Budding photographers have just one week left to enter a competition that will given them the chance to be mentored by a Magnum professional and earn a £5,000 fee.

The contest – organised by Magnum, and accountancy firm Grant Thornton – will give two winners the opportunity to take part in an ‘ambitious’ portraiture project that will include mentoring by professionals and the chance to undertake their own work.

They will receive a £5,000 fee and be asked to accompany a Magnum photographer on a number of shoots over 10 days.

This will be followed by an assignment of their own to photograph a series of individuals across the UK – to capture the faces of the British economy.

Each commission will be accompanied by mentoring sessions by one of Magnum’s professional photographers.

The resulting work will be showcased alongside the Magnum photographers’ photos in a travelling exhibition, and used in a media/PR campaign.

Magnum says it is looking for photographers in the early stages of their careers who have less than a year of professional experience – current students, fresh graduates or the recently retrained – with strong technical ability.

Aside from their fee, the winners will ‘develop confidence and experience in relation to professional standards and practice, as well as producing a series of photographs which can form the basis of a working portfolio’. It should also help them develop contacts and build relationships in the industry.

To enter, candidates must upload a portfolio of 10-20 strong portraits to Hiive by midday on Tuesday 19 April, alongside a short biography (100 words) and a personal statement of 250 words explaining why they want to take part in this project.

Applicants must have their own equipment, be able to produce final high-resolution files for exhibition printing at A1 size and be available throughout May 2016 for the shoot.

For more information on entering and the final output, visit www.competitions.hiive.co.uk.