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Accounting Internships
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Accounting Internships:
Students working to achieve a qualification in
accounting will often have the opportunity to
gain practical experience by completing an
internship. Accounting internships are temporary
positions within a Certified Public Accounting
(CPA) firm, a company in industry, or a
government agency. They are generally part-time
during the academic year and full-time during
the summer.
The purpose of an internship is to
allow the intern to gain work experience in an
area related to your studies or that you feel
you would be interested in pursuing in the
future. This enables you to make more realistic
and informed decisions about your career path
following graduation. Most internships are
unpaid positions but some companies will pay
their interns an hourly fee while others will
provide an allowance for expenses such as lunch
or travel. You may be able to gain academic
credit for successful completion of an
internship. In such cases, the company you
intern with may liaise with your school to
ensure that your practical experiences in the
workplace are linked with the academic
requirements of your program.
Internships allow
you to observe and participate in a variety of
real world experiences and see how the theory
you have studied is applied. You get the
opportunity to work alongside professionals and
learn from their expertise. You also have the
chance to demonstrate your ability to them.
Internships can be an excellent way of getting
your foot in the door with a company you may
particularly want to work with. Many companies
offer their interns full-time employment on
graduation as your experience will make the
learning curve shorter.
What does an accounting internship entail?
Accounting students are encouraged to try to
gain experience that is relevant to the area
they are specializing in. In most cases, the
company will try to provide access to a wide
variety of engagements so that you gain an
understanding of the work environment. You will
have access to the methods, technological tools
and knowledge resources used by the company you
intern with. Interns working in the tax
department of a company may carry out activities
such as gathering and organizing client
information, entering data into specialized tax
computer software and assembling the final tax
returns for the client.
You may help to conduct audits which will allow
you to learn more about audit concepts such as
accounts payable, cash, internal control and
current liabilities. An important element of
accounting internships is financial reporting on
a monthly or quarterly basis which includes the
expenditure throughout the company. If you
intern in the Accounts payable department of the
company, you will be involved in the processing
of invoices and account coding. Interns in the
Accounts receivable department will be involved
receiving debtor payments and allocating them
into the appropriate accounts and ledgers.
You may be required to prepare financial
statements and also review and analyze these
with your clients. Interns are often given the
chance to work on marketing strategies, assist
in capital-sourcing efforts or work on mergers.
Many companies ensure their interns gain
professional skills such as effective writing
and presentation techniques. Internships will
often involve contact with clients, allowing you
to develop your communication and interpersonal
skills in a professional setting.
How do I find an accounting internship?
Competition for internships with leading
companies is usually extremely intense. If you
have identified particular companies that you
would like to intern with, you should forward
them your resume with a cover letter, ensuring
that you do not miss the deadline for submission
of applications. If you are called for
interview, ensure that you thoroughly research
the company and try to display this knowledge
during the interview.
Your school may have information on companies
that regularly offer internships and may help to
find the best placement for you. You should bear
in mind that larger companies may provide better
opportunities to gain experience within a
specialized area. However, smaller companies may
offer more general internships working in all
departments of the company. This often means
that your abilities are visible to more people,
including those in senior management. This could
greatly enhance your chance of being offered a
full-time job following graduation.
What skills do you need to win an accounting
internship?
Doing a good interview is key to winning the
accounting internship you want. Excellent
communication skills are vital for success in an
internship as you will need to be able to
clearly express yourself verbally and through
the written word. Ensure that you can speak
knowledgably about the latest trends and events
within the industry. Companies benefit from
exposure to the current knowledge, skills and
practices of the intern so you should be
prepared to show that you have performed well
academically. You will need to have good
computer skills and be particularly proficient
in Microsoft Office Suite. An aptitude for
numbers is essential. Experience with accounting
or payroll software such as Quickbooks is a
distinct advantage.
Below is a list of some of the various types of
internships. |
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Accounting Internship Opportunities
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