Navigating Summer Internship Accounting Requirements
A summer internship in accounting offers invaluable experience, bridging the gap between academic knowledge and the practical realities of the profession. This article explores the requirements, opportunities, and benefits of pursuing such an internship, providing a comprehensive guide for students seeking to launch their accounting careers.
The Value of Accounting Internships
An internship offers a unique opportunity to apply classroom knowledge in a real-world setting. The Texas State University Department of Accounting recognizes that it is difficult to convey in a classroom the full experience of working in the accounting profession, particularly the practical wisdom and perspective that one gains only by spending time on the job. Internships are designed to meet the criteria promulgated by the Texas State Board of Public Accountancy (TSBPA), ensuring that the knowledge gained from an internship must be equal to or greater than the knowledge gained in a traditional classroom setting.
Moreover, internships can lead to full-time employment. For example, upon completion of an internship with Froehling Anderson, interns will be considered for a full-time position.
What to Expect During an Accounting Internship
Accounting internships provide exposure to various areas within the field, allowing students to explore their interests and develop essential skills.
Tax Internships: These opportunities offer exposure to tax legislation through the preparation of tax returns for individuals, partnerships, or corporations. By the end of the program, interns will have a general understanding of tax issues through preparation of tax adjusting entries and tax trial balances based on audited or client-provided information.
Read also: Managing Alcohol Use in College
Audit Internships: Interns gain experience in accounting and auditing procedures while learning all aspects of an audit engagement. This may include working with cash, bank reconciliations, accounts payable, searching for unrecorded liabilities, maintaining confirmation logs, and preparing audit work papers. Interns assist with audits, reviews, compilations, and accounting services and learn how to identify and resolve key audit issues.
Advisory Internships: These internships expose students to the types of work clients engage in to help them run their businesses. Interns assist teams with project management and build knowledge of the wide range of services provided.
Key Requirements for Accounting Internships
Specific requirements vary depending on the company and the nature of the internship. However, some general requirements are frequently seen:
Academic Standing: Most internships require applicants to be working towards a four-year accounting degree. Many prefer juniors or seniors, although some may consider sophomores. Some companies, such as those in Minnesota, usually seek accounting interns each year, while others may have specific GPA requirements, often preferring a GPA of 3.0 or higher, with some seeking 3.3 or higher. A solid foundation in accounting coursework is essential. Some internships require completion of introductory and intermediate accounting and auditing classes. Ideally, candidates should have completed an individual tax course.
Technical Skills: A strong understanding of Microsoft Office and other applicable programs is crucial.
Read also: Unlock summer legal internships
Soft Skills: Internships require high attention to detail and the ability to collaborate effectively in a team environment.
CPA Eligibility: Some programs, like those at PwC, require job seekers to have a plan to complete all educational requirements to satisfy the 150 credit hour requirement necessary for the CPA license.
Finding the Right Internship
The search for an accounting internship should begin early. Many industries prefer to recruit as early as the fall. Staying up to date on virtual career fairs will be helpful in securing a role. Each company has different deadlines for applications, so sooner is usually better. If you’re searching for a role during the school year, it’s best to get on applying 3-6 months prior so you can inform your internship of your other obligations and classes.
Resources like Handshake allow you to focus on accounting firms and network with past interns. Your university’s career services center will have great insight about specific recruitment periods at your school. Make sure to sign up for a meeting with your career advisor at the start of the school year for additional help in planning ahead!
Compensation and Credit
Compensation for accounting internships varies widely. Some offer only class credits, while others compensate interns with an hourly rate or a set stipend. Internships may be graded on a credit (CR)/fail (F) basis.
Read also: Launch Your Career with BNY Mellon
At Texas State University, scholarships, grants, and/or other financial assistance might be reduced or eliminated because of the decrease in course load required by an internship or because of compensation received from the employer, or for other reasons.
Making the Most of Your Internship
To maximize the benefits of an accounting internship, students should actively engage in the learning process and fulfill all requirements. At Texas State University, the employing firm must provide, both to the faculty coordinator and to the student, objectives to be met during the internship, including a description of a formal training program.
A required paper must be a formal composition demonstrating the knowledge gained from the work performed and the employer’s training program. It should describe various tasks assigned, how the entire experience integrates with the intern’s academic work, how academic work prepared the student, what academic work could have helped prepare the student, what the student is bringing back to academic work from the internship, and also contain the intern’s evaluation of the internship. The paper must be a minimum of 1,500-2,000 words (about 8-10 pages) in length and include a title page, a table of contents, headings and subheadings, and footnotes as appropriate. Organization, spelling, and grammar are important.
Additionally, students should prepare a reflection paper discussing different aspects of the knowledge gained during the internship and obtain a completed performance evaluation at the conclusion of the internship.
Opportunities at PwC
PwC offers a variety of programs designed to attract and develop future accounting professionals.
Advance Internships: Open to juniors (in a four-year program) and seniors (in a five-year program), these internships typically take place one year prior to graduation.
Start Internship: This diversity summer internship experience is uniquely designed for high-performing college sophomores (and juniors, if in a five-year program) who self-identify as members of traditionally underrepresented minority groups in the professional services industry, protected veterans, and/or individuals with disabilities.
Career Preview: Designed for high-performing college freshmen who self-identify as members of traditionally underrepresented minority groups in the professional services industry, protected veterans, and/or individuals with disabilities.
Destination CPA: A three-day, in person, immersive event, during which attendees will have the opportunity to network and build relationships with other future CPAs, PwC professionals and discover the versatility of a CPA license and how it can impact your career- at PwC and beyond. Eligibility: For this program, PwC is seeking college sophomores (in a four-year program) or juniors (in a five-year program) who are pursuing an accounting major and 150 credit hours.
Women’s Consulting Experience: Attendees will gain valuable insight into the firm, its advisory practice and its professionals while discovering leadership skills that can be used on campus and beyond. Eligibility: For this program, PwC is seeking sophomore (in a four-year program) or junior (in a five-year program) women who have not previously interned at PwC. In order to receive an invitation to Women’s Consulting Experience, candidates must apply to and receive an offer for an Advisory Advance Internship with PwC.
PwC also offers a unique one-year program designed to provide eligible college seniors, who identify as an underrepresented minority, with an opportunity to continue their education, become CPA eligible, and embark on a unique path to an in-demand career in Accounting. This fellowship combines real work experiences through paid, part-time work at PwC and a tuition paid, on-line master’s degree program at the D’Amore-McKim School of Business at Northeastern University. Fellows may be offered a full-time associate position at PwC after the successful completion of the fellowship program.
Developing Essential Skills
Internships emphasize the use of accounting-specific skills learned in the classroom and do not include responsibilities related to operations or other non-accounting business functions. Interns are usually concerned with preparing and editing financial reports and documents. Interns work under an accountant and assist them with research and client relations.
Cover Letter Tips
Crafting a compelling cover letter is essential for a successful internship application. Take a look at some great cover letter writing tips to boost your confidence and ace your internship application!
Career Paths After an Accounting Internship
Accounting interns can take their learnings and work into many different job roles like Accountants, Auditing Clerks, Bookkeepers, and Public Finance Managers. They also can work for many different types of companies, like our constantly growing list of employers hiring now.
tags: #summer #internship #accounting #requirements
