Advising finance majors on internship selectionJanuary 21, 2011 at 11:59 am | Posted in Uncategorized | 1 Comment
Finance covers a broad field, which can be confusing to your students. The spectrum is global as well as local, and the range is from giant corporations to small nonprofits.
Students might benefit from a weekly email update listing current resources or timely articles to help them track finance trends that could affect their internship as well as career choices.
- Giant corporations: As one of the largest financial institutions in the world with over 120 million customers in more than 100 countries, Citigroup is at the forefront of the financial services industry. Each year Citigroup selects some of the brightest students and most outstanding candidates to participate in their summer internship program with assignments in investment banking, equities, global transaction services, and fixed income currencies and commodities. Finance majors should check the application deadline if they want to be considered.
- Global companies: Forbes Global 2000 are the biggest, most powerful listed companies in the world. Your students can sort the group by rank, company, country, industry, sales, profits, and assets. This composite ranking is the best snapshot of just how these titans compare. According to Forbes, the corporate dominance of the developed nations is steadily receding. Refer your students to the Global High Performers, an elite list of companies that set the pace in their respective industries and may offer good internships.
- Current news items: CNNMoney.com posted an article on Jan. 19 from Fortune, “Have the too big to fail banks gotten too fat to succeed?” “That’s one takeaway from a round of mushy earnings reports this week. The KBW bank stocks index fell 1% or more for the second straight day Wednesday, after Goldman Sachs (GS) and Wells Fargo (WFC) joined Citigroup (C) in underwhelming anxious investors. Citi let fans down by admitting it won’t buy back stock or increase its dividend this year; Goldman posted poor trading numbers, blaming skittish markets, and Wells posted numbers that were merely in line with estimates, disappointing fans who expect more from its premium valuation.” Students could also check Bloomberg and the Wall Street Journal. These sources are excellent email material to forward to students to help them target good internship sites.
- Internships.com: Encourage your students to browse internships.com daily for opportunities, such as for a financial representative intern at Northwestern Mutual Financial Network in Michigan. This part-time paid internship for college credit is available year-round. The internship involves consulting and financial/insurance. For students interested in nonprofit/social services, Micro-Enterprise Inventor’s Program of Oregon is seeking a Financial Access Volunteer to direct financial activities, prepare reports, and review balance sheets.
- School-related or personal finance achievements: Remind your students that they may have other valuable experiences in finance that will increase their chances of landing the desired internship. Class projects involving the development of business plans and budgets for local startups go on the resume. Recommend that they serve as treasurer or sit on fund-raising committees of campus organizations. If students are making or charting investments for friends, family members, or themselves, that activity will gain them credibility, too. Some students have started small businesses, such as landscaping, painting, or tutoring services, which reflect their finance skills and enhance resumes.