Wed. Sep 30th, 2020

Planet Compliance

Innovation & Regulation in Finance

Finance Internships in Times of the Covid19 Crisis

4 min read

The Covid19 crisis has changed the way we work: for many people it meant to work from home instead in the familiar office setting. While these changes have proven in many cases to be a valid alternatively and likely not going to be reversed entirely, it causes a problem for young people looking for invaluable work experience and often funding of their studies, too. With many jobs at risk due to the economic downturn, it is a particularly time for students and young professionals looking for internships, especially in finance. We look at how to gain important experience in times of a global pandemic and ease the strain on financial resources.

One of the best ways to boost your career when you have little to no experience in a field is to get an internship. The Covid19 pandemic has changed the way a lot of things work, and that certainly includes internships. It’s becoming harder and harder to gain an internship, since there are only a small number of finance internships still going. Most of them were stopped due to the pandemic, or there are very specific safety requirements from the company that you need to focus on.

How did internships change due to the pandemic?

According to the National Association of Colleges and Employers, 2% of the employers revoked full time offers that they made to candidates. On top of that, 16% revoked their internship offers. There are also situations where a lot of internship changes were made to prevent any possible problems.

75% of the employers that had internships made at least a change to their internship program. 40% of them added a virtual internship, while other 40% decided to shorten the internship by delaying the start date. The remaining 20% just reduced the number of interns they are able to get during the summer. It’s a very different situation and one that really shows the massive challenges coming at this time due to the pandemic.

Did this affect finance internships too?

Absolutely, the finance world is also affected by this. Most finance internships were postponed, and some were shifted to the online world. Creating a virtual internship allowed companies to still help potential employees and onboard new talent, while assisting them at the highest possible level. In the finance world you need a lot of hands-on systems, so it’s imperative to have a virtual internship instead of just waiting for a real one. It’s a system that totally works, among a few others.

Some finance companies also went with the idea of a micro-internship. These are short-term assignments, they are usually project based and they don’t require as much time from the intern. Some are taking place virtually, others are taking the right safety precautions to take place in-person. The advantage is that they are faster and don’t require a lot of time from the intern. Of course, the intern can still enroll in multiple micro-internships at this time.

What can you do?

If you want a finance internship, then it’s important to pursue one and take it, even if it’s a virtual endeavor. At the same time, you want to focus on improving your skills. Taking courses online can really make a huge difference at this time. Thankfully, there are a plethora of paid and free courses for just about any field, you just have to initiate an online search to find them.

Will there be any changes?

For the time being, there are still lots of quarantine orders issued all over the world. As a result, you will see that most finance internships are postponed or they take place online. Some businesses went back to work, so they will take you into a shorter finance internship provided that you passed a Covid 19 test. So there are a variety of options you can find finance internships at this time, although not opportunities might suit your expectations. Search for a variety of finance internships online and you should be able to find some, or you can wait for later during the year as the pandemic will eventually come to a close!

 

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