Could Chinese experience aid European austerity?

Competition for internships in Europe is fierce, given the difficult economic circumstances, but among today's generation of students, internships are seen as a fundamental experience for those hoping to land their ideal graduate job in business, finance, law or other competitive graduate sectors.

As a consequence, graduates in Europe are now making their way to China to find work experience; hoping to land their first jobs faster and more easily than their competitors.

According to the Confederation of British Industry Education and Skills Survey in 2011, 82 percent of businesses see experience and skills gained during internships as the single most important consideration when recruiting graduates.

Similarly, a recent survey, The Graduate Market in 2012, discovered that half of all firms said it was unlikely they would employ graduates without any work experience.

In an attempt to adhere to these requirements, an increasing number of students are heading to China, eager to gain relevant work experience.

Angelika Lisek, a 23-year old finance graduate of the University of Glasgow in the UK, completed a two-month placement with an investment bank in Shanghai this summer, and says that potential employers in the UK are more impressed with those that can step out of their comfort zone.

“China is the new centre of the world and having work experience from this fast-growing place makes my CV stand out which should be appealing to employers,” she says.

Internships provide a valuable bridge between academic life and the real professional work environment, enabling students to both apply their theoretical knowledge and at the same time discover which professional sector matches their skills and abilities.

According to the US National Association of Colleges and Employers, in 2012 graduates with an internship on their CV had a 42 percent chance of receiving a job offer compared to 30 percent for those who did not. Average starting salaries for students who took part in internships were also 20 percent higher than for those with no internship experience.

Another student, George Buhai, who also spent a summer in Shanghai on work experience, said it helped secure him a job not long after he returned. His employers were impressed with his ability to navigate the Chinese market place and employed him to a position very similar to the one he held in overseas.

"My work experience in China has definitely impressed my current employer and it has helped my company with several business deals with Chinese businesses” he says.

“I think China was a huge eye-opening experience. The business culture is so different to Europe. It’s important to understand the concept of guanxi when dealing with Chinese business people and I’m glad I have that experience from China”, Buhai continues.

Fredrik van Huynh, Co-Founder and Director of Absolute Internship – the company that facilitated Angelika’s and George’s placements in China - has seen applications for his China internship programme almost triple over the last 12 months.

"Last year we received 700 applications for our China programme," he says. “This year we have received around 2,000 applications and are sending out to China more than 125 students and graduates. Demand for our China internships is increasing and we are happy that our programmes have captured the interest of graduates around the world.”

According to alumni figures released by Absolute Internship, students’ work experience in China is what captures employers’ interests most during job interviews, even above their degree. Today’s employers recognise the benefit of overseas work experience and knowledge of a country which is now the second largest global economy and whose trade with Britain alone grew by 17 percent last year.

Europe has some of the best universities in the world. However, it is clear that from an employer’s standpoint, academic qualifications are just one of several characteristics they consider when recruiting new staff.

As recent graduates seek to set themselves apart in a tough job market with internships overseas, returning to their home countries full of confidence and work experience may just be what is needed to restore Europe’s weak economy to long-term health and prosperity.

Source: Matthew Staff, Businessrevieweurope.eu, Tuesday 28th August 2012