- Real ExperienceThe work experience you'll get from a good internship trumps anything you'll get making coffee at Starbucks or flipping Big Macs - and probably pays better too! Even though knowing how to make the perfect latte is a pretty nifty skill, for an accounting major, it can't compare to knowing how to draft financial statements or audit procedures. On top of that, working in the industry will give you perspective on what you really want to do with your life before you're stuck in a job you may not enjoy. (To find out which career you would be best suited for, read Is A Career In Financial Planning In Your Future? and Finding Your Place In The Financial Industry.)
- Future ProspectsLeveraging a simple internship into a full-time job is another reason to go after and internship. Many firms approach intern candidates as they would applicants for a "real" job - they're looking for people who can fill a more permanent role after they graduate. As a result, many large financial firms make full-time offers to a large portion of their interns after they complete their programs and degree work. Indeed, firms like Deloitte, Merrill Lynch and Deutsche Bank are known to offer full-time positions to many of their interns. It's definitely not a bad idea to have a secure job lined up before you graduate from college.
- Expanding Your ContactsNetworking is another big reason to pursue an internship. Interns often do the same work as a first-year professional, and get the same chances to interact with senior employees. Having a good relationship with higher-ups could mean a quicker path to promotion in the future. And even if you decide not to take an offer with the company you interned with, saving a manager or recruiter's business card is a good move if you decide to hit the job circuit later on.
As with your college hunt, prestige should be a factor when you're trying to pick a company to intern for. If you're interested in banking, working as an intern at a big-name like Bank of New York and JPMorgan Chase is probably going to carry more weight than if you work for your local Savings & Loan over the summer. For most, going with a top-tier firm for an internship will make you a more desirable job candidate.
Don't disqualify a company from your search just because it's not in finance. Even though Google is a technology company, they've got some stellar internships for financial analysts. Most larger organizations have internships in finance, so if you love the corporate culture at Apple or Disney, remember that you may have options there too!
Unlike full-time jobs, which could be available all year long, many internships have strict deadlines that you'll want to stay ahead of. Lots of internships take place during the summer, so deadlines tend to fall in the later winter and early spring. If you're considering working for a particular company, find out whether it has any deadlines looming. (Company size and atmosphere is very important to ensure career success. To find out where you fit best, see Firm Size Key Issue In Financial Advisor Job Hunt and Fitting In At Your Firm.)
Recruit a RecruiterOne of the best ways to get your foot in the internship door is by developing a relationship with your recruiter. Top-tier financial firms get inundated with applications and resumes, so having a real person to contact is a great way to make your name stand out. Lots of companies now have online internship applications that prefer the "don't call us, we'll call you" approach to job applications. Don't hesitate to look up a recruiter's name (this can often be found on the contact page of a firm's website), and send an email. If you're lucky enough to get multiple offers, but are still waiting for that one firm, make sure to let recruiters from your top choices know so that you can speed the process along.
Selecting the OfferWhen all your research and applications have gone out and you're starting to hear back from a few employers, now is the time to really figure out what you can and want to do.
Time ExpectationsYour schedule is very important when considering an internship offer. If you'll be taking classes during the internship, don't overwhelm yourself - if either work or school performance suffer, you could inadvertently make yourself less likely to be offered a full-time position or to even graduate.
Paid or UnpaidPay is especially important if you've received more than one internship offer. Intern pay can vary quite a bit from company to company (most financial internships pay between $12 and $30 per hour), but many firms pay interns about the same as what their first-year professionals make. There are some unpaid internships out there, so make sure that the rest of the job adds value to your resume if you can afford to go the volunteer route.
Additional PerksDon't forget about perks! Many of the more competitive internships have some pretty nice perks that go along with them. Posh parties, free dinners, complimentary gym memberships - you might be surprised about the perks top firms offer. Google interns get free meals cooked by the company's corporate chef, while interns offered full-time work at PricewaterhouseCoopers even get a trip to Disney World!
Start Searching!If the prospect of having a high-paying, perk-laden, full-time summer job sounds like a good deal to you, it's never too early to start your search. While most firms prefer hiring rising seniors, it's definitely not unheard of for interns to land summer spots after their freshmen or sophomore years.
To read more about landing your first job after college, see Students, Get Your Foot In The Door! and Trying On Potential Employers.
by Jonas Elmerraji
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