Philadelphia, a city steeped in history, also boasts a burgeoning finance sector, making it a prime location for aspiring financial professionals seeking internships. Opportunities abound across various financial disciplines, from investment banking and wealth management to corporate finance and insurance.
Exploring Internship Options:
Investment Banking: Look for internships at regional offices of major investment banks, boutique investment firms, or private equity companies. Responsibilities might include financial modeling, market research, and assisting with deal execution. Companies like Janney Montgomery Scott and Stifel have a significant presence in Philadelphia.
Wealth Management: Philadelphia has a strong wealth management sector catering to high-net-worth individuals and families. Internships at firms like Vanguard (though technically in Malvern, a close suburb) or regional offices of national firms like Merrill Lynch or Morgan Stanley offer exposure to portfolio management, financial planning, and client relationship management.
Corporate Finance: Many Fortune 500 companies have headquarters or significant operations in the Philadelphia area, presenting opportunities for corporate finance internships. Companies like Comcast, Lincoln Financial, and Aramark often have internships focused on financial analysis, budgeting, forecasting, and internal controls.
Insurance: Philadelphia is a hub for the insurance industry. Look for internships at companies like Independence Blue Cross or regional offices of national insurers like Cigna or Aetna. Internships might involve actuarial science, underwriting, claims processing, or financial analysis related to insurance products.
Fintech: While not as established as other sectors, Philadelphia’s fintech scene is growing, creating opportunities at startups and established companies innovating in areas like payments, lending, and investment management.
Finding and Securing Internships:
Networking: Leverage your university’s career services department and alumni network. Attend career fairs, information sessions, and industry events to connect with potential employers.
Online Job Boards: Utilize platforms like LinkedIn, Indeed, Glassdoor, and Handshake (often used by universities) to search for internship postings specifically in the Philadelphia area. Tailor your resume and cover letter to each specific internship description, highlighting relevant skills and experiences.
Direct Applications: Visit the career pages of companies you’re interested in and apply directly, even if there aren’t explicitly listed internships. This demonstrates initiative and can sometimes lead to unadvertised opportunities.
Key Skills and Qualifications:
Strong analytical and quantitative skills are essential. Proficiency in Microsoft Excel is a must, and familiarity with financial modeling software like Bloomberg Terminal or FactSet is a plus. Excellent communication skills, both written and verbal, are crucial for presenting findings and interacting with colleagues and clients. A strong work ethic, attention to detail, and the ability to work independently and as part of a team are also highly valued.
Preparing for Your Internship:
Research the company and the specific role you’re applying for. Brush up on your financial knowledge and technical skills. Practice common interview questions, and be prepared to discuss your career goals and why you’re interested in finance. Remember to network with your colleagues and mentors during your internship to build connections and learn from their experiences.