The graduate scheme system is such that a university student would have to apply for the scheme one year in advance of start date. Naturally, this creates a number of problems for the student that has to balance time between attending lectures, writing assignments, group meetings, researching employers, writing application forms and constructing the final year dissertation.
Here are a number of things you could try:
1. Allocate a certain amount of time (1 hour a day/4 hours a week) on completing graduate scheme application forms.
2. Only pick 5 or 6 graduate schemes with December/January deadlines that you are really interested in and focus your allocated time on making sure each one of these are completed fully and without mistakes. (It would be a waste to spread your time over so many applications that they become half-efforts)
3. Attend only the graduate careers events you feel would be convenient, useful and with the opportunity for networking. Most of the time you will find similar employers attending these events, and a repetition of news - you do not have time for this. Pick wisely.
My personal solution to this problem was incredibly simple. I did not apply to one single graduate scheme. Looking back, this may have been a mistake but I'm not sure of it. I managed to attain a first at university, but I can almost guarantee that would not have been possible if I had been spending hours (and that is what you need to spend) completing application forms. Some of the applications ask ridiculous questions that require research of the company, different subjects, industries, concepts etc. Ultimately I stand by my decision to not pursue the graduate scheme during my final year of study. It is too distracting to be checking your email waiting for your responses, whether successful or unsuccessful.
I graduated this year, started my job hunt in September 2010 and I'm still jobless. I have had a number of prospects but they have not really ended up with anything solid. I have not taken the graduate scheme route, and I have no regrets. I do not like being treated like a number.
Please comment if you have experience with the balancing act of managing university work at the same time as making graduate scheme applications! It would be great to hear other opinions.