The scheme, which launches this week, will accommodate both students seconded from The Miami Ad School and those who apply to Iris directly.
The first intake includes nine students from The Miami Ad School, for which Iris is now a 'greenhouse' agency having taken over from Saatchi & Saatchi.
Direct recruitment for January 2010's intake has already begun at where applicants are asked to respond to a brief and submit three pieces of work before the November 6 deadline.
Students will spend their first week on a range of briefs from different sectors, moving on to four bigger projects of varying length, including briefs from clients such as Sony Ericsson, Adidas, COI and Hertz.
Applicants with the following skills are welcomed:
- Art directors
- Photographers
- Film makers
- Writers
- Product designers
- Digital engineers
- Interior designers
- Illustrators
Applicants from outside the UK are also encouraged to apply for the programme, which Iris intends to roll out next year in its New York, Singapore and Sydney offices.
Grant Hunter, creative director of iris London said: "Graduate intake is down across the industry and those looking to gain essential experience are really struggling to get placements.
"The Bunker initiative offers an opportunity to kick-start careers by exposing new talent to a diverse range of skills, disciplines and client accounts.
"We want our placements to walk away with books that will help them break into the industry."
Sean Reynolds, global creative director based in New York, said: "Partnering with Miami Ad School is perfect for us.
"Not only does it consistently produce some of the best talent in the industry, it also gives The Bunker a global relevance -- with students from San Francisco, New York, Minneapolis, Sao Paulo, Madrid and Hamburg.
"As a global entity it's important we get this type of cultural and 'creative collision' happening in everything we do."