Summary of 2by22 article (but adjusted for Brits): https://2by22.blog/4-types-of-business-internships/
Not all internships were created equally. Not all internships deserve the same approach.
There are internships with Fortune 500 companies, obscure start-ups, the ultra-competitive, and the hidden ones; formal programs and informal programs; internships at local offices and headquarters.
There are 4 categories:
These are firms that regularly host events at St Andrews, have a stall at the careers fair, and recruit a lot of St Andrews graduates.
Examples: At St Andrews, these are firms like Deloitte, PwC, RBS, JP Morgan (Tech), Accenture etc.
Discoverability and Competition: These firms typically invest significant funds into building their campus presence and as a result are widely recognised by students. The widespread recognition breeds a very competitive environment where everyone is trying to land interviews and offers with the same, limited set of firms.
If your goal is to work for a Star, take note of when applications open and apply early. These firms are simply too competitive to consistently land interviews from last minute applications.
The Staples are companies that are well known to the layman or to professionals in a particular industry. They are often large companies filled with talented professionals; however, they usually don’t have a massive campus presence like Stars. Staple companies slip under the radar for most students.
Examples: Fortune 500 or similar well-known companies such as Procter & Gamble, Walmart, General Electric, Verizon, Levi Strauss & Company, etc. This category also includes well-known companies in specific industries, some of which may be smaller in size. For example, reputable software-as-a-service (SaaS) companies include Salesforce, ServiceNow, Zendesk, etc.
Discoverability and Competition: These opportunities are typically not well-known by students and/or are treated as backup options to the Stars.
Despite their well-known brand, Staples are ironically one of the most overlooked categories of companies. Stars absorb most students’ attention, leaving a big opportunity for you to intentionally seek Staple companies.
If your goal was to land a Star internship and you end up with a Staple, it’s not a big deal! There are countless examples of people who move from a 3rd-year internship at a Staple company to a full-time offer at a Star.
This happens because students with a big company name on their CV signal to future employers that they already went through a rigorous recruiting process (even if they didn’t).