The main route for graduates for entering the Professional Services sector is to join a firm with a structured scheme lasting from 3 to 5 years. A big bonus of these schemes is that the graduates may rotate around various areas of the business, and also around teams, locations and projects, for on-the-job training.
Graduate trainees normally command around £28,000 when they start - but can receive more remuneration with various additional benefits and potential bonus structures. Once they have their professional qualifications, graduate salary can jump up to £45,000 and beyond. Earnings continue to increase in line with greater responsibility and at the top rung that is partner level, the average annual pay in that position is £750,000.
Between them, Deloitte, PwC, EY and KPMG audit 99% of companies in the FTSE 100 and 96% of the FTSE250.
Career opportunities can be very different to Banking because professional services are not confined to London - and as such this sector is definitely one of the top regional graduate employers.
As such, if you don't want to make London your home, there is a plethora of different opportunities across the country, some of which can be less competitive to secure than a role in the Capital, but with more opportunities to progress up the ladder and more varied client work.
Wherever you are, during your structured training graduates will study for professional qualifications such as a Chartered Accountancy qualification from ACCA or ICAEW, or a Fellowship from the Institute and Faculty of Actuaries. These entail plenty of exams spread out over the 3-5 years but you are supported by the firm financially and educationally, and given exam leave for the toughest parts.
EY, one of the BIG 4 offers lots of fantastic development opportunities both as an initial graduate and once you have completed that training.
The precise rungs of the ladder will vary from company to company but broadly speaking, once you've qualified, the next rung is to be Consultant. After that, the next promotion is to Senior Consultant, followed by Manager, Senior Manager and then finally Partner.
Of course, many people also choose to join another business after a certain number of years' training or move laterally to another firm. The beauty of professional services is that you can carve out your own route depending on your own interests and skillset, you don't have to do the same thing forever. And even if you leave to gain some additional experience elsewhere, there is always the opportunity to return to where you trained - if you have left on (hopefully) good terms.