Banking internships are designed to provide prospective employees with hands-on experience in the professional environment of banking while also allowing banks to assess their capabilities. Internship programs are available at banks all over the world, primarily for high school and college students. Some internships provide students with exposure to a variety of positions at the bank, while others focus on specific departments such as business banking, lending, or investment sales.
Many banking internships take place during the summer months and are designed for students to participate in between the Spring and Fall semesters. Interns work alongside bank employees in a specific division and receive hands-on training that is relevant to day-to-day operations. Interns may take on some basic responsibilities in some cases, but customer interactions are uncommon because interns typically work behind the scenes. Although a bank may pay a small stipend to an intern, banking internships are typically unpaid, with the exception of travel expenses.
Financial analyst interns are typically undergraduates pursuing degrees in finance, business, or other related fields. Interns help full-time analysts prepare reports and documents for company meetings analyzing data related to the stock market or the performance of the bank’s assets. Students who perform well during their internships are frequently given conditional job offers, which guarantee them a job at that bank if they complete their degree programs successfully.
Many bank jobs are primarily sales-oriented. Interns interested in pursuing a career as a lender or broker after graduation can participate in programs that allow them to shadow current lenders and brokers. Interns are unable to participate in sales presentations or speak with customers about sales-related issues due to licensing restrictions, but they can observe sales sessions and learn about the banker’s daily activities.
Short-term banking internships are sometimes offered to high school students for a few weeks. These unpaid internships are intended to provide high school students with an overview of the banking industry rather than to prepare them for a specific job. Some schools incorporate banking internships into their curriculum, and a portion of a student’s grade may be determined their participation in an internship program. Although some large schools have close ties to financial institutions and send groups of students to work at the banks on an annual basis, students must typically contact banks and arrange their own internships.