A finance internship can help students develop critical industry skills while still attending college. There are numerous opportunities available to students at all levels. A finance internship, like any internship, helps you immensely with your post graduate career.
What is Finance?
Finance is a term that many people hear in passing. Most people may not fully understand what “I work in finance” may entail. Investopedia defines finance as a broad term encompassing activities such as “banking, leverage or debt, credit, capital markets, money, and investments”. To simplify, it is managing money. Within the realm of finance, are more specific categories such as personal finance and corporate finance.
Types of Finance
Corporate finance is responsible for overseeing and managing a business’s financial activities and decisions. Oftentimes this involves capital investments as well as how to raise capital.
Money management for the individual or household is personal finance. Personal finance is something which most people undertake, whether they know it or not. Of course, this is potentially basic tasks like groceries and bills. Additionally, it can involve saving for retirement, investing in stocks or estate planning. Today there are many different types of firms that help people handle their finances and financial planning. Some firms handle wealth management and work with clients who reach a certain threshold of income. Others work with clients who might not be among the wealthiest, but still have assets that they need help managing to save and grow.
While corporate finance and personal finance are two of the more well known specializations, public finance is oftentimes forgotten as a valuable and critical trade. Public finance studies the role of government in an economy. It specifically deals with how a nation’s money is in use through various means. This includes tax collection, expenditures (such as public works funding or military), national debt, and national budget.
Finance careers are some of the highest paying jobs in the nation and also one of the most diverse fields. Again, there are not only various types of finance, but also a plethora of different career paths to choose from. Here are some of the best finance careers we found in 2
A financial planner focuses on the personal financial management of clients. Planners need strong communication skills in order to help simplify the intricacies of financial literacy to the average person. According to the Bureau of Labor Statistics (BLS), a personal financial advisor can expect to make $88,850 in 2019. Job growth is also promising, with an expected 7% growth over the next 10 years.
Actuaries view finance through a mathematical and scientific lens by applying complex calculations to predict market conditions. While they require some knowledge in the field of finance, most of their skills will be dependent on their mathematical skill. The BLS reports that actuaries averaged $108,350 a year in 2019. This is expected to grow 20% over the next 10 years- a much faster and average growth for the industry.
Analysts focus on the stock market by advising bankers, investors and even large corporations on mergers and acquisitions. They utilize large amounts of data to help best advise their clients on what financial decision will best benefit their long term interests. A financial analyst in 2019 averaged $85,660 a year and is expected to grow 6%.
How to Get a Finance Internship
In order to land a finance internship, the first step is to make sure that you are pursuing at least a bachelor’s degree in some business capacity or mathematics, or both. Much of finance involves mathematical predictions. Thus, a business and mathematical background will help you stand out- although it is not necessary. An MBA program can prove to be the most helpful in getting your foot in the door. Major corporations such as Tesla and Anthem Medical are always looking for interns who suit their needs. You can expect these internships to be intense but very rewarding. As one Tesla recruitment page states, “Instead of going on coffee runs and making copies, you’ll be seated at the table making critical decisions that will influence not only your team, but the overall achievement of Tesla’s mission”.
An internship is one of the best ways to network with industry professionals and get your foot in the door for the start of your career. Understanding the type of industry and the work they do is a major part of deciding your career path and internships offer you the opportunity to gain real world experience without the commitment. Want to learn more about internships and business careers? Check out our blog!