How to Become an Accounting Intern (Excel in Excel!)

If you’ve ever dreamed of crunching numbers and making an impact in the financial world, or pondered on how to become an accounting intern, you’re in the right place.

In this guide, we’ll delve into the SPECIFIC steps you need to take to kickstart your career as an accounting intern. We’ll discuss:

The skills you need.
The education that can propel you towards your goal.
How to secure your first accounting internship.

So, whether you’re new to finance or a business-savvy individual looking to gain practical experience, stay with us.

We’re about to unfold the roadmap to becoming an accounting intern.

Let’s get started!

Contents show

Steps to Become an Accounting Intern

Step 1: Research the Profession

Before embarking on your journey to become an Accounting Intern, it is essential to thoroughly research the profession.

This includes understanding the duties and responsibilities associated with the role, the required skills and qualifications, and the potential career paths available after the internship.

Accounting Interns usually assist in preparing financial reports, auditing accounts, and performing other tasks related to managing a company’s financials under the guidance of a senior accountant.

Understanding these responsibilities will help you decide whether this profession aligns with your interests and skills.

It is also crucial to research the qualifications required for an Accounting Intern.

Typically, you must be pursuing a bachelor’s or master’s degree in Accounting or a related field.

Some organizations may also require you to have basic knowledge of accounting software or specific accounting principles.

Further, researching the profession will also give you an idea of the potential career paths after your internship.

For instance, an Accounting Intern can become an Accountant, Auditor, or Financial Analyst in the future.

Utilize resources such as online career portals, job descriptions, and informational interviews with professionals in the field to gather as much information as possible about the profession.

This research will provide a solid foundation for your journey and help you make informed decisions in the subsequent steps.

Step 2: Pursue a Relevant Education

To kickstart your journey as an Accounting Intern, you need to first pursue a relevant educational degree.

Generally, this includes earning a bachelor’s degree in accounting, finance, or a related field.

These programs typically offer a comprehensive understanding of financial statements, taxation, auditing, and other key accounting concepts.

Your coursework can also cover broader business topics, such as business law and management theory, to provide a well-rounded foundation.

During your studies, you should focus on developing skills in analysis, problem-solving, attention to detail, and proficiency in accounting software.

Additionally, consider joining school clubs or organizations related to accounting and finance.

Participating in these groups can offer networking opportunities and allow you to gain practical experience through events and projects.

For those looking to advance further in the field, you might want to think about pursuing a master’s degree in accounting or a related field.

This can open doors for higher-level internship opportunities and increase your chances of landing a full-time job post-internship.

Moreover, obtaining certain certifications, such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA), can be beneficial for your career growth.

However, these are usually pursued after gaining some practical experience.

Step 3: Gain Understanding of Key Accounting Principles

As you work towards becoming an accounting intern, it’s crucial that you gain a solid understanding of key accounting principles.

This includes both the basic principles such as understanding assets, liabilities, income, and expenses, as well as more complex concepts like the accruals principle and the consistency principle.

There are a variety of resources available to help you master these principles.

This could be through your school’s coursework, online accounting courses, textbooks, or even free online resources.

The key is to not only understand the theory behind these principles but also how to apply them in a practical setting.

Understanding how to use these principles in real-world situations will give you an edge when it comes to your internship.

You’ll be able to hit the ground running and contribute to the team right away, rather than having to spend valuable time learning the basics.

Additionally, consider getting familiar with accounting software like QuickBooks, Excel, and other tools commonly used in the industry.

This will further enhance your skills and make you a more attractive candidate for potential internships.

Remember, the goal is not to memorize these principles, but to understand them in a way that allows you to apply them to different scenarios.

This understanding will serve as the foundation for your accounting career and will be built upon with each new experience you have in the field.

Step 4: Acquire Computer and Software Skills

As an accounting intern, mastering certain computer and software skills is absolutely essential.

Familiarize yourself with computer software like Microsoft Excel and Word as these tools are commonly used in the accounting world.

Excel proficiency is particularly important as you will use it for tasks such as creating and managing spreadsheets, analyzing data, and creating financial reports.

Besides that, you should become adept at using accounting software.

There are various types of accounting software such as QuickBooks, Sage, and Zoho Books that are often used in the accounting industry.

You may not be expected to have proficiency in all of them, but basic knowledge about their working and a good grip on at least one of them could give you a head start.

Some companies may use specific, proprietary software for their accounting needs.

While you can’t prepare for these individually, having a strong general understanding of how most accounting software works will make it easier for you to adapt to new systems.

Consider taking online courses or certifications that can help you boost your knowledge and skills in these areas.

Highlighting these skills on your resume will make you a desirable candidate for accounting intern roles.

Step 5: Seek Volunteer Opportunities or Part-time Work in Accounting

As an aspiring Accounting Intern, gaining practical experience is crucial in establishing a robust understanding of the accounting field and giving you a competitive edge.

One way to do this is by seeking volunteer opportunities or part-time work in accounting firms or related organizations.

Volunteering your services in a local nonprofit organization or small business can provide you with the opportunity to apply the theoretical knowledge you’ve learned in school.

You can assist in tasks such as bookkeeping, budgeting, preparing financial statements, and tax preparation.

This will give you an insight into the day-to-day operations of an accounting role and will help you become more comfortable with accounting software and tools.

In addition to volunteer work, consider seeking part-time employment in the accounting field.

Many organizations, such as banks, tax firms, and financial institutions, offer part-time positions that can give you hands-on experience in the accounting industry.

Working part-time can help you establish professional relationships, understand the workings of the industry, and give you a clearer idea of the specialization you may want to pursue in the future.

Remember, the goal is to gain as much practical experience as possible.

This will not only enhance your skills and knowledge but also increase your chances of securing a good internship and eventually a full-time position in the accounting field.

Step 6: Join Accounting or Business Clubs

Being part of an accounting or business club can provide you with valuable experience and networking opportunities.

These clubs often host guest speakers from various industries, organise workshops, and offer resources for career development.

By attending these events, you will have the opportunity to learn about different areas within the accounting field, develop practical skills, and make connections with professionals.

Furthermore, being active in a club can demonstrate your commitment and passion for the accounting field to potential employers.

Many of these clubs also offer leadership roles, which can further strengthen your resume.

You can gain experience in organizing events, managing budgets, and leading teams.

In addition, many of these clubs have relationships with local businesses and accounting firms.

This can lead to opportunities for internships, job shadowing, or even full-time job offers.

It is important to make the most out of these opportunities and use them to gain practical experience and understand the real-world applications of accounting.

Always remember, becoming part of these clubs is not only about enhancing your resume, but also about developing your knowledge, enhancing your interpersonal skills, and making lifelong connections.

Step 7: Get Familiar with Tax Laws and Regulations

As an accounting intern, you will be dealing with financial data, which will often include data related to taxes.

Therefore, it is crucial that you familiarize yourself with the existing tax laws and regulations in your country and, if applicable, internationally.

This understanding will not only aid you in your daily tasks but also provide you with additional knowledge that can make you stand out among other interns.

Begin by researching the basics of tax law and gradually delve into more complex topics as your understanding improves.

You can utilize resources such as online courses, books, and even webinars.

You can also consider enrolling in a tax law class at your university or a local community college.

Moreover, make sure to stay updated with any changes in tax laws and regulations.

Tax laws can change quite frequently, and it is important for an accountant to be aware of these changes to ensure compliance and to offer accurate advice.

This step will also prepare you for a potential career in tax accounting, should you decide to pursue this specialization in the future.

Remember that the goal isn’t to become a tax law expert overnight, but to equip yourself with sufficient understanding to carry out your tasks effectively and accurately.

Step 8: Develop Soft Skills

As an accounting intern, you should focus on developing various soft skills that are crucial in the field of accounting.

These skills, which include communication, problem-solving, teamwork, and adaptability, will not only help you in your internship but will also be invaluable when you start your professional career.

Communication skills are vital as you will need to explain complex financial information to non-accountants in an easy-to-understand manner.

You may also need to prepare and present reports to team members and managers, so being able to articulate your findings clearly and concisely is key.

Problem-solving and analytical skills are also essential in accounting.

You will often find yourself analysing financial data and identifying any irregularities or discrepancies.

Being able to solve these problems efficiently and effectively will be a major part of your role.

Teamwork is another vital skill.

Accounting often involves working in teams, and being able to collaborate well with others will make your job easier and more enjoyable.

Being a good team player involves listening to others, sharing ideas and solutions, and being respectful and supportive of your colleagues.

Lastly, adaptability is a key skill in the ever-changing world of finance.

You will need to be able to adjust to new accounting software, regulations, and practices, and be open to learning and developing new skills.

You can develop these skills through various methods, such as participating in group projects, taking communication classes, or volunteering in a team-based environment.

Remember, these soft skills are just as important as your technical accounting skills, so make sure to give them the attention they deserve.

Step 9: Obtain Certifications if Possible

As an accounting intern, getting certified is not mandatory but it can significantly increase your chances of securing a full-time position in the future.

It also sets you apart from other candidates who might be vying for the same role.

Certifications such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA) are highly valued in the accounting industry.

While the eligibility for these certifications often requires a bachelor’s degree and a certain amount of work experience, some steps towards these qualifications can be taken while you’re still in school.

For example, you can start preparing for the CPA or CMA exams during your internship.

If your college or university offers courses that are geared towards these certifications, take advantage of them.

Additionally, there are also many online resources available to help you prepare for these exams.

Remember, these certifications can provide you with an upper hand in the job market and show potential employers that you are committed to the accounting profession.

You may also consider other certifications relevant to the specific area of accounting you wish to pursue in the future.

Step 10: Apply for Accounting Internships

At this stage, you should start applying for accounting internships at various firms.

Accounting internships are the best way to gain practical experience in your field of study and often lead to full-time job offers.

Depending on the firm, you may be exposed to different areas of accounting such as auditing, tax preparation, financial reporting, and analysis.

Begin your search for internships by visiting your college’s career center or job fair, as many companies often recruit directly from colleges.

You may also use online job portals and company websites to find internship opportunities.

When applying, ensure your resume and cover letter are tailored to the specific role and highlight your accounting coursework, any relevant projects, and transferable skills you possess.

It’s also essential to prepare for the interview process by practicing common accounting interview questions.

Remember, getting an internship can be competitive, so don’t be discouraged if you don’t land one right away.

Keep applying and improving your resume and interview skills.

Networking can also increase your chances, so consider joining accounting clubs or professional organizations to meet people in the industry.

Lastly, during your internship, make sure to work diligently, seek feedback, ask questions, and make connections.

This experience will give you invaluable insight into the profession and can set you on the right path to becoming a successful accountant.

Accounting Intern Roles and Responsibilities

Accounting Interns are typically students who are interested in gaining hands-on experience in the field of accounting.

They assist in the preparation of financial reports, perform research on industry-specific topics, and assist with tax audits.

They have the following roles and responsibilities:

Financial Reporting

Assist in the preparation of financial reports such as balance sheets and income statements.
Update financial spreadsheets with daily transactions.
Help with the month-end and year-end closing processes.

Bookkeeping

Participate in recording daily financial transactions.
File financial documents and ensure they are organized properly.
Assist in reconciling bank statements.

Audit Assistance

Provide support during financial and tax audits.
Document audit tests and findings.

Research

Perform market research and analyze findings.
Stay updated on industry trends and regulations.

Administrative Support

Support the accounting department in daily clerical tasks.
Prepare and submit weekly/monthly reports.

Internal Communication

Work closely with accounting team to ensure accurate financial reporting.
Liaise with other departments to gather necessary financial information.

Compliance

Ensure compliance with organizational and financial regulations and policies.
Assist in improving financial processes and controls.

Learning and Development

Participate in training and educational opportunities for professional growth.
Learn about various accounting operations and best practices.

Data Management

Enter financial data into the internal databases.
Check spreadsheets for accuracy.

Financial Analysis

Assist in analyzing financial data and prepare reports.
Support the creation of forecasts and budgets.

What Does an Accounting Intern Do?

Accounting Interns are typically students or recent graduates who work in a company’s finance or accounting department to gain practical experience in their field of study.

They assist the accounting staff with various tasks such as preparing financial reports, conducting research, and analyzing data.

They also help with auditing, bookkeeping, and tax returns preparation.

Accounting Interns may be responsible for managing the company’s financial data and compliance by maintaining accurate books on accounts payable and receivable, payroll, and daily financial entries and reconciliations.

They often perform administrative tasks, which can include filing paperwork, handling mail, and making phone calls.

Accounting Interns are expected to learn to use different accounting software systems and databases.

They may also participate in meetings and collaborate with other departments to understand the financial needs of the business.

In some cases, Accounting Interns may be involved in strategic planning, risk management, and financial data forecasts.

All these tasks aim to help the intern understand the role of an accountant better and prepare for a potential future role in the company.

Essential Accounting Intern Skills

Accounting Software Knowledge: An understanding of popular accounting software such as QuickBooks, Sage, or Zoho Books is critical. This will assist in maintaining financial records and performing various accounting operations efficiently.
Basic Accounting Principles: Familiarity with basic accounting principles, such as debits and credits, accounts payable, accounts receivable, and financial statement analysis is required.
Microsoft Excel: Proficiency in Excel for creating spreadsheets, using advanced formulas, and data analysis is crucial.
Attention to Detail: The ability to review financial records for accuracy, and to identify and rectify errors or discrepancies, is crucial for an accounting intern.
Numeracy Skills: Good numerical skills are needed to accurately manage and interpret financial data.
Communication Skills: Strong written and verbal communication skills are essential for explaining complex financial information to non-financial staff and stakeholders.
Time Management: Ability to prioritize tasks, meet deadlines and manage time efficiently is vital, especially during busy accounting periods like the end of the financial year.
Problem-solving: The ability to identify financial discrepancies and suggest effective solutions is a valuable skill for accounting interns.
Ethics: Since accounting interns are dealing with an organization’s financial information, having a strong sense of ethics and integrity is crucial.
Teamwork: The ability to work effectively within teams, share knowledge, and contribute to collective success is important.
Financial Reporting: Understanding how to prepare and interpret financial reports is a useful skill for an accounting intern.
Knowledge of Tax Laws: While not always required, having some knowledge of applicable tax laws can be helpful in an accounting role.
Organizational Skills: Accounting often requires managing large amounts of data and paperwork, so strong organizational skills are a must.
Audit Procedures: Basic knowledge of audit procedures can aid in reviewing an organization’s financial operations.
Adaptability: As financial regulations and technology evolve, the ability to adapt and learn new systems and processes is an asset for an accounting intern.

Accounting Intern Career Path Progression

The Foundation: Accounting Intern

Your first step into the accounting profession is often as an Accounting Intern.

This is an invaluable opportunity to gain a real-world understanding of the industry and develop practical skills.

Your tasks may involve assisting with financial reports, audits, or tax returns.

Here are some tips to succeed as an intern:

Enthusiasm for Learning: Embrace every opportunity to learn and understand the details of financial operations.
Attention to Detail: Accounting requires a keen eye for detail. Be meticulous with numbers and check your work for accuracy.
Teamwork: Work collaboratively with your team and leverage their expertise to enhance your understanding of accounting practices.

The Ascent: Junior Accountant

After gaining initial experience, you could land a role as a Junior Accountant.

Your responsibilities will increase and you’ll be working on more complex tasks like maintaining financial records, performing account reconciliations, and preparing financial statements.

Here’s how to thrive:

Accounting Principles: Have a thorough understanding of accounting principles and financial regulations.
Software Skills: Master accounting software tools to enhance your productivity and efficiency.
Time Management: Juggling multiple tasks requires good organization and time management skills.

Reaching New Heights: Senior Accountant

The next career stage could be the Senior Accountant position.

You’ll be recognized for your expertise and may be entrusted with leading financial projects, overseeing junior accountants, and making strategic financial decisions.

To excel as a Senior Accountant:

Leadership: Develop leadership skills to guide and mentor junior accountants.
Strategic Thinking: Analyze financial data and use it to make strategic recommendations.
Communication: Clearly communicate financial information to stakeholders and non-financial staff.

Beyond the Horizon: Accounting Manager and Beyond

As you gain more experience, you may ascend to roles like Accounting Manager or Controller, where you’ll oversee the accounting department, handle complex financial reports, and contribute to financial strategy decisions.

To succeed in these roles:

Financial Leadership: Direct financial strategy and manage the company’s budget.
Management Skills: Enhance your leadership and communication skills to manage your team effectively.
Regulatory Compliance: Stay updated with financial regulations and ensure company-wide compliance.

Pinnacle of Success: Chief Financial Officer (CFO)

Reaching the role of Chief Financial Officer (CFO) marks the pinnacle of the accounting career ladder.

In this role, you’ll be responsible for the company’s financial planning and reporting, risk management, and financial strategy.

Your decisions will significantly impact the company’s financial health and success.

Accounting Intern Salary

Median Salary: $15 – $25 per hour
Accounting Interns are usually students or recent graduates who are gaining practical experience in their field. They assist with basic accounting duties, such as data entry, financial reporting, and reconciling accounts.

Accounting Intern Work Environment

Accounting Interns often work in corporate environments, accounting firms, non-profit organizations, or government agencies.

These settings typically have a structured, formal and professional atmosphere.

Accounting Interns usually work in an office environment, though some might have the opportunity to work remotely depending on the organization’s policies.

Their work is typically computer-based, utilizing various accounting software tools and databases.

Interns generally work standard business hours, Monday through Friday, though some overtime might be required during peak business periods such as end of financial year.

The role of an Accounting Intern typically involves collaborating with a team of accountants and finance professionals, but also requires the ability to work independently on specific tasks.

Upon completing their internship, these individuals may be offered full-time positions or they may use their experience to secure accounting roles in other companies.

FAQs About Becoming an Accounting Intern

What is needed to become an accounting intern?

To become an accounting intern, you typically need to be pursuing a degree in Accounting, Finance, or a related field.

Basic understanding of accounting principles, proficiency in Microsoft Office, especially Excel, and knowledge of accounting software would be advantageous.

Key skills include attention to detail, ability to handle numbers, analytical thinking, and effective communication skills.

You should also demonstrate a willingness to learn and adapt in a professional environment.

How long is an accounting internship?

The duration of an accounting internship can vary depending on the company and the specific program.

However, most accounting internships last for a period of 3 to 6 months.

Summer internships typically span the duration of the summer break, usually 8 to 12 weeks.

Some companies might offer part-time internships during the academic year, which could last for an extended period.

Can I become an accounting intern with no previous experience?

Yes, it’s possible to become an accounting intern with no previous experience.

Internships are designed to provide learning opportunities and hands-on experience to students or recent graduates.

While having prior experience might be advantageous, it’s not generally a prerequisite for an internship.

Employers typically value your academic achievements, skills, and enthusiasm to learn.

Is an accounting internship paid?

Whether an accounting internship is paid or not can vary between companies.

Some businesses offer paid internships, while others provide unpaid experiences but may provide academic credit.

The specifics will usually be outlined in the job description or can be discussed during the interview process.

What career prospects does an accounting intern have?

An accounting internship can open doors to a variety of career prospects in the field of finance.

You could potentially transition into a full-time role at the company where you interned, or leverage your experience to secure roles such as Junior Accountant, Financial Analyst, or Audit Associate at other companies.

With further experience and professional certification, you could eventually progress to roles such as Accounting Manager, Financial Controller, or even Chief Financial Officer.

Conclusion

And there you have it.

Taking the leap to become an accounting intern might seem daunting, but the rewards are truly fulfilling.

Equipped with the correct skills, education, and grit, you’re firmly on the path to make a notable impact in the world of finance.

Bear in mind, the journey might be tough, but the potential is boundless. Your expertise could lead to the next big financial breakthrough that revolutionizes how we conduct business, manage money, and strategize for success.

So, take that initial stride. Submerge yourself in acquiring knowledge. Connect with industry professionals. And most importantly, never stop crunching numbers.

Because the world is eagerly awaiting the financial wizardry you can bring to the table.

And if you’re searching for personalized advice on commencing or progressing your career in accounting, explore our AI Career Path Advisor.

This complimentary tool is designed to provide tailored advice and resources to efficiently steer your career path.

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