For many 20-year-old college students, summer is no longer about partying and hanging out at the beach.

The vast majority of college students use the long summer holidays to earn some cash, but some of Bermuda's brightest sparks are seizing the opportunity to get high powered work experience in Bermuda's financial sector.

This week saw the launch of a joint internship programme by Bank of Bermuda, ACE Group and Deloitte & Touche. The initiative will allow 12 students to gain experience at each of the three companies over the ten-week programme.

The idea is to overcome the problem of students developing "tunnel vision" after spending an internship within one institution. This programme will ensure that they can make an informed decision between banking, insurance and accounting when they come to make their ultimate career choice. Participation in a programme of this sort also provides "face time" which will increase a student's chances of being offered a job once they graduate.

In addition, this particular programme provides a chance to contribute to the community: every Thursday participants will work on a strategic review of a local non-profit, Bermuda Outward Bound. At the end of the internship, they will deliver a presentation and give recommendations as to how the Bermuda Outward Bound can improve its operations and organisational structure.

"They're going to be learning, having fun and being paid for it," said Edmina Bradshaw, chief learning officer at ACE Limited. "As well as providing a first-class, stimulating work experience, we hope that the team spirit and camaraderie formed during this programme will result in lasting friendships."

The companies have taken steps to ensure that the students gain actual work experience, rather than merely observing their mentors. The companies have prepared specific projects for the students to undertake: "They will be doing actual work and will be expected to add value," said Roger Titterton, a partner at Deloitte & Touche.

Charlette Means-Foggo, education development co-ordinator at Bank of Bermuda, said that preparation would be key to the success of each internship. The students had been provided with advance material to acquaint themselves with each company and will spend ten days at each, before moving on to their next rotation.

This particular programme was fairly competitive, aimed at students studying business-related courses. Forty-three applicants applied for only 12 places and according to the organisers, once word gets out, the places are likely to be even more sought after.

Students can leverage experience gained outside the financial sector in their applications for finance-orientated programmes. The two youngest participants on the Bank of Bermuda, ACE and Deloitte & Touche scheme had prior experience from local companies. Eighteen-year-old Chesney Pearman said she formerly worked at Riddell's Bay golf course and had been able to acquire office administration experience there, while 19-year-old Stephanie Lewis had previously worked for a local sports retailer. For students who are not studying business degrees, there are several other companies in Bermuda offering similar opportunities. "Students are always amazed how many different career options are available at the bank, and some have gone back and specialised in areas they did not know existed because of their experience," said a spokesperson for the Bank of Butterfield, which this year offered summer employment to 30 students, studying a diverse range of degrees including accounting and finance, fine arts, human resources and IT.

According to Greg Haycock, managing partner of KPMG accountancy firm, "Timing is everything. A good student will have the next summer lined up before they start school in September, others will look around over the Christmas holidays, after that it's really too late."