What Is A Bank Internship? Eligibility Criteria And Duties
By Indeed Editorial Team
Published 3 April 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Bank internships can be paid or unpaid short-term work opportunities for aspirants who want to gain professional work experience in the banking industry. Like formal education and relevant skill development modules, banking internships prepare candidates for a career in the banking industry. Knowing more about a bank internship and what it entails can benefit you if you are interested in pursuing a career in this field. In this article, we examine what a bank internship is, outline its benefits, and list the steps you can take to prepare for one.
What Is A Bank Internship?
To better answer, "What is a bank internship?", it is beneficial to review its definition. A bank internship is the first step towards gaining work experience in the banking industry. Banks offer internship opportunities to students who have completed their formal education. Banks allow interns to spend a short duration of time working on live projects, assisting senior employees, and gaining knowledge, skills, and insight about the crucial aspects of a career in banking. It allows aspiring professionals to know more about their day-to-day work, working conditions, and the pressures and challenges that a career in banking may present. Banking internships typically last three to six months.
Are Banking Internships Paid Or Unpaid Opportunities?
Most banking internships are paid opportunities, as banks may pay a monthly stipend for the internship duration. Some colleges and universities have tie-ups with banks, and their student internship programs may be part of their curriculum. In such cases, banks may not pay a stipend. Some banks may offer unpaid internship programs for two to three weeks, but cover the food and travel expenses of their interns. The average base salary of an intern is ₹19,518 per month.
Why Is It Important To Work As A Banking Intern?
Banking internships add a lot of value to a candidate's resume and are highly competitive and in demand. Candidates may have to take written exams and aptitude tests, and appear for personal interviews before they start an internship program. College students can plan and start applying for internship programs during vacations and semester breaks. They can complete two to three internships before graduation.
Bank interns get the opportunity to work with industry leaders and understand various aspects of banking as a career field. Banking is a vast field with multiple divisions like personal banking, private banking, commercial banking, industrial banking, and investment banking. An internship can help aspirants identify the area they want to specialize in or focus on. They can then equip themselves with relevant technical and soft skills.
What Are The Different Types Of Banking Internship Roles?
Some banks may offer internship roles in multiple departments allowing interns to gain exposure to various facets of banking operations. They may offer internships in private, commercial, corporate, and investment banking divisions. Some banks may limit interns to administrative tasks to assist their employees in day-to-day operations. Interns rarely work in customer-facing roles during their internship programs. They typically assist staff with banking operations, data collection, research, and analysis.
What Is The Eligibility Criteria For A Bank Internship?
Banks may prefer hiring candidates who are currently pursuing their bachelor's or master's degrees in finance, banking, accounting, management, or the law. Banks may also prefer candidates with mathematics or psychology majors. International banks, investment banks, and exchange banks may hire interns with a master's degree in advanced technologies to help their banking operations.
For example, the Reserve Bank of India specifies that candidates pursuing a master's degree or an integrated five-year course in management, statistics, law, or econometrics are eligible for participating in a three-month internship program. Most banks also specify computer literacy in word processing, spreadsheet management, and presentation, as a requisite skill for a banking intern. Some banks may also specify an age limit to restrict applications for their internship programs.
What Does A Bank Intern Do?
Banks assign tasks and responsibilities to interns based on their interests, academic background, and aptitude. If an intern is skilled in computer operations, they may assist a back-end operations team. If an intern is keen on learning about wealth management or has an academic background in data analysis, they may assist the wealth management division or an investment banking team.
A bank intern's duties, role, and responsibilities may vary based on the type of bank they work with. They may perform tasks like a regular employee or assist in a supporting role. In a support role, they may assist employees in completing their day-to-day banking tasks. Before assigning duties, banks may train new interns to develop practical and interpersonal skills that are crucial for their specific job roles. They may work under the department manager, who assigns their daily duties and tracks and monitors their progress. As part of their day-to-day training and duties, banking interns may assist in:
solution development and delivery
Related: How To Create An Internship Report
What Are The Skills Required For A Banking Internship?
Though the scope of an intern's role and responsibility may be limited in comparison to regular employees, interns require specific technical and soft skills to perform well in their role. Since many banking internships offer a monthly stipend, you may face competition while applying, and possessing some key skills can help you secure the opportunity. If you are pursuing banking internship roles, consider equipping yourself with the following skills:
Banks may prefer candidates who have prior experience working with complex spreadsheets and presentation software. An ability to use advanced formulae and filters in spreadsheets is useful for creating accurate financial models. Experience in preparing concise and clear slide show presentations can help an intern share research, analyses, and data with other banking professionals.
Ability to work independently
Interns may receive initial training for their specific job role. They can seek the help of senior interns or other employees if they need additional input. In a couple of weeks, they may work with little or no supervision. The ability to research independently and complete tasks on their own is an important skill for a banking intern.
Willingness to learn
The prime benefit of a banking internship is the opportunity to learn from senior professionals about the different domains in banking and the work culture associated with each. They can learn new concepts, use the latest technologies and tools, understand statutory guidelines, assess risks and operate banking applications that they may not be familiar with. A banking intern's interest in listening, observing, and learning from their mistakes can help them gain knowledge and expertise in their specific domain of work.
How To Apply For A Banking Internship Role
If you are pursuing a bachelor's or a master's degree in a banking-related field and possess the required technical and soft skills, you can consider becoming an intern. If you are planning to apply for a banking internship role, follow these steps:
1. Build your resume
Prepare a clear and concise resume listing educational qualifications and skills relevant to the banking industry. Highlight the concepts that you may have learned as part of your coursework. Add details of specific projects you worked on as part of your curriculum. Highlight technical skills and include contact details of senior professionals or professors who can provide references.
2. Apply for open internship positions
Many colleges have tie-ups with local banks and nominate a specific number of students for summer or short-duration internship programs. If you are a college student, you can apply for internship programs through your department, with the help of faculty. If you have completed your education and want to know about a banking internship, you can look at:
job search sites
professional networking platforms
social media platforms
3. Prepare for an interview
Banks may conduct two or three rounds of interviews depending on the internship profile and the number of applications. Banks may shortlist candidates through a telephone interview, written examination, or personal interview. Be prepared to answer questions on your specific area of study, previous projects, and the interviewing organization.
Please note that none of the companies mentioned in this article are affiliated with Indeed.
Salary figures reflect data listed on Indeed Salaries at the time of writing. Salaries may vary depending on the hiring organization and a candidate's experience, academic background, and location.
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