Apply early to secure a job

Whether you want to be a summer intern or a full-time graduate trainee, now is the time to brush up your knowledge of banking and fill in your application form. Application deadlines are typically late November for full-time positions and February for interns. However, the reality is more urgent: the sooner you apply the better.

Sarah Petheram, a graduate recruiter at JP Morgan says: 'The graduate deadline is 31st December. The summer internship deadline is 28th February. However, we encourage all applicants to apply as soon as possible.'

Bank of America, Barclays Capital, Citigroup, Deutsche Bank, HSBC and Merrill Lynch are among the other banks encouraging early applications.

Tom Wilson, head of graduate recruitment at Bank of America says: 'We tell graduates there is a hard and fast closing date around 25th November. But because we process people as they come, the sooner they apply the better their chances.'

The reasoning behind early applications is simple: like Bank of America, most investments banks interview candidates from October and accept them on a first come first served basis. According to a graduate recruiter at one European bank, as many as 30% of positions can already be filled by the time deadlines are reached.

Alison Wainwright, a graduate recruiter at HSBC, says: "As about 50% of graduates apply in the final week before the deadline, their applications tend to take longer to progress given the queue this creates. Graduates who apply earlier on are dealt with more quickly, and could already have an offer by late October."

Nadia Capy, head of graduate marketing at Deutsche Bank says: 'People are getting their applications in more and more quickly. They know that the quicker they apply, the more likely they are to get an interview.'

The result is that most banks are already receiving applications, and are steeling themselves for even more when the milk round season of graduate presentations begins in earnest this month.

By the end of September, Wilson says Bank of America had already received 300 applications, although it had not then promoted its graduate programmes to students on campus.

What with applications, campus presentations, and interviews, the pre-Christmas months can be a whirlwind. Privately, some graduate recruiters admit to dreading it. Many spend three days a week on the road visiting campuses, before rushing back to their London offices to conduct interviews and process applications.

It was not always so frenetic. Recruiters say the tempo has accelerated in the last three years. The head of graduate marketing at one bank says: 'A few years ago everyone moved application deadlines forward. We have thousands of applications and don't need to extend them as long as previously.'

After Christmas there is something of a lull. By January, most successful graduate trainees should have already received offers of a full-time position. However, internship interviews are still underway and usually completed by early March.

For students who do get applications in later, or miss deadlines altogether, all hope may not be lost. When necessary, most banks will continue recruiting for specific positions regardless of the date.

Petheram at JP Morgan says: 'If positions have not all been filled or if new positions become available, applications will be accepted after the deadline.'