Whether you're a
budding analyst for a biiiiiiig accounting firm or dipping your toes into the
commercial or investment banking world with a small Kenyan bank, a college
internship (preferably with an internship stipend) can be a wide-open gateway
into your dream accounting/finance industry post - if you handle it right.
A good percentage
of college/university graduates who participate in internships while still in
school receive at least one job offer after their stint if over. Salary-wise,
paid interns fare significantly better that other entry-level job applicants;
such students have a decided advantage in the job market over those who did an
unpaid internship or didn't do an internship at all.
Internships usually have college
students and graduates working in environments where their skills are put to
beneficial use by firms that really need the help. There's no fetching coffee
for optimal internships – it's real work companies want done. Paid interns
spend much of their time engaged in 'real' work; employers prize that kind of
hands-on experience. Conversely, unpaid interns spend more time on clerical
tasks and less on the type of duties that employers value (I once tried an
unpaid one which I quitted after a week).
What makes a
successful internship for college accounting and finance major? Let's take a
look:
Doing the Work You Were Trained to Do
A great
internship depends on what field you enter, such as internal auditing,
investment banking etc.. But by and large, being busy using skills you've
learned and developed in the classroom define the best internship experiences.
So if you're spending almost half your time doing challenging, rewarding work,
your internship is on the right track.
How Many Hours?
College interns
working in banks, brokerages and other accounting and financial services firms
should aim for between 200 and 400 hours during their internship. Why? Because
that's what hiring firms look for in terms of on-the-job interning experience.
What Pay Can You
Expect?
On average, a
paid internship means being compensated for about a third- half the salary (and
no benefits) of an entry-level salary for a similar job. In addition, factor in
what you're doing and where you are doing it. However, you shouldn't
necessarily judge an internship on the size of the paycheck.
Signs
of a Good Internship Program
College
grads and students wondering what other elements comprise a good and beneficial
intern experience should look for the following elements:
- A direct internship coordinator, whose full-time job is managing interns
- A written blueprint from the company explaining its policy toward interns and its goals in its internship program - you shouldn't have to ask, the firm should give you one
- An emphasis on challenging - and not menial - work.
- Opportunities to mingle with, and learn from, staffers and management at meetings, seminars, company dinners and training sessions on a regular basis
- An opportunity to speak with former interns at the financial services company, to get their perspective on the internship experience
What
steps should you take to secure a good financial internship? Getting a decent
internship at a bank, insurance company, or other financial services firm is
all about preparation. In that regard, cross these items off your checklist
first:
Check
Your Status
The
unemployment line is littered with the resumes of college graduates who didn't
take care of business in vetting their online reputations. Money management
firms are, above all, extremely cautious about whom they bring aboard to help
manage client's money.
That's why it's a good idea to scrub your online persona swiftly and
thoroughly. Watch out for risky pictures on Facebook or inappropriate Twitter
comments. Some companies will be on the lookout for what they deem to be risky
behavior; avoid it and remove any examples of such behavior online before you
interview with a money management outfit.
Start Your Networking File
Once
you gain an internship, begin filing away the names and contact data for the
professionals you meet along the way in your internship. It could be the
contact who helped you win the internship, the broker or analyst who you've
been assigned to help or the specific internship coordinator at your company.
All can come in handy when push comes to shove and you’re looking for a job
offer.
Above
all, make sure to write personalized thank you notes to all the professionals
who've helped you along the way. Civility and good manners count for a lot and
in the accounting and finance industry and may even mean the difference between
leveraging an internship for professional gain or not.
The
Bottom Line
Most
internships are generally more rewarding in terms of experience, and can get
you further in your career. In the end you're better off if you can get any
internship after all. The value of networking and experience goes far, whether
you're earning a paycheck or not.
