Summary of 2by22 article (but adjusted for Brits): https://2by22.blog/4-types-of-business-internships/

Not all internships were created equally. Not all internships deserve the same approach.

There are internships with Fortune 500 companies, obscure start-ups, the ultra-competitive, and the hidden ones; formal programs and informal programs; internships at local offices and headquarters.

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There are 4 categories:

  1. Stars - well-known firms with a formal recruiting process.

These are firms that regularly host events at university societies, have a stall at the careers fair, and recruit a lot of tier 2 graduates.

Examples: Deloitte, PwC, RBS, JP Morgan (Tech), Accenture etc.

Discoverability and Competition: These firms typically invest significant funds into building their campus presence and as a result are widely recognised by students. The widespread recognition breeds a very competitive environment where everyone is trying to land interviews and offers with the same, limited set of firms.

If your goal is to work for a Star, take note of when applications open and apply early. These firms are simply too competitive to consistently land interviews from last minute applications.

  1. Staples - brand name companies that slip under the radar.

The Staples are companies that are well known to the layman or to professionals in a particular industry. They are often large companies filled with talented professionals; however, they usually don’t have a massive campus presence like Stars. Staple companies slip under the radar for most students.

Examples: Fortune 500 or similar well-known companies such as Procter & Gamble, Tesco, General Electric, Verizon, Levi Strauss & Company, etc. This category also includes well-known companies in specific industries, some of which may be smaller in size. For example, reputable software-as-a-service (SaaS) companies include Salesforce, ServiceNow, Zendesk, etc.

Discoverability and Competition: These opportunities are typically not well-known by students and/or are treated as backup options to the Stars.

Despite their well-known brand, Staples are ironically one of the most overlooked categories of companies. Stars absorb most students’ attention, leaving a big opportunity for you to intentionally seek Staple companies.

If your goal was to land a Star internship and you end up with a Staple, it’s not a big deal! There are countless examples of people who move from a penultimate-year internship at a Staple company to a full-time offer at a Star.

This happens because students with a big company name on their CV signal to future employers that they already went through a rigorous recruiting process (even if they didn’t).