Year in Industry

ECN227 Experience in Economics and Finance – or, the Year in Industry – is a 120 credit bearing module that provides a route to develop genuine and practical problem solving skills in a professional context. In addition, it will enable you to gain a better understanding of your own abilities, attitudes and employment potential.

The employment will usually be offered as part of an employer’s formal placement scheme for students, however, any contract of employment may be accepted, subject to the following minimum criteria:

The placement should be at least 1,200 hours (or 9 months, including holidays) and must take place between the end of your second and the start of third year study. It can also be taken abroad.
The role is relevant to your programme of study at the time the offer is made.

We have only two requirements for the year:

The placement should be at least 1,200 hours (or 9 months, including holidays) and must take place between the end of your second and the start of third year study. It can also be taken abroad.
The role is relevant to your programme of study at the time the offer is made

The placement must be related to your course, but that doesn’t mean you have to take up a role in finance if that’s not for you! Fields you could consider are:

Banking
Marketing
Professional Financial Services (accountancy, actuarial, insurance)
Sales & Business Development
Financial Planning
Human Resources
Data Analysis
Client Services
Operations

The decision to offer a placement to a student is made by the employer not the university and the responsibility for securing a placement ultimately lies with you. To be successful requires time, effort and commitment on your part. Employers expect placement students to apply for jobs in the same way as any other employee so you will need to put aside time to research placement providers, write applications, and prepare for and attend interviews and assessment centres.

However, you are not left to do this by yourself and help and support with all aspects of the placement process will be provided for you by the School’s Placement Officer who will:

Run a series of placement preparation workshops;
Develop tests and activities for you to prepare for your interviews and applications;
Offer one-to-one advice sessions on your applications and placement search;
Advertise placement vacancies;
Organise events with employers.

A year spent on a placement has a number of benefits for participating students, and many return to university with a new sense of purpose, focus and motivation. Benefits include:

Improved chances of securing a graduate-level job;
Integrate academic theory and practice;
Gain transferable skills and competencies;
Experience the job application process;
Increased confidence, motivation and professionalism;
Development of personal network;
Insights into industry culture;
A clearer understanding of what career you want to do, or don’t want to do.

If you would like to learn more about this placement option, take a look at a few of our student testimonials.

Am I guaranteed a placement?
No, but support in finding one will be provided.

What support is provided?
Both in your first and second year you will take a module in Career and Personal Development. The first year will give you the foundations of good CV and Cover Letter writing and all the different application stages usually involved in a job application. In the second year you’ll focus on internships, job hunting strategies, extra-curricular activities, and commercial awareness. You’ll have the opportunity to engage with a wide-ranging set of compulsory and optional activities designed to help you develop a set of desirable transferable skills. The more you engage with these activities, the more chances you’ll have to find a placement.

How long can the placement be?
Min. 1,200 working hours, max 13 months.

Will I get paid?
Most placements are paid and sometimes with a very good salary to placement students. We encourage students to take only paid positions (at least NMW/LLW).

What if I don’t find a placement?
You can revert back to the three-year version of your course at any time (it won’t impact your studies).

I’m enrolled in a three-year course. Can I add the year in industry later on during my studies?
Yes, you can do so pretty much at any time in your first and second year. However, we encourage you to switch by the start of your second year so that you don’t risk missing out on communications, activities and events tailored to the placement year.

Do I have to pay tuition fees? Why?
Yes, but at a significantly reduced rate. During your placement you will still be effectively a QMUL student, meaning that you will have access to all university’s services (such as Advice and Counselling, DDS, Library). Furthermore, the university will support you in case of issues arising in your job or with your line manager: your Placement Officer will always be ready to help if needed. Finally, you will receive guidance pre-, during and post-placement with regards to your applications, career plans and prospects.

Can I only apply for placement schemes?
No! Placements can be called in different ways – “internship”, “sandwich year”, “industrial placement” opportunities are all fine as long they meet the minimum requirement of 1,200 working hours. You can also take a normal job with a fixed-term contract.