Public Accounting Internships: Requirements and Opportunities

An accounting internship serves as a crucial stepping stone for students aiming to launch a successful career in the field. It provides practical experience, networking opportunities, and a deeper understanding of the accounting profession. This article explores the requirements for securing a public accounting internship, the skills and knowledge gained, and the potential career paths it can lead to.

The Value of an Accounting Internship

For accounting majors, an internship is more than just a résumé booster; it's a gateway into the profession. These internships offer a chance to apply classroom knowledge in real-world scenarios, develop essential skills, and gain exposure to different areas within accounting.

Exposure to Diverse Industries

A background in accounting opens doors to work in virtually any industry, especially finance. Every organization needs an accountant or someone with accounting knowledge, making this a valuable and well-compensated field.

Hands-on Experience

Accounting interns are typically involved in preparing and editing financial reports and documents. They work under the supervision of experienced accountants, assisting with research and client relations. Depending on the employer, the specific tasks and responsibilities may vary, offering exposure to specialized areas within accounting.

Skill Development

Internships provide opportunities to develop and refine essential skills, including:

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Understanding of Microsoft Office and other applicable programs
High attention to detail
Ability to collaborate in a team environment
Background in mathematics

Finding an Accounting Internship

Online Platforms

Online platforms like Handshake can be valuable resources for finding accounting internships. These platforms allow students to filter searches, identify firms of interest, and connect with past interns or alumni.

University Career Services

University career services centers offer valuable insight into specific recruitment periods and opportunities at your school. Meeting with a career advisor can provide additional help in planning ahead.

Networking

Attending campus events, career fairs, and information sessions is crucial for networking. Building real connections with professionals in the field can make a significant difference in securing an internship.

When to Apply

It's generally recommended to start searching for internships early, ideally the season prior to the intended internship period. Many industries recruit as early as the fall, so staying informed about fall virtual career fairs is beneficial. Each company has different application deadlines, so applying sooner is usually better. For internships during the school year, it's best to apply 3-6 months in advance to allow for coordination with classes and other obligations.

Compensation

Accounting internship payscales vary widely depending on the industry and company. Some internships may offer only class credits, while others provide an hourly rate or a set stipend. Inquiring directly with the company is the best way to determine the compensation for a specific internship. Interns typically work 32-40 hours per week and earn \$23-\$30 an hour depending on the firm and city.

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Relevant Skills for Accounting Interns

Technical Skills

Microsoft Office Suite: Proficiency in Excel, Word, and Outlook is essential.
Accounting Software: Familiarity with relevant accounting software is beneficial.
Understanding of GAAP: A basic understanding of Generally Accepted Accounting Principles is expected.

Soft Skills

Attention to Detail: The ability to complete tasks with a high level of accuracy is crucial.
Communication Skills: Effective written and verbal communication skills are necessary for interacting with vendors, clients, and internal teams.
Problem-Solving Skills: The ability to identify and resolve issues constructively is highly valued.
Teamwork: The ability to collaborate effectively with other team members is essential.
Time Management: Strong time management skills are needed to meet deadlines and prioritize tasks.

Requirements for Accounting Internships

Educational Requirements

Current Enrollment: Applicants must be currently enrolled in an accredited college or university.
Major: Pursuing a Bachelor's degree in Accounting, Finance, Business Administration, or a related field is typically required.
Coursework: Completion of introductory and intermediate accounting and auditing classes is often preferred.
GPA: A GPA of 3.0 or higher is often preferred.

Other Requirements

Eligibility for CPA: Some firms may prefer candidates who will be CPA eligible upon graduation.
Work Authorization: F1 students may need to obtain CPT approval.

Specific Requirements from Various Companies

Four-year accounting degree: Applicants must be working towards a four-year accounting degree with sufficient course work to become a CPA.
Junior or Senior status: Many internships prefer juniors or seniors majoring in accounting for tax and audit internships.
Completed coursework: Ideally completed an individual tax course.

What to Expect During an Accounting Internship

Meaningful Work

Interns should expect to be given meaningful work that allows them to apply their classroom knowledge in practice. This may include recording journal entries, performing reconciliations, and assisting with financial statement preparation.

Exposure to Different Disciplines

Interns may have the opportunity to work in multiple different disciplines within accounting, gaining a unique perspective on the field. This can help them identify their areas of interest and make informed career decisions.

Mentorship and Training

Interns should receive mentorship and training from experienced professionals, providing them with guidance and support.

Opportunities to Learn

Interns should be encouraged to ask questions, be curious, and seek out opportunities to learn.

How to Make the Most of an Accounting Internship

Be Proactive

Show up every day with enthusiasm and curiosity. Be coachable and ask lots of questions.

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Communicate Your Goals

Communicate your goals to your supervisors so they can provide you with the right opportunities.

Network

Attend firm events, volunteer outings, and happy hours to build relationships with your colleagues.

Follow Up

Send thank-you notes to the people you meet during your internship to show your appreciation and professionalism.

Apply Early

Accounting firms start recruiting early, so it's important to apply for internships well in advance.

Where Accounting Interns Work

Accounting interns can work in a variety of settings, including:

Public Accounting Firms: These firms provide audit, tax, and advisory services to a wide range of clients.
Corporate Accounting Departments: These departments manage the financial records and reporting for companies in various industries.
Government Agencies: These agencies oversee financial operations and ensure compliance with regulations.
Non-Profit Organizations: These organizations require accounting professionals to manage their finances and ensure transparency.

Potential Career Paths

An accounting internship can lead to various career paths, including:

Accountant: Responsible for preparing and analyzing financial records.
Auditor: Examines financial records to ensure accuracy and compliance.
Bookkeeper: Records financial transactions and maintains financial records.
Public Finance Manager: Manages the financial resources of government entities.
Tax Accountant: Prepares tax returns and provides tax planning advice.

The UT Dallas Accounting Program: A Case Study

The UT Dallas accounting program provides a strong foundation for students seeking internships and careers in accounting. The program offers networking opportunities with the Big Four accounting firms, a supportive community, and opportunities for academic and professional growth.

Professional Program in Accounting (PPA)

The PPA offers top accounting students smaller classes, training in soft skills, and access to choice internships.

Alumni Success

Graduates of the UT Dallas accounting program have gone on to successful careers in public accounting and other industries.

Cover Letter Tips

A strong cover letter is essential for making a good impression on potential employers. Here are some tips for writing an effective cover letter for an accounting internship:

Highlight your skills and experience: Emphasize the skills and experience that are relevant to the internship.
Show your enthusiasm: Express your enthusiasm for the company and the opportunity.
Tailor your letter: Customize your letter to each specific internship.
Proofread carefully: Ensure your letter is free of errors.

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