What is an Externship?
An externship is a short, unpaid, and informal internship where students spend anywhere from a single day to a few weeks getting exposure to what its like to work at a company. The word externship is a hybrid of “experience” and “internship”.
Benefits of Externships
The purpose of an externship is to give students a special experience and exposure to a job, company, or industry. Since the opportunity is typically very short, students don’t have to perform heavy work, and thus are unpaid.
This type of setup can be mutually beneficial for students and employers.
Benefits to students:
- Quick exposure to see if they like a job, industry, or company
- Small time commitment and minimal investment
- Ability to have multiple externships to compare companies
- Potential to get an internship or full-time job later on
- An experience they can include on their resume
Benefits to employers:
- Exposure to a wide range of potential hires in a short period of time
- No financial cost to the company
- Can be treated as an extended interview process
- Increases company awareness at a university
- A great community engagement exercise
Ex- vs Internship
There are many similarities and differences between an externship vs internship. Below is a list of the key attributes of each type of opportunity.
- 10+ weeks long
- Paid an hourly wage or salary
- Enters into an employment agreement
- Has specific job responsibilities and duties
- Intern often completes projects and tasks independently
- Typically confined to one department
- May lead to a full-time opportunity in the future
- ONe day to a few weeks long
- No employment agreement
- No major projects or deliverables
- May job shadow one or more people
- The extern will watch what people at the company do
- Can be exposed to a wide range of people and departments
Below are some examples of extern jobs that companies have posted on their websites across different industries such as accounting, finance, and technology consulting.
Harland Clarke – Accounting and Finance Externship
This program will allow students to apply their academic experience to real-life case studies and improve their understanding of accounting and finance. The successful candidate will work closely with other externs and get exposure to executive leadership, all while learning more about the industry. Being part of the program can increase your chances of being hired when you graduate, as externs will be considered first for summer internships and full-time working opportunities.
RSM Technology Consulting Externship
RSM offers a Pathways Program which consists of an orientation, client exposure, and program events. Participants in this program learn about the firm and have a chance to meet staff and understand the details of the program. Next, participants get insight into the clients through job shadowing, presentations, and client visits. There will be various events throughout the program giving students the opportunity to build relationships and learn about the firm’s culture. Events may include community projects, team building activities, and fun events.
Thank you for reading this Finance guide to externship. To continue learning and advancing your career, check out these additional resources below:
- Interview Guides Interviews Ace your next interview! Check out Finance's interview guides with the most common questions and best answers for any corporate finance job position. Interview questions and answer for finance, accounting, investment banking, equity research, commercial banking, FP&A, more! Free guides and practice to ace your interview
- Investment Banking Internship Programs Investment Banking Internship Programs Most investment banks offer an investment banking internship program each year, hiring a number of Summer Analysts and Associates to work for 9-12 weeks in their offices. These programs are great for both parties: the interns get phenomenal experience and get to see what its like
- Private Banking Internship Private Banking Internship Private Banking refers to services that banks reserve only for their largest and richest customers. A Private Banking internship offers an individual the opportunity to work with customers who are known as “high net worth individuals” (HNWI).
- Finance Interview Questions Finance Interview Questions Finance interview questions and answers. This list includes the most common and frequent interview questions and answers for finance jobs and careers. There are two main categories are behavioral and technical