5770 Hurontario St Suite 102, Mississauga, ON L5R 3G5
647-276-7150
In Canada, accounting internships come in various types depending on the focus area, industry, and level of specialization.
Accounting internships in Canada offer aspiring accountants a valuable opportunity to gain practical experience, hone their skills, and explore different facets of the accounting profession. With a diverse range of internship opportunities available, from public accounting to industry-specific roles, students and graduates can choose a path that aligns with their career goals. Here are the common types of accounting internships available:
Public Accounting Internships: A Launchpad for Your Career
Public accounting internships offer individuals the chance to work with accounting firms that provide services to a wide range of clients, including auditing, tax preparation, and consulting. You get to work with accounting firms that serve a variety of clients, from small businesses to large corporations.
Interns in public accounting may assist with auditing financial statements, preparing tax returns, conducting research, and analyzing data. They work closely with senior accountants to gain exposure to different aspects of the accounting profession.
In these internships, you’re often involved in tasks like preparing tax returns, auditing financial statements, and even providing consulting services. It’s an opportunity to learn from seasoned professionals, and it helps you understand the real-world applications of your studies.
Typical Employers: Public accounting firms like the "Big Four" (Deloitte, PwC, KPMG, EY), or smaller audit firms
Corporate Accounting Internships: Inside the Business
Ever wonder how large companies keep track of their money? That’s where corporate accounting internships come into play. These internships are located within companies rather than accounting firms. Here, you’ll be part of an internal team, helping with budgeting, forecasting, and financial analysis.
Working as an intern in a corporate environment gives you a glimpse into how businesses operate financially. You might get to work on month-end reports, expense tracking, or even financial modeling. This experience is crucial for those who see themselves working within a company in the future.
Typical Employers: Large companies, multinational corporations, and small to medium-sized enterprises (SMEs).
Tax Accounting Internship
Tax accounting internships give students and recent graduates hands-on experience focusing on assisting with tax preparation, filing returns, tax planning, and advisory services. Skills gained in this type of accounting internship cover tax filing procedures, knowledge of Canadian tax laws, and corporate tax strategies.
Typical Employers: Public accounting firms, corporate tax departments, or government tax agencies (e.g., CRA).
Audit Accounting Internships
Most audit accounting internships involve doing tasks for an outside or inside audit firm focusing on auditing financial statements, ensuring compliance with regulations, and internal controls testing. Skills gained in this type of internship are planning and execution of Internal/external audits, risk assessment, auditing standards and processes, internal controls and governance, supporting document and test financial statements, understanding compliance standards, and preparing audit reports.
They are a great way to learn how an audit department works daily and get experience in auditing. It’s a terrific chance to network with seasoned auditors. An audit accounting internship can also prepare CPA candidates for the exam.
Typical Employers: Public accounting firms like the "Big Four" (Deloitte, PwC, KPMG, EY), smaller audit firms, or government agencies.
Financial Accounting Internship
Financial accounting internships are generally paid and may lead to full-time jobs following graduation. They are a great way to learn how a financial accounting department works and gain useful experience.
It’s also a terrific chance to network with seasoned financial accountants. A financial accounting internship gives CPA candidates the expertise and information needed for the exam.
Financial accounting internships usually involve working with a company’s finance or accounting department on activities like:
Typical Employers: Corporations, financial institutions, investment firms, and consultancy firms.
Government Accounting Internships: Serving the Public
If you’re interested in serving the public good, government accounting internships are a great fit. In Canada, every level of government needs accountants. Interning in this area allows you to manage public funds, analyze budgets, and ensure compliance with regulations.
You may work for organizations like the Canada Revenue Agency (CRA) or local municipal offices. This type of internship provides you with a unique perspective on how funds are allocated and the importance of accountability in the public sector.
Typical Employers: Federal, provincial, or municipal governments (e.g., Auditor General’s office).
Non-Profit Accounting Internships: A Heart for Service
Interning in nonprofit accounting offers a unique perspective compared to traditional corporate accounting. Nonprofit organizations have their own set of accounting standards and regulations tailored to their tax-exempt status. Nonprofit accounting focuses on stewardship rather than profitability, emphasizing the allocation of resources toward achieving the organization's mission.
Non-profit organizations also require accounting professionals to manage their finances, and internships here are both meaningful and educational. In a non-profit accounting internship, you’ll help with financial reporting, grant management, and budget preparation.
These internships usually emphasize transparency and efficiency, so you’ll gain experience in communicating financial information to stakeholders. Plus, the work often feels rewarding, as you’re directly contributing to causes that matter.
Typical Employers: Charitable organizations, NGOs, or community organizations.
Investment Accounting Internships
These internships focus on managing and reporting on investment portfolios, and asset valuations, and working with hedge funds or pension funds. Help you in acquiring skills like portfolio analysis, asset management, and financial reporting for investments.
Typical Employers: Investment firms, pension funds, banks, or financial institutions.
Management Accounting Internships
This type of internship focuses on budget management, cost analysis, and financial reporting for internal decision-making. You get the chance to learn about cost accounting, strategic budgeting, and performance analysis.
Typical Employers: Large corporations, government agencies, or manufacturing firms.
Forensic Accounting Internships: The Detective of the Accounting World
For those with a keen eye for detail and a curiosity to investigate, forensic accounting internships might be the perfect match. In this field, you’ll look into financial discrepancies, fraud, and embezzlement.
Interns in forensic accounting often assist in gathering evidence for legal cases or helping companies maintain regulatory compliance. It’s like being a detective for numbers! This internship can lead to exciting career paths, including working with law enforcement agencies or within the legal system.
Typical Employers: Specialized forensic accounting firms, law enforcement agencies, or internal audit departments.
Industry-Specific Accounting Internships
Industry-specific internships can expose you to niche areas of accounting, such as healthcare reimbursement in the healthcare industry or revenue recognition in the software industry. By working with industry experts, interns can develop industry-specific knowledge and skills that are highly valued by employers seeking candidates with targeted expertise.
Remote Accounting Internships: Flexibility at Your Fingertips
With technology on the rise, remote accounting internships have also become a viable option. These internships allow you to work from anywhere, offering flexibility that traditional internships may not provide.
Although the tasks are similar—like preparing financial statements or assisting in audits—you'll be using digital tools and communication platforms to collaborate with teams. It’s a great way to adapt to the modern workplace, especially if you’re balancing studies or other commitments.
Benefits of Accounting Internships
Accounting internships offer numerous benefits beyond gaining practical experience in the field. Interns can expect to see personal and professional growth through exposure to real-world accounting practices and environments.
1. Professional Development and Growth
Internships provide a platform for interns to enhance their accounting skills, time management, and problem-solving abilities in a supportive learning environment. Working alongside seasoned professionals offers insight into best practices and industry trends, fostering continuous growth and development.
2. Enhanced Job Prospects
Internships are a valuable stepping stone to securing full-time employment post-graduation. Many companies prefer hiring candidates with prior internship experience, as it demonstrates initiative, commitment, and a practical understanding of the profession. Internships can also help interns clarify their career goals and preferences, guiding them toward suitable job opportunities in the future.
Conclusion: Finding Your Perfect Internship Fit
Each of these internships offers valuable experience that can help you develop skills specific to your area of interest within accounting. Choosing the right internship can feel like navigating a maze, but understanding the different types available helps clarify the path ahead. Whether you’re drawn to public accounting, corporate settings, government roles, or even forensic investigation, each internship offers unique experiences that can shape your career.
With the right opportunity, you’ll not only gain essential skills but also build a network that could open doors in the future. So, get ready to explore and find the accounting internship that sparks your interest!
At Get Trained Get Hired we help beginners in the accounting profession to land their dream job in Canada just like you.
Reach out to Gettrainedgethired.com to book a free 30-minute career counseling meeting. At Get Trained Get Hired we provide you with the necessary training to learn practical skills to become an accountant. Our training is based on practical real-life cases. After the training, we work on your resume and try to place you in accounting firms through our network. You will also get access to like-minded individuals who are looking for jobs through our WhatsApp group. Please feel free to contact us at [email protected]. Or call us at 647-275-7150.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your situation and is not intended to be used without consultation from professionals. Salman Rundhawa and Gettrainedgethired.com will not be held liable for any problems that arise from the usage of the information provided on this page.
