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Internship in Accounting
Department of Accounting
College of Business Administration
The University of Toledo
Accounting Internship Introduction (print copy)
Accounting Internship Check Sheet (print copy)
What are the benefits?
How do you find a position?
Is it possible to earn academic credit for an internship?
What positions qualify for academic credit?
What are the prerequisites?
How do I apply for academic credit?
How do I earn academic credit?
What is an internship experience report?
What else do I need to know?
What are the benefits?
An accounting internship is a good experience because you earn income and get to see for yourself how the concepts you have learned in the classroom apply to the business world. You will go into your remaining classes with a fresh perspective and renewed energy to learn.
An accounting internship is also often a stepping stone to your first permanent position in accounting. If you like your employer and you have done a good job, the internship can result in an offer of full time employment. It is nice to have the pressures of a job search behind you well before you graduate. Even when the internship does not result in a job offer, it gives you practical experience and improves your resume. The experience helps you focus your job search and gives you more credibility during the interview process. Back to Top
How do you find a position?
While it is your responsibility to locate an internship, there are a variety of ways to find a position. Possibilities include your own contacts (have you been going to the Beta Alpha Psi meetings?), the college job fairs, and registering with the Business Career Programs Office in ST 1045 so that you can take advantage of the on-campus recruiting process. Most on-campus recruiters are looking for full-time employees, but many are also looking for interns. Be aware that the main accounting recruiting season is in the fall. Do not wait until a month before you want the internship to start looking (or a month before graduation to start looking for a full time position). Back to Top
Is it possible to earn academic credit for an internship?
To earn credit, the internship position must be approved and you must fulfill certain requirements. The position requirements are described in the next paragraph. Your requirements are the subject of the rest of this introduction. Back to Top
What positions quality for academic credit?
To be approved, the internship must have:
- professional level duties (vs. accounting clerk functions),
- professional level supervision, and
- a minimum of 250 hours of work experience for a three credit hour accounting internship.
The forms that must be completed are available in the Business Career Programs Office in ST 1045. Only work experience that you have after meeting the listed prerequisites (see the following paragraph) can be used for internship experience. For example, work experience before completing ACCT 3100 and work experience while your upper division accounting GPA is under 3.0 is not acceptable. If you are currently employed and would like to have that experience count for internship credit, you need to have an increased level of professional level responsibilities during the internship period. Although it is not a requirement, our accounting department faculty and other accounting professionals recommend that you do not take other classes while completing a full time internship. Back to Top
What are the prerequisites?
The prerequisites for receiving academic credit (ACCT 4940/5940) for an accounting internship experience are:
- You must have officially declared Accounting as your major in the UT BBA or MSA programs.
- You must
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have completed ACCT 3100 with a grade of B or better, or |
| b. |
have a 3.0 grade point average in your UT upper division accounting (ACCT) courses completed, or |
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have successfully completed (C or better) five or more upper division UT accounting (ACCT) courses. |
- You must have at least a 3.00 UT GPA and at least a 3.00 higher education (all college level courses taken anywhere) GPA Back to Top
How do I apply for academic credit?
If you have found an employer willing to hire you for an approved internship and you meet the above prerequisites, then you may apply for academic credit for the internship experience. To do this, contact me (Professor Saftner, ST 3037, 419-530-2327, donald.saftner@utoledo.edu). You should email me the name of the firm/company with whom you have arranged the approved internship. Also be sure to specify your Rocket ID number, the course (ACCT 4940 or 5940), and semester for which you would like to register. I will then issue a registration permit that allows you to enroll using the MyUT registration system. I will reply to your email to let you know that you can register. It is not necessary to complete an add/drop form. You may enroll in ACCT 4940/5940 during the internship experience or may enroll in a semester after completing the internship. Back to Top
How do I earn academic credit?
The major thing you need to do to earn credit for ACCT 4940/5940 is to make sure that the internship is a good learning experience for you and that your professional efforts satisfy your employer. That will show in the completed evaluation forms, which the Business Career Programs Office will automatically send to you and your internship employer. Make sure that both you and your employer return the completed evaluation forms to the Business Career Programs Office at least three weeks before the end of the semester. The Business Career Programs Office will send me copies. I must have the completed forms in my file before I can assign you credit for ACCT 4940/5940. You must also submit an internship experience report. Back to Top
What is an internship experience report?
To receive academic credit, you also need to write a five to six page report about your internship experience. The report should use a 12 point font and be double spaced on 8 ½ x 11 paper with one inch margins and numbered pages. The report can be described as a formal business report version of the old "What I Did on Summer Vacation" report.
Some things that you may want to include are:
- A description of the employer’s organization and background information,
- A description of the major activities/projects that were part of the internship experience, with examples wherever possible,
- An explanation of the specific skills developed during the internship,
- A discussion of the ways in which the internship experiences relates to coursework, and
- A discussion of how the internship has helped prepare you for future employment.
Make sure the report is well written. I won't reject a report based on what the report says (as long as it covers appropriate issues), only if it doesn't say it well. Grammar, spelling, organization, and wording are factors I'm examining. Make sure you proofread your report, use your spell-checker, and use headings and subheadings to break the report into logical parts. If you know you do not write well, consider asking the Writing Center (CL 1005, 419-530-4939) for help. The report is due on the Thursday before final exams week in the semester you are earning internship credit. You can attach it to an email or deliver a printed copy to my mailbox in ST 3041. Back to Top
What else do I need to know?
Internships are graded as Pass/No Credit. You cannot receive a letter grade in ACCT 4940/5940. ACCT 4940 appears on your degree audit as a business elective. Back to Top
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