10 Students Start Paid Winter Practice in Nordea

In March ten students will start practice in various structural units of Nordea, by receiving the official minimum wage in Latvia. The competition for 10 paid winter study practice places was announced January this year and gained much popularity among students – in average there were 10 applicants for one study practice place.

Nordea Personnel Manager Viktorija Veisa: "Youth employment is very topical issue especially now, when even highly qualified professionals lose their jobs. To support integration of students and graduates in the labour market, it is important to provide young people with qualitative experience, and therefore, for several years already, Nordea has established an internship program. It is important to underline that the trainees become full-pledged members of Nordea staff. The trainee is responsible for proper fulfilment of the entrusted tasks, and, what is not less important, receives remuneration in the amount of the official monthly wage in Latvia. Remuneration not only makes the trainee more responsible for the given assignments, it is also a real financial support in circumstances when it is rather difficult for students to find a job.”

There were around 10 applicants for one place of winter practice. All in all almost 100 young people had submitted their applications, by demonstrating the highest interest about internship possibilities in Corporate Banking, which will have 5 trainees and in Marketing and Segments Management where practice will be undergone by 2 students. There will be also trainees in the Account Services and Payment and Transaction back office.

For the majority of the students the practice is part of their studies, though for almost half - 40% of the students it is “the only possibility of gaining practical knowledge” alongside with their studies. The internship is also of importance for the students to realize the eventual directions of their professional development and improve professional skills, therewith increasing the competitiveness in the labour market.

In 2009 there were 30 students from higher educational establishments of Latvia undergoing their study practice in Nordea, wherefrom 85% continued cooperation with Nordea thereafter and 20% are permanently employed by Nordea.

During the internship young people are given the possibility to increase practical competency in the profession of interest and also acquaint with the work of other departments of the bank. Nordea provides employee training, supervision of an experienced and ready to assist mentor, the official minimum wage of the country, clearly defined practice tasks and evaluation criteria. The study practice lasts from one to three months.