Landing a high-flying profession in the accounting domain requires more than just theoretical knowledge from your university. There are far more graduates applying for accounting internships than available positions. It is imperative to mention that you must stand out from the rest to be hired by a reputed organisation.
Whether you are pursuing a degree in accounting or wishing to switch your career, you can explore your skills and interests with the help of internships.
Many internship programs allow you to gain an abundance of experience. Internships are now the talk of the town because they make you a professional person and lay a solid foundation for a successful career. Let’s discuss the essential skills for an accounting internship.
Attention To Detail
If you are the one to work with numbers and utilise your potential to the core, accounting is the best profession. The critical skill for this profession is to be detail-oriented, where your dedication will never be overlooked.
Roles and responsibilities of daily tasks are designed to function smoothly and effectively. As an intern, your work will be required to check twice. You need to calculate each penny in decimals for precise data. Also, you will be assigned to record and examine financial information.
Timeliness And Reliability
Companies look for the top skills in candidates for commencing accounting internships, including-
Attention to Details
In the accounting industry, the End of the Financial Year and Tax season play the role of essential deadlines, and therefore interns need to value others’ time and work smarter.
Logical Thinking And Problem-Solving Ability
If you are the one who loves to
Strategy games with extraordinary speed
Finding solutions to financial problems
Then you will be the perfect fit for the company. As an accountant, you will be responsible for solving clients’ financial situations by utilising your logical thinking skills. Companies lookout for these skills, and as an intern, you need to hone them practically during an accounting internship to make an impactful career in your life.
Why are companies looking for communication skills in the intern? A good accountant should be people-oriented, discuss financial matters with clients without reluctance, and improve their short-term thinking. Communication is the skill where you don’t just speak but also listen. Enhance your listening skills to solutions to clients’ problems resulting in reaching their financial goals.
Accountancy requires a solid understanding of mathematical competency to finish daily tasks or projects. An individual should be interested in analysing statistics and knowing technical tricks to work with excel spreadsheets.
The ability of fairness and impartiality is an essential characteristic of the accounting industry. Accountants work with confidential information incorporating bank account numbers and employees’ salaries to deal with tax, financial, and property law.
They should follow ethics and should not pass on crucial information. Companies do not want unprofessional behaviour like disseminating clients’ confidential information or doing work inappropriately.
So yes, these were the vital traits searched by the companies in the student and the interns who want to grab an excellent opportunity to undergo numerous internship programs.
Many programslike the Education Centre of Australia (ECA) Internships will guide you to exert your theoretical knowledge in a practical field and give you the experience of working in a professional environment.
Business internships are short-term work exposures offered by organisations for people- mostly students, to understand how work-life functions. Internships involve:
Working on projects relevant to their field.
Understanding the work environment.
Developing both hard and soft skills.
Today, internships have become more common, and employers expect them to be a part of every resume. Applicants with previous work experience are always preferred over freshers. Employers use internships as the talent channels to fill full-time positions in the long run which involves-
A long interview
A training program
Entry-level job role exposures
Development of skills
Build industry connections
Internships can vary in different time frames. Generally 3 weeks to 12 weeks which is important to note
Skills An Employer Seeks In An Intern:
When an employer decides to source an intern for internship programs, it isn’t just the post-learning and development. Employers expect candidates to possess a specific skill set when they get on board. Candidates tend to have a mindset of learning things on the job, but working on certain personality development traits can help them have an upper hand over other candidates. Employers always seek interns who have the qualities and characteristics to succeed in a role at the company.
Let’s review the must-have skills that provide weightage to your candidature for a role in a company:
Communication is a broad term, and speaking about the corporate world, an employer is keen to understand your ability to write and speak professionally. The written skills are tested through the resume and written tasks or question answers. At the same time, the verbal skills are pushed through the Q/A round of Interviews and group discussions.
Interpersonal skills are referred to as “people skills,” wherein a person’s ability to communicate and interact with fellow employees, clients, vendors, etc., are checked upon. Hence, having practical communication skills are crucial so that employers can assess whether you can identify the wants and needs of the company or not.
Organising your time by your work and producing time-effective results is a compulsion in the corporate world. Any employer would pick a candidate who can prioritise work according to timelines.
Having a critical aspect over things helps understand the tricky loops of a project or work. Being able to analyse and evaluate a situation or issue and form a judgement is a skill and employers look forward to people having a critical mindset.
Positive to Criticism
Work-life is very different from what a person undergoes every day. Some days may be inspiring and full of learning; whereas, sometimes your output may not please your employer or can not be at satisfactory levels. You might get criticised at times, but keeping calm and taking feedback positively will help your journey in being full of learning.
Even if it’s the most basic level or at a high position, employees and interns are expected to fulfil different roles and duties in the company. Today’s work culture is dynamic and demands more of a multi-tasker for better results.The above are the most commonly identified skills that an employer seeks when he onboards a candidate for internship programs in Australia. These skills are crucial when you enter an organisation and further helps in grooming your personality for future professional growth.
Since the dawn of digitalisation, cyberspace has played a crucial role and is getting even more prominent. Today, thousands of people are opting for a cybersecurity career and taking computer science degrees. With the level of competition that prevails today, conceptual knowledge is incomplete without practical implications and here comes the role of internships program.
Cyber crimes have risen meteorically in recent times, and organisations tackling and resolving these crime scenes have expanded their scope of work.Graduates in computers provide an exclusive opportunity to experience what it is to work as a digital guardian and hone the skills required to succeed in this field. Cyber security in Australia is a great career to step in, as there is a high demand for technically skilled professionals.
At an individual level, a cyber attack can lead to identity theft, extortion attempts, and loss of personal data, for example, photographs, documents, etc. It can be fraud, data breach, corporate theft, etc. From power plants to police stations, schools to factories, almost every critical structure is subject to digital security.
Let us have a look at the various career opportunities in Cyber Security:
Cybersecurity generalist: A person who has overall knowledge of all different categories in cyber security. He is commonly the jack of all trades, usually functioning in small-sized organisations.
Network Security Engineer: These cyber personnel work to manage the network security for their organisations. They function primarily in more prominent organisations, ranging from managing firewalls, routers, VPNs, etc.
Cloud Security Engineer: This involves providing cloud-based security services for organisations.
Application Security Specialist: Their function pertains to protecting applications from any external or internal threats like viruses using a combination of hardware and software skills.
Security Architect: These people work for designing, building and managing the fulfilment of network and computer security for a company.
Malware/ Forensics Analyst: They are experts in detecting and resolving viruses.
Cryptographers: They are responsible for encrypting sensitive information to ensure privacy and protection of important information. Encryption is nothing but converting pointers into codes to maintain the secrecy and security of the data.
Cyber Security Engineers: They design, develop and implement network solutions to defend against cyber attacks.
Banking Sector: This sector is constantly exposed to cyber-attacks and frauds as it works in a highly regulatory environment. Cyber security is crucial in protecting the banks and helping in developing the economy.
Cybersecurity Lawyers: Nowadays, cybersecurity has become so crucial that specific laws have been framed to set a legal barrier toward cyber crimes. People looking for careers in cyber protection can specialise in information security to handle liability resulting from breaches.
Utilities: Every utility of the country involves a clear and crisp cyber network to work in harmony with each other. Utilities can be water, electricity, etc.
Benefits Of Interning In Cyber Security
Connect what you’re learning in the classroom
Theoretical knowledge is not complete if you cannot apply the knowledge in the practical world. Internships act as the bridge between theory and practice.
Build a professional network
It applies to building a network with working professionals in cyber security. This network will help in the professional growth of a candidate.
Being In A Corporate Setting
Working as a cyber security intern will expose how the cyber world works. It will help you gain professional knowledge of the field.As a profitable and growing field, the need for skilled cybersecurity professionals is expected to grow with each passing day. Start your journey by enrolling in IT internship australia and acquiring professional knowledge for a flourishing career.
In the healthcare sector, data scientists are in much demand. Data is the key to innovation and it opens up new opportunities for improved and more informed healthcare. It is the data scientist’s job to find ways to collect and process high volumes of healthcare data to further interpret and use it for medical discoveries.
The time is ripe to intern as a data scientist and gain experience in various sectors. For now, let us look at the use of data science to bring advancement in the healthcare sector.
Medical Image Analysis
Data science plays a major role in its application in medical imaging. Procedures such as detecting tumours become easier with it. The imaging techniques include X-ray, magnetic resonance imaging (MRI), computed tomography and mammography. Many new tools are being developed to provide more accurate ways of extracting data from the images with efficient quality. With the help of data science, image interpretation can be made seamless.
Artificial Intelligence (AI) improves the quality of image evaluation in radiology. All the time, doctors use their experience and knowledge to draw the right conclusions from images. With numerous images that have been processed and marked by a healthcare professional, a data scientist can train the neural network to recognize deviations in new images. The neural network model trained on a massive image collection from a database can then analyze a picture and conclude if there is a disease.
Genetics and Genomics
The advancement in genetics and genomics create many ways for personalized treatment. Data scientists try to understand the impact of DNA on our health and their goal is to find individual biological connections between genetics, diseases and drug response.
Data science techniques allow integration of various data with genomic data in disease research. This provides a greater understanding of genetic issues in reaction to particular drugs or diseases. When we would be able to acquire reliable personal genome data, we will achieve a deeper understanding of the human DNA.
Machine learning presents an excellent opportunity for biochemical and pharmaceutical industries in the field of drug discovery. The drug discovery process is generally very complicated and involves many disciplines. A single formula has to go through multiple steps before it is approved. On an average, it takes 12 years to make a submission. The formula is often rejected despite all the time, effort and money invested.
Data scientists can shorten the process, adding a perspective to each step from initial screening of drug compounds to the prediction of the success rate based on biological factors. Algorithms can forecast how the compound will act in the body using advanced mathematical modelling and simulations instead of experiments conducted in the laboratory. The aim is to create computer model simulations as a biologically relevant network simplifying the prediction of future outcomes with high accuracy.
Virtual Assistance for Patients
Due to the Covid-19 outbreak, a consolidated effort is being made to limit patients’ visits to the hospital and shift everything to virtual platforms. Effective solutions are being provided with the help of mobile applications which are bringing the doctor to the patient.
The mobile apps are AI-powered and can provide basic healthcare support usually as chatbots. The patient describes his/her symptoms or asks questions and in turn receives key information about his/her medical condition derived from a wide network that links symptoms to causes. Apps can also remind the patient to take medicines on time and if necessary, assign an appointment with the doctor.
Many of our host companies are from the health care sector and ECA Internships has assisted over 7500 students secure Internships. If you are looking to gain real world work experience and are currently onshore in Sydney, Brisbane or Melbourne check this page
A recent paper published by Accenture looks into the next-generation mobile network technology – 5G. As it talks about the technology it also points out the deep uncertainty that surrounds it. Many technology and business executives are unsure how 5G will impact their sector. In fact, more than half the executives spoken to don’t expect the technology to have any major impact. So, as a student in 2021 about to graduate – should you be bothered with 5G and will it have any impact on your life apart from making streaming movies faster? To answer this it is important to truly understand the impact 5G will have on the world and then the opportunities and disruption it will bring along with it.
Understanding the Impact of 5G
I will start off by saying 5G is poised to be a very big deal, bigger than when mobile phones penetrated the market or for that matter it is bound to have a bigger impact on the world around us than any other technology yet. Its speed, capacity, dramatically reduced power consumption and communication response time (latency) will open up a world of possibilities. 5G networks rely on much smaller but more densely deployed antennas – attached not to towers but just the side of buildings and light poles. Tests show that 5G can be nearly 100x faster than any technology currently in use.
Why is no one then taking this seriously just yet? Blame it on the marketers – who have already marketed 5G enabled mobile phones that are no different from 4G enabled ones – it’s the same as buying a 4K TV and watching non-HD content. It’s not going to excite you. Over the last decade farms have upgraded and are using technology to improve their output in one way or the other. But with 5G localized sensors and connected networks, it will be a reality. This can make the sector substantially more efficient from connected sensors in the ground, drones patrolling crops and integrated weather tracking.
There is no shortage of predictions about the potential of the technology but a full 5G deployment might be 5 years away but early signs are out there.
The 5G Disruption
Every sector will need a cloud native architect, a data scientist, a cyber security expert, a hardware expert for 5G enabled devices. This is inevitable. From Agriculture to Construction to Mining – the talent pool required is going to transform the job market. Imagine being recruited as a cybersecurity expert at a shrimp farm 400km from a metropolitan city. That’s the future.
How do you prepare?
Constant upskilling is the only way forward. You cannot take up a course on 5G technology today – because it doesn’t exist. But, if you want to continue being relevant and earn big you need to constantly upskill. Getting hands-on experience while you finish your degree also plays a crucial role in staying relevant. Part-time work, project based roles and internships can help you gain experience in these fields.
Using Data Science for better decision making
The coming together of an increasingly complicated world, the vast proliferation of data and the pressing need to stay at the forefront of competition are prompting organizations to focus on using data science for driving strategic business decisions. Hence, I feel that the need for data scientists is only set to grow in the future. When the domain expertise of data scientists and business knowledge is used to enrich the data collected through machines, very specific performance enhancing actions can be taken.
Data Analytics for Small & Medium sized Enterprises
A report that came out last year, based on a survey of small & medium sized enterprises (SMEs) by the Singapore Institute of Technology and the Institute of Singapore Chartered Accountants, stated that about 70% of the 575 SMEs surveyed had not yet adopted data analytics.
Many haven’t because collecting relevant data at multiple touch points is an expensive affair. Hence Small and Medium enterprises rely on generic research to take business decisions. This will change with 5G.
How can SMEs use data analytics?
With machine learning, SMEs can track customers through the different stages of the sales cycle. Then with data analytics, they will be able to determine a particular segment of customers that are ready to buy and more importantly what and when. Thanks to Big data, SMEs can get a fuller picture of their customers-what makes them tick? Why do they buy? How do they prefer to shop? What they will buy next? Etc.
The big boys like Amazon leverage big data to send us buyer recommendations. This often surprises us when we think about how they know what we want. Data analysis helps them figure out what types of products we will want to buy in the future and then they suggest those items, the next time we visit their portal. Similarly, small businesses can use data to make predictions about what their customers will want to buy.
How Big Data can help Agriculture?
Here, again I will talk about the agricultural sector. The scope of Big data in Agriculture is large and we have just begun to explore the tip of the iceberg.
Feeding a growing population is one of the key challenges that every government is facing. The way out is to achieve an increase in yield from existing farmlands. Big data provides farmers with data on rainfall patterns, water cycles, fertilizer requirements, etc. This enables farmers to make smart decisions like what crops to plant for better profitability and when to harvest them. The right decisions ultimately improve farm yield.
According to a McKinsey report, a third of food produced for human consumption is wasted every year. A devastating fact when one considers that governments are struggling to bridge the gap between supply and demand. In this regard, Big data can help achieve supply chain efficiencies by tracking and optimizing delivery truck routes.
What does this mean for you?
As you graduate you will be part of a talent pool that will be working in an incredibly dynamic environment. With rapid changes in technology, the need for employees that can learn and unlearn quick will only grow. Gaining experience in these fields early on will help you develop strong fundamentals and also give you a sneak peak into the sector. The experience an internship can give you today will help you succeed in the years to come.