Is an Accounting Internship Really Necessary?
Weather you’re a college student about to graduate, in high school, or in another industry, but considering a career change, you may be thinking about whether it is necessary to seek an internship in accounting. Whether this decision is right for you will depend on a few factors.
First, what exactly do you want to do in accounting? There are a number of ways to enter the accounting profession and a variety of different opportunities to pursue. Based on my personal experience. One way to enter into the accounting profession is to start working for someone you know. Maybe you have a family member or friend who runs a small tax practice and is willing to teach you on the job? Maybe you have some bookkeeping skills from working for yourself or another startup that you can leverage? If this is the case, an accounting internship may not be necessary.
Secondly, while college is not necessarily required to become an accountant, attending college and obtaining a bachelors degree will open a lot more opportunities. When I first graduated school, there were a number of companies that were looking for new college graduates to join their ranks. Many entry level accounting jobs do not require you to complete an internship before they will higher you, so don’t sweat if this is the route you plan on taking, now of course, any accounting experience you do have will place you above other candidates, but it is not necessarily a requirement.
BUT, if you are looking at going into Public Accounting as a tax professional, auditor, consultant, or any other related field where you will be working at a public accounting firm, it is essential that you do an internship either during your time in school, or immediately upon graduation. Yes, even if you have graduated from school, you can still apply for an accounting internship.
Step #1: Know When to Apply
The best time to apply for an accounting internship is usually during your Junior or Senior Year of college. Preferably in your junior year. Most often the first couple of years will be the time where you are still building your foundation and many employers like to see that you have a bit of knowledge and schooling under your belt before they allow you to work on their clients.
Also, it’s important to note that sometimes, it may be awhile after you apply before you start your internships. Some of the very large accounting firms often hire interns to start an internship up to a year later after application. Now, for smaller firms, they may hire interns to start in a matter of weeks, but this varies greatly so it’s important to plan ahead.
Also, the busiest time of year for public accounting firms is generally from January through April due to tax season. This is also the busiest time of year for those in the audit practice as well depending on the industry. Since this is the busiest time, it is also generally the time that firms are looking for interns to help them with the additional workload. Therefore, the best time to apply for an accounting internship is usually in the fall in order to land an internship in January (either the upcoming January, or for larger firms, possibly the following year.)
Now, many firms do offer summer internships and fall internships as well, but the traditional time for an internship is during the early months of the year.
Step #2: Know Where to Apply
There are a variety of different places to go to find accounting internships. If you know which firms you would like to apply to, generally you can go directly to their web pages and submit a resume to any open positions they might have. LinkedIn and Glassdoor are two additional places that accounting firms often post positions.
However, if you are still in school, the best place would probably be through your school. Whether that means reaching out through career coaches, attending some type of job fair on campus, or attending a recruiting event held by an accounting organization or club on campus. Many firms will send campus recruiters to many of the well-known large schools, seeking for talent.
Step #3: Stand Out As A Potential Candidate
How can you stand out as a good candidate for an accounting internship?
- Have a good GPA, especially a solid accounting GPA. The old saying “C’s get degrees” does not apply here. Accounting firms will most likely ask you about your GPA. Having at least a 3.0 will be important to stay competitive.
- Join a club or organization, especially one related to accounting. Getting involved in your local accounting organization at school is a great way to show your interest in accounting, and stand out, especially if you serve as an officer, or other leader in one of these organizations.
- People Skills – the #1 way to prepare yourself to be selected for an accounting internship is to develop great accounting skills. Most of the time in an interview, or even before the interview when you submit your resume, if done in person, you will be evaluated on how well you speak and how well you can be a “human” and make a connection. When I interviewed for accounting internships, there wasn’t an expectation of technical prowess, they know that you’re a student and may not know much. Instead, they are looking for people with good attitudes, a willingness to learn, work hard, and get along with other employees. If you can develop a good ability to socialize with others, and learn how to answer basic interview questions, then this will set you above many of your peers.
There you have it. You can do this. Be prepared, do your research, and don’t be afraid to put yourself out there. Enjoy the journey!