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The Rise of the (Fin)Tech Internship

Posted in Insights

Next month, the newest class of college graduates will descend on the global workforce. For many, this will be their first full-time job, yet few will enter day one without a resume already highlighting years of experience thanks to internships. In the past decade, internships have quickly escalated from a “bonus to have” to a “must have.” Most entry-level positions, regardless of industry, require some level of experience. Today's students are not only competing to gain entrance to the world’s most selective colleges and universities, but internships too.

Finance internships have long been considered the most coveted internships, but that perspective is expanding with top students increasingly applying to tech companies like Amazon, Google, Microsoft and Apple. A Vault survey of Most Prestigious Internships features Google in the number one spot for the third consecutive year, with Goldman Sachs, JPMorgan, and Morgan Stanley also represented. Here is Vault’s full list of Most Prestigious Internships:

5.Goldman Sachs
6.Tesla Motors
8.J.P. Morgan
9.Morgan Stanley
10.The Walt Disney Company

As technology drives future workplace trends, jobs across industries will be increasingly defined by technology. We are already seeing this play out in the financial industry. As more financial institutions modernize their legacy technology systems by adopting new software and partnering with white-hot fintech vendors – the demand for employees that can help bridge the gap between finance and technology is growing rapidly. A similar point can be made for the enterprise side.

A global study by Future Workplace and Randstad US of over 4,000 members of the Gen Z and millennial generations found that companies in the financial industry that invest more in fintech may be able to get employees excited about working there. One company already executing on this concept is Citigroup. In January, the company announced Citi University Partnerships in Innovation & Discovery – or CUPIP, a program designed to give college students an opportunity to work for the technology unit of a big bank. “The bank hopes some students will end up working at Citi or in the industry, and perhaps that some will create startups Citi can partner with,” noted American Banker.

Whether you’re a student or employer, it’s clear that the future of our increasingly data-driven economy belongs to those who embrace technology.