Why is there so much competition for the fast stream despite its low pay compared to private sector work?

[YourPoisedFinch]

The overall success rate for the fast stream – the number of applicants recommended for appointment as a proportion of all applicants – was 2.2% in 2024. This marked the first time in four years when the success rate decreased, reflecting the increase in the number of applications.
Civil service fast stream | Institute for Government
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I mean what is the appeal of the fast stream compared to other grad schemes?

Different type of work?
Better working conditions?
Perceived more job security?
Better perceived benefits?
Better work life balance?

I did the fast stream and didn't apply to any other graduate schemes.

The main thing for me is that the others sounded incredibly boring.

Sure I could earn a lot of money but having talked to friends doing other graduate schemes, they just sounded so so dull

I didn't want to audit accounts or be an actuary or advise companies on how to avoid paying tax (these are what many of my friends do)

I really enjoy the combination of intellectual satisfaction and policy making and reactive work/crisis management that you get in the civil service. I love being close to politics. I like that you can move around and try things out.

It does also have good work life balance, great pension etc but mostly it just really interests me

And if you do the fast stream and get promoted, it's not as badly paid as people make out, I make just under 90k which given pension etc is pretty decent money

ohh what grade r u on to be on 90k, are you g6?

DD/SCS1

The other thing I would say on pay is that it's fairly straightforward to get things like compressed hours agreed which really helps. So when DH and I had pre school age children, we worked four days compressed and paid for 3 days of childcare without losing any salary. Most of my peers on private sector graduate schemes have no chance of that.

One of my friends who works in corporate law was told she needed to get a nanny because nursery wouldn't work for her hours, we did not need to do that

Ditto! It's a great scheme - not brilliant money but great experience and exposure. Huge learning curve too.

any lucrative exit opps after the civil service