McCombs School of Business
Department of Finance

FIN 353 Internship FAQ

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What is the Finance 353 internship requirement?

FIN 353 is a class which is required of all Finance majors. The class requires you to obtain an internship, obtain approval for the internship (PRIOR TO STARTING WORK), work 160 hours, and submit a paper, journal, and documentation form. This website contains much more detail on all of these requirements.

What are the steps involved in applying and receiving credit for FIN 353?

Once you have met the prerequisites for this class, you should:

  1. find an internship
  2. apply online to have the internship approved PRIOR to starting work; the website is    https://utdirect.utexas.edu/grappl/Internship_overview.html
  3. once you have received approval, you can register for the class
  4. work 160 hours
  5. submit your paper, journal, and documentation form (as described in the syllabus)

What are the pre-requisites that will make you eligible to take FIN 353?

In order to be eligible for FIN 353, you must have satisfied the following requirements:

  • Completed a minimum of 45 hours of college course work with a passing grade 
  • Must have declared a FINANCE major in the School of Business. Requirements to declare a major: 
    • Completed a minimum of 30 college hours with a passing grade 
    • Filed a Declaration of Major form in the Undergraduate Programs Office (CBA 2.400) 
    • Fulfilled the foreign language proficiency requirement 
      • 2 years of one foreign language in high school OR 
      • proficiency in a foreign language at the 2nd semester college level 
    • Clear any admission deficiencies 
    • Completed M 403K, M 403L, ECO 304K, ECO 304L, BA 101, credit or registration for BA 102 
  • Cannot take course in semester planning to graduate

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What type of internship will count for internship credit?

There are several important ideas which serve as the basis of the internship requirement.  One such idea is that the internship should allow you to see concepts which you have studied in your finance classes. Students have used a wide variety of internships in the past. Many students find internships at brokerage firms, banks, corporations, and non-profits.

The key factor is what you do, rather than where you work. For example, you could serve in a finance function at a non-profit and this would meet the requirements. On the other hand, you could find an administrative job at an investment bank, and this would not suffice (i.e., this job would not allow you to see the finance function).

Students often apply for internships and describe great marketing jobs. This does not meet the requirement. Please understand that if you are applying for credit from the Finance Department. The Finance Department gives credit for FINANCE internships.

With that said, you should recognize that many jobs involve both marketing and finance (or finance and some other function). Working at a brokerage firm is a prime example.  Many brokers spend more time gathering assets (a marketing function) than they do studying financial markets. It is up to you to “find the finance” in your internship. You must discover this and include it in your internship application. Otherwise, we will not approve your internship.

Here are a few examples of internships which have led to questions from students:

  1. real estate – as a general rule, real estate jobs will meet the requirements
  2. law firms, political jobs, etc. – the only answer is “it depends.”  Approval will require evidence that you are applying to law school or that you are doing finance related work (e.g., trusts and estates, corporate transactions, etc.)
  3. accounting jobs – these jobs / functions are normally close enough to count for credit
  4. working for family – these internships are considered, but are certainly not the optimal situation.  One of the goals of the internship program is to learn new things and to see how other people / organizations do things.  Too many times, family internships result in students seeing things that they’ve seen their whole life
  5. working for yourself – these internships are considered, but you will need a large amount of documentation.  You will need to provide evidence that the business has an operating history with significant revenues.  This class is NOT an entrepreneurship class.  In addition, even if you have your own business, the primary purpose of this internship must be finance related.  There are very few situations which would meet this requirement

Some examples of jobs that have not been approved include clerical jobs, pure marketing jobs, and any jobs related to house painting (regardless of the fact that you will “run the business”).

How do I find an internship?

 Internships are never easy to find.  Yet, in the past three years, we have never had a student who has not been able to find an internship.  This does not mean that every student finds his / her dream internship.

 Students typically find internships in the following ways:

  1. Ford Career Center
  2. Introductions from other students who have had internships in the past
  3. Friends and family
  4. Cold-calling and sending letters

 You will find that unpaid internships are easier to find than paid internships.  You may also find that non-profits are more willing to hire interns than “for profit” corporations.  We tend to review applications involving non-profits more liberally (with respect to the Finance requirement).

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How do I get my internship approved? 

Prior to starting work, you must apply for internship approval online.  The website is:

 https://utdirect.utexas.edu/grappl/Internship_overview.html

You should realize that your application can take two weeks to be approved.  When your internship is approved, the online system will send you an email notifying you that it has been approved.

THIS DOES NOT MEAN THAT YOU WILL BE ABLE TO REGISTER FOR THE CLASS IMMEDIATELY.  When you receive your approval email, an email also is sent to the Finance Department.  The Finance Department must also enter you into the system in order to “qualify you” to register for the class.  This can also take 2 – 3 days.  In other words, you should be able to register for the class approximately 2 to 3 days after you receive your email approval.  As a result, you should not wait to the last minute to apply.

When you receive your approval email, be sure to either hold on to it or write down the unique number that is listed.  This is the ONLY section which you will be allowed to register for.

How do I register for FIN 353?

Approximately 2 – 3 days after your FIN 353 application is approved, you may add the class in the same way as any other course.  (For an explanation concerning the 2-3 day delay, read the question titled “How Do I Get My Finance Internship Approved?”.  The class is not automatically added upon approval.

There is no closing limit for the class so it will not fill up at any time, so you may add the class during pre-registration, or any later add/drop period, depending on when your application is approved. 

You will find that there are several sections of FIN 353 listed in the course catalogue.  You will only be allowed to register for the one which is listed on your approval email.  If you lose that email, try registering for each one – you will only be allowed into the correct one.

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When should I apply?

You must apply to have your internship approved prior to working. 

FIN 353 is offered in the fall and spring semesters (not during the summer).  Many students, however, find an internship in the spring, obtain approval, work during the summer, and register for the class in the fall. 

It is possible that you will find an internship in the summer (or even late summer).  You still need to follow all of these steps.  Applications are reviewed over the summer.  You should be aware, however, that there can be brief delays experienced over the summer (as faculty may be traveling). 

One problem that we will frequently experience is if you apply about one-third of the way into a semester.  For example, imagine that you apply in late September (one-third of the way into the fall semester) or mid February (one-third of the way into the spring semester).  Normally, you will be applying to take the class the following semester (because it is too late to take the class in the current semester).  The problem is that the Internship Coordinator needs a unique number (for the following semester) in order to approve your internship.  In this situation, you will need to see the internship coordinator DURING THE COORDINATOR’S OFFICE HOURS.  Be sure to do this before you start working.

Can I obtain credit for an internship that I have done in the past?

No, you can not receive credit for past internships.  Giving approval for prior internships creates many problems for the program.  As a result, it will not happen.

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How much do I have to work?

You must work 160 hours. 

I will be taking over 17 hours – what do I need to do?  

The registration system normally only allows you to add up to 17 hours in a fall or spring semester.  This restriction may be waived for other reasons upon request, but the School of Business will automatically waive it for students taking an internship class.  You should go to the Undergraduate Dean’s Office and complete a form to obtain a waiver (allowing you to take more than 17 hours).

Why can’t I add the class, even though my application is approved?

First make sure you are trying to add the section for which you were approved (see question about registering for class). 

Since only students with approved applications may add the class, each student’s ID number must be added into the registration system before the student will have access to the course.  If your application was approved recently, most likely your information has not yet been added.  In other words, once you receive your approval, the Finance Department will need 2 – 3 days to enter your ID number into the system (so that the system will recognize you and allow you to register for the class).

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What should I write in the Journal?

One of the requirements for FIN 353 is to keep a journal of your internship experience. You must begin keeping an Internship Journal as soon as you begin working.  Your entries may be daily at the beginning of the internship.  As the internship evolves and your responsibilities stabilize, you might make less frequent entries.  However, at least one journal entry is required for every week that you work.  This weekly journal entry should include at least one learning outcome for that week.  The journal is meant to be more than a log of the tasks you perform.  The objective of the journal is to insure that you are thinking about what you are doing and examining what you learn.   

Where do I get the Internship Documentation Form?  What do I do with it?

You can download and print the Internship Documentation form from this web page as either a Microsoft Word or Adobe Acrobat PDF file: http://www.mccombs.utexas.edu/udean/advising/internships/interndoc.asp
 
The best way to return the form is to attach it to your paper and journal.  Submitting all documents together helps to ensure that you will receive credit.  It can be in a sealed envelope if your employer does not want you to see it.

Your employer can also mail the form to:

Finance Dept. Internship Coordinator
The University of Texas at Austin
Finance Dept.
1 University Station, #B6600
Austin, Texas 78712

It would not hurt to have an extra copy made for your own records, if possible, so if somehow the original is misplaced, you will not need to track down your supervisor and have them complete it again. 

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When does the class meet?

The class normally meets once early in the semester.  The class meeting will not occur until the end of the registration period (so that everyone will have a chance to attend).  Attendance at the class meeting is required to earn credit. 

The class has no official day and time listed with it, to avoid causing time conflicts with registration for other courses.  Students with approved applications will receive an email with information on the class meeting time(s) early in the semester.

At the first class meeting, you will receive the course syllabus.  The syllabus can also be found on this website.

When are the assignments (paper, journal, and documentation form) due?

All assignments are due by the date specified on the syllabus.  If you are finished with your journal or documentation form by the first class meeting, you may also turn them in then.  Read the syllabus carefully – if you do not comply with the necessary dates, your paper length requirements will increase (see syllabus).

As a general rule, if you are taking the class in the fall, papers will be due somewhere around November 1st; in the spring, papers will be due somewhere around April 1st.

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I’m doing an internship in the summer, but am studying abroad in the fall.  When should I take FIN 353?

This situation makes the application process a bit more complex, but not impossible. In this scenario, you should still apply for FIN 353 when you receive your internship. You may undertake the internship during the summer and complete the journal. Do not register for the class in the fall, however, but plan to take the class in the spring when you return to UT. 

After you receive your internship approval email, you should send an email to the internship coordinator telling him of your intention to do things in this way. 

When you return to school, you will need to see the Internship Coordinator in order to be allowed to register for the class. This is because you will not be in the system (under the appropriate unique number). As a result, you will have to be manually entered into the class.  In this situation, YOU SHOULD KEEP A COPY OF ALL CORRESPONDENCE BETWEEN YOU AND THE INTERNSHIP COORDINATOR. This will make the process much simpler upon your return to Austin.

What if I am fired or want to quit? 

Unfortunately, students sometimes end up in bad situations. At the same time, students sometimes create bad situations by acting in an unprofessional manner – committing to an internship, finding something better, and then wanting to break their promise.  It is very difficult for the Coordinator to decipher these situations and we frequently will contact your employer. The Business School has an interest in maintaining positive relationships with employers who are willing to help our students obtain internships.

If you do quit, you will start back at the beginning. You will have to apply again for internship approval and none of your hours at your first employer will count towards your 160 hour requirement.

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