Banking Industry Slashes Internships

The current economy has caused many employers to reduce the number of internships and jobs they are offering this year to college students and new graduates. This includes many of the large banking firms to cut back on their internship programs this year. Since students know that employers look for candidates with previous work experience, slashing internships in the field of banking makes getting a future job in the field even more challenging.

In yesterday's Reuter’s Steve Eder wrote an article entitled "Economy prompts big U.S. banks to slash internships." Although several banks have hired interns for the summer, the percentage of interns in most firms is definitely down this year. For students interested in finance or banking, it has been an extremely challenging year for students and new graduates alike.

What should students do if they can't land the internship of their dreams? Barbara Hewitt of University of Pennsylvania's Wharton School said that students are encouraged to consider smaller boutique firms, unpaid opportunities, internships abroad -- or even other industries. Alternative financial opportunities are also available for students looking to find unique and unadvertised internships in the field. Being flexible and open to possibilities is key when seeking internships or jobs in a tough economy like the one we are currently experiencing. Students should look into tapping into their network and use other creative ways for finding unadvertised internships and jobs.

For more information on jobs and internships in the financial services industry, be sure to check out fellow About.com Guide, Mark Kolakowski's, About.com site to Financial Careers.