Home Career Advice How to Get a Finance Internship with No Experience
If you’re puzzled about how to get a finance internship with no experience, consider these four effective steps to boost your odds of landing one.
Ned Krastev • 26 Mar 2024 • 6 min read
You can’t get your first finance internship without experience, and you can’t get experience before landing a finance internship.
Many people have had to solve this age-old puzzle. I’ve also been there.
Through this article, I’m eager to offer insights and guidance to assist you in securing the best finance internships that suit your interests. I‘ll provide a roadmap with the main steps in becoming a finance intern to help you get started.
Table of Contents
- Step 1: Crafting Your Finance Intern Resume and LinkedIn Profile
- Step 2: Proactively Acquiring Desired Skills
- Step 3: Apply for Multiple Finance Internships
- Step 4: Ace Your Finance Interview with Effective Preparation
- Internships for Finance Majors
- Start Submitting Your Finance Internships Applications
- FAQs
Step 1: Crafting Your Finance Intern Resume and LinkedIn Profile
Getting the fundamentals right is one of the most important steps when applying for your first finance internship. Your resume should top the list—ensuring it’s robust and excellently crafted.
Here are a few essential tips:
- Eliminate all typos.
- Select an attractive one-page layout.
- Highlight achievements using active verbs.
- Incorporate job-specific keywords and all pertinent skills.
Your primary aim is to craft a finance internship resume that effectively highlights your skills and qualifications. Seeking feedback from successfully employed peers can offer valuable insights. Be open to their suggestions and implement their advice diligently.
Once your finance intern resume is good to go, ensure you edit your LinkedIn profile. Add a professional photo, edit your headline, and describe your academic achievements and interests. Your finance internship recruiters will likely look you up on LinkedIn and social media, so you must proactively tidy up your online presence.
Before applying for finance internships, review the job description and tailor your resume to include relevant keywords from the ad. This approach makes your resume ATS-friendly—meaning it’s optimized for the ‘applicant tracking system’ used by HR. It also increases the likelihood of capturing HR’s attention by showcasing the desired skills.
But what if you’re still developing a diverse skill set and finding it challenging to land an internship in finance?
Step 2: Proactively Acquiring Desired Skills
You’re applying for a finance internship, not a full-time role, so employers seek skills that can be quickly learned.
To apply for the financial analyst internship, ensure you have:
- Excel proficiency
- 3-statement modeling skills
- Capital budgeting expertise
Proactively enrolling in the 365 Financial Analyst program and acquiring new skills will enhance your resume and boost your interview prospects.
Demonstrating flexibility, a willingness to learn, and creativity in problem-solving will undoubtedly assist you in securing your first internship.
Step 3: Apply for Multiple Finance Internships
The Standard Application Process
Previously, I feared I’d never land my initial finance internship or full-time role, feeling quite disheartened. So, I deeply empathize with this challenge. That’s why I’m keen to offer you both standard and unconventional (outside-the-box) strategies that enabled me to secure three finance internships, ultimately leading to my first position as a financial analyst.
You should explore company websites and stay aware of application deadlines in your area. For instance, many European companies offer summer and off-cycle finance internships. Understanding the publication timeline for these opportunities and the exact requirements for applying is crucial. This knowledge will significantly aid in planning your application strategy.
Pondering how to land a finance internship with no experience through the standard process? Consider these requirements:
- A standout finance intern resume highlighting relevant skills and academic achievements
- Proficiency in aptitude tests—often required by major companies
- Strong interviewing capabilities
Finance Internships for College Freshman: Think Outside the Box
Sending standard applications can often feel like sowing seeds in infertile ground when no one responds. If that’s the case, try these proactive strategies.
Consider Startup Companies
Working with a startup is in vogue and significantly benefits your growth and resume. By applying to various startup ventures, you’ll likely secure a finance internship offer soon.
Such roles often come with flexibility—allowing you to craft compelling narratives for future paid, full-time finance internship jobs. Even a brief unpaid internship in finance of two to three months can provide your resume with the vital kickstart it needs, enabling you to gain crucial work experience.
Monitor University Job Boards
Consider monitoring your university’s job board for exclusive finance internships—particularly if your school has strong ties with industry employers. Companies often use these boards to strengthen their academic partnerships, offering exclusive opportunities directly to students. Yet, many students overlook this valuable resource, which would enhance their odds of securing an internship in finance.
In fact, some of the best finance internships usually come from companies with proven track record and a long-standing relationship with some universities. Review the board regularly for appealing positions. This method is notably efficient, typically requiring just a finance internship resume and cover letter submission.
Resort to Cold Calling Only as a Last Measure
Finally, consider cold calling as a last resort. This strategy is effective when other methods fail. Even without advertised openings, companies might still have opportunities. Offering your services for minimal compensation or even free could pique their interest.
Craft a concise, compelling 100-word email as finance internship cover letter, include your resume, and send it to 50 companies and professionals on LinkedIn.
Enhance your prospects by following up with a phone call. Target organizations lacking structured hiring processes—such as private equity funds, boutique investment banks, small consulting firms, and public institutions.
With some luck, you’ll receive responses and secure interviews for various finance internships.
Step 4: Ace Your Finance Interview with Effective Preparation
How you get a finance internship offers hinges on your interview performance. Initially, interviews felt overwhelmingly stressful until I discovered a simple truth: preparation is key.
Thorough preparation—especially for behavioral, guesstimate, and situational questions—ensures success since most interviewers pose similar queries. Being well-prepared boosts your confidence, helping you excel and manage stress effectively.
Internships for Finance Majors
Wondering how to get a finance internship with no experience? There are numerous finance internships across various roles that could set you on the path to your ideal career.
Whether you’re searching for a financial analyst internship in cities like Chicago, Boston, or Houston, looking for sophom*ore-level internships, seeking paid opportunities, or exploring roles in NYC, the roles below will steer you in the right direction.
Finance Internships: Financial Analyst Internship
Financial Analysts delve into financial data, utilizing their analytical skills to help businesses make informed decisions. They interpret market trends, evaluate financial statements, and predict future financial performance.
Potential Employer: J.P. Morgan, Morgan Stanley, Deloitte
Average Salary: $60,000/per year
Finance Internships: Investment Banker Internship
Investment Bankers play a key role in various financial transactions, helping organizations raise capital through stock offerings and mergers. They analyze investment opportunities and guide their clients through complex financial landscapes.
Potential Employer: Goldman Sachs, Bank of America Merrill Lynch, Barclays
Average Salary: $100,000/per year (including bonuses)
Finance Internships: Investment Analyst
Investment Analysts assess financial information and investment opportunities to provide recommendations to fund managers or individual clients. They study economic trends, analyze financial data, and build investment strategies. How to get into finance and business typically involves a multifaceted approach, starting with a solid educational foundation in finance, economics, or a related field.
Potential Employer: BlackRock, Vanguard, Fidelity Investments
Average Salary: $70,000/per year
Finance Internships: Business Analysts and Management Consultants
These professionals offer crucial advice and strategies to businesses, aiming to boost efficiency and address financial weak spots. Typically holding a finance degree, they bring deep knowledge of finance principles and organizational dynamics.
Potential Employer: EY, Accenture, Wayfair
Average Salary: $70,000/per year
Finance Internships: Hedge Fund Analyst
Hedge fund analysts conduct detailed financial market research, develop investment strategies, and assess risks to advise fund managers.
Potential Employer: Bridgewater Associates, Renaissance Technologies, BlackRock
Average Salary: $120,000/per year
Finance Internships: Accounting Internship
Accountants scrutinize financial records, guiding clients on effective fund management and organization after thorough evaluation.
Potential Employer: Goldman Sachs, Wells Fargo, EY LLP
Average Salary: $50,000/per year
Finance Internships: Auditors
Auditors verify the accuracy and legality of financial records, offering recommendations to mitigate financial risks based on their analyses.
Potential Employer: Credit Suisse, CohnReznick LLP, Facebook
Average Salary: $55,000/per year
Start Submitting Your Finance Internship Applications
Landing an internship in finance is not an easy feast. Reflecting on my initial finance internship application, I smile. Despite the smile, navigating the process proved challenging and seemingly endless.
Here’s my advice on how to get a finance internship with no experience—exercise patience and diligently follow the four steps above, which will significantly impact your success in securing that job.
Remember, it’s not about if you’ll receive an offer but when.
To maintain a competitive edge, it’s essential to consistently expand your knowledge and skills. Our diverse array of courses is designed to advance your finance career and prepare you on how to et a finance internship with no experience.
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FAQs
Which internship is best for finance?
The best finance internship depends on your career goals, but internships in investment banking, corporate finance, or asset management are highly regarded for their comprehensive learning opportunities and industry exposure.
What does a finance intern do?
A finance intern supports financial analysis, assists in the creation of financial reports, participates in budgeting processes, and may help in conducting research or analysis that informs investment or business decisions. Their role is to provide support while gaining practical experience in financial operations.
What qualifications do you need to be a finance intern?
To be a finance intern, you generally need to be pursuing a degree in finance or a related field, possess basic knowledge of financial principles, and have strong analytical and numerical skills. Some internships may require specific coursework or experience with financial software.
What is the rate for finance interns?
The pay rate for finance interns can vary widely depending on the company, location, and industry. In general, finance internships at large firms or in major financial hubs tend to offer competitive wages, sometimes aligning with entry-level analyst positions.
How do I break into finance with no experience?
Breaking into finance without experience can be challenging but feasible. Start by gaining financial knowledge through courses or certifications, network extensively, consider entry-level positions or internships, and demonstrate your interest and commitment to the field in your applications.
Are finance internships hard to get?
Finance internships can be competitive, especially at top firms or in prestigious roles. Success often depends on your academic background, relevant skills, networking efforts, and how well you can demonstrate your passion for finance.
Can I get a finance job without an internship?
Yes, it’s possible to secure a finance job without an internship, particularly if you have a strong educational background, relevant skills, and can showcase your financial acumen through other experiences or projects. Networking and targeting entry-level positions can also facilitate this transition.
Ned Krastev
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