Graduate Scheme

So here in the UK IB and AM firms hire "graduates" meaning you work for 2 years on a rotational basis working with different groups and then if they like you after the two years you get a full time offer. Can anyone offer more insight to this?
Are you a real employee during this time?
How much do you make?
Why don't you just go to America where there is no grad scheme?

 

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1) You are an employee on a 1/2/3 year contract depending on the graduate scheme - ie GS does a 1 year one to simplify stuff as people exit, but it is pretty much automatically renewed as long as you do your work. 2) You make whatever is on the contract - usually 50k base for IB 3) Visa issues and recruiting from the UK to the US is impossible

 

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