Internships are more than just an outlet for students to gain real-world work experience. Practices can approach them as a means to recruit talent, drive home company culture, and even build a pipeline for future talent. According to the National Association of Colleges and Employers (NACE), more than two-thirds of 2024 graduating seniors completed an internship at some point during their college career. This was up from around 61% of 2023 graduates and outpacing pre-pandemic 2019 graduates.
A thoughtful internship program serves interns and your organization. In the process you might find your perspective widens and your firm becomes more innovative. Here’s how to design an internship program that stands out and supports your firm’s goals:
Why Build an Internship Program?
Before we go into the mechanics of a quality program, it’s important to understand why you should have one in-house. Such an initiative can deliver on several fronts, including:
- Talent Pipeline: Interns who prove themselves can easily transition into full-time roles, helping curb the amount of time and energy spent on recruiting and training. Take for example, the case of Matthew Lampman, who started as an unpaid intern at International Assets Advisory in 2012 and worked his way up to president in 2025.
- Fresh Perspectives: Younger professionals aren’t as stifled by conforming and can contribute ideas that can keep your firm competitive.
- Brand Building: Having such a program sends a message that you’re keen to invest in the next generation. This bolsters your reputation in the job market.
- Delegation of Routine Tasks: Internships should provide fulfilling work, but they can also help your team focus on more critical areas of the practice.
How To Get Started
1. Define the Purpose of Your Program
What’s the goal behind your investment in an internship program at your financial advisory firm? For example, maybe you want to provide mentorship opportunities, youth leadership development, or recruit new talent. Knowing your goals upfront will help you design a program that aligns with your motivations.
2. Craft Meaningful Roles
Interns should feel like their time working at your firm was well spent and meaningful. With that in mind, the work should be designed to organically foster learning and contribution. In a firm setting, this might reflect such areas as:
- Market research and analysis
- Assisting with portfolio reviews
- Supporting compliance or back-office processes
- Financial modeling and projections
3. Develop a Clear and Comprehensive Plan
Structure is the backbone of any solid internship program. A defined plan will set you on the right course to monitor progress and define success.
Your plan should address:
- Duration: Will the program last for 8 weeks, 12 weeks, or follow a semester-based calendar?
- Responsibilities: Define how interns will contribute and to what extent, so there’s no ambiguity.
- Mentorship Assignments: Assign interns to a mentor who can coach them and keep them engaged and accountable.
4. Provide Regular Training and Skill Development
Internships should be predicated on career growth and learning. You might find that a mix of regular workshops, shadowing opportunities, and training sessions will satisfy your goals.
A few possible ways to bring this to life include:
- Financial planning software tutorials
- Presentation skills
- Mock client meetings to develop interpersonal skills
Inviting your interns to sessions led by senior leaders at your firm not only empowers them but also cultivates loyalty and trust.
5. Offer Competitive Incentives
A paid internship program usually draws in higher-quality candidates. Everyone wants to feel like their time is valued. Providing compensation shows you recognize their talents and hard work. Aside from providing a steady paycheck, you could also make networking events available and help them explore relevant certifications. These perks help differentiate your program and attract your next rising star.
6. Create a Community Atmosphere
Interns should walk away from the program feeling like they found a community. To translate this into reality, you might:
- Host weekly team check-ins
- Encourage interns to join team lunches, coffee chats, or virtual hangouts
- Celebrate wins
Creating a tight-knit cohort can leave interns feeling connected and proud to be part of your team.
7. Collect Feedback From Interns
At the conclusion of the internship, gather feedback from your participants. Be sure to ask open-ended questions to get a feel for what’s working well and what might need refining. Keep in mind that an expert in Forbes claims that 84% of Gen Z prioritize cultural fit when looking for a role.
Time To Level Up?
Creating and sustaining an internship program can be a competitive advantage. The same goes for operational efficiency. Set up a discovery call and learn how Docupace can transform all elements of your practice.
?>)
?>)
?>)