Internships (#184)

In this podcast episode, we discuss all aspects of being an intern in the accounting department. Key points made are noted below.

Intern Issues for the Employer

Audit firms pretty much always pay their interns, but I keep hearing about other types of businesses only having interns come in if they work for free. I think this is a really bad idea, for a couple of reasons. First, it doesn’t give interns much of an incentive to work hard, and it could put them in a financial bind. Someone still in college really doesn’t have the financial resources to put up with this kind of penny pinching.

Second, it gives interns a bad view of the business. Who wants to take a job offer from a business that’s already proven that it doesn’t want to pay a reasonable wage? And third, it’s probably illegal. The Department of Labor has issued six guidelines for when it’s acceptable to not pay an intern. I won’t get into all of them, but the key items are that someone is not paid if the internship experience is solely for the benefit of the intern, and the employer does not gain an advantage from the activities of the intern.

So unless the employer is really committing to just providing training for its interns, there’s no way that not paying them is legal. So don’t do it. And furthermore, what you really should be doing is the reverse. If you find someone who’s really good, and you want to offer them a full-time job, they’ll be more likely to take the job offer if you paid them a somewhat above-average wage to begin with. This means you value their services.

Intern Issues for the Employee

My first point is to join the accounting club at school, if you have one. When someone comes in from an audit firm or some other business to make a presentation, make sure you talk to them afterwards. My reason for pointing this out is that my wife did this. The speaker was a partner at Ernst & Young, and he called up later and asked if she’d like to interview for an internship. Which she got. So this does work. The point here is that you have an opportunity to make an impression outside of the interviewing process.

Another concern is your appearance. Buy a good suit.

This is not a waste, since you may need it for regular interviews once you graduate, and you’ll need it on the job. You need that suit to get through what I would call the first threshold. Which is, if you’re not dressed appropriately, the interviewer will immediately assume that you’re not serious.

And furthermore, wear the suit for a day or two beforehand, to get used to it. You’re going to be nervous enough in the interview, so don’t make it even worse by not being used to the clothes.

Of course, having just given that advice, I can’t help but point out that right now I’m wearing a polo shirt, Nike track pants, and moccasins.

Anyways, of more importance is to prepare for the interview, so you’re not nervous. My wife did this by joining toastmasters and doing speeches in front of the group. I did it by entering a speaking competition at college, where the prize was to escort a famous businessperson around campus for a day. I got to escort Steve Forbes, who ran for president a few years back.

You can also practice the interview in advance. This means getting someone from the placement office or one of the professors to come up with some boilerplate questions, such as why do you want to work in accounting, and why do you want to work for the company – whichever one it may be. Then get back in that suit, sit in an office chair, and have someone lob those questions at you. And if you don’t get an answer right, then do it again, and again, and again. The outcome you’re looking for is to reduce the number of things that can make you nervous.

Next up, think of a few questions you want to ask them, and memorize the questions.

You need to impress the interviewer with how interested you are in his or her company, even if this is the third interview of the day, and you’re incredibly tired.

Which brings up another point. Don’t schedule more than two interviews per day, and one per day is better. Interviews are exhausting, and you’re not going to make much of an impression if you keep yawning through the second interview. And three interviews in one day is crazy. Don’t go there.

How to Make a Good Impression

Now. You’ve been brought in as an intern. How do you make a good impression, so you can get a job offer in a few months? First of all, look around at the office dress code and do your best after the first day to fit in as closely as possible. This may mean a late night shopping trip after the first day of work, and spending money that you really don’t have. Spend the money anyways. You don’t want to look too casual or too overdressed. The goal is to make clothes a non-issue.

Next up. No matter what they ask you to do, do it. Some items may seem so beneath you that they’re absurd. Do them anyways. The goal here is to reduce the workload of your boss. If your boss’ life became easier because you were in the office, you score points.

So let’s say that a manager comes by and asked you to do some work. What that manager is not looking for is to have you blast out an incredibly fast piece of work and have it back on their desk in an hour. In the accounting profession, the emphasis is on accuracy, not speed. That means you finish the work, take a break, and look at it again. There can be no errors in what you hand back to that manager. If there is an error, what are the odds that the manager will ask you to do more work? Or that you’ll be hired? This is incredibly important. I keep handing out this advice to students, and they keep ignoring me.

In addition, if there’s any kind of social event at all, you must attend. If there’s a night out at the local bar and you have something scheduled already, cancel it. Most interns are only working at a business for a couple of months, so there’s a limited window of opportunity when you can make a good impression. That means being around people as much as possible. If you go home as soon as the work day is over, you’ve just lost an opportunity.

And finally. Ask for more work. There’s no point in sitting passively at a desk, waiting for someone to come to you with a work assignment. Instead, go out and ask for something. Anything. Passive interns are not offered jobs. This does not mean that overly aggressive interns are offered jobs, either. They’re just annoying. Instead, make the rounds and see if there’s anything at all you can do, and be appreciative when someone hands over some work.

And incidentally, most of this advice can also apply to your work anywhere in the accounting field; it’s not just for interns.