Insight
Nurturing tomorrow’s talent: the power of internships
November 2024
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, we present the insights gathered through the development of our own internship programme. 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 programme 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, benefitting 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 internship 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 programme 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 internship coordinators to promptly pinpoint any deficiencies or areas requiring focus.
Although establishing this foundation may initially require time and effort, once a programme is set up, its management becomes significantly easier. Moreover, the programme becomes reusable, ensuring a consistently improved student experience.
By the end of the programme, 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 programmes 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 programme in your business, don’t hesitate to reach out to us for guidance as you navigate the process.
About the authors
Leah Groves
Adelaide, Australia
Leah Groves is an Associate Director at Lee Green & Co Pty Ltd with expertise in retirement funds and strategic advisory services for business clients. Leah is dedicated to building and mentoring high-performing teams in both her professional and volunteering roles. With a focus on growth through strategic training and mentoring, she leads initiatives that enhance client outcomes, drive business success, and foster the development and growth of staff.
Tom Green
Adelaide, Australia
Tom is the Founding Director of Lee Green & Co Pty Ltd, with 40 plus years’ experience in accounting and advisory services. Tom has a passion for developing both organisations and their people. A strong advocate for staff and business growth, he provides support with strategic thinking that empowers teams to succeed. His leadership extends beyond financials, guiding not-for-profits, small businesses, and professional firms to thrive with a focus on sustainability, succession planning and staff development. With expertise across various industries, Tom’s people first approach has made a lasting impact on those he mentors and the organisations and clients he supports.