The Impact of Internships on Graduate Employability - Assignment Example

?The Impact of Internships on Graduate Employability Executive Summary Internships are often considered to be one of the most efficient training programs practiced by modern day organisations, which have not only proved to be beneficial for the organisations to reduce training and recruiting costs, but also assist the graduate candidates in obtaining a better opportunity of employability. Based on this context, the paper depicts the current trend of graduate labour market from both general and specified perspectives identifying the skills, aptitudes and the knowledge required for availing internship opportunities and, thus, gaining a foothold in the job market. The paper further focuses on the analysis of the normal career path for a post-internship candidate along with identifying the employment prospects from a long term and short term concern. Accumulatively, the paper has been focused on reviewing the value of internship in the current day context. Table of Contents Executive Summary 2 Introduction 4 Analysis of the Current Graduate Labour Market Both General and Specific 4 Identify Skills, Knowledge & Aptitudes Required From Internships to Enter the Market 5 Identify the Medium and Long Term Prospects for Post-Internship Employment 7 Identify the Value of Internship 8 Conclusion & Recommendations 9 References 10 Introduction Lowden et al. (2011) stated that creating recruitment opportunities through placements and internships will not only provide an effectual functional method of encouraging suitable consciousness, capabilities and skills among the graduates but can also endorse creative teamwork and partnership within highly educated interns and employers. Basically, an internship is a part-time training program as per the academic world. In the present scenario, the issues regarding employability have emerged as the core concerns of the various higher education sectors all around the world. For instance, in 2010–2011, the UK government attempted to invest large sums in two internship schemes: for undergraduates and graduates. In January 2010, UK government also intended to deliver a funding amount of ?12.8 million to 57 universities and colleges in order to support the graduate internship programs. It has further been analysed that by the end of March 2011, under these schemes, 7,900 internships were already completed in the UK, which was apparent from the growth of employment within the national context (Hobijn et al., 2011). Analysis of the Current Graduate Labour Market Both General and Specific By taking into consideration the present situation of the employment market, it has often been argued that the unemployment rates, income growth of recent college graduates and the trends of part-time employment have declined after the cyclical recession of 2001, which indicates a direct relationship between employability and internship programmes (Hobijn et al., 2011). However, a global perspective depicts that during the period of 2007 to 2012, the trends of employability have been declining gradually, even though a growing concern was witnessed towards internship programs. This particular phenomenon has been apparent in the case of financial companies where the employers desire to recruit experienced candidates and where post-internship candidates are observed to gain better scope to enter into these competitive employability markets. However, conversely the candidates with no experience tend to face greater challenge in attaining employability affecting the overall employment growth in the global context (Hobijn et al., 2011). According to Kocherlakota (2010), it is viewed that this unrelenting high unemployment rate is due to huge structural frictions within the US labour market rather than the weak demand for employers who are associated with severe recessionary impacts. For instance, mismatch happens when employers are seeking for skills which are quite different from what available workers offer. It is in this context that internship offers career associated job experiences to a candidate studied in a graduate college or post-graduate institute. Hence, internship facilitates the potential students to develop professionally. Notably, the criteria of availing the scope for internships depend largely upon the student’s flexibility. In terms of non-internship candidates, they might face difficulties to enter into these present employment markets due to increasing competition (Roosevelt University, 2012). Identify Skills, Knowledge & Aptitudes Required From Internships to Enter the Market According to the current scenario of the UK graduate market as on 2012, fresh graduate candidates should render greater stress upon ‘skills training sessions’, social media usage, university career services, and campus placements during the year of recruitment campaign. Contextually, the skills and knowledge which are required by the potential interns to enter into the financial market can be identified as the efficient presentation of communication skills, effective team work attributes, critical thinking and problem solving traits. All these skills are collectively known as an employability skill in the current financial market. Moreover, to enter into the market, potential interns should possess a critical understanding of financial knowledge which will further help them make decisions more efficiently. In addition, the candidates should be responsible in order to prepare and report financial statements to the shareholders as well as to the public assisted by in-depth knowledge of accounting procedures and legal obligations (High Fliers Research Limited, 2012). According to Lowden et al. (2011), the Higher Education Funding Council in the UK should take serious initiatives regarding the investment in students’ employability skills. It is worth mentioning in this regard that in October 2010, the Scottish Council for Research in Education (SCRE) centre conducted a research to assess the employability skills possessed by non-internship and post-internship candidates, which revealed that potential candidates need to possess adequate theoretical knowledge regarding their area of interest to enter the employment market, along with competitive skills to represent their knowledge in their working environment (Lowden et al., 2011). Analysis of a Normal Career Path for a Post-Internship Candidate in Agribank The training department of Agribank provides formal internship courses, where each candidate is trained rigorously in his/her initial employability phase (Huyen, 2012). In most cases, the duration of Agribank internship courses is over two months, simultaneously offering a part-time internship job in the field of business development and planning. The sole intention of internship courses of the bank is to guide the candidates in obtaining a better understanding of the current financial market and the diversified procedures to be followed while operating in the international banking industry (Huyen, 2012). Obtaining such facilities makes it quite easier for the particular candidate to perform the bestowed responsibilities in a more efficient way compared to the employees with no such training or assistance. For instance, gaining the advantages of rigorous training facilities and internship assistance, candidates are likely to obtain a better understanding of the financial market operations which further assist them in complying with the job responsibilities which are quite competitive and critical, such as in the case of a market analyst. Moreover, as the company provides ample scope for candidates who prove to be highly skilled in the internship programme, it also assists the candidates in availing greater employability in the global financial market (Huyen, 2012). Identify the Medium and Long Term Prospects for Post-Internship Employment After completing the internship courses, i.e. in their post-internship phase, candidates are likely to avail a greater employability scope in the banking industry. For instance: Medium-Term Prospects: The major job tasks of a market analyst are to develop and uphold sophisticated employing skills making use of their knowledge by recognizing the factors that cause risks within financial sectors, controlling the entire financial operation with efficiency, measuring potential impacts and transparently communicating findings to internal and external stakeholders (Cranmer, 2006). Long-Term Prospects: After being employed as a market analyst for 3–4 years, the experienced candidates may apply for the post of senior market analyst where they might be able to avail a higher pay structure. The role of senior market analyst comprises analytical skills, capabilities of performing independent research and creative abilities to perform data retrieval and manipulation tasks which can be obtained in due course of the mid-term performances (Cranmer, 2006). Identify the Value of Internship In the present scenario, most of the college graduate courses comprise the internship programs following the completion of at least one semester. These programs have further been observed to render effective guidance to the candidates in availing a competitive post in the employment market (Roosevelt University, 2012). Some of the core values of an internship comprise the following. Candidates can obtain adequate understanding and experiences regarding their working circumstances and also obtain a specific objective towards their career path Candidates can gain practical knowledge regarding the real work scenario Candidates can elucidate their career goals with professionals, which will further assists them in makingh valuable decisions whether to avail a particular job profile as per their skills Conclusion & Recommendations In conclusion, it can be stated that in the global arena, the results of the present labour market concerning the employability of college graduates are in a developing phase. It is in this context that today, employability is considered as an important aspect to satisfy the increasing needs of human life. Internship in such circumstances tends to act as an effective opportunity by which a graduate or undergraduate candidate can gain the knowledge about the practical scenario of working conditions. Internship also guides the candidate through the steps to enter into the job, increasing their employability to a large extent. References Cranmer, S., 2006. Enhancing graduate employability: best intentions and mixed outcomes. Studies in Higher Education, 31 ( 2), pp. 169–184. Hobijn, B. et al., 2011. Recent college graduates and the labour market. Federal Reserve Bank of San Francisco. [Online] Available at: http://www.frbsf.org/publications/economics/letter/2011/el2011-09.html [Accessed October 30, 2012]. High Fliers Research Limited, 2012. The graduate market in 2012. Annual review of graduate vacancies & starting salaries at Britain’s leading employers. [Online] Available at: http://www.highfliers.co.uk/download/GMReport12.pdf [Accessed October 30, 2012]. Huyen, N. T. T., 2012. AgriBank. Scribd Inc. [Online] Available at: http://www.scribd.com/doc/93365802/Internship-Report [Accessed October 30, 2012]. Kocherlakota, N. R., 2010. The new dynamic public finance. Princeton University Press. Lowden, K. et al., 2011. Employers’ perceptions of the employability skills of new graduates. University of Glasgow. [Online] Available at: http://www.edge.co.uk/media/63412/employability_skills_as_pdf_-_final_online_version.pdf [Accessed October 30, 2012]. Roosevelt University, 2012. Internships. Career Development. [Online] Available at: http://www.roosevelt.edu/Career/Student/Internship.aspx [Accessed October 30, 2012]. Read More