The two best things you can do to launch your career in public accounting are to get a quality education and obtain experience in the field before graduating from college. According to college career services counselors and recruiters from public accounting firms ranging from small to Big Four, there are things students need to know to get their ideal internships.
How Hiring Has Changed
In the past few years, there were more accounting jobs to fill than there were applicants. Good grades and a decent resume could get you an interview. As a partner from one firm put it, "If you could fog a mirror and hold a pencil you had a job." Today, due to a rocky economy and applicants being held to higher standards, there are more candidates than job openings. While some firms are still filling the same number of spots, many have reduced the number of candidates they interview, as well as the number of interns they hire, by 50 percent or more. However, some firms reported only minimal decreases in their intern hiring rates. The high demand for internships, combined with firm cutbacks, creates a more competitive market for those seeking the best available internships. A student who may have received four to six offers two years ago will have to work much harder to get an internship today. Those interested in internships will have to do much more research and preparation in order to obtain these career goals.
What You Should Start Doing Early In the Process
Firms are always looking for smart, hard working, quality individuals - in any economy. So don't let the job market deter your search for an internship. The best way to increase your chances with firms is to make initial contact early. When you are looking for an internship going into your senior year of college, you are more likely to be given the opportunity to interview if the recruiters can put a face with your resume. Networking is a crucial aspect of the public accounting field, and learning to do this early on will help you get jobs, build your networking skills and create long-term professional relationships. Promote yourself when you network at:
- New Jersey Society of CPAs networking events
- College career fairs
- On-campus employer presentations
- Shadowing and leadership programs
- Beta Alpha Psi
- Externships
- Firms you identify on your own
Don't hesitate to approach recruiters at events. They are there to reach out to great future employees and won't pass up the opportunity to meet a potential candidate or to establish a new professional relationship.
Remember, it's never too early to start making yourself known to firms. Be proactive and reach out during your freshman year. Firms will respect the fact that you are starting your search at such a young age. Always dress and act in a professional manner when meeting with firms. Don't let the initial contact be your downfall because of a sloppy appearance or inappropriate comments.
What Else You Should Know
Be mindful that firms highly regard your grade point average. Even with great networking, if you lack the firm's GPA requirements, they will place your resume in the rejected pile. Other important factors include previous work experience in organizations, volunteer service and positions, and outside activities and interests. Not only are these things great conversation topics during an interview, they also demonstrate to firms that you are a well-rounded individual and that your personality will fit with the firm's culture.
The Interview
Once you have landed the interview, you will need to prepare:
- Dress professionally - It is always better to be overdressed than underdressed.
- Know what will be asked of you - Google a list of behavioral interview questions. Prepare responses, but do not have the responses memorized. Let your responses tell a story. The interviewer will be more likely to respond to an anecdote explaining your leadership qualities rather than you providing a list of all your leadership positions, which can easily be found on your resume.
- Be unique - The interview is your chance to show what sets you apart from every other candidate with the same credentials. The resume was your brag sheet, but you still have to show, not tell, the firms why they should hire you.
- Know the firm you are interviewing with - Research the firm. Have logical questions that will really teach you something about the firm. Show interest in the firm, rather than just any accounting position.
- Communicate - The resume showed your credentials, but the interview is to see that you can communicate with members of a team or other people in a firm. Be relaxed, but not too relaxed. The interviewer realizes you are nervous; they might be nervous themselves. The more natural you are, the better it will be for both the interviewer and the interviewee.
- Be a good listener - A more natural conversation will develop if you can comment on what the interviewer says. Losing focus during an interview to the point where the interviewer notices the loss of your attention can be detrimental to your chances of getting the position.
- Ask interesting questions - The questions need to make sense and show that you did your homework. Don't ask about training or office size if that can be found on the firm's website. Be aware of what's happening in the accounting profession in your area and in the business world in general. This is your opportunity to show interest in the company and its culture. Put together some thoughtful questions that will interest the interviewer and lead to a great discussion.
- Send a thank you note - If the interviewer does not offer his or her business card, make sure you ask for it so you can have their contact information. The note should be sent immediately after the interview, to every person you interviewed with. Your notes should be neat, grammatically correct, refer to the conversation that you had and reiterate your interest in the position. Consider both an email and handwritten note. The handwritten note adds a personal touch that many interviewers might not expect.
Some Things to Keep in Mind During the Internship
This is hopefully a stepping stone to an offer. Now, more than ever, will you be observed by seniors and managers who will determine whether or not you get an offer. Think of the internship as a continuation of the interview. Don't be caught surfing the web, checking personal email, spending your time on Facebook, etc. Always think of what you need to do in order to receive that full time offer:
- Maintain a positive attitude.
- Ask around to see if there is work to be done.
- Be on time.
- Ask the right questions.
- Pay attention to detail, and do what needs to be done.
- Read up on changes in the industry or courses to develop technical skills.
Partners and managers want to see that you care about your internship. You won't be expected to know the answers to every tax issue that comes up or how to conduct an audit from start to finish. They just want to see that you are willing to learn and put forth the effort.
Alex Borodkin will be a junior at Northeastern University in the fall of 2009. He is a 2006 NJSCPA High School Scholarship Recipient and is a member of the Advisory Board for Tomorrow’s CPA.