Lloyds Banking Group runs rotational graduate schemes across technology, data science, finance, risk, commercial banking and consumer banking. Salaries run from around £30,000 to £40,000 depending on the programme, with a £5,000 settling-in payment on top. Unusually for a major UK bank, Lloyds accepts a 2:2.
That last detail is the most commercially useful thing on this page, so let's do it properly.
Does Lloyds really accept a 2:2?
Yes. Lloyds states that you can apply if you have achieved, or are on track to achieve, a 2:2 degree or above.
This puts Lloyds in a small group. NatWest requires a 2:1 and says so bluntly. Most investment banks want a 2:1 in practice even where they do not say it. Lloyds sets the bar at 2:2 and applies the same assessment process to everyone above it.
If you are sitting on a 2:2 and have written off banking, this is the application to make. Do not lead with an apology for the grade. Lead with the work.
How much does the Lloyds graduate scheme pay?
It varies by programme more than at most banks, which is why you see such a wide range quoted.
| Programme area | Reported starting salary |
| Corporate Banking and Markets | around £40,000 |
| Business and Commercial Banking | around £40,000 |
| Sustainable Consumer Banking | around £30,000 |
| Group-wide average (third party estimate) | £33,000 to £35,000 |
On top of the base salary there is a £5,000 settling-in payment for graduates, an annual cash sum of 4% of basic salary that you can spend on benefits or take as cash, private medical cover, and funded study towards a professional qualification.
The 4% cash sum is worth understanding. It is a flexible benefits allowance, so you can convert it into extra holiday, driving lessons or other options rather than taking it as pay. On a £40,000 salary that is £1,600 a year of genuine optionality.
Which Lloyds graduate programme should you pick?
The schemes split into three broad families.
Technical: Data Science and Technology Engineering. These want demonstrable coding ability. The Data Science scheme involves building recommender systems, running quantitative analysis and deploying machine learning on Lloyds' cloud infrastructure, across three placements over two years.
Business: Finance, Risk and Commercial Banking. These carry the professional qualification path, typically a recognised accounting qualification for the Finance route, and tend to pay at the higher end.
Product: Consumer Banking and Future Financial Wellbeing. More customer-facing, more focused on journeys and campaigns.
All the schemes are rotational, and rotations often move you across cities, not just across teams. Worth factoring into any housing decision.
Where are Lloyds graduate roles based?
Edinburgh, Bristol, Halifax, Leeds, Manchester and London, with Edinburgh and Bristol carrying a lot of the technology and data volume. Lloyds describes itself as the UK's biggest digital bank, serving over 28 million customers, and invests around £3bn a year in technology.
Because rotations can move you between locations, a twelve month accommodation contract with some flexibility is worth more here than at an employer with a single office. Our Bristol and Leeds listings both cover graduate-friendly residences near the relevant campuses.
How competitive is the Lloyds graduate scheme?
Less brutal than the investment banks, more competitive than the 2:2 entry bar suggests. The lower academic threshold widens the applicant pool substantially, which offsets some of the advantage of being eligible.
Where you win is in the assessment. Lloyds runs a fairly standard online assessment and interview process and weights behaviour and motivation heavily. Candidates who can explain specifically why Lloyds rather than any large employer do noticeably better than candidates reciting the graduate scheme script.
FAQs
Q: Can I apply to the Lloyds graduate scheme with a 2:2?
A: Yes. Lloyds accepts applicants who have achieved or are on track to achieve a 2:2 or above, which is a lower bar than most large UK banks.
Q: What is the Lloyds graduate scheme salary?
A: Between roughly £30,000 and £40,000 depending on the programme, plus a £5,000 settling-in payment and a 4% annual flexible benefits cash sum.
Q: Are Lloyds graduate schemes rotational?
A: Yes. All Lloyds graduate schemes are rotational, and rotations can move you between different cities as well as different teams.
Q: Does Lloyds pay for professional qualifications?
A: Yes. Depending on your route, Lloyds funds an industry-recognised professional qualification as part of the programme.
Q: Can existing Lloyds employees apply to the graduate scheme?
A: Yes, provided they meet the 2:2 requirement. Applications are assessed on the same basis as external candidates, submitted through the internal job board.
