Easing college students' transition into the financial planning profession

Financial Services Review, Fall 2005 by Goetz, Joseph W, Tombs, Joseph W, Hampton, Vickie L

3.1.2. Part-time jobs

Part-time jobs may provide a meaningful experience similar to that of an internship. The part-time work may be at a remedial level, such as answering phones, filing, or copying. However, even the most mundane job in a financial planning firm can offer valuable lessons in such topics as client service, productive work habits, and regulatory compliance. Sometimes these jobs offer work that includes interacting with clients, having input on financial plans, or marketing activities. Contacts that develop at a part-time job may yield future full-time career opportunities.

3.1.3. Shadowing

A student may benefit from exposure to a financial planning firm before that student is ready to accept a paid internship or part-time job. It is feasible to find professionals willing to be shadowed to allow students to observe a professional's daily activities. The student can be directly involved in the work to the extent that the professional is willing to delegate tasks, but the experience is primarily intended to be that of observation. A student who shows promise in this environment will easily make the transition to a paid internship when the time is right.

3.1.4. Service-learning

Differing from the concepts of "volunteerism" and "community service" that are typically one-directional in nature, service learning is characterized by a focus on reciprocity and learning from experience. More specifically, service-learning is defined as "a form of experiential education in which students engage in activities that address human and community needs together with structured opportunities intentionally designed to promote student learning and development" (Jacoby, 1996, p. 5). It is a form of experiential learning

that fosters partnerships between academic programs and the community. Over the past decade, service learning has grown dramatically as a tool to get students real-world exposure and assist with community problems (Jacoby, 2003). Furthermore, there is substantial evidence supporting the positive outcomes of this pedagogic technique, such as promoting multicultural education and sensitivity, leadership development, teamwork, and a sense of social responsibility (Batchelder & Root, 1994; Giles & Eyler, 1994).

Guidelines and models of practice are available to those desiring to incorporate service learning into their curricula (e.g., Calleson, Serow, & Parker, 1998; Hofer, 1990; Jacoby, 2003; Sigmon, 1990). Financial planning students can apply their financial knowledge to address real community issues, such as financial illiteracy and poverty. More specifically, they might engage in direct services such as tutoring, mentoring, advising or teaching in places such as tax clinics, bankruptcy courts, professional organizations, or social service agencies. For example, the University of Missouri-Columbia and the University of Wisconsin-Madison both participate in a Volunteer Income Tax Assistance Program (VTTA). Students might also do advocacy or policy-level work for a professional or government organization to address issues and problems currently facing the financial planning industry. Financial counseling services and outreach financial education, discussed below, are also excellent mediums for service learning.