How to Prepare for the Lloyds Graduate Scheme in 2024 – A Complete Guide

Lloyds Banking Group is a large financial institution in the United Kingdom. It is one of the largest and oldest banking and financial services companies in the country, offering several financial services, including retail and commercial banking, insurance and wealth management.

The company operates under several brands, including:

• Lloyds Bank
• Halifax
• Bank of Scotland
• Scottish Widows

As a large financial services organisation, Lloyds offers several opportunities for individuals to join its graduate scheme.

This article explores the Lloyds graduate scheme in more detail, including the different schemes open to graduates, the assessments Lloyds uses for its recruitment process and how to prepare for these.

The Lloyds Graduate Scheme in a Nutshell

The Lloyds Banking Group graduate scheme is an opportunity for graduates to start their careers in the financial sector. The programme provides structured training, hands-on experience and a pathway to long-term employment within Lloyds Banking Group.

The scheme provides participants with a learning experience in their chosen area, equipping them with the skills and knowledge needed to excel in a career in the banking and finance sector.

Generally, the Lloyds graduate bank scheme lasts between 18 and 24 months, depending on the specific programme and role. Many schemes also include rotations into different business areas.

During the scheme, graduates participate in a combination of on-the-job training and practical experience. They gain exposure to different areas of the business, develop leadership and technical skills and receive mentorship.

All Lloyds graduate bank schemes are paid. Graduates receive competitive salaries, along with benefits. In many instances, individuals also receive performance-based bonuses.

Once they’ve completed the graduate scheme, they are well-prepared to take up a permanent role with Lloyds Banking Group.

Choosing Your Lloyds Bank Graduate Scheme

Lloyds has several programmes for graduates to choose from. Before applying, it is essential to pick the programme that you are interested in and that suits your skill set and long-term aspirations.

Outlined below are the different Lloyds graduate scheme opportunities:

Lloyds Actuarial Graduate Scheme

The Actuarial Graduate Scheme is a four-year programme for individuals interested in pursuing a career as an actuary.

The programme runs in three locations across the UK and is aimed at graduates with strong mathematical, statistical and analytical skills.

During the Actuarial Graduate Scheme, participants learn to analyse and manage financial risks using mathematical and statistical methods.

They gain practical experience in insurance, pensions, investments and data analysis.

This training equips them to become fully qualified actuaries with the Institute and Faculty of Actuaries.

Lloyds Graduate Scheme in Business and Commercial Banking

This programme is aimed at recent university graduates interested in business and commercial banking, financial services and related fields. The programme lasts two years and runs in four locations across the UK.

Candidates must demonstrate a combination of academic excellence, strong interpersonal skills and a passion for working with businesses and corporate clients.

The business and commercial banking graduate scheme includes rotations through different departments and roles within the business and commercial banking division.

Individuals work on projects and with corporate clients, building their skills in:

• Relationship management
• Financial analysis
• Risk management

This scheme offers the opportunity for individuals to study for a professional qualification.

Lloyds Graduate Scheme in Corporate Banking and Markets

The corporate banking and markets graduate scheme is a two-year programme running in four locations across the UK.

The programme is a rotational programme, with individuals gaining experience in risk, client-facing roles and product specialisms.

Individuals can then choose a specialism for their fourth and final rotation.

During the programme, candidates should show an interest in all aspects of corporate banking, meeting clients and developing their understanding of financial markets, analysis and data analytics.

This graduate role also allows individuals to spend six months in another UK or international office.

This is at the cost of the individual; Lloyds Banking Group cannot offer financial relocation support.

The scheme does provide options to study for a professional qualification.

Lloyds Graduate Scheme in Data Management and Strategy

The Lloyds Data Management and Strategy Graduate Scheme is for individuals interested in data management, analytics and strategic roles within the banking and financial industry.

It would suit those who have a strong analytical mindset and want to contribute to data-driven decision-making.

This scheme enables candidates to gain valuable insights and skills in data management, analytics and strategic thinking.

During the programme, individuals develop skills and knowledge to collect, analyse and interpret data to make informed, practical business decisions.

This enables them to develop a deep understanding of Lloyds Banking Group's data strategies. The programme is a two-year programme, running in many UK locations.

Lloyds Graduate Scheme in Data Science and Analytics

The Lloyds Data Science Graduate Scheme is for individuals with a strong interest in data science and analytics and an interest in applying this to the financial sector.

Students can apply to Lloyds Data Science Graduate Scheme with any degree discipline to work in various Lloyds offices across the UK.

The programme lasts two years and gives individuals experience in strategic data management, data frameworks, data ethics and data governance.

Applying analytics techniques, monitoring and creating dashboards and presentations to communicate data analysis also form part of this role.

Lloyds Finance Graduate Scheme

The Lloyds Finance Graduate Scheme is best for individuals who aspire to build a career in finance.

During this scheme, participants gain in-depth exposure to various financial functions, including:

• Risk management
• Financial planning and analysis
• Strategic decision-making

They develop skills in financial modelling, data analysis and financial reporting while also understanding regulatory compliance and industry best practices.

This scheme is a three-year programme, with rotations in the core finance team, the insight analysis and data team, specialist finance, or the business partnering team within Lloyds Banking.

This allows participants to explore various aspects of finance and identify the area that aligns best with their interests and skills. The scheme also will enable individuals to study for a professional qualification to become a chartered accountant.

Human Resources Lloyds Graduate Scheme

The Lloyds Human Resources Graduate Scheme is for individuals interested in pursuing a career in HR.

Individuals should have an interest in people management, talent development and organisational culture, while understanding the value that people bring to the success of Lloyds as a business.

Graduates develop an understanding of HR functions, policies and best practices through practical experience across generalist and specialist areas of HR.

These include talent management in understanding how to recruit, retain and develop talent within Lloyds and employee relations, developing positive employee relations, and handling HR issues.

The programme lasts two years and runs in three locations across the UK. Candidates also have the opportunity to study for their level 7 Chartered Institute of Personnel and Development (CIPD) qualification while on the graduate scheme.

Lloyds Graduate Scheme in Occupational Psychology

This two-year graduate scheme supports students in attaining their chartership qualification with the British Psychological Society.

The scheme is for individuals with an interest and relevant background in psychology and looking to develop their knowledge in occupational psychology.

This programme is designed to develop individuals who can contribute to employee wellbeing, organisational development and performance enhancement.

Individuals learn how to use psychological theories to develop people products, conduct market research and provide a different perspective on issues and problems.

Individuals applying to the programme must have a master of science in occupational psychology that the British Psychological Society accredits.

Lloyds Graduate Scheme in Risk

The Lloyds Graduate Scheme in Risk is a two-year programme that runs in eight locations across the UK. This programme would suit those interested in risk assessment, mitigating risk and analysis.

Individuals complete various placements as part of the programme, such as data modelling, credit risk, exploring risk and designing new products and services.

The programme also offers the opportunity for individuals to gain a qualification specialising in risk management, enabling them to become a risk manager at Lloyds.

Lloyds Graduate Scheme in Sustainable Consumer Banking

On this two-year programme individuals gain an understanding of environmental and social issues and how to use this to make a positive impact through banking.

The scheme covers four rotational placements, teaching how to devise products that help Lloyds customers manage their finances.

Individuals gain experience analysing customer insights, executing retail campaigns and using Lloyds customer channels to promote products.

The scheme also offers individuals the chance to study for a recognised qualification, in many cases, this being a certificate in business accounting.

As the programme is rotational, an individual's home office may change throughout the two-year graduate scheme.

Lloyds Graduate Scheme in Sustainable Financial Wellbeing

The Lloyds Sustainable Financial Wellbeing Graduate Scheme is targeted at recent graduates who are passionate about promoting sustainable financial practices and wellbeing for individuals and communities.

The scheme lasts two years and covers eight rotational placements.

During this scheme, individuals work in the insurance, pensions and investment teams.

Participants learn about various aspects of sustainable finance, including understanding customers' expectations and Lloyds investment, pensions and insurance products.

They also gain insights into how financial wellbeing can be improved for customers, communities and businesses.

This programme equips graduates with the skills and knowledge to contribute to sustainable finance initiatives, ethical banking and responsible investments, as well as the chance to gain relevant qualifications.

Lloyds Graduate Scheme in Technology Engineering

The Lloyds Graduate Scheme in Technology engineering lasts two years and runs in eight locations across the UK. The scheme enables candidates to study for a relevant qualification depending on their interests and development goals.

During the scheme, participants gain exposure to various technology and engineering functions within Lloyds Banking Group.

They acquire skills in:

• Software development
• Cybersecurity
• Data analytics
• Network infrastructure
• Infrastructure

The programme also develops individuals’ problem-solving, teamwork and project management skills.

In addition, individuals build their working knowledge of technologies such as Google Cloud and Azure and coding skills using JavaScript and Python.

Preparing for the Lloyds Bank Graduate Scheme Application Process

The application process for the Lloyds Bank Graduate Scheme is a multi-stage process, evaluating candidates on whether they demonstrate the required skills and attributes needed to succeed in a graduate role at Lloyds.

The application process is outlined below:

Online Application

The first stage of the application process is to search for your preferred vacancy and then create a recruitment account. Once created, you can then apply for the role of your choice.

When filling out the online application form, emphasise skills and past experiences that align with the specific programme you're applying for.

Tailor your responses to demonstrate how your background matches the role's requirements.

No CV is needed for the initial application. Use the application to showcase your qualifications and enthusiasm for your preferred position.

Job Insight Online Assessment

After completing the application form, candidates will be invited to sit the online assessment tests. These tests evaluate specific abilities needed for the role and give individuals a better understanding of Lloyds as an organisation.

The assessment takes up to 60 minutes to complete. During the assessment, individuals are assigned various pieces of information in different formats.

They must complete each task using the information provided.

Doing similar practice tests to familiarise yourself with the question type is recommended before sitting the test. When taking the test, make sure to do so in a quiet environment, free from distraction.

Virtual Assessment Day

Those successful at the job insight assessment are invited to attend the final stage of the recruitment process, the virtual assessment day.

The assessment day is held via Microsoft Teams and comprises group activities, individual problem-solving tasks and an interview.

The tasks are designed to evaluate individuals' teamwork and interpersonal skills and their ability to communicate with others and effectively solve problems.

Research and understand what to expect during the virtual assessment day. This will help you mentally prepare for the various activities and interviews.

Before attending the assessment day, practise problem-solving tasks alone or with friends. This will sharpen your teamwork and critical thinking skills.

Anticipate common interview questions and practise your responses to these questions. Having a few questions to ask Lloyds employees during the virtual assessment day also shows your interest and enthusiasm for working at the organisation.

Those successful at the virtual assessment centre will receive an offer of employment on their chosen Lloyds graduate scheme.

The application process for Data and Technology Graduate Schemes is slightly different.

These schemes require individuals to complete an online application and first-stage assessment focusing on an individual's technical skills as relevant to the role applied for.

Those successful at this stage are invited to attend the virtual assessment day.

Example Lloyds Bank Graduate Scheme Assessments

Lloyds Bank uses various assessments as part of its online job insight assessment.

Outlined below are some examples of the types of questions that may be asked as part of the assessment.

Can the Lloyds Graduate Scheme Make Application Adjustments?

Lloyds Bank is committed to fostering an inclusive and diverse workplace.

To ensure all candidates have equal opportunities during the application process, Lloyds can make reasonable adjustments for those candidates who require this.

This includes:

Extra Time for Candidates with Disabilities

Lloyds offers extra time for assessment tests to candidates with disabilities, ensuring they have a fair chance to showcase their abilities and skills.

Participation in Virtual Day at Lloyds Premises

For candidates who may face barriers with virtual assessments, Lloyds accommodates this by offering the opportunity to participate in the Virtual Assessment Day at their premises.

Applying Via the Disability Confident Scheme

Lloyds actively participates in the Disability Confident Scheme, which encourages candidates with disabilities to apply and provides necessary support and adjustments throughout the application process, fostering an inclusive and accessible hiring environment.

It is worth noting that Lloyds can only accept applications from those who require sponsorship to work in the UK for its Technology Engineering or Data Science and Analytics graduate programmes.

Candidates should always contact Lloyds if they have any questions regarding their application or the scheme in general.

Frequently Asked Questions

Final Thoughts

The Lloyds Graduate Scheme offers many positive benefits, including structured training, diverse career paths and the opportunity to make a meaningful impact in the financial industry.

The most crucial aspect when applying to Lloyds Bank is preparation, tailoring your application to align with the specific programme and demonstrating your enthusiasm.

Preparing for the assessments is also essential to increase your chances of success in the Lloyds Bank recruitment process.