Securing an internship or graduate position

Ahsan Abdullah

You don't have an internship? Looking for a graduate position? Don't worry–there are several ways to adopt and maximize your chances of success. Ahsan Abdullah, a second-year student at the London School of Economics, gives a few tips.

Landing a graduate job at a financial or professional services firm is very competitive these days. The level of competition can even be fierce for securing an internship. So what should students do to stand out from the crowd?

First-year university students can start exploring their career options by joining several societies at something like a Fresher's Fair, an annual event that takes place at most universities in the United Kingdom at the beginning of an academic year. It is an opportunity for new students to join societies and returning students to renew their memberships.

These societies tend to organize various career informational sessions. Younger members can always learn from past experiences of experienced members who may have already done an internship in a consultancy, investment bank or anything relevant to what they intend to pursue.

Almost all firms in the financial sector ask competency-style questions in their application forms, or in the first round of interviews. While at university, students can really make a significant difference in this part of the application process. Students should try to take an active role in different societies. This will not only help them in learning about the industry but simultaneously they can improve several important skills that employers look for in particular, such as leadership and teamwork, etc.

At the same time, students should also try to attend as many graduate recruitment events (career fairs and presentations) as possible. These events not only provide a wealth of information about the industry and particular institutions, but you can also meet young professionals and ask them about their experiences, which may help you when applying for a position at that organization. These events, together with any presentation or talk at your society by a professional, will give you ample opportunity to network and make contacts in the industry.

Firms tend to hire graduates who have had relevant work experiences. The best way to get that work experience is by taking part in a summer internship program. Many firms in the industry run their eight- to 10-week summer programs for students graduating the following summer. The internship offers students first-hand insight into a particular business area and hence equips them to confirm their decision when they apply for graduate roles.

Many firms also use these programs as part of their graduate recruitment process. This is why many summer interns hold offer for full-time roles upon graduation before beginning their final year of study at university.

For undergraduates who are in their first year, or those students who do not graduate in two or more years, securing an internship through standard routes is almost impossible.

But there are other ways to secure work experience placements. These can also help second-year students who applied for internships but were rejected.

Contacting people already in the profession can sometimes earn you a placement. Students should be happy to work for free, which is generally more common if your target firm is a small organization or doesn't have formal internship arrangements. Once you are employed, it is relatively easy to convince the employer to either contribute or make a gift payment toward your travel expenses.

I remember reading The Actuary (U.K.) during my first year at the London School of Economics and saw an advertisement for a consultancy that was looking to expand its actuarial practice by hiring recent graduates and experienced actuaries. Though I was in my first year and realistically had a very low probability for success, I trusted my vision and decided to send my application speculatively. Surprisingly, within a couple of days I received a call for an interview with the partner and was offered a summer internship for four months. Sometimes it is worthwhile doing some research and sending speculative applications to players in the industry.

Students will have a friend, or a friend of a friend, who works in finance. It is worth asking them if you can spend a few hours shadowing them or their managers.

For example, I called an LSE alumnus and asked if I could sit by his desk for an afternoon. I did so soon afterward and walked away with a great financial institution name on my CV and a new wealth of understanding about trading and something to talk about in interviews.

Securing an internship in an actuarial department prior to applying n for an actuarial graduate role, or securing an internship in an investment bank for a student interested in investment banking career, is of course the best a candidate can offer.

But not every student manages to secure an internship in the area where they want to work upon graduation. For students interested in the actuarial profession, working for an investment bank, an insurance broker, a clearinghouse or a stock exchange can all be valuable experiences. It doesn't really matter whether you get the opportunity to go on client meetings or you spend most of the time doing administrative jobs, because during this process you will gain a lot of skills that you otherwise wouldn't.

To employers, someone who has made the effort to get experience will stand out from the very large crowd.

Ahsan Abdullah studies actuarial science at the LSE and besides being an affiliate member of the Institute of Actuaries, he is a member of the Institute of Mathematics and its Applications, London Market Students' Group and Staple Inn Actuarial Society. He is also the Casualty Actuarial Society liaison officer for the LSE.

Ahsan has interned with various financial and professional services firms including Lehman Brothers, ABN AMRO, London Metal Exchange, Sempra Energy Group, Amalgamated Metals Trading Limited, Standard Life, C. Steinweg (London) Ltd. and Grant Thornton's Actuarial Practice. He will be taking part in an internship with Goldman Sachs during the summer of 2005. Ahsan can be contacted at a.abdullah1@lse.ac.uk