UT accounting students gain practical accounting experience through internship programs operated by the department with the support of Career Services. In addition, a significant number of accounting majors secure accounting internships independently through personal and family contacts. Between their junior and senior year, approximately 35% of UT accounting majors have a summer internship that introduces them to corporate accounting. In addition, during the spring semester—the busy season of most public accounting firms—approximately 40% of UT accounting majors intern in public accounting during their senior year. Exposure to corporate accounting and public accounting provides students valuable experience to help them make wise career decisions and increase the knowledge they gain from subsequent coursework. Internships aid students in solidifying their interest in career in accounting and the area in which they will focus—assurance services, information management, or tax.
A majority of accounting graduates has at least one internship experience during their undergraduate program. As a result, most students entering the UT Master of Accountancy program each August have had an internship position and many have accepted permanent positions they will assume upon completion of the program.

During internships, students are expected to work full-time for ten to twelve weeks performing the work that graduates of university accounting programs perform. In addition to earning money and the learning experience, students gain work experience to include on their resume and may earn course credit.

Summer Internships in Accounting

The summer internship program focuses on accounting and auditing with major corporations. Students are eligible to participate in the summer internship program after the junior year. Many of these corporate internships involve internal auditing, financial analysis, cost accounting, and special projects. Special projects range from participating in generating analysis for closing a production line to converting manual accounting data to an electronic database. A small number of students intern in CPA firms during the summer where they gain experience in auditing or tax.

In summer 2003, UT accounting majors held 40 internship positions with corporations including FedEx, HCA, IBM, Coca-Cola Enterprises, UnumProvident, and Willis. Also, students interned with each of the Big 4 public accounting firms, and Dixon Hughes, a large regional firm. While most interns were stationed in the southeast, several students worked on internal audits across the U.S. and abroad. A very small portion of students interning in corporate positions accept permanent employment with the corporation after graduation.

Spring Internships in Public Accounting

Public accounting firms provide internships in either assurance services or tax to senior students who have completed most of the accounting curriculum. However, a few students have the opportunity to work in both areas. CPA firms use internship programs to evaluate candidates for permanent positions. Hence, having an internship gives students a chance to demonstrate their ability and to evaluate working for a firm before accepting a permanent position. Many students return to campus each year with offers for permanent employment after the MAcc program.

In spring 2004, UT senior accounting majors filled 52 full-time internships in 30 offices of nineteen public accounting firms. Atlanta firms attracted fifteen of the students, and Nashville firms twelve. Fourteen interns remained in Knoxville. Other internships were filled in Indianapolis, Louisville, Charlotte, and Asheville, N.C.