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What are the best internship offers for Econ majors?

What are the best internships or volunteering for Econ majors for upcoming sophomore in college in nyc? Because I can’t find any. It’s mostly for juniors or seniors.

college finance internship internships economics
Thank you comment icon Namal - maybe research small and medium-sized organizations that normally are more flexible in their hiring process and willing to consider sophomores. Again, any preparation/experience you will gain during sophomore year will get you higher chance landing better internships during Junior and/or Senior years. Will Xue, CFA
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Kevin’s Answer

Hi Namal,

It depends very heavily on what you want to do with your life! Do you want to work in a bank? Or in an insurance company? Do you want to work in a startup? Check this picture for more references: https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.tun.com%2Fblog%2F12-jobs-for-economics-majors%2F&psig=AOvVaw0mAB63TeWST9ItPabtJZXb&ust=1716584056882000&source=images&cd=vfe&opi=89978449&ved=0CBQQjhxqFwoTCMDO7InUpIYDFQAAAAAdAAAAABAD

I would meet with an academic advisor and ask them for career paths of alumni, or look on Linkedin and find alumni from your school. I work at an accounting firm but have also worked at a nonprofit and as a teacher, all with an econ degree.
Thank you comment icon Thank you so much! Namal
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Sonya’s Answer

Hi Namal. I am a current senior majoring in business who had an internship my sophomore year. I recommend just applying to all the internships that interest you no matter if they are for juniors/seniors because often if you have a good background, they will still consider you. also, as a younger student looking to intern, I would recommend reaching out to anyone you know who works in fields that interest you to see if they can help put your name out there if their company is hiring interns. It always helps to know somebody!
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Ryan’s Answer

Consulting can be a great career avenue for an econ major. The big four consulting firms (Deloitte, KPMG, EY, PWC) as well as professional management consulting firms (Kearney, McKinsey and Co. etc.) all have career pages on their websites that can direct you toward internship and college hire opportunities. Many will reach out to you and help guide you after submitting some basic information to them. Speaking with their reps is a great way to start to narrow down a career path.
Thank you comment icon Thank you, Ryan! Namal
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Ashley’s Answer

The best internship offers for Economics majors typically include positions in:

1. Financial Services: Internships at banks, investment firms, and insurance companies.
2. Government Agencies: Positions at institutions like the Federal Reserve, Treasury Department, or local government offices.
3. Consulting Firms: Internships at management consulting or economic consulting firms such as McKinsey & Company, Boston Consulting Group, or Analysis Group.
4. Research Institutions: Roles in think tanks, universities, or policy research organizations.
5. Corporate Finance: Internships in the finance departments of large corporations.
6. International Organizations: Positions at organizations like the World Bank, International Monetary Fund, or United Nations.
7. Tech Companies: Internships in data analysis, business strategy, or economic research roles at tech firms.

These opportunities provide valuable experience and networking connections in various sectors related to economics.
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Nick’s Answer

There are loads of experiences that you can complete throughout your entire college experience; however, I do understand that most internships are expected for juniors or seniors. Major companies tend to only allow juniors or seniors to be the interns because they usually intend to hire the interns that are working for them following their graduation. That was really frustrating for me as a freshman in college interested in trying out jobs in the fields that I was interested in! I did end up have 4 internships under my belt by the time I finished college, but I remember the first two taking dozens upon dozens of applications. It took a lot of determination for me to focus that hard and get my foot in the door.

If I were to leave you with one thought on the subject, it would be that you should talk to everyone about your interests. Look at your family, your friends, your social media, anyone you know that you somehow have a connection to, and learn about what they do. Really target people with careers that sound interesting to you. I had family friends who worked in politics, finance, accounting, computer science, and I would go and ask them if I could get lunch with them and ask them about their jobs. I won't lie to you, I don't think I was rejected once; people love to talk about their careers and help us out!

After learning about all of my options, I knew better what job I wanted to do, and then the people I had networked with began to ask me if I could come interview. They saw that I was passionate and knew that I was interested in the position. This didn't happen over night, but over the course of many conversations. Be brave! Go talk with people and, with time and effort, you will find the position that works best for you!
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Sade’s Answer

A lot of businesses do cater to rising juniors or seniors for internships. This is only because students at that level may have a bit more knowledge or understanding of the field they're studying for. You're usually still taking your core classes as a freshman or sophomore. An internship may also be required for college credit during your junior or senior year.
That doesn't mean that an internship isn't out there! LinkedIn is a great resource. Make sure you list the college courses and skills that make you "qualified" for the internship on your resume. Small businesses (i.e. HVAC companies, law firms, smaller accounting firms, family-owned businesses, and/or startups) that are local to your hometown or in NYC will be your best bet if you are unable to find one through those job boards or by searching the career pages of those larger corporations. Email those companies directly with your resume and express your interest. Those smaller-scale positions will help you gain the skill sets needed to put you ahead for a junior year summer internship.
Thank you comment icon Thank you for giving me advice. Namal
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Kevin’s Answer

Hi Namal. I graduated in 2023 with a major in economics and I can definitely relate to the stress over internships. Exploring internship opportunities as an economics major is an exciting and crucial step towards your future career. Based on my experience, I recommend first pinpointing your specific interests within the economics/finance. If you're interested in banking, apply to as many banking internships as you can. If you're interested in consulting, apply to as many consulting internships as you can. If you get an interview, great! If not, oh well, on to the next. The worst that can happen is they say no, and even if the interviews don't go perfectly, you're still getting extremely valuable experience.

Consider various sectors where economists are valued. Finance and banking, government agencies, international organizations, research institutions, and the corporate sector all offer enriching internship opportunities. Each sector provides unique experiences that can help you apply economic theories in real-world scenarios and enhance your analytical skills.

Don't underestimate the power of networking. Utilize your university's career services, connect with alumni, and join relevant professional organizations. These connections can often lead to internship opportunities that aren't advertised publicly. Also, attending industry conferences can expand your network and increase your understanding of the field.

Make sure to also focus on developing essential skills that will make you a strong candidate. Proficiency in data analysis tools like R or Stata, strong technical writing abilities, and critical thinking are highly sought after in the economics field.
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Tony’s Answer

Hey Namal, Sade's response hit the nail on the head. You're right, there aren't a whole lot of internships directly aimed at sophomores, but that doesn't mean you're out of options - it just means you have the chance to blaze your own trail.

Since you're an econ major, just like me, one idea is to seek out smaller businesses in your area. These places might not have the resources to widely advertise internships, so your initiative could be a welcome surprise. Start by exploring your own network of family and friends who might have connections with small businesses. After that, don't be afraid to reach out to businesses where you don't have any personal ties - they might be open to some extra help.

I can sense from your question that you're grappling with the classic "chicken or egg" dilemma that we all face when trying to land our first gig related to our field of study. You're wondering, "How can I get an opportunity if everyone wants experience I don't yet have?" If the traditional routes aren't working for you right now (like organizations only looking for juniors or seniors), it's time to think outside the box.

In my own experience, I was able to intern at an income tax practice owned by a family friend during the summer of my sophomore year, just like you are now.

Best of luck to you!
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Wanda’s Answer

I was also an econ major and understand your struggle! A few ideas that worked for me:
- Talk to your econ professors and other staff for opportunities in your areas. My professors connected me with local research groups (in the college and near by non-profits) that offered summer jobs for students. The role may not be tagged as an internship but still provide a great opportunity to learn about econ in the workplace and make connections.
- Try something new and creative. I used a summer to travel abroad and have a totally new experience. This was a great experience to draw on and talk about when I did get those internship interviews as a junior/senior.
- Talk to your friends and classmates. They may have insight or connections to refer you. Also, there could be activities in the middle of the year to get that extra experience. I spent a few breaks helping out with survey data entry to get my foot in the door at an econ firm.

Best of luck in your search!
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Joseph’s Answer

I highly recommend making use of your school's career resource center and alumni network. These two resources have been instrumental in establishing most of my connections, particularly during my initial years at school. They could potentially link you with alumni who are currently working in the areas that spark your interest. This could be a great opportunity for you to learn and grow.
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Sarah’s Answer

Hey Namal, while larger firms with more structured internship programs may only be looking for rising juniors and seniors, a lot of these firms also have summer programs targeted at rising sophomores, and these often are a pipeline to their internship programs. Aside from these, from my experience, start-ups are more open interns of varying levels of experience, as their intern positions are a lot more open ended and provide interns opportunities to wear several different hats in the business. If you are looking for an internship opportunity that will expose you to different aspects of a business to help you narrow down your career interests, I would recommend a start-up. Looking on LinkedIn for opportunities is a great place to start!
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