Students in Economics and Finance are strongly encouraged to participate in an internship or co-op experience. This can be done during the summer or during the school year. The experience immerses you in business, gives you new insights to bring back to the classroom, helps you determine what type of job you're really interested in, and assists you in finding a position when you graduate. Course credit may be earned but does not replace a course in your major.

The two programs are operated out of different offices on campus. The main difference between the two programs is that an internship is a one-time experience while cooperative education sends you back to the same employer alternating semesters of work and semesters of study.

Statistics on the importance of internships from the November 15, 2000 issue of Spotlight, the bi-weekly publication of the National Association of Colleges and Employers (NACE -http://www.jobweb.com/ ):

482 responding employers from a survey of 1,756 showed the following:

1. Nearly 80% of employers offer internships and approximately 48% have a co-op program.
2. Respondents report that they converted 25 percent of their interns and 21 percent of their co-op students to full-time employees.
3. Employers rated their organization's internship program as the second best recruitment method (out of 18 possible categories). It came in just behind on-campus recruiting. Co-op programs came in sixth.
4. 55 percent of their new hires in 1999-2000 had internship experience, while nearly 29 percent came with co-op experience.

Internships for Economics and Finance Majors:

The department provides internship credit for on-the-job experience that is directly related to your academic major.

Credit for internships:

• credit for an internship work experience is given in FIN 497 or ECO 497;
• credits are general elective credit and do not replace FIN or ECO courses required for your major;
• up to 3 credits can be earned for the first internship experience;
• an additional 3 credits can be earned for another internship experience but the job must be different;
• the internship may be paid or unpaid;
• a minimum of 158 work hours on-the-job is required during a term to earn three credits;
• FIN 497 and ECO 497 are taken under grading option 2 (pass/fail).

Prerequisites for earning internship credit under FIN 497 or ECO 497:

• a 2.0 or better GPA;
• completion of at least 45 credit hours;
• a declared major in FIN for FIN 497, and ECO, ECA, or MTE for ECO 497.

Steps for earning internship credit:

1. Register with the Career Services Center. This must be done before you can be approved for internship credit.
2. Find an internship position by working with the Career Services and Internship offices or on your own.
3. Fill out the Application for Internship Credit form obtained in the Department of Economics and Finance. This form includes a statement of when you want to take the credits. Credits may be split over more than one term and may be taken in the term when the internship is done or in subsequent terms.
4. Write a goal statement for the position.
5. Submit the Application and goal statement to the Department of Economics and Finance chair for approval.
6. Once the internship plan is approved, register for FIN 497 or ECO 497 by getting the department chair’s signature.
7. Write a 3-5 page paper at the end of the work experience describing the type of work done, how your goals have or have not been achieved, and how you have benefited from the internship. This paper is due by the last day of classes in the fall, winter or summer semesters. The paper must be turned in to the Department of Economics and Finance office in order to get a satisfactory grade (S) for the internship.

The Application for Internship Credit is available in the department office (510 Miriam Hall). For assistance in locating an internship position students should contact the Career Services Center, located in the Caldwell Street Center, 229-2075.

Cooperative Education

The "co-op system" allows students to alternate terms of off-campus work at jobs related to their academic study. Interested students should contact  the Career Services Center, located in the Caldwell Street Center, 229-2075.