6 great alternatives to graduate schemes
Thinking about your next step after university? A lot of the focus is likely to be on graduate training schemes, but have you considered the alternatives?
While graduate schemes do tend to be a popular route for university-leavers to take, it's for this reason that they tend to be super competitive – not to mention the fact that they aren't always the right choice for everyone anyway.
In fact, the majority of graduates don't get onto graduate schemes, whether by choice or otherwise!
And that's fine, because there are loads of alternatives for starting your career. Even if you are applying for grad schemes, we suggest keeping these options in mind too.
What to do if you don't get a graduate scheme
These are the best routes to take after university instead of graduate training schemes:
Apply to companies directly
You can skip the whole formal graduate scheme application process and contact companies that interest you directly.
They may have graduate positions available that aren't explicitly advertised, or simply not have enough positions available to justify a training scheme.
This can mean the competition is less intense than on well-publicised graduate programmes, but as there are likely to be fewer positions on offer, you'll still need to work hard to impress them!
The other benefit to this alternative process is that you're showing potential employers you're genuinely interested in their company rather than just applying because there's a grad scheme available.
Plus, by taking the initiative to contact them, you're showing that you're confident and motivated – both valuable skills in the eyes of employers.
By applying directly with your excellent CV and cover letter, you're demonstrating you have the drive and confidence to succeed. You're also able to give more of an impression of your personality this way, rather than going through a relatively generic application process.Find out what the average graduate salary is for your degree.
Try an internship
Taking a temporary internship at a company you're keen to work for is a great way to gain work experience, and the best part about this option is that you don't have to wait until you've graduated to get started.
Many companies are interested in students interning a couple of days a week while they're still studying, and this can be a great way to help you decide your career path once you graduate.
By interning, not only will this give you an idea of what the day-to-day responsibilities will be in that specific industry, but it'll also give you a foot in the door after university. If a job opens up there once you've finished uni, you'll be top of the CV pile. Even if no opportunities arise, it'll still look great on your CV!
If you can't manage to get a placement with the company you're after, apply to another company in the same field and use it as a stepping stone to work out what's expected of you. Doing an internship whilst studying at that company might allow you to fast-track your application to their graduate training scheme later.
What are fast-track applications?
A fast-track is when a company allows you to progress more quickly to the later interview stages.
As a fast-track applicant, you may be able to avoid doing a formal application, and you could skip preliminary stages of the application process like tasks and phone interviews.
This usually happens if you've already been affiliated with the company during your degree, perhaps through an internship or something similar. It's also possible to get fast-tracked if you're a very high achieving student, so you best get your head down!
Look for jobs in start-up companies
Start-up companies can be brilliant places to work straight after uni. There are loads of reasons to choose a much smaller business (sometimes called an SME/small to medium enterprise) over a larger corporation.
Your experience working for a smaller company is likely to be more personal and less hierarchical. Plus, it's easier to get the chance to prove yourself in a smaller office. You're also likely to get way more responsibility than you would be given in a larger company, which is great experience and means you'll learn a lot – and quickly!
One thing to keep in mind is that smaller companies might not openly advertise graduate roles, so it is important to search for them yourself and apply directly.
Start-ups tend to favour people who think outside of the box, so it can be a good idea to get creative with your CV and how you approach them.Don't forget to keep an eye on our vacancy page for any opportunities at Save the Student!
Do a postgraduate degree
Admittedly, at this stage, the idea of studying for at least one more year may not be too appealing...
However, studying a postgraduate course will put you ahead of the competition when you do start applying for jobs, and this is a particularly good option if you're still deciding which career is best for you.
Not only this, but the government now offers loans of over £11,000 (depending on location) to those wanting to do a Master's degree, and you may even find that your uni offers discounted postgraduate courses to undergrads wanting to progress to Master's level at the same uni.
If the idea of increasing your debts is too much to handle, you can also do a postgraduate degree at one of these great cities in Europe for free (or almost free). Something to consider, especially as they're often taught in English – but watch this space, as it could all change after Brexit.
Start your own business
If you're business-minded and have a bit of the entrepreneurial spirit in you, don't rule out the idea of starting your own company.
Our annual Student Money Survey has shown that as many as two in five students have their own business or side hustle, suggesting this can be a lucrative option for young people in the UK with bright ideas.
If this is something you think you'd be interested in, try looking into funding from government-backed business schemes, or even check with your university, as some will be keen to invest in their alumni.
A popular path that many young entrepreneurs take today is setting up a business or website online, as it entails lower costs and gives immediate access to a global market or audience. In fact, this is how Save the Student began!
As a side note, don't be afraid of failing with some of your ideas. Whatever happens, you'll learn an incredible amount about yourself and pick up a whole range of new skills to take forward in your career, whichever route you decide to take.Read how one teenager from Gloucestershire managed to make £48,000 in one year with her idea for a baby-naming website.
Consider working abroad
If you're really struggling to find something that appeals to you in the UK job market, there's nothing to stop you looking abroad.
For anyone who can speak a second language, your options are extremely broad. But even if you only speak English, don't let that put you off applying to international companies.
English is an official language in more countries than any other, and even where it isn't, there will likely still be some English-speaking firms. It's just a matter of searching until you find them.
Even if you don't want to make the move permanently, applying for relevant work experience or internship placements in another country will really help you stand out when applying for jobs on your home turf.
Just remember that while a lot of your fellow students might be gunning for graduate training schemes, there are so many more options available to you.
Exploring different options is the key to finding the perfect role, so don't be afraid to challenge yourself and try new things when it comes to your career.
If none of these options appeal to you, there's no harm in taking a year out to figure out what route is right for you.