In an era where academic qualifications alone are no longer a guaranteed passport to employment, internships have emerged as a game-changer for university graduates. Among the most affected are graduates, who often struggle to meet the practical demands of the corporate sector despite rigorous academic learning. The primary challenge is the skills gap between theoretical knowledge and real-world applications. A recent study at the University of Kelaniya emphasises the significant role internship training plays in shaping and sharpening employable accounting graduates.
This article delves into the perceived impact of internship programs on graduate employability, shedding light on how these experiences bridge the gap between academia and industry, enhancing technical and soft skills, and ultimately opening doors to promising career opportunities.
The employability dilemma
Graduate unemployment and underemployment have been persistent issues in Sri Lanka for decades. Despite Sri Lankan universities producing thousands of accounting graduates annually, many find securing jobs that match their qualifications challenging. This is mainly due to a mismatch between industry needs and the curricula of some degree programs in the national university system. Employers seek candidates with technical accounting knowledge and skills who demonstrate critical thinking, teamwork, problem-solving abilities, and adaptability to corporate culture.
What is an internship?
The Oxford Dictionary defines an internship as “the position of a student or trainee who works in an organisation, sometimes without pay, to gain work experience or satisfy requirements for a qualification.” In essence, internships serve as stepping stones for students, allowing them to transition smoothly from classroom learning to workplace application.
For accounting undergraduates, internship training has become a vital component of their education. It offers hands-on experience in real business environments. It allows them to apply theoretical knowledge in their training organisation, either in the audit or non-audit sector.
What research says
A study conducted at the University of Kelaniya examined the experiences of recent graduates who had completed a one-year internship in the accounting and finance fields. The study results were overwhelmingly positive, with students reporting that their internship experiences played a crucial role in enhancing their employability and overall professional competence.
A key improvement was technical proficiency, as students could apply accounting principles and theoretical knowledge learned in the classroom to real-world situations, bridging the gap between theory and practice. Additionally, internships contribute to significant growth in soft skills, such as communication, teamwork, and leadership, all essential in a professional environment.
The students also gained valuable insights into workplace adaptability, including an understanding of corporate culture and professional etiquette, which further prepared them for a smooth transition into the workforce. Moreover, internships provide ample networking opportunities, allowing students to build connections with industry professionals, eventually leading to job placements and career advancement. These findings highlight the importance of internships in equipping students with the practical skills, experience, and professional relationships necessary for career success.
From textbooks to workplaces
One of the most significant challenges for accounting graduates is finding the proper alignment between academic learning and industry expectations. While in-class learning equips students with theoretical knowledge in financial reporting, taxation, and auditing, it often falls short in providing exposure to the practical application of accounting concepts, advanced software packages, and real-world financial analysis.
Internship programs effectively bridge this gap by allowing students to:
* Work on accurate financial statements and audits instead of theoretical case studies.
* Use industry-standard accounting software such as QuickBooks, SAP, or Oracle, including Cloud Accounting packages.
* Engaged with clients and senior professionals, gaining firsthand experience in financial decision-making.
* Understand the operational aspects of businesses, including compliance, risk assessment, and financial management.
Employers increasingly value work-ready graduates who can hit the ground running. As a result, internship experience has become a mandatory requirement in many accounting curriculums, ensuring that students graduate with an academic qualification and relevant industry exposure.
Gateway to career success
The research findings indicate that accounting internships are a significant launchpad for career success, offering numerous advantages that help graduates transition smoothly into the workforce. Interviews with graduates who have completed internships in accounting revealed several key benefits.
One of the primary advantages is the enhancement of technical and analytical skills. Accounting professionals require precision, analytical thinking, and attention to detail. During internships, students gain practical expertise in financial reporting and auditing procedures, tax calculations and compliance requirements, data analysis and economic forecasting, and the use of Enterprise Resource Planning (ERP) systems. This hands-on experience boosts graduates’ competence and confidence, making them better prepared to work professionally.
Beyond technical knowledge, employers increasingly seek candidates with strong soft skills, which are crucial for success in the workplace. Internships provide students with opportunities to develop and improve these skills. Communication skills are enhanced through interactions with colleagues, clients, and management, while teamwork abilities are fostered as students collaborate on projects and work in diverse teams. Time management is also emphasised as students learn to meet deadlines and handle work pressure. Additionally, internships help students develop problem-solving skills, particularly when analysing financial issues and recommending appropriate solutions.
Another significant advantage of internships is building a strong professional network. Networking is crucial in securing job opportunities, and internships provide students with direct access to industry professionals, mentors, and potential employers. Many graduates can secure permanent positions in the same organisations where they interned, as employers often prefer to hire candidates they have already trained and assessed.
Finally, internships give graduates a competitive edge in the job market, as employers favour candidates with prior work experience. The study revealed that graduates with internship experience receive better job offers without delays, command higher starting salaries, and enjoy better career advancement prospects. In addition to enhancing employability, internships also improve job satisfaction by allowing students to explore different roles and determine the career path that best suits their interests and goals.
Challenges and areas for improvement
Despite the numerous benefits, internship training also comes with challenges. Some students reported difficulties such as:
* Lack of structured training in specific organisations.
* Limited exposure to complex tasks, where the interns are assigned to routine work.
* Unpaid internships, making it financially challenging for students.
* High workload and pressure in some organisations make the internship excessively challenging.
Thus, to maximise the effectiveness of internship programs, universities and employers must work together to ensure structured training, mentorship programs, and fair compensation for interns.
Career investment
The study at the University of Kelaniya provides strong evidence that internship training has a direct and positive impact on the employability of accounting graduates. As businesses continue to seek highly skilled professionals, graduates who complete internship training gain a competitive advantage in the job market.
Internships are no longer just temporary work experience; they are an investment for the future. By integrating practical training with academic knowledge, universities can produce work-ready graduates who meet industry demands and excel in their careers. The message for accounting undergraduates aiming for a successful and rewarding career is clear: internships are the key to unlocking a world of opportunities.
As Sri Lanka strives to address graduate employability challenges, policymakers, universities, and the industry must recognise the value of undergraduate internship programs. Moreover, future research should explore how internships impact long-term career growth and examine how different industries approach internship training. For undergraduates, the takeaway is simple: “An internship is not just a requirement; it’s the foundation of your future success.”
By:
Ms. N.K.L. Silva
Lecturer
Department of Accountancy
Faculty of Commerce & Management Studies
University of Kelaniya, Sri Lanka
Mr. Malintha Perera
Senior Lecturer
Department of Accountancy
Faculty of Commerce & Management Studies
University of Kelaniya, Sri Lanka
