City firms offer A-level pupils paid internships

12 April 2012

Dozens of City firms will offer paid internships to A-level students this summer, it was announced today.

A total of 35 businesses are expected to be involved in the City of London Business Traineeship scheme, for pupils from Hackney, Tower Hamlets, Southwark, Lambeth, Camden, Islington and Westminster.

The project is funded by the City of London Corporation. Students will work in the finance, HR and communications departments of establishments including JP Morgan, Lloyd's of London and the Bank of England.

Stuart Fraser, of the corporation, said City job openings are steadily rising and a new layer of grassroots talent is needed. "With the cost of higher education soaring, the programme has never been more important in equipping City-fringe students with the necessary skills to be a real asset to an employer."

Five more businesses have joined this year, and the scheme is open to all Year 13 students in the seven boroughs.

They are assessed on their GCSE grades and then by an interview and a workshop, and will work for between six and 13 weeks, for between on average £17,000 to £21,000 pro-rata, payable by the firm employing them.

Business Secretary Vince Cable and Mayor Boris Johnson launched National Apprenticeship Week yesterday. To coincide with the event Microsoft announced it plans to create 1,000 apprenticeships in London over the next three years.

Mr Cable and Mr Johnson called on more firms to create places to beat soaring youth unemployment. Ministers hope apprenticeships will eventually acquire the same prestige as degrees in the eyes of employers.

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