Why getting on a Big Four grad scheme just got tougher (but is still far easier than breaking into investment banking)

The 5,500 applications PwC has so-far received for its graduate scheme means it's harder for students to gain a place this year, but compared to investment banking, they have good chance of success.

PwC has 1,200 graduate places up for grabs, and the number of applications also includes those for its internship programme, which is another 400 roles.

It represents a 118% increase in applications at this point last year, on the back of record recruitment for the firm, but still means that there are currently only around 3.4 people chasing every place (which admittedly is a stupid stat when referring to people).

At this point last year, there were 2,523 applications (according to the above) and a total of 1,400 places on the graduate and internship programme combined - or 1.8 applications per place.

So, while it's tougher for the 2011 intake, it pales in comparison to the über-competitive investment banking industry.

This year, there were 164,000 students applying for a total of just 2,218 places in the UK, according to figures from High Fliers Research. This means 104 applications for every place.

When you consider that a high proportion of these places will have been filled by internship conversations, this looks even tougher.

That's not to say it's going to be a breeze getting on to a Big Four accountancy firm graduate scheme. Richard Irwin, head of student recruitment at PwC, says the new figures represent a "stronger determination" among graduates to get a job as soon as possible.

Considering that Big Four firms recruit on a rolling basis, and assuming those applying are up to scratch, places should fill reasonably quickly. What's more, this figure is after just six weeks of opening for applications, KPMG tells us it receives an average of 14,000.

As we've alluded to previously, Big Four firms have been upping graduate recruitment this year. PwC intends to recruit 700 for its assurance division, 300 for advisory and 150 for tax.