Internships, Apprenticeships

1
Internships, Apprenticeships

• David McGrady, CPA/PFS, CFP
• Program Director, Financial Planning Option,
  Lumpkin School of Business

2
Eastern Illinois UniversityFinancial Planning
Concentration

• EIU
• 11,000 students in a rural college town
• Geographically challenged
• Metro areas
• 95 students under age of 25

3
Eastern Illinois UniversityFinancial Planning
Concentration

• Financial Planning concentration
• Undergraduate finance major
• New program

4
Eastern Illinois UniversityFinancial Planning
Concentration

• How do you find internships for 21-year old kids
  enrolled in a new program sitting in the middle
  of a cornfield?
• Professional associations
• FPA web site http//www.fpanet.org/member/practic
  e_center/services/internships/
• Local FPA chapters/councils
• Illinois
• Central Illinois

5
Eastern Illinois UniversityFinancial Planning
Concentration

• How do you find internships for 21-year old kids
  enrolled in a new program sitting in the middle
  of a cornfield?
• Professional associations
• FPA web site http//www.fpanet.org/member/practic
  e_center/services/internships/
• Encourages hiring students from board registered
  programs
• Local FPA chapters/councils
• Illinois
• Central Illinois

6
Eastern Illinois UniversityFinancial Planning
Concentration

• How do you find internships for 21-year old kids
  enrolled in a new program sitting in the middle
  of a cornfield?
• Professional associations
• NAPFA
• Outreach initiative
• Other sources
• Listing in CFP Board-Registered Education Program
• Alumni

7
Internships, Apprenticeships

• Internship Issues
• When
• Degree program
• Summer after junior year?
• Courses completed?
• Certificate program
• Career changer
• Still has a job?

8
Internships, Apprenticeships

• Internship Issues
• What
• Hopefully not just filing
• Employment contract
• Training/feedback/learning objectives
• Permanent internship positions
• Fill slot with new intern every semester, year,
  etc.
• Special projects
• Web site, software
• Client contact
• Selling
• Back office
• Confidentiality

9
Internships, Apprenticeships

• Internship Issues
• Pay
• Cost of living
• Stipend
• Cheap labor?
• Pay to work credit / no credit

10
Internships, Apprenticeships

• Internship Issues
• Evaluation
• By employer
• By employee
• Every employer wants your best student
• They go fast
• They arent cheap

11
Internships, Apprenticeships

• Internship Advantages
• Win win
• Employer
• Evaluate potential long-term employees
• Back burner projects
• Intern
• Foot in the door
• Resume
• Networking
• Classroom perspective
• Confirm career choice

12
Apprenticeships

• Apprenticeships
• Medical practice model
• Rotations through investment advisory, insurance,
  tax, employee benefits, retirement and estate
  planning as well as comprehensive financial
  planning