A finance trainee is a person who works in various departments within a company’s or government entity’s finance division. A recent graduate or someone making a career change is the typical finance trainee. A finance trainee position typically lasts a year or more. Trainee positions are crucial in terms of career planning and advancement. Trainees rotate through various departments during this time in order to gain experience and expertise in finance, where they can receive on-the-job training and learn from seasoned professionals.
A finance trainee usually works in an office. The trainee works the same number of hours as full-time employees in the department where he or she is stationed. Travel may be required depending on the nature of the assignment.
Finance trainee responsibilities vary depending on the department worked in and the trainee’s academic background. Financial management is one aspect of finance. Trainees in this department may be responsible for preparing financial reports, overseeing investments, and keeping track of budgets.
A trainee may be assigned to one of several subcategories of financial management. Controllers, for example, prepare balance sheets, income statements, and forecasts of future cash flows. Treasurers are in charge of investing funds and budgets in order to help businesses meet their financial objectives. Credit management trainees keep track of the amount of credit a company extends to customers and collect on past-due accounts.
Some trainees may be preparing for a career as a financial analyst. This department assigns trainees to research stocks, bonds, and other financial instruments in order to determine their value and how well they perform in comparison to other investment options. Individuals assigned to work as analysts may fall into one of two categories, depending on the company: buy side or sell side. Trainees on the buy side assist companies in developing investment strategies. Trainees on the sell side assist securities dealers in promoting investments.
A bachelor’s or graduate degree in finance, economics, accounting, or business administration is required for most finance trainees. Most companies require applicants to have these credentials in order to be considered for trainee positions. This is because the courses associated with such majors assist a student in developing the analytical, qualitative, and business communication skills required for a career in finance.
Businesses hire these people because of their financial knowledge and business acumen. Finance is a complex and diverse industry. Companies fine-tune trainees’ skills over time to ensure that their expertise is tailored to the business’s needs and finely tuned to the company’s corporate culture. Trainee programs increase the likelihood of long-term employment and shorten the learning curve for new hires.