Although an internship remains a good way through which to obtain quality work experience, it is by no means the only way. Especially with rising competition over internship placements, it's important to expand your horizons.
First suggestion, consider volunteering. Perhaps the lack of a financial element doesn't sit well with you but work experience paid or unpaid, is still work experience. Volunteering will also most certainly work in your favour as it adds a positive dimension to your graduate CV and creates the sense of a community spirit. A factor that most, if not all employers will respond favourably to. Similarly, opportunities for volunteering are extensive and with a fair amount of research, it will be difficult not to find work experience in a particular field or sector that interests you.
You might also want to contact a temp agency. This might not be the glorified position of an intern, but as with volunteering, work is still work. Universities often have an abundance of part-time positions available, or contacts with agencies that do and so be sure to explore these. Don't think that part-time work is undervalued, if you can illustrate the skills and competencies that you have gained during the exercise, then it will be a valid work experience. However, this doesn't mean that all part-time work will fit into this category. Make sure that your choices are well thought out in advance. Clearly a part-time job without any financial aspect might not be the best way of demonstrating your motivation for the financial services industry.
Think unconventionally. University is a filled with opportunities and as students, you are smack in the middle of those opportunities. Ever considered starting your own society? Or running a campaign on behalf of another society? You could start your own dance society, or arts society, or political society or whatever you're interested in. You could even consider providing a service that your particular university lacks or something that you might think would interest students. Although this might not fall into the conventional category of 'work experience', depending on the nature of your role, it could certainly act in your favour and prove your initiative and motivation for developing your personal and professional skills. If you end up as the treasurer of a student project responsible for handling hundreds or thousands of pounds, or the marketing co-ordinator for a student led organisation that reaches thousands of students, don't you think that counts as a good learning experience?
Something else to consider is seeking out a qualification or certification. If you're serious about your field of study then why not get something that proves it? Even if your field doesn't require a certification, it will show that you're dedicated to your profession and it will set you apart from your competitors when it comes to the screening process.
So, the overriding message is that internships are not the be all and end all. Be flexible and creative. There are many ways to learn.
