The world of accounting and finance transcends mere numbers and spreadsheets; it embodies problem-solving, strategy, and tangible impact. In this dynamic field, where the stakes are high and precision is paramount, practical experience is essential to unlock one’s full potential. While textbooks and lectures provide foundational knowledge, internships and hands-on experiences transform theoretical understanding into professional expertise and not only enhance technical skills, but also immerse individuals in the realities of the accounting and finance professions, including managerial accounting and strategic financial management. Here are a few ways in which internships help:
Strong foundation: A robust internship programme typically includes a comprehensive induction and orientation phase where interns are familiarised with the organisation’s operations, culture, and expectations. They are then assigned to various functions within the finance department, where they receive both on-the-job training and classroom instruction.
Mentorship: Guidance from experienced professionals helps them navigate complex scenarios and develop into well-rounded financial leaders. Mentorship fosters technical proficiency and leadership skills, preparing individuals for managerial roles where decision-making and strategic insights are paramount.
Skill-building: Interns are often tasked with projects that require them to analyse financial data, prepare reports, and make informed decisions based on their analysis. This hands-on experience helps them to think critically, solve problems, and make decisions that are backed by data and analysis.
Exposure to technology: As technology evolves, proficiency in accounting software and tools like SAP, Oracle, and MS Excel becomes crucial. Internships provide exposure to these industry-standard technologies, enhancing technical acumen and adaptability in a rapidly changing financial landscape. Workshops and training sessions during internships keep interns updated on technological advancements.
Networking: Interns get the chance to interact with professionals across various departments within an organisation and build relationships and gain insights. This opens doors to new opportunities and provides a support system for their professional development.
Employability: A well-structured internship programme often serves as a gateway to full-time employment. Many organisations evaluate one’s performance during the internship period and offer full-time positions to those who demonstrate exceptional skills and a strong work ethic. Interns who secure full-time roles benefit from a seamless transition into the professional world, having already familiarised themselves with the organisation’s operations and culture. Employers also value candidates who have hands-on experience and can hit the ground running, as they bring a wealth of practical knowledge, problem-solving abilities, and a proactive attitude to their new roles.
Continuous learning
An accountant’s learning journey does not end with an internship. It is important to view internships as the starting point for continuous learning and professional development. Accountants must stay abreast of changes in accounting standards, tax laws, and industry trends. Aspiring professionals should actively seek internship opportunities and leverage experiences gained to excel in accounting, finance, and managerial roles.
The writer is a Certified Management Accountant (CMA) and Chair, Institute of Management Accountants (IMA)
Published - September 29, 2024 04:30 pm IST
