How important is work experience in your sector?

A report from High Fliers Research last month claimed that those without work experience are likely to struggle in the current job market. Looking at data collected from the top 100 UK employers, the report particularly highlighted the enormous potential benefits of an internship in securing a job later on. Another key finding from the report was the difference in work experience required for each sector.

As investment banking internship offers or more likely, rejections have been rolling in recently, there is a clear feeling of panic among first and second years as they realise the importance of work experience at the top investment banks. Those involved in the process are encompassed by the fear that, failing the tough application process for a week of work experience in first year could destroy any chances of getting a job in an investment bank later on. Whilst this is likely an exaggeration, the report does provide some support for these fears, with 71 percent of graduate jobs in investment banking given to people who have previously worked for that employer. Compared to the average of 36 percent, this is a remarkable figure, almost justifying the attitude toward internships that we see so often.

Whilst the application process seems unnecessarily tough at times with, in some cases, two rounds of interviews just for the Spring programmes, once you can get onto one scheme, the chances of getting a job at the end of it increase significantly. With a 1:1 ratio of work experience places to graduate jobs in 2012, investment banking is certainly a sector where hours spent slaving over a covering letter could pay off in the long-run.

Unsurprisingly, the law sector exhibits the same desperate attitude towards work experience as investment banking, with students every year assuming that without some form of experience in a law firm on their CV, the chances of getting a training contract will be significantly smaller. Whilst not quite on the same scale as investment banking, 51% of graduate jobs in law firms are given to those who have had previous experience in the firm. The report also claimed that the ratio of work experience to graduate jobs for the law sector was 6:5, showing how those who receive a job later on are more likely to have had experience in a law firm of some sort.

In short, the report shows that internships in law and investment banking are horrifically competitive, to the point where students will begin to question whether they have spent more time filling in application forms, taking online tests and attending interviews than actually working for their degree. The picture is not all doom and gloom, however, as the report also indicates that many other sectors simply don’t view internships in the same way. Particularly notable is accounting and IT, where the percentage of graduate jobs given to those who have had previous experience in the firm was reported as lower than average, at 29 percent and 27 percent respectively. Even lower, was the public sector with 9%, demonstrating that there is no need for anyone wishing to enter the public sector following their degree to start panicking as they see the potential future investment bankers frantically sending their CVs around.

Whilst the trend is clearly more apparent in some sectors than others, it would seem that the general view is that work experience is becoming increasingly important. Overall, employers are reporting a 19% increase in graduate applications as the labour market is becoming progressively more competitive. We, therefore, certainly can’t sit back. We need to stand out and, whilst work experience and internships are a good way to do this, the number of internships available is also steadily increasing as conditions in the economy improve. The problem that students now experience is to ensure their CV stands out enough to be able to get onto the work experience schemes in the first place, and it seems that this might be a cycle that is only set to continue.

_The full report can be found at [http://www.highfliers.co.uk/download/GMReport12.pdf](http://www.highfliers.co.uk/download/GMReport12.pdf)_