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. Techniques that bring the classroom into the profession

3.1. Facilitate work experiences in the financial planning/services profession

3.1.1. Internships, practica, and cooperative programs

Experience through an internship gives students valuable perspectives that help them evaluate different career paths and prospective employers, as well as enabling students to relate their coursework to the practice of financial planning. Learning from experience provides students with opportunities to evaluate their performance in a variety of contexts. Students report that internships enhance communication and interpersonal skills needed for negotiating with others when working in teams (Raymond, McNabb, & Matthaei, 1993). Based on a national study, the skills developed most frequently by student interns include critical thinking, resilience to the pressures of professional work, gaining a perceived edge in the job market, improved communication skills, career direction clarification, learning to work in teams, learning about politics in the workplace, and the application of classroom learning (Page, Geek, & Wiseman, 1999). With appropriate supervision, student interns learn how to reflect on their own experiences as a way to more fully understand their actions and behaviors resulting in improved work performance (Cromwell, 1993; Grantz & Thanos, 1996). In addition, employers commonly report that internships are the most effective way for students to gain practical experience and be prepared to transition into the workplace (Oblinger & Verville, 1998).

Ideally, internship activities should be paid to increase the probability there will be significant responsibilities given to the student and that they are given adequate instruction and supervision. It is important for the internship coordinator to follow-up with both students and internship sponsors, require reports of experience and a daily log, and to perform on-site visits. Internship sponsors should be given the opportunity to provide meaningful evaluation of the student intern. If a student plans to enter the profession through an avenue that will require securities and insurance licensing, these activities can be started or completed during the internship, so that the student can hit the ground running upon graduation.

The National Society for Experiential Education discusses key strategies for creating strong internships (Inkster & Ross, 1995). This resource provides in-depth guidance for faculty interested in developing internship experiences within their academic program. Walker, Turner, Shoffher, and Gibson (2001) provide suggestions on how internship experiences can be enhanced through utilization of specific experiential learning activities. Holton (1992) provides excellent instruction on integrating internships and other experiential activities into a curriculum. Eyssell (1999) provides valuable information on developing a practicum that will allow financial planning students to gain experience working directly with clients. The personal financial planning program at Texas Tech posts its financial planning internship manual on its web site, which can be a source of information for other schools.