The terms employers use to talk about their organisation and/or their recruitment process can be confusing. Get prepared for the autumn term employer events and your job applications with our jargon-buster.
Organisations
Magic circle – Nothing to do with Harry Potter. This is the term sometimes used to describe the top 5 law firms in the UK: Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter & May.
Silver circle – Similar to the above, a group of top law firms that do not quite rank alongside the magic circle: Herbert Smith Freehills, Ashurst, Berwin Leighton Paisner, Macfarlanes and Travers Smith.
The big 4 – These are the 4 largest professional services networks in the world: Deloitte, PricewaterhouseCoopers, Ernst & Young and KPMG. They offer audit, assurance, taxation, management consulting, advisory, actuarial, corporate finance and legal services.
SMEs – Small or medium-sized enterprises. In the European Union, these are defined as organisations that employ fewer than 250 employees and have an annual turnover of no more than 50 million euros.
Work Experience
Vacation scheme – This is not a holiday! A period of work experience with a law firm, usually running for 1 or 2 weeks.
Internship – These are often paid placements offered by firms who regularly recruit graduates. Most often in the summer, but there are also part-time, term-time and vacation opportunities.
Job Descriptions and Applications
Hidden jobs market – This is a term often used to describe jobs that aren’t advertised. You can tap into this by networking, making use of contacts and writing speculative applications.
Entry level job – A role that requires little prior experience in the field or profession.
Referees – These are the contacts (usually two) you put on CVs or application forms who can be contacted by an employer to verify the information you have provided or to give insight into your personality. The referee should know you well enough to be able to write positively about you.
Transferrable skills – Also known as ‘soft skills’ or ‘portable skills’, these are skills used in one job or career that can also be used in another, rather than relying on direct experience of the industry. For example, leadership, organisation and communication skills.
DOE – Think it’s a female deer? Think again! Abbreviation for ‘dependent on experience’. An employer will offer a salary within a given range but is willing to pay more for a candidate with more experience.
OTE – Abbreviation for on-target earnings. This is an estimate of actual earnings where pay is made up of both base salary and a variable bonus/commission. Particularly found in job descriptions for sales roles.
Graduate scheme – A structured programme for recent graduates that includes work and training. It can last up to 3 years, though some are much shorter. Completing the scheme successfully often secures a professional qualification as well as a permanent role in the organisation.
Selection Process
Psychometric test – Any activity and assessment that is conducted in order to evaluate candidate performance, including intelligence, skills and personality.
Assessment centre – Usually a day or half day at an employer’s office or training venue involving a combination of tasks and activities to find the right candidates. Involves working in groups and includes a variety of exercises such as role play, in-tray exercises and presentations.
Competency-based interview – This is an interview where situational or behavioural questions are asked. They aim to find out how you have used specific skills in your previous experience and how you approach problems, tasks and challenges.
Strengths-based interview – Type of interview style becoming increasingly popular amongst graduate recruiters. It aims to find out what you enjoy doing and hence what engages you the most.
If you would like more information about some of these terms or support with finding and applying for opportunities, visit the careers service website or contact us directly.