Management Accounting

Management Accounting Internship Program & Sample Internships

Students enrolled in the Carlson School of Management BSB Accounting program who obtain an internship in corporate accounting are able to earn academic credit for that internship experience. Course credit is available as a means of recognizing that an internship may provide students with a valuable opportunity to learn about accounting concepts and methods applied within a corporation. Students earn academic credit by registering for ACCT 3299, Internship in Management Accounting. ACCT 3299 is a two-credit course, with S/N grading only.

Students who desire to earn academic credit for the internship must be accounting majors, and are required to successfully complete ACCT 3201 prior to starting the internship. In addition, to register for ACCT 3299 students must work in an internship that is full-time for at least seven weeks, under the supervision of a professional accountant. Each student earning academic credit for the internship is required to write a report covering his or her internship experience.

Internships are available during the summer between the junior and senior year as well as during the Fall and Spring Semesters. Some companies treat the internship as apart of a longer training program, moving the intern though a variety of assignments. Some interns have worked on special projects related to the accounting function, but outside the normal routine.

OBTAINING ACADEMIC CREDIT FOR AN INDUSTRIAL ACCOUNTING INTERNSHIP

1.Students must be Accounting majors and must successfully complete ACCT 3201 prior to starting the internship.

2.Students must contact the Accounting Department prior to the beginning of the employment period, to obtain approval to register for Accounting 3299, and to discuss the requirements of the course.

3.A minimum of seven weeks of full-time work(forty hours per week) under the supervision of a professional accountant is required. Part-time work may not be used to fulfill this requirement.

4.Students are to return to campus for at least one semester of registration following completion of the internship.

5.Registration for ACCT 3299 typically takes place in the semester following the term of the internship. For example, for students interning during Summer 2005 registration for ACCT 3299 would take place in Fall Semester, 2005

6.Two credits will be granted to the student upon completion of the employment period and the submission of a satisfactory written report on the internship. The report must be a minimum of five pages, typewritten, double-spaced. It is recommended that the student write notes on his or her work daily. This will facilitate the writing of the report at a later time.

7.The report is to be turned in to the Accounting Department, 3-122 Carlson School of Management, by the second Friday of the semester in which the student has registered for Accounting 3299.

Contact:

Nick Biondich
Senior Lecturer, Undergraduate Accounting Coordiantor
Accounting Department
4-265 CarlSMgmt
(612) 624-7055
e-mail: nbiondich@csom.umn.edu

BSB Management Accounting Sample Internships

Carlson Companies, Inc.
This intern will be exposed to a wide array of accounting functions within the corporate Accounting Department including general ledger, consolidations, planning and forecasting, billing and internal audit.

General Mills, Inc.
Responsibilities include preparing the month-end COGS, margin analysis, monthly trend reports, and adhoc accounting, check disbursements, store audits and financial reports. This intern may also create on-line invoice document number log and reconcile various accounts within GMI.

International Multifoods
This intern will prepare an audit program and plan for each location being audited based upon permanent files, current financial and operations reports, and discussions with line management. Audits will be conducted at the location, which includes examining and verifying the financial assets and liabilities, physical records, sales and expenditures to ensure that procedures were being followed. The findings will be reviewed and recommendations will be presented to local management during the audit and at its conclusion.

Lloyd’s Food Products
Responsibilities include researching and implementing a conversion of all fixed asset records from a manual system to a software based subsidiary ledger utilizing FAS for Windows. The intern will also prepare covenant calculations for debt compliance and will produce financial analysis comparing two warehouse alternatives. Monthly and quarterly ratio analysis spreadsheet workbooks to aid in analysis of financial business trends will be completed.

Northwestern Travel Service
Reconciling bank statements and various other accounts is a primary responsibility. Responsible for fixed asset valuation and book and tax depreciation. The intern will assist in preparing budget analyses, overhead allocations, and monthly financial statements as well as assist with cash flow management duties.

State of Minnesota - Office of the Legislative Auditor
This intern will complete audit programs in accordance with AICPA standards and objectives of the Legislative Auditor. Other responsibilities include reviewing prior audit workpapers, interviewing agency personnel, evaluating internal controls, testing for legal compliance, preparing workpapers and auditing findings for inclusion in audit report.