Finance internships help you get an opportunity to break into the most competitive industry. Students enrolled in an accredited undergraduate or graduate program in business administration can apply for an internship program.
Finance internships offer an opportunity to high potential students to get an idea of how financial operations are handled by companies. The programs focus on economics, finance and accounting. As an intern, you are required to contribute to areas, including auditing, investor relations and credit and collections. The duties and responsibilities of a financial intern usually include financial planning, budgeting, designing financial models and analyzing financial statements, competitive ratios, valuations and returns.
Finance internship is offered by the company for the students to work in various areas of corporate finance, that include budgeting, tax, accounts payable, internal audit, financial management, risk management, profit planning and investments.
As a finance intern, you will be expected to assist the Chief Financial Officer or financial manager in sending out monthly statements to clients, entering bills and invoices and in analyzing equity investment opportunities. You will also need to coordinate with product teams in developing innovative client solutions, prepare client presentation materials and manage day to day financial activities. The responsibilities of a financial intern may also include preparing audit and tax schedules, reconciling accounts, preparing and analyzing spreadsheets and processing accounts payable.
Finance interns are usually required to work 20 to 25 hours a week. The programs last for 10 to 12 weeks. The average salary is $12 per hour.
Companies Offering Finance Internships
- AT & T offers finance internships during summer. First year MBA students majoring in finance, accounting or business administration can apply for this program. The interns are required to work in accounting and finance department.
- Credit Suisse offers finance internships to highly motivated students who have demonstrated outstanding academic achievement in the field of financing and accounting.
- J.P. Morgan’s Investment Bank offers summer internships to undergraduate, MBA and PhD students. The internship program focuses on key business areas like debt capital markets and equity capital markets. The interns are expected to perform financial valuation and analyze investment banking risks. You will need to conduct industry as well as product research.
- Morgan Stanley offers summer internships for finance students. The program lasts for 10 weeks. As a financial intern in Morgan Stanley, you are expected to perform various functions, including planning finance, human resources, conducting research and applying technological developments. The program requires you to catch up on major financial events, market news and new instruments issued in the industry.
- Goldman Sachs offers internship programs that last for a few weeks to year. As an intern, you will need to work closely with the financial team, take part in seminars and gain first hand knowledge on how a finance division operates.
Benefits of Finance Internships
Finance internships provide you with an opportunity to enter into the lucrative financial industry. You can learn how to assess market risks on the basis of world events. You can develop and improve your analytical and research skills, which will help get you a full time job in the finance industry.
As with any high paying industry, finance internships are very competitive. If you are able to do one with a well-known company like those mentioned above, it will look great on your resume. Once you graduate, potential employers will value your experience while in school and have more confidence in hiring you.
Also, finance internships require students to be very analytical and have good technical skills with programs like Microsoft Excel and SQL. These internships will help train you in these programs and give you the kind of experience employers seek when you graduate.