How to get started as a finance intern
The financial internship is one of the most sought-after positions in the industry.
It pays a great salary, and is highly coveted by the top recruiters.
But a new report from the McKinsey Global Institute shows that the financial intern is often undervalued and underrepresented in the ranks.
According to McKinsey, a growing number of finance interns are being held back by a lack of experience.
It cites a study that found that half of the companies hiring for the position were looking for “unqualified graduates with some experience in finance.”
The McKinsey report notes that “the vast majority of finance interns were from high-growth industries,” and that many internships were held at companies with high-need hiring requirements.
The study notes that this was because the average internship is a “sales, marketing, customer-service, or sales-related position.”
But even in the field of finance, there are many barriers to entry for those who wish to become a finance executive.
McKinsey’s report found that, while the number of internships held by finance executives has grown over the last several years, there’s a long way to go.
The study noted that the number held by internships at finance firms is at a low point.
In 2016, just 3 percent of the total number of interns were working in finance at an average of $34,500 a year.
McKinseys report noted that there are currently over 2,400 interns in finance in the U.S., and it’s likely that there will be many more in the coming years.
In the meantime, we’re taking a look at the top finance intern job offers.
Check out the McKinseys list of top finance internship positions below.