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Should You Hire Interns in Your Finance Firms?

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In some variation, internships have been around for centuries. For example, back in the 1080s, it took apprentices up to seven years to learn a trade. And, this came with perks like not earning wages or getting married. Sometimes an apprentice would have to pay their boss for teaching them.

Thankfully, apprenticeships are more favorable today. But, what internships? Well, that’s a whole new ball game.

The term “intern” actually originated in the medical community. Time reported that the term described doctors who had medical degrees. However, they did not have licenses prior to World War I. Therefore, during the post-war era, interns became known as doctors-in-training.

As time went on, businesses adopted the phrase for their own specific programs. As an example, co-op programs became popular in the 1960s. These programs allowed students to try out different careers while also making money to pay for tuition.

Many entry-level jobs have been replaced by internships today. Whether you’re a high school senior, a student in college, or a recent graduate, internships can be an invaluable experience.

But, should your finance firm hire interns? The only way to answer that question is to weigh the pros and cons.

When well-designed, an internship program can be extremely beneficial to employers. The catch? It must be structured, well-planned, and provide the interns with sufficient supervision.

When adequate training is provided beforehand or when an intern orientation is held, results will increase significantly. But, in order to make an internship program worth the investment, you must dedicate adequate time and resources to it. When you, this will make the program more competitive, which will increase the number of applicants.

Internships can offer the opportunity to discover new and unique talents that your current team may not possess. Even better? These talented individuals may stick around for the long haul. It’s estimated that about 65% of paid internships turn into full-time jobs, while 39% of internships that are unpaid turn into full-time jobs.

This is encouraging news for several reasons. First, interns provide fresh perspectives regarding your business, strategies, and plans. In turn, this can help you develop a better understanding of your company’s vision and learn about new or emerging........

© Entrepreneur

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