Eyeing internships in banking and finance? Let's break down the key types of internships out there and what you'll actually be doing.
Investment banks are a whole universe of their own. Check out the following resources to learn more about the internships they offer.
What it means: In wealth management, you advise individuals, families, and sometimes institutions on how to manage and grow their wealth. This can include investment management, financial planning, and estate planning.
What you'll do:
Look for: "Wealth management intern," "wealth management trainee,"
Where you could intern:
For more info:
What it means: Using math and computer science, you help create models and algorithms to predict market trends and help your firm beat the market.
What you'll do:
Look for: "Quantitative Research Intern," "Quant Analyst Intern," "Financial Engineering Intern."
Where you could intern:
For more info:
What it means: Business banking is banking for businesses instead of consumers (that's called "retail banking"). Here, you'd help offer loans and other financial services to help businesses manage their operations and growth. Your clients would range from small local businesses to large multinational corporations.
What you'll do:
Look for: "Corporate Banking Intern," "Commercial Banking Intern," "Business Banking Analyst Intern," "Commercial underwriting intern," "Credit analyst intern."
Where you could intern: Basically any bank!
For more info: What in the world is an underwriter? A guide for students (In commercial and corporate banking, you're most likely to start out as an "underwriter" or "credit analyst.")
What it means: Private equity firms buy and manage private companies (i.e. those that are not listed on public stock markets) with the hopes of selling them for a profit later.
What you'll do:
Look for: "Private Equity Intern," "PE Summer Analyst" at private equity firms.
For more info: What in the world is a private equity analyst? A guide for students
What it means: Insurance companies tend to offer great pay and good work-life balance. The main roles for interns are in actuarial science and underwriting – both of which involve helping an insurance company assess risks, set premiums, and determine coverage terms.
What you'll do:
Look for: "Actuarial Intern" or "Underwriting Intern."
Where you could intern: Insurance companies (Look for companies with names like "... Mutual" or "... Life")
For more info:
What it means: Working at a pension fund means you help look after the money that people save for when they retire. Your job is to help the pension fund grow its money safely over time so that there's enough for everyone when they retire.
What you'll do:
Look for: "Pension Fund Intern," "Investment (Management) Intern," or "Retirement Fund Analyst Intern."
Where you could intern: Pension funds are big. TIAA (which manages pensions for teachers and professors) is a Fortune 500 company with over $1 trillion in assets. Many countries also have pension funds, e.g. AustralianSuper, which hire interns.
What it means: In risk management, you help a financial institution or its clients identify and protect against financial risks, such as market downturns, credit risks (the risk of someone not paying back a loan), or operational failures (think: anything that could cause the bank to shut down).
What you'll do:
Look for: "Risk Management Intern," "Risk Analyst Intern," "Operational Risk Intern." "Risk Engineering Intern."
Where you could intern: Banks, insurance companies
For more info: What in the world is a risk analyst? A guide for students
What it means: You're involved in creating and improving financial services and products, whether that's credit cards, auto loans, or insurance plans. This role is all about finding what customers need and bringing those financial solutions to life. You'd help banks, insurance companies, and other financial institutions stay competitive and meet their customers' needs.
What you'll do:
Look for: "Product Management Intern," "Product Development Intern," or "Product Leadership Intern," "Product & Business Development Intern."
Where you could intern: Banks, insurance companies
For more info:
You can find plenty of internships on Prosple. We have a vast selection of internships curated for students like you. Just filter 'til you find the right fit!