Finding an Internship in Financial Planning

Financial Planning students are sitting across from fantastic opportunities. Undergraduate students in CFP(R) Board programs are graduating into a job market filled with retiring older advisers. Coupled with an environment of enhanced mentorship (More qualified and diverse CFP and ChFC mentors than before) student potential is unlimited.

In the same vein that hanging a shingle outside an office does not drive customers, having a great resume will not get you an internship. "Hungry, Humble and Smart" is your baseline. I'd add in professional and selective.

Hungry - Apply, apply and apply. Look at the CFP Board website, ask your program director for opportunities. Follow alumni who came before you! Those graduates you aspired to be as a Sophomore - where did they work? Check LinkedIN and FPA Activate on Facebook. Be ready to put in some hours searching.

Humble - Not every opportunity is a great fit. Hundreds of students apply for top internships. Sometimes you'll get a call, sometimes you won't. Humble yourself. You're coming in as an intern to learn. Listen, take notes and take every opportunity to learn the business. Hand write thank you notes (or at a minimum send an email) to everyone you met with following an interview - including administrative professionals.

Smart - Write a unique cover letter to every firm you interview with. Every year I hear from firms that a student sent a cover letter with a wrong salutation, firm name or address. Avoid the temptation to keep a "Master" cover letter. Research the firm ahead of time! Read the form ADV, visit their website, network on LinkedIN in advance of applying with any alumni. Ask smart questions in your interview about the types of clients they work with and what roles and duties the internship will consist of.

Professional - Polish your first impressions. Clean up any public facing social media, update your Twitter and LinkedIN. Meet with your university career services to polish that resume! Get on Twitter and LinkedIN. Follow industry leaders, read articles in the Journal of Personal Finance, Journal of Financial Planning and subscribe as a student to the Wall Street Journal. Prepare for this career, be able to talk about inflation, interest rate spreads, the market, behavior and political risks. Dress professionally for interviews, bring paper copies of your resume in a portfolio. Stay off your phone during the silences. Once you accept an internship, stop searching! Be curious and selective. But once you accept an internship, firms eliminate other candidates from contention and plan the future. Accepting and later not showing up burns bridges for you and makes waves for those coming behind you.

Selective - Avoid companies who weigh connections and handshakes more than your ability and passion. If an internship feels fishy, it probably is. Warning signs include internships that ask you to provide a list of friends and family, internships where you are not actively working for an experienced CFP(R), ChFC or other qualified professional and internships that only pay you when the agent you are working with makes a sale. I encourage our students to look for internships that pay students for their time (hourly or monthly) or for students to pursue unpaid opportunities at charities, nonprofit or startups where they find passion. Look for internships that have structure and rotation. Morningstar, Schwab, Fidelity, Vanguard and Carson are attractive to our students because those internship programs are well planned, students get to work with qualified professionals and they pay competitively. Some even include housing!

The world of financial planning is broad and there has never been a greater time to dive into this profession. One of my mentors, Dr. Vickie Hampton would say "80% of success is showing up. Show up and grab an outstanding internship - remember to be hungry, humble, smart, professional and selective as you dive in.

@HigherEdCraig