To illustrate this point, consider a study done by Glassdoor, which revealed that “On average, each corporate job offer attracts 250 resumes. Of those candidates, 4 to 6 will get called for an interview, and only one will get the job.” So, how do you make sure you’re the one who gets the job? In her Forbes article titled “10 Ways To Stand Out In A Very Competitive Job Market,” Bianca Miller Cole argues that one of the best strategies you can use to stand out to recruiters is to gain relevant work experience. Additionally, a survey done by the National Association of Colleges and Employers (NACE) acknowledges that 91% of employers prefer candidates to have work experience, and 65% prefer candidates to have relevant work experience. So, given the above, it becomes clear that your chances of getting a graduate job will be boosted if you get an internship while still in college. In today’s article, we’re going to focus on finance internships since it’s one of the most competitive industries to break into. Beginners’ corner:
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So, what actually is a finance internship?
Related video: Your First Day at J.P. Morgan | Intern Stories | J.P. Morgan
What does a finance intern do?
Regular duties and responsibilities for a finance intern include generating and analyzing financial reports, taking notes during meetings, preparing statements, and assisting with research and data entry. A finance intern might also perform administrative work while shadowing members of the finance department as they perform their duties.
Do finance interns get paid?
Internships can be both paid and unpaid. Whether you’ll get paid and how much depends on the previous experience (if any), skills, year in school (whether you’re undergraduate, graduate, or an MBA student), type of position, type of employer, and location. The average finance internship salary in the United States is, in fact, one of the highest across sectors. Finance interns in the US get paid around $18.10 per hour, found a survey by CashNetUSA in 2022, which analyzed over 50,000 internship vacancies and salary data across the US across several sectors. The finance internship’s salary comes just second after the technology industry, which has some of the highest-paid internships, paying interns $19.77 per hour. On the other hand, while you can make a high salary on Wall Street, the finance sector also has the highest percentage of completely unpaid internships.
Summer finance internships
On top of longer finance internships, graduates or career starters can choose to complete a summer finance internship, which would usually last between 10 to 12 weeks; however, the length can vary. Large investment banks that offer these programs hire a number of summer interns studying for bachelor’s as well as MBAs. Additionally, some companies offer summer finance internships in the form of a pre-internship, which are much shorter and take a few weeks to complete, offering some first insight into how it is to work in a specific division, career, or firm. Undergraduates are welcome to apply to either summer or spring programs also just before their last year of studies, called pre-internships.
What are the benefits of a finance internship?
There are several benefits to completing a finance internship. Here are some of the great benefits of enrolling on one:
1. Gain work experience and increase marketability
Though academic credentials say a lot about your work ethic and abilities, employers prefer candidates that have experience relevant to their hiring position. Notably, 91% of employers responding to the National Association of Colleges and Employers’ survey said that they prefer candidates with work experience, and 65% of the total group indicated they prefer candidates to have relevant work experience. With this in mind, an internship allows you to take on tasks that will be expected from you at your future job, so at your interview, you’ll be able to tell the hiring manager, “Yes – I can handle that. I did it at my internship.”
2. Apply what you learned in the classroom
College learning can only take you so far. Internships are a great way to apply the knowledge from the classroom to real-world situations. As an intern, you will be enabled to apply theories and concepts you’ve gained from different classes in real-life situations, thereby reinforcing these concepts.
3. Make new connections
You can make many new professional connections through an internship experience. Networking is often one of the best ways to land a new job and a primary way to learn about unadvertised job opportunities. In fact, according to a survey done by Lou Adler, the CEO and founder of The Adler Group, between 60 and 85 percent of jobs are filled through professional networking.
4. Gain valuable recommendations
Your internship supervisor has seen your talents and abilities in action and is an excellent reference for prospective jobs. Other people with whom you work closely at your internship can also serve as references for your future job hunt.
5. Meet people with similar interests
Finance internships introduce you to other students or recent graduates who share your passion for the industry — which certainly helps both your career and social life.
6. Gain professional feedback
One of the best ways to improve your performance is to ask for feedback from supervisors and coworkers. However, it is essential not to be defensive. If you accept the criticism offered, you can improve areas that you need to strengthen, and you will be a more desirable employee later.
7. Increase confidence
Even if you had a job before or during college, you probably don’t know what the day-to-day experience of working in finance will be like until your first internship. When you choose to intern, you’ll first experience what it’s like to work in the office environment, interact with supervisors, colleagues and stakeholders as well as what it’s like to handle customers or clients. All of this could be beneficial to your future career.
When to apply for finance internships?
Generally, vacancies for most finance internships open around September/October and close in December the year before you want to start interning. If you’re hoping to intern at mega-corporations like IMB, you will want to attend the Fall Career Fair at your college and start the internship application process there. Be prepared to wait for your resume to get processed for months. On the other hand, if you want to intern at a smaller company or a startup, the process is different. The majority of small companies are likely to hire interns 2-4 weeks before the end of the school year and the hiring process is faster as well as more personal.
How to increase the chances of getting a finance internship
Résumé: If you still don’t have a professional résumé on hand (or haven’t updated it in ages), you need to start working on it immediately. If you are still in college, go ahead and visit the career center. A career counselor should be able to assist you in putting together an effective résumé. They also may have examples of résumé templates and layouts that you could use to make an excellent first impression. Once you assemble your résumé, look at the internship that you want and make sure that you include items related to what that company is looking for. For example, if they look for someone with experience using financial software, you should include your experience using Excel, Mint, Personal Capital and other programs. Cover letter: Always include a cover letter with your résumé to make sure you stand out better to recruiters. According to Sian Havard, the founder and consultant at the recruitment company Milkshake Group, To read the full article by Sian Havard on writing the perfect cover letter, please click here. So, to make sure this doesn’t happen, follow a tested cover letter format: Reference letters: You should have 2 or 3 great reference letters on hands always. It is good to have an academic reference from a professor or advisor, professional letter from your previous employer (even if it was a summer job) and a personal recommendation letter from a close friend who could comment on your character. Having these available will reduce the hassle when someone asks for one.
How to find finance internships?
Your odds of finding the perfect finance internship increases if you employ several different strategies. Searching for the internship database at your college (if there’s one), networking, attending college career fairs and speaking with recruiters directly, or merely searching online are all great ways to begin conducting your finance internship search. Here’s a list of the top 50 finance internships:
Choosing the right finance internship based on your career path
Once you’ve completed your finance degree, it’s time to gain some real-life experience through a finance internship. Internships are a great way to put your theory into practice and kick-start your career in the right direction. But first, you need to make sure it aligns with your future career goals. If you’re unsure about which finance internship would suit your skillset as well as what you want out of your career, first consider which career path you will want to take and align this with your finance internship. Studying finance can give you a broad range of choices when it comes to finding a good job opportunity; here are some of the most common finance jobs:
Accountant; Stockbroker; Professional trader; Management accountant; Auditor; Banker; Business analyst; Economist; Compliance manager; Payroll manager.
Conclusion
Work experience has become a standard requirement in job advertisements. Employers want to see recent graduates with real working experience through internships. A finance internship can help you stand out to recruiters from other applicants and show your ability to succeed in a professional environment. So, if you’re interested in a career in finance, start applying today.
