In continuation of the previous episode, I would like to address the responsibilities & other prospects of a Finance internship in this episode. Let’s start!
What will be the responsibilities of an Intern as a part of the Finance Industry Internship Programs?
➤ If you’re interning as a registered representative or an investment adviser representative, you’ll have to perform a lot of job shadowing. Sitting with brokers as they sell securities and execute orders or with investment advisers as they discuss investment choices with customers, will provide you a unique perspective on what financial professionals do on a daily basis.
Internship employment, aside from job shadowing, is typically entry-level or clerical in nature. Data input, records administration, data maintenance, data refresh, organizational projects, and audits all fall under the umbrella of internship labor. These duties may appear to be tedious, yet they are important business functions that can teach you a lot.
A financial team, for example, may propose that you have to contact clients by using the information already in the system if they want you to update customer account data. You’ll examine account information with the customer once you’ve reached them to see if the company has the correct phone number, address, email address, and website for them.
These calls may seem to be a’bit tiresome at first, but they will provide you with experience of making warm and cold calls to clients for the aim of acquiring business knowledge. They also assist the organization in updating records so that invoices and notices are sent to the correct addresses. Increasing the company’s revenue stream can be as simple as ensuring bills arrive on time.
Interns are sometimes asked to accomplish short-term projects that full-time employees are unable to devote their attention to. It’s possible that one of these initiatives will involve assessing new software. Perhaps the company is seeking for a new web conferencing platform, for example. You may be asked to compare and contrast different providers and provide an assessment of their capabilities, strengths, and flaws to assist the decision maker in narrowing down the options.
You have to keep in mind that proper communication and precise data record keeping are required for any corporate activities. Through this form of intern work, you can not only gain an understanding of the principles of data management, but you may also see how customer management incorporates accurate communication capabilities.
Financial firms and financial organizations within non-financial enterprises may also have regulations governing access to sensitive data. Information such as customer credit reports, accounts receivable and payment methods may be prohibited. If the company has privacy policies in place, you may be limited in how many transactions you can process or witness as an intern.
How Much Should You Expect to Get Paid for Your Finance Internship?
➤ While the majority of internship programs are unpaid, certain corporate internships do pay a small salary. In the finance sector, interns can expect a minimal hourly pay. It goes without saying that no commissions on trades or assets under management should be expected, regardless of how involved you were during your job shadowing.
If you need to work for money, an internship during the academic year is a smart option. Some internships are part-time, allowing you to continue your undergraduate studies, while others require you to forego coursework for a period of time while you complete your internship.
Internships pay well in terms of having experience, so having a résumé full of financial internships can help you to get a full-time job with the firm you want to work for as soon as you finish your degree.
– Faraz-Al-Mahamood Chy.
Intern, Content Writing Department