What to Expect From a Finance Internship

The best college internships provide a real-world setting to apply and further develop the skills that you’ve learned in the classroom. A college internship (or several) can give you an advantage in landing your first job, whether you’re an aspiring auditor for a major accounting firm or hoping to break into the investment banking world with a Wall Street megabank. You'll gain experience to add to your resume, but you might also enjoy a competitive edge if you apply for a job position to those firms after graduation.

Here’s what you can expect from a finance internship and tips for landing one.

Finance Internships: Expectations

Ideally, more than half of your internship should focus on professional duties, such as analysis and project management, and less than 25% on menial work like making photocopies or fetching lunch for your bosses and co-workers.

Your finance internship is on the right track if you’re spending ample time doing challenging, rewarding work. But even with "grunt work" you can earn points for capably and cheerfully doing whatever you're assigned. Interns should never act as if any task is beneath them, even if they feel they can take on more challenges.

Average Hours

College interns who work in banks, brokerage houses, and other financial services firms should expect to devote a total of 200 to 400 hours to their internships. That’s what hiring firms look for in terms of on-the-job interning experience, which typically spans several months or a semester.

Average Pay

Finance is considered a career with high earning potential, even for summer analysts and interns. While many internships pay little or nothing, a finance intern can expect to be paid the equivalent of a salary of $49,000 to $73,000, according to a Glassdoor analysis as of Dec. 17, 2023.

Should You Consider an Unpaid Internship?

Many students won’t have the luxury of accepting an unpaid internship, especially if they live or attend school in a high-cost city like New York. You may be able to take on an unpaid internship if you can get support from your family or take out loans to pay for your necessary expenses. An unpaid internship may be better than no internship at all if you can afford to commit. The work experience and networking opportunities can still be of value regardless of whether or not you’re earning a paycheck.

Signs of a Good Internship Program

In addition to being a match for your skills and career ambitions, these are some indicators of a good finance internship program:

• A direct internship coordinator whose full-time job is managing interns
• A written blueprint from the company explaining its policy toward interns and its goals for its internship program
• An emphasis on challenging rather than menial work
• Opportunities to network with and learn from staffers and management at meetings, seminars, company dinners, and regular training sessions
• An opportunity to speak with former interns from that company to get their perspective on the internship experience

Landing a Finance Internship: A Checklist

Obtaining a worthwhile internship at a bank, insurance company, or other financial services firm is all about preparation. Here are three important items that should be on your checklist:

Tailor Your Resume

Make sure your resume calls attention to the courses you’ve taken and skills you’ve developed that are most relevant for each company to which you apply. This may mean 25 slightly different resumes for 25 different employers, but it will help you stand out from the competition.

Develop Extracurricular Credentials

Write a blog on finance and investment issues, host a podcast on stock market risk or the state of the U.S. mortgage market, or start an investment club or at least join one. Financial firms value intern candidates who delve deep into the money management industry in ways that go beyond pure academics.

Check Your Online Persona

Banks and other financial firms are understandably cautious about who they bring aboard to help handle clients’ money. Most big banks and Wall Street investment firms will insist on a background check and frequently a drug test before they hire you, so it's essential to take a hard look at how you present yourself online.

Check for any inappropriate pictures you might have posted on Facebook or Instagram or any comments on X platform (formerly Twitter) comments you’ve made that someone might deem to be rude or offensive. Your potential employers will be on the lookout for anything that might signal poor judgment or risky behavior. Remove any material that could be embarrassing before you apply and be careful in the future.

During and After Your Internship

You’ll want to begin filing away the names and contact information of the professionals who you meet when you land an internship. It might be the individual who interviewed you for the internship, the broker or analyst to whom you’ve been assigned to help, or the internship coordinator at the company. All can come in handy when you’re looking for a full-time job, especially at that organization.

Remember to write personalized thank-you notes to all the people who helped you when the internship ends. Interpersonal skills count for a lot in the finance industry and can make a difference in whether candidates are ultimately hired and promoted.

The Bottom Line

A finance internship gives you an opportunity to expand and utilize your skills in a professional, real-world setting. The broader purpose of the internship is to gain a deeper understanding of how a finance division works, including areas such as asset management, investment research, global markets, operations, or investment banking.

You can learn the various responsibilities involved in the industry with the proper training from a finance internship. Be prepared to dedicate up to 400 hours, and keep in mind that not all internships will pay you for your time.