Internship in Finance (FIN 505)

The Internship in Finance offers the student the opportunity to get academic credit for relevant work experience that will be beneficial to his or her career.  For finance students, the course counts as a Finance elective.

Internship or Co-op?

There are actually three MSU courses that are very similar:  the Internship in Finance (FIN 505) and the Co-operative Education in Finance (FIN 488 and FIN 489).   These three courses are often confused by students.  To eliminate this confusion, consider these differences:

• FIN 488 (Co-operative Education in Finance) - Taken for pass/fail credit only and can be for 1 to 3 hours of credit based on the number of hours worked, with 1 academic hour of credit granted for every 100 hours of work.  In other words, 100-199 hours of work receives 1 credit, 200-299 receives 2 credits, and 300 or more receives 3 credits.  Students who enroll in FIN 488 may take no more than 12 additional hours (e.g., a total of 15 hours including the 3 hour co-op).  There is also paperwork to be completed in the Career Services Office since the office's staff may be able to help you in locating a suitable employer.

• FIN 489 (Co-operative Education in Finance) - A graded course (e.g., grades of A, B, C, etc.).  FIN 489 can be taken for 1 to 3 hours credit but must include academic rigor.  Students who enroll in FIN 489 may take no more than 12 additional hours (e.g., a total of 15 hours including the 3 hour co-op).  There is also paperwork to be completed in the Career Services Office since the office's staff may be able to help you in locating a suitable employer.

• FIN 505 (Internship in Finance) - Pass/fail credit.  Students will frequently locate a work experience on their own that is either part-time or unpaid, but the student is willing to work in such a position to get the experience and to put it on their resume.  Your advisor will still need to approve your work-related duties in advance to ensure that the experience meets the requirements for credit.  If you register for FIN 505 credit, you do not have to notify or fill out the paperwork at the Career Services Office.  Most students in the department choose to enroll in FIN 505 as opposed to FIN 488/489, but you should choose the course that is best for you.

What Determines Whether A FIN 505 Internship Is Approved By The Department?

The position should provide either (1) an impressive breadth (e.g. exposing the intern to each of the key parts of the business) or (2) depth (e.g. working with all aspects of a loan officer's position - participating in analysis, observing client interviews, learning regulatory requirements, etc.).  The easiest way to obtain the breadth is to allow the intern to work in a variety of positions, preferably being rotated among several departments (if the firm is large enough).  The student should be exposed to a variety which involves most of the company’s operations.   In other words, the internship must be an educational activity for the intern, not merely a work-related activity.  For example, although a teller’s position in a bank is important, it is not acceptable for an internship due to the limited training and lack of variety that the position provides.

A minimum of 160 hours of work is required for the FIN 505 internship (and perhaps more, depending upon the activity).  This is roughly the equivalent of 10 hours a week for a complete semester.

What Is Required of the Employer in an Internship?

In order to encourage businesses to offer internship opportunities, we have deliberately tried to minimize the red tape and paperwork for the employer.  There are essentially two responsibilities of the employer:

To construct an outline of the intern's duties (and positions, if applicable) along with an approximation of time (hours or weeks) to be spent in each position.  This should be completed in consultation with the student.   The outline must then be approved by the MSU instructor as meeting the requirements for an internship.

To participate in an exit interview (typically by phone) with the finance instructor upon the student's completion of the internship

What Is Required of the Student In An Internship?

1.  what you learned through the internship that you believe will make you a better manager in the future.  Be specific and give examples of how you learned the lesson.

2.  how you believe the business could improve the operations that you were involved with.   (This is confidential and is not passed on to the company.)

3.  in a more general sense, how the internship itself could be changed to make it a better experience for future students.

What About Pay For the Internship?

The department takes no position on this.  Some students are able to negotiate an hourly rate of pay that exceeds minimum wage.  Others are happy to do it for free in order to get the experience.  Whatever you and the employer work out is fine with us.   We look upon this as a private matter between you and the employer.

How Do I Register?

The Internship is treated like any other MSU course.  You may use Racer-Touch to register for the course, although you should discuss the requirements with the instructor in advance.  Before registering, you will want to make sure that the job duties will qualify, as determined by the instructor.

How Often Do I Meet With the Instructor?

Most of the contact is on the front end of the course.  If there is a disagreement over the outline of duties, the instructor will be glad to speak with the employer to see if they can be changed to provide a more valuable educational opportunity.  However, once the outline has been approved (in advance of registration), there is normally no further need to meet with the instructor until you start writing your paper.  Of course, the instructor is a valuable resource person to contact if any problems should arise while working on the internship.

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