Graduate Scheme Applications 2027: The Complete Guide
How graduate schemes and training contracts work across finance, law and consulting, the application process, assessments, interviews and what to expect in your first role.
Built for students applying to Goldman Sachs, Clifford Chance, McKinsey and other leading firms
In this guide
- 1What graduate schemes are across sectors
- 2When things happen across sectors
- 3The application
- 4Free CV checkerFREE TOOL
- 5Online tests
- 6Free psychometric practiceFREE TOOL
- 7Interviews across sectors
- 8Free video interview practiceFREE TOOL
- 9Sector-specific guides
- 10Firms and deadlines
- 11Frequently asked questions
Section 1
What graduate schemes are across sectors
Graduate schemes are structured entry-level programmes that begin after university. In finance, they are called graduate analyst programmes or new analyst programmes. In law, the equivalent is a training contract (a two-year period of supervised work-based training). In consulting, entry-level roles have titles like Business Analyst (McKinsey) or Associate Consultant (Bain).
What they have in common: formal training, exposure to real work, and a path into a long-term career. The structure differs. Finance graduate programmes often involve desk rotations. Law training contracts use four six-month seats in different practice areas. Consulting roles typically put you straight onto client projects.
At many firms, internships or vacation schemes are a major pipeline into graduate offers. However, direct applications remain an important route. In law, Freshfields says approximately half its trainee intake comes from direct applicants. In consulting, direct applications are also an important pathway.
Graduate-level applications are highly competitive across all three sectors.
Finance
Graduate analyst programmes at investment banks. Often recruited 9-12 months before start date
Law
Training contracts at law firms. Often recruited 2-3 years before start date
Consulting
Entry-level consulting roles (Business Analyst, Associate Consultant, etc). Timing varies by firm
Direct applications
Possible across all sectors, though the process may be more competitive than the internship route at some firms
Competitiveness
Highly competitive across all sectors
Section 2
When things happen across sectors
Graduate scheme timelines differ significantly by sector. Law recruits furthest in advance (often 2-3 years). Finance and consulting timelines vary by firm.
If you did a summer internship or vacation scheme and received an offer, you may already have a graduate role secured. If not, prepare your direct applications: build your CV, develop commercial awareness, and practise for sector-specific assessments.
Finance graduate analyst applications often open alongside summer internship applications. Law training contract applications vary by firm: Clifford Chance's direct TC for 2028/29 opened September 2025 and closed November 2025. Some law firms recruit via vacation schemes, others through direct applications.
Consulting graduate-role timelines vary by firm and office. McKinsey's UK careers page is the best source for Business Analyst deadlines. BCG and Bain timing also varies. Always check official careers sites.
Finance: online tests, video interviews, assessment centres. Law: Watson Glaser, live interviews, assessment days. Consulting: problem-solving assessments and case interviews. Formats vary by firm.
Finance graduate programmes often start in summer or early autumn. Law training contracts may start in autumn or spring. Consulting start dates vary by firm. Many firms provide training and onboarding before or alongside initial work.
Section 3
How to write graduate-level applications
Your CV
Graduate applications are expected to show stronger evidence of relevant skills and readiness than internship-stage applications:
Lead with relevant experience. An internship, vacation scheme, or spring programme at a firm in your target sector should be the most prominent item.
If you lack sector-specific experience, compensate with strong analytical, leadership, or commercial evidence from other contexts.
Technical skills matter more at this stage. Whatever is relevant to your sector: financial modelling for banking, research and writing for law, data analysis for consulting.
Quantify achievements where possible. Specific numbers and outcomes are stronger than vague descriptions.
Cover letter
Some firms use cover letters, others use application forms. At the graduate level, the depth of understanding expected is higher:
Why this career? At graduate level, "I am interested in finance/law/consulting" is not enough. Explain what specifically draws you to the work based on your experiences.
Why this firm? Reference something specific. A deal, a case, a project, a conversation. Show you understand what makes this firm different.
Why you? Connect your strongest evidence to the specific skills the role requires.
Application questions
Graduate-level written questions test deeper commercial thinking:
Finance: "Discuss a recent M&A transaction and evaluate whether the acquirer paid a fair price." Reference specific multiples and strategic rationale.
Law: "Analyse a recent deal involving this firm and discuss its significance." Research the firm's deals page and show analytical thinking.
Consulting: "How would you advise a company facing [specific challenge]?" Show structured thinking and commercial judgement.
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Section 5
Assessments by sector
The assessment you face depends on your target sector and firm.
Numerical and verbal reasoning (finance)
Varies by firmProviders: Various providers
Investment banks use numerical, verbal and situational judgement tests. Graduate-level assessments may be similar to internship-stage tests, but this varies by firm.
Watson Glaser (law)
Varies by versionProviders: Pearson TalentLens
Widely used by commercial law firms for both vacation scheme and training contract applications. Tests critical-thinking skills rather than legal knowledge.
Problem-solving assessments (consulting)
Varies by firmProviders: Various
McKinsey uses Solve. Other firms use their own assessments. Graduate-level assessments may be similar to internship assessments, but formats vary by firm.
Preparation tips
If you took these tests for an internship application, refresh yourself with one practice run.
If this is your first time, do at least 2-3 practice tests in whatever format your target firms use.
At the graduate level, firms may expect slightly higher scores, so preparation is even more important.
Practice a psychometric test
Whatever sector you are targeting, practising the assessment format before the real thing is one of the most valuable preparation steps. Try one below.
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Section 7
Interviews across sectors
Graduate-level interviews are often similar to internship-stage interviews, but firms may expect a higher level of commercial understanding and readiness. In finance, expect technical and competency questions. In law, expect partner interviews with commercial-awareness probing. In consulting, expect case interviews.
Across all sectors, the common thread is that graduate candidates are expected to demonstrate they are ready to contribute to real work.
Common question types
Finance: technical depth
"Walk me through a DCF." "What happens to the financial statements if depreciation increases?" Graduate-level finance interviews probe deeper on technical knowledge.
Law: commercial maturity
"Why do you want to qualify as a solicitor at this firm?" Partners expect genuine understanding of the training contract, the seat rotation, and the firm's approach.
Consulting: case interviews
Case interviews at the graduate level are often similar to internship cases, but firms may expect more commercial maturity and stronger synthesis.
All sectors: "Why not do an internship first?"
If you are a direct graduate applicant, be ready to explain your path positively. Frame it as a deliberate choice, not a missed opportunity.
How firms score your answers
Technical or commercial readiness: can you discuss your sector's core concepts with confidence?
Professional maturity: do your answers reflect someone ready to work with clients or senior colleagues?
Structure and specificity: organised thinking with concrete examples.
Communication: clear, confident, measured.
Motivation: genuine, well-informed interest.
Practice a video interview question
Practising on camera develops the structured communication skills that matter in every interview format. Try one question below.
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Section 9
Sector-specific guides
For detailed advice, firm deadlines, and sector-specific preparation, see the guides below.
Finance Graduate Scheme Guide
Goldman Sachs, J.P. Morgan, Barclays and other investment banks. Covers online tests, video interviews, assessment centres and the graduate analyst process. intervyo.co.uk/guides/finance-graduate-scheme-2027
Law Training Contract Guide
Clifford Chance, Linklaters, Freshfields and other law firms. Covers Watson Glaser, partner interviews, assessment days and the training contract application process. intervyo.co.uk/guides/law-training-contract-2027
Consulting Graduate Scheme Guide
McKinsey, BCG, Bain and other consulting firms. Covers case interview preparation, firm-specific assessments and application timing. intervyo.co.uk/guides/consulting-graduate-scheme-2027
How to stand out during the week
If you did an internship or vacation scheme and did not receive an offer, a direct graduate application is still a strong option. Your experience gives you an advantage over candidates with no exposure.
The skills you build preparing for one sector transfer. Structured thinking, commercial awareness and clear communication matter everywhere.
Check deadlines carefully. Law recruits furthest in advance. Finance and consulting timelines vary.
Section 10
When to apply by sector
Application timing varies by sector and firm. Always check the official careers site.
| Firm | Programme | Opens | |
|---|---|---|---|
| Finance graduate schemes | Various banks | Often open alongside summer internship applications. See finance guide for firm details | Get alerted |
| Law training contracts | Various firms | Recruited 2-3 years in advance. Clifford Chance TC for 2028/29 opened September 2025. See law guide | Get alerted |
| Consulting graduate roles | Various firms | McKinsey UK careers page has Business Analyst deadlines. Other firms vary. See consulting guide | Get alerted |
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