Internships: The Extra Edge
By: Robert Half
More employers are looking for internship experience on resumes of entry-level accounting and finance professionals.
No matter where you are on your journey toward becoming a full-time accounting and finance professional, you've probably wondered what will set you apart from other aspiring applicants when you seek your first position. That differentiator could well be internship experience.
In a recent survey conducted by Accountemps, more than 50 percent of chief financial officers said internship experience was the one factor, aside from functional knowledge, that would most influence their decision to hire an entry-level accounting or finance job candidate. And according to The National Association of Colleges and Employers' (NACE) 2007 Recruiting Benchmarks Survey, companies end up offering full-time jobs to nearly two out of three of their interns, and more than 70 percent of candidates accept.
What it means to be an intern
If you are unfamiliar with the internship experience, think of it as an extended job interview that usually lasts from a few weeks to several months – or sometimes longer. In many ways, an internship allows you to "audition" for an employer who may one day want to hire you full time. Even if this is not where the internship leads ultimately, it is a valuable opportunity to get a taste of the type of work on which you want to build a career.
While working as an intern, you will be expected to maintain a professional demeanor, just as if you were a full-time employee at the firm. Likely, the employer will provide you with your own workspace, and pair you with at least one mentor to help guide you as you learn to handle a variety of responsibilities. You also may be asked to spend time in other departments that accounting works with regularly, so you can become knowledgeable about how the organization obtains and shares information.
In the beginning, there is a good chance an employer will ask you to do your share of lower-level tasks, although most accounting and finance internships today are about much more than office busywork. As you evolve as a professional-in-training, an employer may give you increasingly challenging assignments or special projects that you "own" and allow you to work more autonomously. By the end of your internship, in many ways you may feel – and others may view you as – a "regular" employee.
Locating opportunities
Many companies understand that in today's competitive and global hiring environment, internships can be an invaluable tool for creating an inventory of accounting and finance talent. In fact, the growing number of companies investing in internship programs prompted BusinessWeek magazine to publish its first "50 Best Internships" list recently. Notably, the top five organizations included four global accounting firms and one investment banking company.
Even though more internships are now available, as with any type of employment, finding the right opportunity will take some research and maybe even a little "pavement pounding." The Internet is an excellent starting point for finding resources, including this website, StartHereGoPlaces.com. CBcampus.com and InternshipPrograms.com are also good sources.
Don't forget the career center at your educational institution. Talk with teachers who may know of internship opportunities not advertised, or that require a recommendation from your school. Turn to other mentors, friends or family for guidance: For instance, if you know a close friend's parent works for a leading accounting firm in your area, see if you can meet with him or her to obtain career advice. That kind of discussion could lead to an internship or employment opportunity – or at the very least, a professional reference.
Contact a professional accounting organization, such as The American Institute of Certified Accountants or the American Society of Women Accountants to learn how you might connect with an internship opportunity one of their members is seeking to fill. Keep in mind that getting involved early with a professional organization can have other long-term benefits and provide ongoing networking opportunities. If you want to target a specific employer, contact the human resources department to learn whether they hire interns. (Many firms do not advertise).
When you pursue an internship opportunity, the experience you earn in the field before becoming a full-time professional can help you get your foot in the door at a potential employer. Even if you end up not staying on with the organization, the time you spend working with and learning from established accounting and finance practitioners will raise your value as a job candidate and equip you with knowledge and skills to help you make a positive start in the business world.
Elements of a Great Internship
The best internships are set up to benefit both the firm and the intern. When researching these opportunities, look for the following characteristics:
- Interns are exposed to a broad array of functions and duties by moving through each department or unit within the company or "shadowing" various staff members.
- A variety of work experiences are provided, and interns are allowed to see a project through from inception to completion.
- Interns are assigned a mentor who can answer their questions, offer career guidance and advice or assist with the resolution of problems.
- Compensation rates for interns are commensurate with those at competing firms or in similar businesses.
- Midway through the internship and again at the end of the program, interns are asked for their feedback about their duties in particular and the program in general. Companies use these comments to fine-tune internships in progress as well as those in the future.