The position of intern has come under fire in recent years, as many employers have been accused of abusing free and low-paid interns. This is unfortunate. It casts a dark shadow over what is still, in many cases, a valuable educational endeavor providing tremendous insight and experience. Students studying various financial disciplines, including that of engineering, are well-advised to spend some time working as interns for reputable organizations. It can provide a tremendous early boost to their professional career aspirations. Finding an internship as a financial engineering student is your first step into a successful and rewarding career!
Here are five opportunities to watch out for in the financial sector, when it comes to interning in what is still a highly recommended and reputable fashion:
Financial Risk Engineering
Risk engineers are professional analysts who weigh the potential risk versus reward for investments, including loans. Financial risk engineers work for:
- banks
- investment firms
- the United States government
As such, they are in high demand across a wide range of fields. This kind of position frequently starts as an intern, learning the ropes of how the field works within a particular industry, and getting a feel for what is or is not a solid investment opportunity. Financial risk engineering is considered a leadership role. Ambition and drive can often lead to a management position.
Specialty Banking Services
Banks and other financial corporations will often employ interns to assist with the creation and analysis of specialty services, such as business loans and investments. The skillset of a financial engineer is invaluable in putting together packages which are mathematically viable. An intern will often be asked to assist “behind the scenes,” rather than dealing with individual clients. Your work will involve the initial assembly of a loan package or an investment plan. This adds a valuable side of your training that is hard to obtain in such hands-on fashion in the classroom.
General Accounting Services
Accountants use a skillset which overlaps with that of financial engineers. They work to monitor payments and income, and to track the investments made by a firm. They ensure that procedures designed by a financial engineer are followed appropriately. This is an excellent opportunity to earn cross-training in another valuable, highly relevant set of skills. It increases your prospective value to an even larger group of employers as a result.
Forensic Science
Financial engineers construct the mathematical “machinery” on which financial systems operate. As such, their expertise is in high demand with private investigative services and public law enforcement agencies. As with a forensic accountant, a forensic financial engineer can:
- help investigate a case
- track financial leads
- testify in court as an expert, highly credible witness. Working with a law enforcement agency is always an excellent reference as an intern, since the standards for what an intern can and cannot do are strictly enforced.
Investment Consulting
Venture capitalism, angel investors, and other financial backers are a vital part of the entrepreneurial scene. These individuals often require the assistance of a skilled financial engineer, to help them determine the likely risk and potential payoff of a given investment. This is particularly true of funding for startup businesses with an exciting product line that might take off overnight (or fall apart inside of its first year). Investment consulting is an excellent field for in-demand skills training as an intern. This can easily lead to an independent career as just such a consultant.
As a financial engineering student looking for an internship, you’ll be up against a lot of competition. It pays to make yourself as valuable as possible. You want to stand out in the pool of other applicants. The International Association for Quantitative Finance offers an expansive list of resources for students. This includes a firm definition for what financial engineering entails. It also includes how to ensure that you maintain the right qualifications to boost your career prospects once you’re out of school. The New York Institute of Finance also provides a list of resources with regard to working as a chartered financial risk engineer.
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