I’ve landed an internship with a CFO, but I’m completely new to Accounting and finance. A family friend helped me secure this chance, and even though I feel a bit out of my depth, I know it’s an incredible opportunity I can’t afford to miss. The CFO runs a supply chain management company, and I’ll be working closely with him, which makes me realize I need to get up to speed—and fast!
While I have a very basic understanding of finance and Accounting, I can’t say I have much confidence in my knowledge. I’ve taken a few finance classes, but I didn’t retain much of what I learned. I’m reaching out for advice on how to start learning and preparing for this role. Any suggestions would be greatly appreciated!
One response
Congrats on landing the internship! It sounds like an incredible opportunity, and it’s great that you’re eager to learn. Here are some steps you can take to prepare:
Basic Accounting and finance Principles: Start with a solid foundation. You can find free online resources or low-cost courses on platforms like Coursera, Khan Academy, or edX that cover the basics of Accounting and finance.
Understand Key Financial Statements: Familiarize yourself with the three main financial statements—income statement, balance sheet, and cash flow statement. Knowing what each document entails and what metrics to look for will be crucial.
Learn Financial Ratios: Basic financial ratios (like liquidity ratios, profitability ratios, and leverage ratios) are fundamental in finance. These will help you analyze a company’s performance.
Study Supply Chain Management Basics: Since you’re working in a supply chain management company, it might be beneficial to understand the fundamentals of supply chain management and how finance plays a role in it.
Get Comfortable with Excel: Excel is a vital tool in finance and Accounting. Brush up on your skills, focusing on formulas, pivot tables, and data analysis.
Ask Questions: Don’t hesitate to reach out to the CFO or your colleagues with questions. They were all beginners at some point, and showing your willingness to learn will be appreciated.
Read Relevant Books and Articles: Consider picking up books like “The Basics of Finance” or “Financial Accounting for Dummies”. Reading industry-related blogs or articles can also offer insights into current trends.
Network and Find a Mentor: If possible, try to connect with someone in the finance field who can offer guidance and answer specific questions you might have.
Stay Positive and Be Proactive: It’s normal to feel intimidated, but a positive attitude and a willingness to learn will go a long way. Show initiative in your role and be open to feedback.
Remember, everyone starts somewhere, and your willingness to learn will make a significant difference. Good luck, and embrace the experience!