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Unfortunately there is no set process for this. Some firms may restrict you from doing vacation schemes if you have accepted a TC, but this may not just be your TC firm, it can also be your VS firms that also have this term. It is worthwhile checking any written offers (both TC and VS) for such terms.@Jessica Booker I have a question pls... I have 3 VS coming up in the summer but am in the final round for a direct TC. If i was offered the TC, do/can I still do the Vac Schemes? Or would I have to make the decision if I am accepting before the Vac Schemes? Equally, Can I accept the offer and then withdraw if I was to be offered a TC from a Vac Scheme at a firm I prefer?!
If you are offered a TC, you may only have a few weeks to accept the offer. Some firms may extend the offer until later on in the summer - again this varies massively between firms so its worthwhile reading the TC offer carefully to weigh this into your decision making. You may be able to negotiate an extension of the offer period for any firm where you would have to accept before your VS and which may restrict you from completing your vacation schemes. I have also heard of people being able to negotiate removing clauses from offers that would otherwise restrict them from doing a VS.
If there are no terms, then there is nothing stopping you from proceeding with the vacation schemes. I would recommend reneging any vacation scheme offers where you are certain you wouldn't accept a TC with the firm over the firm you have a TC offer from now. There is little value in completing a vacation scheme if you have no intention of potentially converting to a TC with them and it would be best to focus your effort and energy into the schemes you do potentially prefer.