I disagree with this. I think the conversion rates should be relatively high since they have thoroughly vetted candidates through a generally extensive recruitment process. All of that just for a week or two of work experience is not attractive and personally I would end up just applying for a direct TC.I mean what's the point of the vacation scheme if everyone gets the TC?
If everyone got the TC it would be a big waste of time and money to throw on the VS, since vac schemers really don't get much valuable training or work done on the scheme itself. The benefit of advertising to prospective candidates is marginal since there are so many candidates to choose from anyways.
MC firms have started to realise that and slowly reduced the conversion rates on vac schemes as a result.
I think the offer of a TC should be available to every candidate if they perform well, not based on a limited quota.
I had a peer who completed the Freshfields Vac scheme last year, received great feedback and no negatives, but she didn’t receive the TC because of their target quota.
I think firms like A&O Shearman have the right idea.