The most valuable skill I gained was learning to use financial software to a greater level of expertise. I interacted with various programs, and the technical skills I gained were greatly relevant for my future career.
What attracted you to IFAC when you joined?
IFAC stood out to me due to the unique global perspective that it provided. Many firms within the finance industry are split between the public and private sectors, but IFAC was the first corporation that I came across which offered a birds-eye view of the entire accounting world. I wanted to see exactly how the regulations we follow were decided and learn about how I could support the accounting industry as a whole. Joining IFAC was a great opportunity to put those goals in action.
What types of projects did you work on?
During my time as an intern for the finance department, I rotated through several projects. Towards the start I often conducted bank reconciliations to verify accuracy in monthly transactions, and researched Sarbanes-Oxley law to provide revisions in the updated IFAC internal control manual. I also collaborated with the CFO of the International Foundation for Ethics and Audit (IFEA) to correct their 2023 IFRS statements and finalized IFEA’s financial reports for independent auditors.
A major role I had was assisting in transferring all IFAC actuals from Microsoft Business Central to Limelight Software; this was a massive collaboration between multiple internal/external teams- my contributions included comparing financial records across the two platforms and correcting financial discrepancies through detail trial balances. Through the revised Limelight data, I was able to create a financial forecast for 2024 and a projected budget for 2025.
During the final stretch of the program, I had a very interesting assignment with our CFO, where I researched carbon emission trends in various sectors to provide an accurate rollback of IFAC emissions over the past few years. We also used the data to project annual emissions up to 2030 to meet net zero goals. It was a busy summer, but I’m grateful for it due to the amount that I learned!
What was your most memorable experience?
Besides my accounting projects, my most memorable experience was the intern bagel tour. I thought it was a wonderful idea to provide some reprise from work while connecting us to the city. Although I’ve lived in New York nearly my entire life, I’d never really gone to shops centered on bagels specifically before the trip. I appreciated learning about the history of NYC bagels while also discovering how many wonderful cream cheese flavors I’d been missing out on. I was introduced to a whole new world in food that day!
What’s the most valuable skill you gained from your internship?
The most valuable skill I gained was learning to use financial software to a greater level of expertise. I interacted with various programs, and the technical skills I gained were greatly relevant for my future career. Courses in university focus on the processes of accounting, but at the internship, I was able to explore real-world applications that were invaluable.
What have you learned about the accounting profession that surprised you?
What surprised me about the accounting profession was the amount of foresight being put into accounting regulations, both new and old. The conferences I went to allowed me to get a glimpse into the process of standard setting, and although I was aware of how precise the regulations were, I had not realized that some procedures could take up to years in advance to plan before proper implementation. The insight was incredibly useful.
What advice do you have for others going into internships?
Never be afraid to ask questions. If you’re uncertain over an assignment, I always recommend reaching out to someone as soon as possible. Not only will you reach a solution faster, but you’ll demonstrate a real drive to learn taking initiative is so important! As an intern, your role is to learn as much as possible, and that wouldn’t be very attainable if you’re not trying to grow. Take advantage of the network you have at IFAC while you are an intern; people will always be happy to help!