So, you are studying to be an accountant and are looking into getting some real-world experience? Congratulations on making it this far! Accounting can be a very rewarding experience, but there is much to learn both inside and outside of the classroom.
Who should apply for an accounting internship?
Accounting internships are usually held by college students who are studying accounting, or a closely related field. Sometimes, accounting internships are also done by those who have recently graduated from school. Anyone who is considering a career with a public accounting firm should apply for an accounting internship. Generally speaking, accounting internships may not be as necessary for those who are seeking industry accounting jobs after college. Of course, there may be industry accounting internships in your area, however, generally speaking, the vast majority of accounting internships will be offered by a variety of large and small accounting firms in the area in which you live.
Why is an accounting internship important?
Most accounting internships are full-time opportunities working 40 hours a week, or more during busy season (typically between January through April). For most firms, an accounting internship is considered to be the entry level position at the firm. Meaning, it will be a lot more difficult for a college graduate to get hired as an associate or staff accountant after college, without being able to show proof of an internship on their resume.
Also, apart from it being a prerequisite to further accounting positions, an accounting internship also teaches very valuable skills that are essential for a successful accounting career. These skills might include practical application of what you’ve learned in college related to audit, tax, etc. It will also include learning soft skills like time management, communication skills, and teamwork.
An accounting internship is a great opportunity to dive into the profession, while generally being held at a lower standard by their peers – meaning that if you “mess up” occasionally, it’s ok! Just keep at it. All of your peers have been there themselves.
When should I start applying for an accounting internship?
College students in both bachelor or masters programs should apply for an accounting internship. These internships should usually be applied during the junior or senior years of a school accounting programs.
I’ve spoken to many recruiters while applying for my own accounting internships when I was finishing my accounting degree. I’ve also had the opportunity to be on the other side of things and help with college recruiting events. Through this experience I’ve recognized a few common mistakes when applying for these intern opportunities.
A few common mistakes when applying for your first internship include:
- Applying Too Early – Freshmen and Sophomores should generally not apply for internships. At this stage, the accounting knowledge you have is limited, and employers typically are looking for students who have gotten a decent amount of basic accounting knowledge down. Plus, accounting internships also often lead to job offers, and employers typically want those closer to graduating before making them solid offers.
- Applying Too Late – Some career fields require you to wait till you’re about to graduate, or have graduated, before applying for positions. Accounting is NOT one of those cases. It is still possible to get an accounting internship after graduation, but those who wait, typically aren’t going to get as lucky getting their top pick of accounting firms, rather those who wait typically have to scrape the bottom of the barrel so to speak.
What time of year do accounting firms hire interns?
Accounting firms typically do their heaviest recruitment during the fall season. Many colleges might have events such as “Meet the Firm” events where numerous accounting firms attend college events and except college resumes. Most firms are looking for accounting interns to fill their extra needs during the January through April busy season which typically aligns with tax season. Therefore, firms will review applicants and conduct interviews in the fall for winter interns.
However, some of the largest firms, including the Big 4, tend to hire a year or too in advance. So, it’s possible to apply for an accounting internship, interview in the fall and not start the internship for another year, during the following busy season. It is important to keep that in mind. For example, you could apply in the Fall of 2022, and not start your internship until January 2024. That’s why it is important to plan early when considering an accounting internship. Of course, busy season isn’t the only time interns are needed. Some firms also hire summer interns or fall interns depending on circumstances. I had the opportunity to complete a fall internship myself and work on audits of government clients in my state. Fall was the busy season for those clients, so an internship during that time made perfect sense.
Key Take-Aways:
Accounting internships are a must have for any accounting student who is interested in a public accounting career. The best time to apply for an accounting internship is typically in the fall either a few months or a year before you intend to do the actual internship. Accounting internships are great opportunities to test whether the job is something that truly interests you before committing years of your time to it. It is also a valuable time to make connections in the industry and learn important basic skills while having the freedom to enjoy being a beginner. Time to brush up that resume and start applying!