Finance can be a highly competitive industry where many graduates are vying for open positions before ever completing any type of finance internship. If you are studying for your degree in finance or another related area of study, you may want to set aside time during your senior year to apply to be an intern at a mid-sized or larger firm. Some drawbacks of internships could be pay, but there is also a myriad of benefits that can’t be ignored. Here are many of the benefits you will enjoy if you do work as a finance intern.
Use the Theory You Learned in School
On-the-job training is a lot different than learning theory. When you are in school, you may complete some practical projects, but much of the content’s focus will be placed on theory. It’s a harsh reality check for graduates who expect work in a finance position to mirror the work the completed in school.
Interning for a company is like a middle ground for students who are finishing their degree or who have recently graduated. They can put to use the theory they covered for two or four years of their college career in a practical setting. Companies know that interns don’t have any practical experience so interns have more leeway to learn how to do actual tasks.
Related Resource: 50 Best Online Master of Finance Degree Programs 2018
Network and Show Off Your Work Ethic
Networking is very important in the field. You need to get your name out there and establish a great reputation with recruiters. If you graduate and start looking for a job right away, you can network even as a newbie. Networking in the office and with other companies that offer finance internships can help you decide on the direction of the career. You can also show off how quickly you learn and how hard you work.
Add Experience to Your Resume
Not all companies are looking for applicants who have years and years of work experience. In fact, some companies would prefer to hire new graduates. If you want to gain some relevant experience, because you have never worked in the field, a finance internship is one way to do this. Spending time to learn about roles in the office and how the offices are run can really work in your favor.
Get Credit and Earn Money
Not all finance internships are paid. Obviously, opportunities where interns are paid for the time they spend gaining experience are highly sought after. Out of all of the fields where there’s a need for interns, finance offers some of the highest intern hourly rates. In fact, Glassdoor has compiled all of the salaries for interns in the US and found that the average base pay for an intern in the field was $58,635 in 2017.
In addition to getting paid to work in the field, you may also get academic credit if there is an academic sponsor who can oversee you. In this scenario, the intern would earn around three to twelve units based on how many hours a week were worked.
All of the opportunities in the financial sector are high-competition listings. If you assess how many graduates in your major are completing their degree programs each semester, the supply of finance majors only continues to grow. One of the best ways to complete is to find a finance internship where there’s room for a permanent position after completion.
