Best Graduate Schemes In The UK

27 Jun 2024, by Christina Attrah, min. read

Everything you need to know about applying for graduate schemes for 2024.

If you’re finishing university and considering starting a graduate scheme it can be hard to decide whether this is the right option for you. If you want some advice on the best graduate employers and graduate scheme opportunities, you’ve come to the right place as we’re going to break down everything you need to know— from the benefits of joining a graduate scheme to how to secure a place.

Deciding on a graduate scheme vs a graduate job is a big decision and often requires a lot of advanced planning and preparation. So, if you think it might be for you or you’re not sure what your options are after graduating hopefully we can answer all your questions about graduate schemes for 2024.

In this article:

What is a graduate scheme?
What’s the difference between a graduate scheme and a graduate job?
When do graduate schemes open for 2024?
Best graduate schemes and employers for 2024
How many graduate schemes should I apply for?
Tips for applying for a graduate scheme
Alternatives to graduate schemes

What is a graduate scheme?

All a graduate scheme is an entry-level job with a structured training element. It gives you the opportunity to explore multiple areas of the company you work for and build up your experience, working on a variety of different projects to help you decide what type of job role you’d like to take up full-time and give you hands-on experience of how a company works.

It’s a good way to try out lots of different job functions and see what you’d actually like to do in the future and what you’d maybe like to avoid.

Graduate schemes typically last between one and two years and are aimed at students who have just graduated, with many starting pretty soon after uni finishes. So, if you’re looking at graduate schemes for 2024 you might be starting before the end of summer.

In many cases, once your graduate scheme ends, you’ll be offered a permanent contract or you could use the skills you’ve learnt to apply elsewhere.

What’s the average salary of a graduate scheme?

Graduate schemes will pay a full-time salary, and often offer a higher starting salary than many entry-level jobs. Although every company and graduate scheme will be different, the best graduate schemes offer competitive salaries for their employees.

According to salaries submitted to Glassdoor the average graduate schemes in 2024 pay between £28k-32k per year. This is just an average and it will vary massively depending on your company and industry.

Some graduate schemes are paid much higher, especially if you are working in finance. For example, the Goldman Sachs New Analyst Programme pays £52,000 per year and you don’t need any previous experience in the field to apply.

What’s the difference between a graduate scheme and a graduate job?

So, just what is a graduate scheme and what’s the difference between a regular graduate job? There are actually quite a lot of differences between the two!

Graduate schemes:

A structured training programme that will run for 1-2 years and might end in a permanent contract
They focus on a specialism such as HR, finance or marketing which is great if you know what career sector you want to go into but aren’t sure what specific role you’d like
You get to work on multiple different projects and job functions to help teach you a wide range of skills
They can be competitive and involve going to assessment centres where you’ll compete with other candidates for a place on the scheme
There are limited places so you have to prove that you’re the best candidate for the job
You normally have to have achieved a 2:1 or above, however, some graduate schemes are open to a 2:2
Graduate schemes are often at huge company names which can give you the opportunity
to work for a big company straight out of uni with no experience

Graduate jobs:

An entry-level job that you can apply for at any point after finishing university
Often advertised as specifically looking for graduates, which means they’re not looking for a candidate with loads of experience
You can apply to as many graduate jobs as you like
The process isn’t as competitive as graduate schemes
You have freedom on what jobs you apply for, you can search for graduate jobs on job sites and apply for jobs you think you’ll be good at
You’ll have a set job role and team, whereas, in a graduate scheme, you may explore multiple different job roles
Entry-level jobs are sometimes paid less than graduate schemes, but it depends on the industry
Entry requirements are more flexible and it might not matter what your degree classification is
You’ll most likely have a permanent contract and room to grow and move up at the company— the job is yours for as long as you want it

What about graduate schemes if I have a 2:2?

It’s not the end of the world if you get a 2:2 so don’t panic. Although many graduate schemes will ask for a 2:1 or higher, many do offer the chance for candidates to apply if they have lower grades. However, graduate schemes are competitive and have limited places, so you’ll be competing with other students throughout the whole process who might have landed a first.

While you can check if the graduate scheme you’re interested in is open to those who have a 2:2, you might find that unfortunately, you won’t progress very far in the application process.

However, graduate schemes aren’t for everyone and aren’t the only forward so if you have got a 2:2 it might be worth exploring other options as it can be much easier to land a graduate job with a 2:2 than it is a graduate scheme.

Plenty of graduates with a 2:2 go on to land their dream jobs post-graduation, and once you’ve got your foot on the career ladder and start gaining real-world experience, no one will care about your degree classification if you can show that you’re experienced and qualified for the job.

What are the benefits of a graduate scheme?

You learn on the job and will get to try out different roles
You’re given lots of training and responsibility from the get-go
Good starting salaries
It looks great on your CV and will help you out when applying for future jobs
Chance to work for a big or prestigious company straight out of uni
High chance of landing a permanent position once your graduate scheme has ended

What are the drawbacks?

There is a lot of competition to land a place in a graduate scheme
You have to go through lengthy assessment centres and applications which can be quite daunting
You might end up working on projects or in roles that you don’t like
You may be required to travel a lot, work late or on weekends
You might not have a permanent job at the end of the graduate scheme
Once you’ve committed to a graduate scheme it doesn’t look great to leave it early if you decide it’s not for you and future employers may be put off by this (but at the end of the day, if you’re not enjoying your graduate scheme then you have to do what’s right for you)

When do graduate schemes open for 2024?

If you’re thinking about applying for graduate schemes in 2024 you’ll need to be quick. Most graduate schemes start in the summer or early autumn, so for 2024 this would be between August and September.

If you’re thinking about applying for a graduate scheme for 2024, you should start looking up companies you’d like to work for and what the deadlines are for their graduate schemes. If you miss the application deadline, you most likely won’t be able to apply for the 2024 intake because there are limited spaces available, so if you do think you’d like to apply make sure you don’t leave it too late.

It’s best to start looking as early as possible, and if you’re a second year student you can even apply before your final year to get ahead of the game.

Best graduate schemes and employers in the UK

The Times has published its top graduate employers list for 2023-2024 which shows which companies are hiring the most graduates in the UK. If you’re looking at graduate schemes for 2024, these are the companies which you should look at for the best graduate schemes.

You can read the whole list as well as the application deadlines on The Times 100 graduate employers list.

How many graduate schemes should I apply for?

This is up to you and there aren’t any rules. However, the application process for graduate schemes can be long and time-consuming and you don’t want to burn yourself out.

Different graduate schemes have different application processes but you’ll most likely be invited to an assessment centre for each one you successfully apply for and may have to complete a range of tasks as part of the interview process.

Of course, it doesn’t hurt to apply for as many as you’re interested in and it can help to increase your chances of landing a place, but you don’t need to apply for every single one you see.

Tips for applying for a graduate scheme

So, how do you stand out from the crowd when you’re applying for a graduate scheme? If you’re looking at graduate schemes for 2024, here are some things you can do to polish up your application.

Do your research– make sure you know exactly what the graduate scheme would involve and that it’s something you’d actually want to do.
Apply for smaller programmes– graduate schemes at big companies are very competitive and a lot of the time failing to land a place isn’t reflective of you or your skills but due to the number of applicants, smaller schemes will have less applicants and it can be easier to land a place.
Highlight your skills on your CV– the good thing about graduate schemes is that everyone is straight out of uni and won’t have any real work experience yet, however, you can stand out from the crowd by highlighting your skills and achievements from uni.
Be prepared for interviews– interviews can be scary, but if you do your research you’ll breeze through it. Don’t forget to check out the most common graduate interview questions with answers to help you prepare for any tricky questions that might come your way.
Put time aside for applications– you want your application to stand out from the crowd, so make sure you’re actually putting enough time into filling out your application and highlighting why you’d be a great candidate to land a place on one of the best graduate schemes.

Alternatives to graduate schemes

If you think a graduate scheme isn’t for you that’s completely fine. Just because your friends are applying it doesn’t mean you have to or that you won’t land a well-paying job once you’ve graduated.

If you don’t want to apply for a graduate scheme you could try:

Entry-level jobs– not all jobs are advertised specifically as graduate positions but plenty of companies are always hiring entry-level positions which are open to candidates who may not have any previous experience but want to learn. Having any degree is often enough for many entry-level jobs, so do some research on different industries and career paths and have a look at what you can find.
Freelancing– you could always try working for yourself if you don’t fancy a traditional 9-5 and this is a great option if you see yourself in a creative role or have a set skill or side hustle you’re already successful at.
Temporary part-time work– if you don’t actually know what you want to do after uni but need money, it doesn’t hurt to take a temporary part-time job while you’re figuring it out. Working in retail or hospitality can be a good way to earn some cash and gives you a chance to work out exactly what you want to do as a full-time career. Remember there’s no set time frame for you to decide on this, you have your whole life to figure out your career so take your time and really think about it.