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Get to know about the duties, responsibilities, qualifications, and skills requirements of an accounting intern. Feel free to use our accounting intern job description template to produce your own. We also provide you with information about the salary you can earn as an accounting intern.

 

Who is an Accounting Intern?

Imagine this hypothetical scenario- you just received your business, finance, or accounting degree and are eager to jump into the world of accounting; but there is one problem. Employers, companies, banks, and other corporations hire candidates with experience; it is in nearly every single job description. Unfortunately, you can’t get experience without an accounting job. So what do you do? The answer is simple; get an accounting internship. There is no better way to see if the accounting department is right for you than to start doing it. In this article, we will discuss the meaning of an internship and accounting, who an accounting intern is, and the job responsibilities of accounting interns. Also, the major qualifications and skills for the role and how to become an accounting intern will be enumerated. Subsequently, the employers and salary scale of accounting interns will be explained.

An internship is a period of work placement offered by an organization for a limited period. Internships are typically undertaken by students or graduates looking to gain relevant skills and experience in a particular sector or industry. Employers also benefit from these placements because they often recruit employees from their best interns who have known capabilities thus, saving time and money in the long run. Rules vary from country to country about when interns should be regarded as employees. However, the system can be open to exploitation by unscrupulous employers. Most internships for professional careers are similar in some ways; interns may be high school students, college or university students, or postgraduate adults and the position may be paid or unpaid. Relatively, an internship involves an exchange of services for experience between the intern and the organization and can help determine whether the individual still has an interest in that field after the real-life experience.

On the other hand, accounting simply means the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations. Also known as the language of business, accounting measures the results of an organization’s economic activities and conveys this information to several stakeholders including creditors, investors, regulators, and management. Depending on the position and responsibilities, several accounting professionals exist; an example of such is an accounting intern. Accounting interns have the opportunity to learn and gain first-hand experience in a real accounting department or an accounting firm. They help perform research, prepare financial reports, and assist with reconciling accounts and other duties as needed. Most accounting interns shadow experienced accountants and are typically trained on the job. He or she will learn the Knitty gritty of the craft as well as the general ethics of the accounting profession. Importantly, the length of an accounting internship may depend on the firm’s needs or the timeframe set in place by the school to complete the internship.

 

The accounting intern often practices their accounting knowledge and skills in a professional setting and supports accounting teams with various accounting projects and tasks as they gain confidence within their desired industry. They are responsible for entering data into spreadsheets, checking the accuracy of financial statements, completing balance sheets, organizing important files, and learning from the advice and expertise of the senior accountants around them. Depending on an accounting intern’s schedule, they may be available for a full or part-time internship. For example, an intern may be able to work 40 hours a week during their summer holiday but they may only be able to commit 15 hours a week during the regular semester. Thankfully, most employers make it clear in the job description if they are open to taking on a full or part-time intern. Additionally, an accounting internship program is a great way for companies and firms to get to know the individual and can often lead to permanent recruitment.

As an accounting intern, you will be exposed to different situations, participate in a professional environment, and network with different clients during the internship. All these will allow you to prove your skills and prepare for a successful career. Who an accounting intern reports to depends on the management or executive officer of the organization; they may decide to have interns report to the accounting manager or may assign them to a willing accountant or finance professional within the department to offer them individual guidance.

 

Types of Accounting Interns

1. Certified public accounting interns: These are students specializing to become certified public accountants.
2. Tax accounting interns: This is an internship for individuals who specialize in tax accounting. A tax accountant helps their clients review, prepare, and file their tax documents at a local, state, and federal level. Interns can expect to learn how to review tax documents accurately and communicate with clients about tax-related matters.
3. Forensic accounting interns: Forensic accountants critically analyze and summarize complex business and financial records to identify their significance and legitimacy. An intern not only learns how to review records using specialized methods but might also become familiar with using computer applications that help them manage all the compiled information so they can transfer it to their client.
4. Investment accounting interns: Investment accountants work within an asset management firm or brokerage and assist clients in finding lucrative investments and building profitable portfolios. An intern can expect to learn how to identify investments that are likely to provide a positive return of investment as well as the government laws that regulate investment practices.
5. Government accounting interns: These interns can expect to earn new skills and capabilities working for the government at all levels. They may gain experience performing several tasks including system audits, managing public accounts, and investigating reports of corporate crime and tax discrepancies.
6. Project accounting interns: The intern will learn about the project methods for tracking project deliveries including how to report and analyze them to determine if they are financially or operationally profitable for the company. They will become familiar with the process of monitoring a project’s budget in addition to preparing proposals that illustrate the potential costs and projected earnings.

 

Accounting Intern Job Description

An accounting intern is a temporary, entry-level position with a certified financial firm. An accounting intern can expect to perform a diverse range of tasks under the guidance of a skilled accountant. However, their duties are likely to vary depending on their accounting specialty. For example, a tax accounting intern can expect to review tax filings while an investment accounting intern might learn how to put together an investment portfolio. There are some general tasks that man accounting interns may perform regardless of their specialization. Hence, here are the duties and responsibilities that could be expected of an accounting intern;

• Shadow members of the accounting department as they perform their duties.
• Assist with research, filing, data entry, and record and maintaining accurate and complete financial records.
• Prepare financial reports such as balance sheets and income statements, invoices, and other documents.
• Work with bookkeeping software.
• Handle sensitive and confidential information with honesty and integrity.
• Learn how to work as part of the accounting team to complete and analyze data, track information, and support the company or clients.
• Take on additional tasks or projects to learn more about accounting and office operations.
• Monitor any discrepancies in payment; monitor for charges made on credit cards and record any returns.
• Organize a financial filing system that is easily accessible.
• Prepare accounting reports to be presented to senior management.
• Track all payments made for tax preparation and follow up on returns.
• Speak to clients about payments, refunds, and statements.
• Ensure that all clients receive their financial statements on time.
• Ensure accuracy of financial statements, making sure that the final figures on statements are correct.
• Assist with the balancing of the office and department budget.
• Write a project proposal to indicate the total cost and projected income.
• Help with accounts receivable, payable, and bank statement reconciliation.
• Assist with audits and collaborate with the finance team on yearly forecasting efforts.
• Manage monthly tracking of physical inventory.
• Ensure they perform duties while adhering to government regulations and accounting laws.
• Perform complex calculations and computations.
• Assist the management team in making important financial business decisions.
• Provide financial consultation, guidance, and advice.
• Create visual financial presentations like line graphs and bar charts.
• Compile and insert financial data into a company’s database.
• Sit in and observe finance-related business meetings.
• Create cash flow statements and perform any other duties as instructed.

 

Qualifications

To become an accountant, you must gain a deep understanding of their skills, knowledge, and responsibilities. Participating in an internship is a viable opportunity for you to gain practical experience while you are in school working to obtain your degree and accounting qualifications. Learning of the qualifications and requirements needed to find and get an accounting internship can help you expedite your career opportunities and professional competencies as an aspiring accountant. Crucially, these requirements may vary based on the employer and the nature of the internship. Therefore, the core qualifications for an accounting intern include but are not restricted to the following;

• The candidate must be a recent graduate or actively working towards a Bachelor’s or Master’s degree in accounting. Since it is an entry-level position, the education requirement is usually less stringent. Other acceptable degrees include business, economics, and finance. Also, an applicant must have completed the introductory accounting courses and have an understanding of financial and accounting principles. The ideal candidate should be able to provide proof of proficiency in financial management.
• Some employers and companies may require a GPA of 3.0 or higher as well as an aptitude for mathematics and proficiency with computers.
• Since accounting interns often partner with an employee at the company, they should have skills and experience reflecting teamwork and interpersonal communication. Thus, previous experience as a cashier or financial secretary in a student association can suffice.

 

Essential skills

To qualify for the position of an accounting intern, an applicant should have some primary skills. Also, a high level of efficiency, accuracy, and responsibility are qualities essential for the role. As an aspiring intern, you need motivation and a strong desire to take on new challenges and learn as much as possible. Below are the skills often required for this position;

• Excellent computer skills are vital for the role; you must be proficient with different financial software programs as well.
• Effective written and verbal communication skills are needed to build strong interpersonal relationships.
• You must possess strong organization and time management skills with the ability to work without distraction.
• A high sense of rigor is important to prevent any form of mistake that may occur in the process of documenting financial information.
• You must have teamwork skills or be an excellent team player to learn and get along with fellow interns and other members of staff.

                      

How to Become an Accounting Intern

An accounting internship is a program that an accounting student or graduate can partake in to gain practical experience. During this program, the intern can expect to learn real-world accounting skills and knowledge under the guidance of an accounting practitioner. An internship serves as an opportunity for students to form professional relationships with accountants who might help them to get a job at their company once the internship concludes. Therefore, follow the steps below to become an accounting intern;

• Define your goals, talk with your adviser, and consult your mentors
• If in school, use your school resources and contact your school faculty members for opportunities.
• Consult your professional network and review online job boards
• Use an internship finder and social media platforms to look for internships in your location.
• Attend job fairs and call your local accounting firms and career centers.
• Choose an accounting specialization such as tax accounting, investment accounting, or forensic accounting for example.
• Work towards your college degree.
• Create a resume and cover letter and apply for available jobs that suit you.
• Prepare for the interview and subsequently secure the position.

 

Where to Work as an Accounting Intern

When you have ambitious career goals, landing an internship is not enough; you need to secure the right one from the many choices available. The major employers of accounting interns include;

• Government and non-profit organizations.
• Asset management and brokerage firms.
• Tax firms and forensic companies
• Academic institutions also offer internships that count towards academic credits.

 

Accounting Intern Salary Scale

The average salary for an accounting intern is $14.27 per hour. The job is mostly full-time which requires working from Monday to Friday. The salary for accounting interns varies depending on the company and the terms of the agreement.

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