Banking intership



VERMONT BANKERS ASSOCIATION

INTERNSHIP GUIDELINES

FOR BANKS

The overall objective of the Vermont Banking Internship Program is to provide student interns with a wide range of learning opportunities and work-related banking experiences during a period of employment with a Vermont bank. It is also designed to allow students to apply academic skills and knowledge in the workplace.

The end result should be participating students return to their university, or college campus for their junior, or senior year of college with a positive impression of their banking internship experience and a strong desire to pursue a career in banking upon graduation. Below are guidelines for an internship program at your bank.

Student Bank Learning Opportunities

An internship experience might include opportunities for the student to learn and/or gain work experiences in banking operations, lending, financial auditing, compliance, financial trend analysis, bank marketing strategies, customer promotions, accounting, human resources, and/or bank customer relations. Some banks may offer the student additional learning opportunities in investments, real estate, insurance, and trust operations.

Student Intern Involvement

In addition to the banking activities described above, the student should be encouraged to participate in the following bank related activities:

• Visit with a bank loan officer to a customer’s business operation;

• A bank loan committee meeting;

• A Board of Directors meeting;

• A bank staff training session; and/or

• Local community activities to represent the bank.

Assigned Student Projects

At the discretion of the bank, the student may also be assigned to work on a special project(s) for the bank. This might include a marketing study or report, financial spreadsheet or trend analysis, a bank customer survey, or any other specific topic of interest to the bank.

A Banking Mentor

Each bank will be expected to assign a bank officer as a personal mentor to the student intern. It will be the responsibility of the banking mentor to ensure that the student intern is exposed to a wide range of banking activities and functions during the internship period to gain a useful learning and work experience. It is imperative to the success of this program that the student not spend his/her time devoted to a single task or area of banking. It is recommended that the bank mentor and student meet together each week for at least one hour to discuss the student’s activities/work experiences, as well as the student’s progress in the internship program. It would also be helpful if the bank mentor and student were to establish specific student learning objectives to be accomplished each week of the internship period.

Cost of Internship

The Vermont Banking Internship will be for a recommended period of 10 to 12 weeks, typically during a summer. The starting date will be decided upon between the student and the host bank. The student will be required to work a minimum of 30 hours per week at a recommended wage rate of $10 to $15 per hour. The student will be responsible for all housing and travel costs during the internship. The bank is not responsible for the payment of benefits and/or insurance costs to the student intern during the internship period. There is no obligation for the host bank to make an offer of future employment to the student at the end of the internship period.

Internship Selection Process

Banks interested in securing an intern should contact a higher educational institution in their area to discuss the opportunity. A partial list of internship coordinators has been provided at the bottom of this document. In the event additional assistance is needed, the bank should feel free to contact the VBA.

Each bank will interview intern candidates following their normal interview processes. An intern selected to participate in the program must meet all required background screenings and checks.

Once an offer is accepted by the student, and all the necessary background checks are completed, we recommend the bank send the intern a schedule for day one at the bank. The schedule should include the banks normal orientation process along with a discussion about expectations; a tour of the bank; bank policies (confidentiality, dress code, etc.); lunch with the bank mentor; and a review of the 10 to 12 week schedule.

Student Confidentiality

Once chosen, the student intern must adhere to and follow a policy of total confidentiality in regard to the host bank’s records and accounts, bank customer financial statements, all bank committee meetings, Board of Directors meeting discussions, and all private conversations.

Termination

If expectations are not being fulfilled by all parties involved, the internship can be terminated at any point in time by the host bank and/or the student intern.

End of Internship Evaluation Reports by Student and Host Bank.

The student intern will be expected to write a summary and critique of his or her banking internship and assessment of his or her work experiences. This report will identify the learning opportunities which the student gained and point out any areas in which the internship program could be improved. The student will furnish three copies of this report, which will be distributed to the host bank, the Vermont Bankers Association and the student’s university or college.

The bank mentor assigned to the student intern will also be asked to write a summary and critique of the program and offer recommendations for making any improvements to enhance future experiences. This information will only be shared with the Vermont Bankers Association.

Higher Education Internship Coordinators:

University of Vermont: Amanda Chase, Amanda.chase@uvm.edu, 802-656-3450 Middlebury College: Ursula Olender, uolender@middlebury.edu Champlain College: Tanji Hinterstoisser, thinterstoisser@champlain.edu, 802-651-5896 Saint Michael’s College: Briset Flores at bflores@smcvt.edu, 802-654-2549 Community College of Vermont: Penny Nolte, Penelope.nolte@ccv.edu, Northern Vermont University: Ellen Hill, ellen.hill@northernvermont.edu, 802-635-1439 Castleton University: Renee Beaupre White, renee.beauprewhite@castleton.edu, 802-468-1339 Norwich University: Meghan Oliver, moliver@norwich.edu, 802-485-2125; Jim Graves, jgraves@norwich.edu Vermont Technical College: Karry Booska, kbooska@vtc.edu, 802-728-1320 Marlboro College: Kate Trzaskas, careers@marlboro.edu, 802-258-9283 Bennington College: Faith McClellan, fmcclellan@bennington.edu, 802-442-5401

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