Thankfully I avoided that. I think my brothers had to do it at school perhaps, but I don't think either of them ever used it, certainly not since getting their degrees.
Another thing that schools seem adamant about is work experience, yet some schools don't organise the placements. My last employer would often offer placements for the children of employees, word of mouth only, and the placements would be in different teams. Most students seemed to be offered nothing, or placements in nearby supermarkets, care homes or primary schools.
If the placement means that much to the school, they should be organising them in a variety of different places and sectors.