it can raise your chances significantly: it’s not unusual for employers in the finance sector to take on 60–90 per cent of their interns permanently.

'An internship is not a ticket to a graduate job but it can raise your chances significantly.'

On the other hand, you might find that the area of work or the organisation isn’t right for you – it’s much better to discover this during an internship than after you’ve graduated and accepted a permanent offer. An internship can still point you in the right direction, though. ‘It could be that another area or department within the organisation appeals to you more,’ Joy comments. ‘You may be able to negotiate a different role if you are offered a permanent job.’

How do I find the right internship?

You will usually be expected to apply for a particular business area so it’s important to spend time exploring the different divisions and career opportunities that exist within a firm before submitting your application. Attending company presentations, speaking to students who have completed internships and reading organisations’ websites will help you gain an understanding of the business areas and also give you a feel for the culture of the organisation.

How do I prepare for applications and interviews?

Apply early! The application deadline for many internships is at the end of January - and some are earlier. Many focused students will apply long before the deadline, so consider doing the same – if you leave it too late, recruiters may already have offered the internships to strong candidates who applied earlier than you.

'Let your enthusiasm shine through and get involved – a ‘can do’ attitude will really help you stand out.'

Think about your skills and how they might be relevant to the role you’re applying for. If you haven’t got any work experience, think about skills you’ve picked up in other ways, for example during extra-curricular activities. Recruiters like to see applicants who have done their research and can explain why they are interested in a career in this sector. Academic qualifications alone won’t get you a place – it’s important to show that you have an aptitude for the business, and genuine curiosity and enthusiasm will also help you stand out. Make sure you keep up to date with what’s going on in the world by reading the business press and not just on the day of your interview. There’s no point in saying ‘I’m passionate about retail banking’ and then not being able to answer a question like ‘What's the current base rate?’

How can I make the most of the experience?

• Remember that you’ll be working in a professional environment: make sure you’re on time and dressed appropriately. View the internship as an extended interview.
• Maximise the variety of different experiences you get while you're there - this means not always waiting to be allocated tasks, working for a range of clients and getting to know lots of people within the organisation.
• ‘Ask for feedback on your performance from an early stage,’ advises Joy. ‘You need to do your absolute best during the short time you are with the company.’
• Let your enthusiasm shine through and really get involved – a ‘can do’ attitude will really help you stand out.

Read on for the personal view on internships in the financial services sector: