Offering a finance internship is a great way to help a student or recent graduate jump start a career, and it offers benefits to your firm as well. A finance intern can assist with financial reports, audits, and data entry, or work alongside your firm’s analysts, playing more of an advisory role for your clients. Make sure to put together a description of the internship and your expectations so everyone involved knows what the internship requires.
An internship gives back to the accounting and finance industry by training and preparing a young professional, but beyond that, it can also help your firm attract and train new employees. Many firms start with an internship, and if everything goes well, they offer that individual a full-time permanent position. When you work with someone in this capacity, you basically have a trial run where you get to see if she is a good fit for your company, and if you decide to move forward with that individual, you can rest assured they have been trained to your specifications. You don’t have that same assurance if you hire someone who interred at another firm.
To help you offset the costs of hiring an intern, you may want to look for tax credits or deductions. For example, businesses that hire a young intern in Northern Ontario may qualify for wage reimbursement of up to $31,500. There are multiple other programs throughout the country that can also help. You may want to research the options before you create the internship so you can keep your costs low.
Quality staff is critical if you want your firm to be successful and your clients to be happy. If you offer financial advisory services to your clients or if you’re thinking of branching off in that direction, you may want to start with someone who is fresh to the industry, and setting up a finance internship allows you to do that.