Money For Lunch – Financial Institution Internships: Where They Can Lead You

Financial Institution Internships: Where They Can Lead You

August 11, 2016 11:27 AM0 commentsViews: 20

The financial services sector is full of appealing internship opportunities. In many instances, interns at banks, investment firms, mortgage lenders, and other financial institutions actually pay a little bit. Yet more than the pay, these internships prepare young men and women for careers in the world of finance.

Therefore, if you’re interested at all in the following career opportunities after graduation, an internship (or two) in the financial services sector is imperative:

Loan Officer

Helping men and women reach their dreams through lending is the primary responsibility of a loan officer. This entails determining credit worthiness of applicants, answering their questions about the lending process, and following up with any additional information requested by the institution. Loan officers are most frequently found at banks, but also serve companies like Eagle Home Mortgage, which specializes in home loans. Therefore, it makes sense for aspiring loan officers to seek internships at banks and with mortgage lenders.

Accounting

A career in accounting can lead down several specialized corridors, as accountants are needed in virtually every industry to some extent or another. Of course, interning under the guidance of a Certified Public Account, or within an accounting firm in general, is the standard path for young men and women seeking work in this profession. Yet as accounting is a role found in many businesses, internships to hone accountant skills can be found just about everywhere as well.

Analyst

The role of a financial analyst offers an interesting path for accounting, business, and finance majors currently deciding on what sort of internship to take. It’s ideal for men and women who love to pore over details. Financial analysts examine data to draw conclusions about the cost of operations, as well as provide guidance for reconciling projections with real numbers. As far as internships are concerned, approach accounting firms, as the skills acquired will play heavily into the day to day responsibilities of a financial analyst.

Investigator/Auditor

One of the more exciting careers in the financial services sector is fraud investigation and performing audits. To be an exceptional investigator or auditor, it’s a good idea to seek an internship with an appropriate government agency, such as the SEC or IRS, or with an insurance company. Such internships can reveal whether or not such a job is right for you, as public service careers in this field don’t typically pay as well as private sector jobs. Fraud investigation, in particular, will often require traveling, another element of the job which can be tested and experienced with an appropriate internship.

Financial Manager

The job of a financial manager is to maintain the financial health of a firm or organization. They acquire these skills typically by serving as loan officers, accountants, analysts, and investigators, but it all begins with an internship more times than not. Typically, aspiring financial managers ought to seek an internship with an insurance company or bank. The Bureau of Labor Statistics indicates financial managers can earn upwards of $117,000 annually, giving more than enough incentive for current college students to aim their sights on the profession.

The takeaway here is that financial service sector internships open the door for a variety of potential career opportunities down the line. The ability to comprehend large sums and accurately track money as it flows in and out of an organization, as well as interpret numbers to establish patterns, are skills which can migrate into dozens of specific employment choices. Those with the largest jump on these careers are those who begin learning these skills via financial service internships.

Leave a Reply

You must be logged in to post a comment.