Popular Accounting Internship Specialisations
Auditing and Assurance Internships
Auditors examine key areas of business performance and report findings to both management and external parties as required. The nature of work is varied and requires great attention to detail. Accounting internships with an audit focus tend to be very tailored.
Insolvency work tends to be more sensitive and needs to be handled with great care to ensure creditors and supplier benefits are looked after during liquidation or an administration scenario. This is suitable for graduates and students who have a strong interest in this particular field.
Tax accounting is a vital area of accounting with business advisors and accountants advising clients in the areas of tax planning and overall strategic business planning. As an accountant with a focus in the tax arena you will see yourself working with both SMEs and corporates. Taxation careers can be very rewarding with great career prospects as all businesses will require taxation advice at some stage of their business cycle. This is one of the most popular areas of accounting internships offered in the market and the demand for tax accountants is always high
Management Accounting Internships
Management accounting has a strong focus in the supply of information and reports that will assist with decision making process in an organisation. The nature of the work tends to be strategic and insights driven and requires someone who is interested working with teams on a variety of issues such as planning and budgeting.
Forensic Accounting Internships
Forensic accountants work across different industries and generally have a focus around fraud, disputes and suspected misconduct. The work will be investigative in nature and generally suited to someone who has an inquisitive mind and strong communication skills to explain complex problems to management in a clear and concise manner. This area of internship is generally rarer to come by but there are specialist firms who specialize in this area.
Financial Accounting Internships
financial accountants analyse financial transactions such as financial statements such as cash low statements, balance sheets and income statements which in turn helps organisations develop vital data on business performance. The key difference between financial accounting and management accounting is that financial accountants tend to be more externally focused with reporting to investors and regulatory bodies.
- Interesting Work.The profession of accounting has evolved dramatically over time and has now expanded into all industries and sectors and cross all functional teams. The skills acquired in accounting is relevant to businesses, governments and non-for-profit organizations. It is not uncommon to see accountants taking up CEO positions and senior management positions.
- Great work environment.Accountants are motivated and passionate about their profession. You will work with people who have strong work ethnics and an attention to detail
- Strong career prospects.Starting a career in accounting often means you will have the world at your feet. The skills acquired is transferable to multiple settings and enables you to break into other sectors such as banking, education, government, entrepreneurship etc.
- Creativity and innovation.The world needs accountants and the skills are almost always in demand. With automation and machine learning coming into action, some of the more repetitive tasks may be automated through software and systems but complex tasks and projects will require clever and innovative accountants
- Travel Opportunities.Australian accountants are widely recognized by their level of training and expertise. Financial centers around the world including London, New York, Hong Kong, Singapore and Dubai recruit a large amount of Australian trained accountants. Australian based accounting internships are also highly thought after by employers around the world
Vocational Placement Benefits
- Professional networking – participating in an Accounting Internship will enable you to meet and network with other accountants in your industry. This provides you with an opportunity to learn from senior managers which can provide you with practical career advice and layout a great foundation for the years to come
- Acquire skills and gain Australian Experience – Internships are a great way to develop a real appreciation and understanding of your profession. The theoretical knowledge you have acquired during your university studies can finally be put in practice. Having relevant work experience puts you ahead of the pack
- Ongoing Employment – one of the key benefits of participating in an internship is the possible long-term career prospects with your host company. A significant number of candidates are offered permanent employment post their internship with their host organisation
- Gain nationally recognised unit of competency - part of an accounting internship, you will be receiving a nationally recognised unit of competency to add to your resume and showcase your continuous learning and achievement.
- Professional Branding – Australian companies put a high emphasis on internships and prioritise graduates who have demonstrated initiative through activities that are beyond university education. A professional accounting internship provides a discussion point and further highlights your ability to navigate through a professional environment.
- Explore your career path – throughout the 12 week accounting internship you will be able to develop insights into the areas you enjoy the most and further your interest by aligning with a skills gap through either self-learning or continuous education or both. Playing by your interest is a great way to improve your emotional wellbeing and increases your career success greatly
- Develop communication skills – An overwhelmingly amount of students and graduates lack the necessary communication skills that are essential to excel in a professional work environment. Internships allow you to practice, develop and expand your communication skills that are often hard to come by through a formal educational environment.
How to maximize your learning experience
- Show interest – showing enthusiasm throughout an internship is an excellent way to maximize your learning experience. Displaying your willingness to learn will create a greater sense of engagement between you and your managers and make you a memorable candidate for future opportunities.
- Participate in team projects – throughout the internship it is recommended to have team work as a priority for your personal development. Observing team dynamics and how senior accounting professionals engage with one another is one of the best ways to develop emotional intelligence. Senior leaders thrive on team work as they understand the importance of group efforts and how great things can only be achieved through collective efforts
- Build a good relationship with your managers – maintaining a healthy and constructive relationship with your peers and managers are essential skills that you will need to develop throughout your accounting internship. Relationships and networks often determine your careers success and that should not be underestimated. Building technical capabilities alongside with emotional intelligence are key ingredients of long-term career success.
- Find a mentor – finding a mentor within your host organisation is a great way to foster fruitful and constructive relationships. Having a mentor has great advantages with experienced professionals sharing their knowledge and wisdom. This translates to benefits that often not seen in the short term but long term.
- Participate in meetings and client gatherings if possible – meetings are a great way to build confidence and strategic reasoning. Meeting skills are essential throughout a career and having internship as part of graduate employability training, it is a great way to test how you perform in different situations
- Seek for feedback – throughout the 12 week accounting internship you will be able to develop insights into the areas you enjoy the most and further your interest by aligning with a skills gap through either self-learning or continuous education or both. Playing by your interest is a great way to improve your emotional wellbeing and increases your career success greatly