By Leah Groves, Program Manager for Interns, Graduates & Undergraduates.

In a world where many industries are facing staffing challenges, internships can offer a time-tested solution, giving students invaluable real-world experience while also providing businesses with a range of benefits.

Through our experiences at Lee Green & Co, we've witnessed firsthand the transformative power of internships in bridging the gap between accounting theory and practice.

A good accounting internship goes beyond traditional graduate roles, offering training not only in all areas of accounting, audit, advisory, but also incorporating non-technical skills such as communication and teamwork.

In this article, our Program Manager for Interns, Graduates & Undergraduates is thrilled to present the insights gathered through the development of our own internship program. Additionally, we explore the numerous benefits that internships can offer to both students and the businesses they join. While our focus is accounting, these tips can assist in creating a successful internship program in many industries.

Preparation is Key

Identify Fundamental Skills: Pinpoint skills and tasks essential for all staff in your industry to learn.

Identify Mentors in your team: Internships offer valuable learning opportunities, benefiting both students and existing staff. By identifying staff strengths and allocating dedicated time for mentoring interns in these areas, you can enhance the skills of both parties while easing the workload for the Program Coordinator.

Partner with a University: Many universities now offer a unit of study that involves a work placement – reach out to your local universities and see how you can get involved to support their initiatives – often they will have a program in place and will be able to guide you in getting started.

Be Realistic: Internships come with a finite duration. Focus on the essential skills to be developed, avoiding an excessive list that could hinder the opportunity for skill consolidation through practical application.

Student Portfolios: Develop a well-organised portfolio detailing the array of skills and vital training that your intern will acquire. Presenting the portfolio in a user-friendly format can aid interns in monitoring and visualising their progress and provides them with a written account of their placement to aid in assignments they submit as part of their study unit.

This structure also enables program managers to promptly pinpoint any deficiencies or areas requiring focus.

Although establishing this foundation may initially require time and effort, once a program is set up, its management becomes significantly easier. Moreover, the program becomes reusable, ensuring a consistently improved student experience.

By the end of the program, interns should feel more prepared and confident about their career choices and equipped with clarity regarding their next steps on their journey.

Benefits to Employers

Fresh Perspectives: Interns inject fresh ideas and innovative thinking into businesses, offering novel insights.

Eagerness to Learn: Interns' enthusiasm for learning enriches workplace dynamics, encouraging a positive atmosphere.

Potential Employees: Internship programs serve as talent pipelines, enabling organisations to identify promising candidates for future employment.

Exposure to New Technology: University students bring modern technological skills, fostering an environment of shared learning and bridging.

Encouraging Adaptability: Young professionals exhibit adaptability, crucial in navigating the rapidly evolving industry landscape.

Community Engagement: Hosting interns demonstrates a commitment to community engagement and education support, enhancing the firm's reputation.

Mentorship Opportunities: Internships provide opportunities for experienced staff to develop leadership and training skills by mentoring the next generation.

Benefits to Students

Real-World Experience: Internships offer hands-on experience, allowing students to apply academic knowledge in a practical setting, reinforcing understanding.

Skill Development: Students develop a range of various technical and non-technical skills including communication, teamwork, and problem-solving.

Networking Opportunities: Internships facilitate networking with industry professionals, aiding in career development.

Industry Insight: Students gain a deeper understanding of accounting practices and industry operations.

Mentorship Opportunities: Interns receive mentorship from experienced professionals, guiding their career journey.

Understanding Company Culture: Internships provide insights into company cultures, aiding in workplace selection.

Exploration of Career Paths: Internships enable students to explore various possible career paths within their chosen industry.

In the ever-evolving landscape of higher education, the importance of practical experience cannot be overstated.

By fostering partnerships with universities and providing hands-on learning opportunities, internships can create positive outcomes for students, universities, and industries alike.

If you are contemplating establishing an internship program in your business, don’t hesitate to reach out to us. Our Program Manager is available to offer support and guidance as you navigate the process.