1. University of Pennsylvania
Philadelphia, PA • Private
A finance intern assists the work of a financial institution getting hands-on education and experience about financial policies. He/She or she will be around for the development and implementation of payroll, budget control, accounting, and financial management practices.
Following the lead of an accountant or a finance director in the auditing or accounting processes, interns can get a glimpse of the daily activities the position requires while applying theoretical knowledge about the laws and regulations of the financial sector to real-life situations.
As usual, an internship is a great way to get one step ahead in the line for a nice spot as an employee in the financial sector. Whether it is a paid or unpaid placement, it will definitely be worth your while.
There are certain skills that many finance interns have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed organizational skills, customer-service skills and initiative.
If you're interested in becoming a finance internship, one of the first things to consider is how much education you need. We've determined that 78.6% of finance interns have a bachelor's degree. In terms of higher education levels, we found that 11.5% of finance interns have master's degrees. Even though most finance interns have a college degree, it's impossible to become one with only a high school degree or GED.
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of finance analyst you might progress to a role such as senior accountant eventually. Later on in your career, you could end up with the title finance vice president.
What Am I Worth?
The role of a finance internship includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general finance internship responsibilities:
There are several types of finance internship, including:
You know how it's smart to invest your money? Well, the brains behind that operation is a finance analyst. Essentially, they're in charge of advising and supporting investment decisions of individuals and businesses.
Most finance analysts work full-time, but some work even more than that. The typical finance analyst enters the career having earned a bachelor's degree. With the extra education, employers tend to invest a lot of their dime to pay finance analysts. So having the higher education definitely pays off.
You might have taken economics or finance-related courses in college, or you might have a strong grasp of the financial market and the economy. Well, did you know that there are companies that hire consultants to guide them in their financial decisions? Some individuals even hire personal consultants! If you have years of experience and a great track record, this can be a lucrative engagement for you.
Finance consultants are usually those who have been in the finance world for quite a long time. If you are interested in this career, you need to have a good portfolio and an amazing track record. You should know how to manage wealth, and you should be updated with the latest trends in the economy. You also need to have a nice, clean reputation for clients to want to work with you.
If you think this is a good fit for you, you better start networking! This will surely help you get clients in the future.
Finance coordinators work for finance departments and are responsible for managing a company's accounts payable and receivable. They keep track of receipts and financial documents and resolve any issue regarding billing.
If you are considering a position as a finance coordinator, an interest in numbers and analytical thinking are non-negotiable. You will need to handle cash and accounting software proficiently, be organized, and know how to deal with people.
Before you take on this role, though, you will need to have work experience in the financial sector. A degree in accounting, finance, or a related field will also be necessary. You will work in an office and have a dynamic job with multiple tasks to deal with simultaneously.
Mouse over a state to see the number of active finance internship jobs in each state. The darker areas on the map show where finance interns earn the highest salaries across all 50 states.
|Rank||State||Number of Jobs||Average Salary|
Philadelphia, PA • Private
Evanston, IL • Private
Los Angeles, CA • Private
San Diego, CA • Private
Boston, MA • Private
Stony Brook, NY • Private
New York, NY • Private
Notre Dame, IN • Private
Minneapolis, MN • Private
Stanford, CA • Private
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 6.4% of finance interns listed risk management on their resume, but soft skills such as organizational skills and customer-service skills are important as well.
Zippia allows you to choose from different easy-to-use Finance Internship templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Finance Internship resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
After extensive research and analysis, Zippia's data science team found that:
1. Financial Accounting-Adjusting Entries & Financial Statement
Adjusting entry creation, posting adjusting entries to a worksheet, creating financial statements from the trial balance...
2. Financial Accounting Payroll
Payroll calculations - federal income tax, social security, Medicare - Payroll journal entries posted to ledger accounts...
3. Financial Accounting Subsidiary Ledgers & Special Journals
Subsidiary ledgers for accounts receivable & accounts payable. Special Journals - Sales journal, purchases journal...
Some places are better than others when it comes to starting a career as a finance internship. The best states for people in this position are New York, Connecticut, Delaware, and Pennsylvania. Finance interns make the most in New York with an average salary of $45,189. Whereas in Connecticut and Delaware, they would average $43,804 and $43,397, respectively. While finance interns would only make an average of $42,916 in Pennsylvania, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
|Rank||Company||Average Salary||Hourly Rate||Job Openings|
|2||Ernst & Young||$69,862||$33.59||128|
|9||New York Life Insurance||$43,574||$20.95||70|
It takes one year or less to become a finance internship. That is the time it takes to learn specific finance internship skills, but does not account for time spent in formal education. If you include the normal education requirements to complete a college degree, then it takes 4 to 6 years years to become a finance internship.
Yes, finance interns typically get paid. It depends mostly on the employer but varies depending on the specific position, geographic location, and experience.
Some internships offer academic credit instead. However, many internships do offer pay with yearly salaries ranging from $26,000 to $47,000. At major companies and firms, the pay can be higher than $80,000.
To prepare for an internship in finance, you generally need to be enrolled in an accredited university. Most internships require enrollment in a college/university in relevant finance, accounting, or business. Also, university programs typically offer academic credit for internships.
The skills you need for a finance internship generally are communication, analysis, and management.
A finance internship is typically fast-paced, so you'll want to work efficiently in a busy environment. You'll also want to be familiar with Microsoft Office Suite, such as Excel and PowerPoint. Furthermore, excellent verbal and written communication skills will also be helpful.