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  • Internship Accounting Guidelines

School of Business

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  • Accounting Internship Guidelines

    Program Purpose

    The objective of the internship program is to provide students who possess the necessary academic credentials an opportunity to receive supervised practical experience in accounting while obtaining credit toward graduation. Although many of our students find and have some sort of employment during their college years, this internship program is designed to offer a more challenging type of experience related to the student's career interest.

    Getting Started

    The initiative for establishing an internship may come from the business firm or governmental agency, a faculty member or a student. Each firm wishing to participate in the internship program must submit a description of what supervised training will be provided to the intern. The internship must be a new work experience for the student and must be approved in writing by the School of Business Internship Coordinator. Existing jobs do not quality unless there is a significant change in duties performed.

    NOTE - Internships in family businesses are discouraged.


    Internship applicants should attempt to schedule their internships in such a way that they will have at least one academic term remaining after the internship is completed.

    Student Eligibility

    Students must meet the following criteria for internship credit:

    1. Internships must be approved in advance of the student starting the internship. Internship credit will not be granted for work experience obtained prior to the approval the Internship Application by the School of Business Internship Coordinator.
    2. A student must be admitted into the School of Business
    3. Accounting: Must have completed the following MSUM accounting courses: Acct 330: Intermediate I and one additional 300 level accounting course.
    4. A student must possess other knowledge, skills, and academic preparation specified by the employer. For example, some internships may require knowledge of one or more of the following: Intermediate Accounting, Cost Accounting, Tax, Audit or specific software packages. Internships will be approved for credit only in those instances in which the School of Business Internship Coordinator believes that the student possesses the expected knowledge and skills.
    5. An accounting major who has met the requirements to graduate, but is pursuing 150 semester hours, is eligible to take an internship for credit. To be eligible for internship credits, the intern must enroll and complete the internship prior to the last day of final exams in the term in which the student wishes to graduate. The intern specifically understands that if he or she graduates before the internship is completed, the internship coordinator will not approve the internship credits for work performed after the last day of final exams.
    6. Existing jobs do not qualify unless there is a significant change in duties performed.
    7. The Department Chairperson and Internship Coordinator may waive any of the above eligibility requirements under extenuating circumstances.


    Granting of Credit and Grading

    1. Each applicant for the internship program may apply for 1 - 12 semester hours of credit although only three semester hours may be applied toward the completion of any particular major. The balance of the academic credit applied for and earned shall be counted as "free electives". A total of 40 hours of supervised internship training are required for each hour of credit granted.
    2. The internship must be a minimum of ten weeks in length.
    3. A grade of "IP" (work in progress) will be assigned until the following requirements are completed:
      1. At the conclusion of the internship, each firm shall furnish the Internship Coordinator with a meaningful evaluation of the intern's work performance.
      2. Each intern must submit a written analytical report relating the responsibilities of the internship to knowledge acquired in the classroom.
      3. Each intern will submit a daily journal which will include a description of activities, insights gained and hours worked that day.
    4. Grading will be pass/no credit. Requirements must be met for all credits for which the intern registers. Interns may not withdraw from a portion of the internship.

    Compensation

    Some interns will be compensated by the firm for activities performed, but need not be at a rate commensurate with that of a regular employee. However, an intern is free to accept a non-paid position.

    For Further Information

    Contact the Internship Coordinator
    Lori Johnson
    Internship Coordinator
    Center for Business Room 204D
    Phone: 218.477.4071
    Fax: 218.477.2238
    johnsnlo@mnstate.edu