How to Prepare for Your First Finance Internship

Starting your first finance internship can be an exciting and crucial step in building a career in finance, where you can gain real-world experience and put your academic knowledge to the test. No matter if you're interning at a bank, investment firm, or corporate finance department, being well-prepared can set the stage for a successful experience. By understanding what’s expected of you, adapting to the company culture, and developing key skills, you’ll be able to make the most of your time and leave a lasting impression. 

Below, we walk through practical steps to effectively prepare for your finance internship. From setting realistic expectations and brushing up on technical skills to learning how to network with colleagues, we cover what you need to know to excel in your role. This finance internship guide aims to help you navigate every aspect of your experience. 

What Does a Finance Intern Do? 

Finance interns are often tasked with supporting the finance team in various functions, from data analysis to financial reporting. The specific finance intern responsibilities can vary depending on the organization, but they all offer the opportunity to acquire hands-on experience in the financial sector. 

What Can You Learn from a Finance Internship? 

A finance internship offers valuable learning opportunities, including exposure to financial modeling, understanding corporate financial statements, and gaining proficiency in software like Excel and accounting tools. Interns also learn how to analyze market trends, prepare financial reports, and sometimes assist in budgeting and forecasting processes. These experiences help interns understand how theoretical financial concepts are applied in a real business environment and improve their critical thinking and problem-solving abilities. 

Are Finance Internships Paid? 

Most finance internships are paid, as companies understand the value of attracting top talent and offering fair compensation for their contributions. Payment for finance internships typically depends on the company size, location, and the intern’s level of education. According to a report by the National Association of Colleges and Employers (NACE), finance internships are among the highest-paid across all industries, with an average hourly rate substantially higher than other fields. 

What to Expect from a Finance Internship 

A finance internship can provide a meaningful introduction to the industry with a mix of hands-on tasks, mentorship, and learning opportunities. Knowing what to expect can help you adjust quickly and make the most of your time in the role. 

Common Responsibilities and Tasks for Finance Interns 

Finance interns are typically involved in various tasks that provide insight into the workings of the financial sector. Common finance intern responsibilities include assisting in the preparation of financial reports, analyzing data for trends, managing spreadsheets, and supporting budgeting and forecasting processes. In addition, interns may help the team by conducting research on industry developments, updating financial models, and preparing presentations for senior management. These tasks are designed to help interns understand the daily operations of a finance department and develop essential technical skills. 

Shadowing Senior Finance Professionals 

One of the most valuable aspects of a finance internship is the opportunity to shadow senior professionals. This allows interns to observe how experienced financial analysts and managers make critical decisions, solve problems, and communicate with clients or stakeholders. Shadowing can provide interns with a better understanding of the strategic side of finance, such as portfolio management, investment analysis, or risk assessment. By learning from seasoned professionals, interns gain insight into the broader context of their work and build foundational knowledge for their careers. 

Preparing for Your Role as a Finance Intern 

Proper preparation is essential for making a strong first impression and excelling in your finance internship. This includes building the right skills, researching the company, and understanding its business model to align with your new role's expectations. 

Building Key Skills Before Starting 

To make the most of your finance internship, it's important to build core skills such as proficiency in Excel, familiarity with financial modeling, and a firm grasp of accounting principles. Interns should also practice their analytical thinking and problem-solving abilities in order to effectively analyze data and generate insights. Additionally, communication skills are crucial, as interns often need to present their findings or collaborate with team members. Developing these skills beforehand will help you hit the ground running. 

Researching the Company and Its Financial Structure 

Understanding the company’s financial structure before you start is another necessary step. This involves researching and familiarizing yourself with its financial statements, revenue sources, and recent financial performance. This research can help you anticipate the kind of work you will be involved in and ask informed questions that demonstrate your interest in the company. 

Understanding the Company’s Business Model 

A central part of your preparation is understanding the company's business model, including how it generates revenue, its core products or services, and the key markets it serves. This knowledge helps you recognize the financial decisions and strategies of the organization and how your role as an intern contributes to its overall goals. Taking the time to study the company’s website, investor reports, and relevant industry news will help you gain a clear picture of the business model and position you as a knowledgeable and prepared intern. 

Navigating Company Culture as a Finance Intern 

Successfully navigating company culture is a key factor in making a positive impression during your finance internship. By understanding the company's values, etiquette, and expectations, you can better adapt and thrive in your new environment. 

Importance of Company Culture in the Finance Industry 

Company culture in the finance industry plays a significant role in shaping the work experience, employee satisfaction, and overall productivity. A positive culture that emphasizes collaboration, ethical behavior, and professional development can make a big difference in your internship experience. Getting a feel for the company culture will help you align your behavior with the organization's values and foster better relationships with your colleagues. 

What to Look for in a Healthy Work Culture 

When evaluating company culture, look for signs of a healthy environment — such as transparent communication, support for work-life balance, and opportunities for growth. A culture that values inclusivity recognizes employee contributions, and encourages feedback is likely to be conducive to learning and development. Observing how team members interact and support one another can provide insight into whether the work culture is a good fit for you. 

Understanding Work Etiquette and Expectations 

Work etiquette and professional expectations can vary across companies and industries, and the finance sector is no exception. Finance interns should dress professionally, communicate clearly and respectfully, and be punctual in completing their tasks. It's also essential to pay attention to how employees interact and follow the preferred communication styles, whether that’s email, instant messaging, or formal meetings. 

How to Build Positive Relationships with Colleagues 

Building positive relationships with your colleagues can enhance your internship experience. Start by being approachable, showing enthusiasm for learning, and offering to help others when appropriate. Engage in conversations, participate in team activities, and express gratitude for guidance provided by your coworkers. Cultivating solid rapport and relationships can open doors to mentorship opportunities and help you feel more integrated into the company. 

Tips on Excelling as a Finance Intern 

Excelling in your finance internship requires more than just completing your tasks. Make an active effort to stay organized, be proactive in seeking feedback, and build meaningful relationships. These tips can help you maximize your learning experience and stand out during your internship. 

Staying Organized and Meeting Deadlines 

Staying organized is crucial to managing multiple tasks and meeting deadlines during your finance internship. Interns are often assigned projects that require careful attention to detail and timely delivery. Keeping a planner, setting reminders, and breaking larger projects into smaller tasks can help you stay on track and avoid feeling overwhelmed. 

Prioritizing Work in a High-Pressure Environment 

The finance industry is known for its fast-paced, high-pressure environment. Learning to prioritize your work effectively is key to excelling as an intern. Identify the most critical tasks and focus on those first while managing expectations for less urgent responsibilities. Communicating with your supervisor about your workload can also help you prioritize and stay focused. 

Asking for Feedback and Learning from Mistakes 

Feedback is an invaluable part of the learning process during your internship. Don’t be afraid to ask for input from your supervisor and colleagues to understand what you're doing well and where you can improve. A willingness to learn from your mistakes demonstrates maturity and a growth mindset, which does not go unnoticed by managers. 

Applying Feedback to Improve Skills and Performance 

Once you receive feedback, be sure to apply it in your work to show that you are proactive and open to growth. Whether it’s improving your data analysis techniques, enhancing communication skills, or managing your time better, using the feedback you receive will help you build on your skills and become more impactful in your role. 

Networking and Building Relationships 

Networking is an essential part of your finance internship, as it helps you establish connections that may be valuable throughout your career. Try to connect with other interns, team members, and even employees from other departments. Attend company events, ask questions during meetings, and seek opportunities to collaborate on projects to broaden your network. Building strong relationships can lead to future job opportunities and provide mentors who can guide your career path. 

Preparing for the Transition to Full-Time Employment 

If your goal is to transition from intern to full-time employee, it’s important to plan and position yourself well. Showing your value and expressing your interest in a permanent role can improve your chances of landing a full-time position after your internship ends. 

Showing Your Value as an Intern 

Demonstrating your value as an intern goes beyond completing your assigned tasks; it’s about going the extra mile to support the team and contribute to the company’s success. Take the time to understand how your work fits into the broader business goals and find ways to make a meaningful impact. Your ability to add value and make a difference can make you stand out as a candidate for a full-time role. 

Ways to Demonstrate Initiative and Drive 

One way to show your value is by demonstrating initiative and drive. Look for opportunities to take on additional responsibilities, propose improvements to existing processes, or help solve problems within the team. Taking the lead on small projects or being proactive about learning new skills will show your managers that you’re serious about growing with the company. 

How to Express Interest in a Full-Time Role 

If you’re interested in transitioning to a full-time role, communicate this clearly to your supervisors. Don’t assume that your managers know your intentions. Express your interest during performance reviews or one-on-one meetings. Letting them know early on that you want to continue working with the company gives them time to consider you for future opportunities. 

Communicating Your Career Goals to Supervisors 

When discussing your interest in a full-time role, be specific about your career goals and how you see yourself contributing to the company in the long term. Highlight the skills you have developed during your internship and how they align with the needs of the organization. This demonstrates that you’re thoughtful about your career path and committed to contributing to the company’s success. 

Gain an Edge in Your Future Finance Career at LU 

A finance internship is a valuable step toward building a successful career in the financial sector. By preparing ahead of time, understanding what to expect, and demonstrating initiative, you can make a strong impression and open doors for future opportunities. Remember, internships are not just about learning — they are also about showcasing your potential as a future full-time employee. 

If you’re considering a career in finance, why not start with a solid educational foundation? Lindenwood University offers online bachelor’s degree in finance programs that can help you gain the knowledge and skills needed to thrive in the industry. Take the first step in your finance career, and request more information now or apply today.