GFC slashes 2010 grad intakes

Students who have secured traineeships starting in early 2010 can consider themselves lucky to have jobs. Australian banks have trimmed their graduate recruitment in response to the financial crisis, with next year's intake bearing the brunt of the cuts.

The total number of participants in the 2010 ANZ Graduate Program in Australia is about 100, according to Sarah O'Brien, ANZ group head of graduate strategy.

"All of these graduates will participate in an 18-month (minimum) rotational program, providing them with exposure across the business," says O'Brien.

By contrast, ANZ's 2009 intake (hired in 2008 before the GFC hit Australia) was about 230, although not all of them participated in a full rotational program.

A spokesperson for NAB says its graduate numbers for 2010 are also slightly more conservative because recruitment is planned 12 months in advance. "So in the case of our 2010 intake we were recruiting right in the heart of the GFC."

NAB says it erred on the side of caution for 2010, but remains committed its graduate program.

But the crisis appears to have had little impact on the banks' summer internship programs, which continue to provide a potential short-cut to full-time traineeships.

ANZ offers internships across a variety of disciplines and O'Brien says interns are eligible for early graduate offers.

At NAB, previous work experience is considered valuable and can provide an advantage, but there is a significant caveat. "While an internship is fantastic and a great way to gain exposure, it does not guarantee the candidate a graduate position," says the spokesperson.

Depending on performance during an internship, NAB graduate applicants can be fast tracked, but will still be assessed against the rest of the candidate pool to ensure the best available talent is selected.