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Difference between Internships Program vs. Graduate Scheme

Are you a student or soon-to-be graduate? If so, you're presumably planning your next step, which is applying for your first graduate employment. You've probably heard that internships have a lot going for them, but graduate schemes can be just as fruitful. Are you puzzled? Don't worry; we'll walk you through advantages and disadvantages and explain how each option can help you achieve your professional goals.
Difference between Internships Program vs. Graduate Scheme
Many candidates believe that internships and graduate schemes are the same, but there are clear differences between internship and graduate scheme programs. Aspirants who are looking up for either of the two must understand the difference between them. This will help them make correct career choices.
Employers have different approaches when hiring fresh graduates, often choosing between internship programs and graduate schemes based on their specific needs. Some run internship programs to hire good interns, and some hire graduates to perform specific tasks.
Let’s take a look below and understand how these two differ from each other:

1.    Payment Structure

Internships can be paid or unpaid. Ideally unpaid internships are illegal. But some firms do hire candidates in return for other perks and benefits like flexible working hours, working for few days a week, etc. But most companies these days pay their interns because money is the biggest motivating factor.
On the other hand, interns under Graduate Schemes are always paid. Companies hire graduates directly from the universities, so they can start with their jobs, hence the graduates are always paid.

2.    Duration of the Program:

Internships usually last maximum for a year. Most employers keep them for a month extending to 6 months. However, in current times, they are extended to 1 year too.
Graduate Schemes start from 6 months and go up to 2 years. Since it’s more of a job rather than training period, employers prefer the hires work with them at least for 2 years.

3.    Purpose and Intent of the Program:

This is a pretty important factor differentiating the two. The idea behind internships is to train the interns. It includes a learning and development program featuring:
  • work culture,
  • team working,
  • understanding how the actual world operates, and
  • making them ready for the next step of their career.
Meanwhile, Graduate Schemes are treated like entry-level jobs with candidates holding junior positions. They are hired to do the actual jobs without necessarily having an L&D Program in place. They are definitely trained for the job they have to do, but essentially their skills and talents are put to use for urgent projects.

4.    Eligibility Criteria

Candidates can apply for internships even while they are studying. How? So they can put their academic knowledge to use, along with learning about the real world office work. Most students prefer to keep it this way so when they are done with their studies, they can get a good job with ample corporate experience.

For Graduate Schemes, candidates have to apply after completing their education. Reason? The employers require for them to have the basic or the required skill/s for the job intended. Universities mostly provide the education that can get the candidates selected for either of the above programs. Since they do not provide practical experience to the candidates, these are a good way to start your career with. Candidates can choose any of the two depending on the factors mandatory to get those.

So aspirants, if you haven’t completed your studies or lack the necessary skills, getting entry into graduate programs might be tough. Instead, apply for internships while you are still studying so when you graduate, you can be absorbed by suitable companies. Through them, you will gain the expertise (presuming you work hard and learn quickly) and a better sense of work culture.
 

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