Finance Internship Job Description
A finance intern's duties are varied and interesting. An intern could work in finance, tax, accounting or audit. This employee works under the direction of a senior professional who reviews tasks and evaluates the intern's performance. A finance internship is typically available during the summer, but a competent intern might extend the internship contract to six or nine months.
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Responsibilities
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A finance intern works under the guidance of a senior professional to perform basic administrative duties. In some cases, an experienced or a qualified intern (for example, an employee holding a master's degree) could perform entry-level staff duties. For example, an intern holding an associate's degree might file papers for a senior accountant. Similarly, a trainee with a doctorate in statistics could help a trader calculate market risk. An intern also could make journal entries into accounting ledgers or calculate sales taxes due.
Education/Training
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A finance intern usually has no practical experience in finance and holds no college degree. However, some finance interns are experienced professionals holding bachelor's and master's degrees who wish to change careers. A finance trainee also could be studying for a professional exam---such as the certified public accountant (CPA) or the chartered financial analyst (CFA).
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Salary
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A finance intern typically does not receive any salary but gets reimbursed for food and transportation expenses. However, there are instances where interns receive full-time salaries---for example, an intern holding an advanced degree (a master's or a doctorate) could receive the same salary as an entry-level finance employee. Bureau of Labor Statistics data show that median wages of finance interns were $32,510 in 2008, with the top 10 percent earning more than $49,260 and the bottom 10 percent earning less than $20,950. A competent intern who is experienced in other finance-related fields---such as accounting or tax---could receive the same compensation as an accountant. Labor Department studies indicate that median wages of accountants were $59,430 in 2008, with the bottom 10 percent earning less than $36,720, and the top 10 percent earning more than $102,380.
Career Development
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A finance intern usually is college junior or senior majoring in finance, accounting, tax or business. After graduation, an intern could work as an entry-level professional in the finance, accounting or treasury departments. An intern also could chose to pursue a graduate degree---such as a master's or a doctorate degree. Advanced degrees offer more career growth opportunities.
Work Hours/Locations
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Finance internships are typically available for a three-month period during the summer. An intern usually works from 8 a.m. to 5 p.m. but occasionally could stay late at the office. Depending on the organization and the department in which an intern performs duties, these occasional requirements may occur monthly or quarterly. For instance, a tax intern might help with quarterly income returns.
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References
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