Introduction
If handled rightly, a college internship, whether paid or not, can be a wide-open gateway into your dream financial services industry post. Getting a good job in the financial sector is all about good preparation. During my last vacation, I undertook an internship in bank of America (BoA) precisely in the finance department. I was able to work in an environment where my skills were put to a beneficial use. I was able to put into practice and observe all what I have been studying in class for years. I must admit that my internship was beneficial to me as well as the bank due to the close assistance offered by an internship coordinator, whose full-time job was to manage the interns (Linn et al., 2004). It also provided me with an opportunity to mingle with, and learn from, staffers and executive at regular training sessions, company dinners and meetings. I particularly gained interest in what the major functions of the finance department are, how it is coordinated and how the various functions are accomplished. This prompted me to undertake a research while still on the internship program.
Methodology
The research utilized both quantitative and qualitative data collection tools but was majorly rooted in the qualitative aspect. This was to allow the collection of information that will be of value in making inferences and deriving the conclusion. Data collection consisted of surveys, observations and interviews with the staff (Linn et al., 2004). I identified a sample of 20 people whom I termed as critical in providing the information that I required. I developed a structured interview and observation protocol that enabled me to collect most of the information that I required (Linn et al., 2004). I conducted interviews with each of the participants to enable more in-depth data collection and opportunities for follow-up. After collecting the data, I took a narrow two weeks to analyze it.
Findings
- The finance department ensures that costs are controlled to avert misuse or misappropriation of organizational funds.
- The finance department has well-structured organogram where the seniors do delegate duties to staffs who are quite experienced and competent in specific activities such as budget estimations, cash collection and cash inflows and outflows (Bateson & Geenwood, 2009).
- The finance department establishes and controls the profitability levels of the organization and prevents scenarios where unrealistic profits or losses will occur.
- Most employees in the finance department lack the necessary skills and experience to effectively handle the new challenges presented to the finance department by rapidly changing nature of the bank and changes in customer needs and preferences (Bateson & Geenwood, 2009).
- The finance department still larks behind as far as technology is concerned. Activities in the department are done at a slow pace due to efficient computers that can speedily perform the tasks associated with the department.
Conclusion
It therefore apparent that the finance department is a very important section of BoA that needs to be taken with a lot of seriousness as it is the heart of the bank.
Recommendations
In lieu of the above findings I recommend the following:
- The staffing department should reshuffle the staff to ensure that only very competent individuals who can manage tasks are employed and allocated the tasks.
- The department should implement modern machines that will increase efficiency of the department.
- The department should hire more employees to enhance the process of job specification and specialization (Bateson & Geenwood, 2009). This will also make it easier for profits and costs to be controlled.
References
Bateson, W., & Geenwood, H. (2009). Organization and administration of the finance department. London: Sir I. Pitman & Sons.
Linn, P. L., Howard, A., & Miller, E. (2004). Handbook for research in cooperative education and internships. Mahwah, N.J: L. Erlbaum Publishers.
