Summer internships: your gateway to a grad job

If you're wondering what to do next summer, don't plan a holiday to Bali, Hainan or Goa. Think about being an intern at a bank.

The reason: banks are increasing prioritising summer internship programmes to provide them with an effective channel for recruiting full-time graduate trainees a year later. Taking on former interns after they finish university is less expensive than interviewing and assessing entirely new people from costly campus recruitment drives. And with interns, banks know what they're getting.

"We are able to assess the performance of interns in real-life scenarios and offer jobs to good performers," says DM Arulraj, regional head of Standard Chartered in Singapore and Southeast Asia.

About 10 to 15 per cent of the bank's graduate intake are ex-interns. "We have many former interns applying to Standard Chartered after they graduate as they have developed an affinity with the bank, our culture and our values," adds Arulraj.

Deutsche Bank also stresses the importance of summer internships. "We hire the majority of our full-time graduate class from our internship programme, further supporting the importance of undertaking an internship whenever possible," says Sally Whitman, the firm's regional head of graduate resourcing.

Whitman says students who display an interest in doing an internship demonstrate to an employer that they have considered their options early on and are serious about investing time and effort into their future career.

Both Stan Chart and Deutsche agree that participating in an internship programme is a great opportunity for students to decide whether a career in financial services and a job at that particular bank are for them. Conversely, it also helps the bank assess whether the student is a good fit.

The application deadlines for mid-2010 summer internship at Deutsche Bank Singapore and Hong Kong are as follows:

· International students: 13 December 2009 - for internships in global markets and global banking

· Domestic students: 1 December 2009 - for internships in global markets and global banking

· Domestic students: 3 January 2010 - for internships in infrastructure divisions

At Standard Chartered, applications for internships must be submitted between 1 November 2009 to 28 February 2010.

Here are some tips for securing a summer internship.

· Do your research: know the industry and the organisation you are applying for. Speak to as many relevant people as possible, and keep up to date with the latest industry and company information. You will then be able to articulate why this is the internship for you.

· Make sure that your application is current and relevant. Because banks receive many applications, it is important that your knowledge of, and interest in, the industry comes across and that you include other achievements and experiences outside of your expected academic success.

· Have a positive attitude: banks are on the lookout not just for summer interns but for people who will be hired the following year for long-term careers.

· Prepare for the interview: ensure you have good examples of what you've achieved from all areas of your life, as well as demonstrating that you are up to date with the business press. Think about one or two intelligent questions to ask your interviewers to make sure you give the best impression possible.