Campus-based, Student-Managed Credit Union to Allow USF Business Students Executive Internship Opportunities in Banking, Finance, and Marketing
A New Executive Internship Program at USF Federal Credit Union Planned
TAMPA, FL—(March 25, 2014) - Business students will manage a student-run financial services center and earn college credit as part of a partnership between the University of South Florida Muma College of Business and the USF Federal Credit Union.
The new student-managed Marshall Student Center Branch will be one of the first credit unions on a university campus to offer students a paid internship opportunity while they earn course credit. While financial oversight will take place from the main credit union office also located on campus, the branch will hire up to five students as part-time employees in the new program.
Richard Skaggs, President and CEO of the credit union saw this partnership as an opportunity to establish a unique learning model in the credit union industry.
"University credit unions are common, but a student-run credit union is something really special," he said. "Running a credit union gives talented students real-world business experience."
Those business experiences will range from accounting to finance, marketing, operations and management. Students involved in the program will learn about the underlying business of a credit union and develop a wide array of skills from processing deposits to handling loan applications. Those working in the branch will be able to make decisions and experience firsthand the successes and opportunities that result from those decisions.
The student-managed branch will be led by up to five students who will be part-time USF FCU employees, starting in the 2015-2016 academic year. The training program covers three years, with students beginning in their sophomore year.
While students are not guaranteed a job after graduation, USF Muma College of Business Dean Moez Limayem believes this executive internship opportunity will help students become sought-after hires at credit unions or financial institutions worldwide.
"Students expect a return on their business school investment — largely measured by their ability to find a job," Limayem said. "A recent study by Millennial Branding showed that, when asked about what they believe their college is lacking that would prepare them for the working world, 52 percent said access to paid internships, and 43 percent said people to mentor them," Limayem added.
"They conclude their degree program provides the technical training required to do the job, but they also need internships to help develop real-world skills and mentors to help make the connections needed to get the interview. This program will help them do that," Limayem said, citing statistics from The National Association of Colleges and Employers 2013 Student Survey as an indicator of the importance of such opportunities. That study revealed that 63 percent of paid interns seeking employment received at least one job offer while only 37 percent of unpaid interns got an offer — and the numbers fell for those with no internship. The median starting salary for those with paid internships was $51,930; those with unpaid internships accepted offers in the mid-$30s.
Visit the USF Federal Credit Union website to apply for the executive internship program.
USF Federal Credit Union offers a full range of financial services to the faculty, staff, students, alumni association members, and their families worldwide in addition to the organizations with employees on the campuses of the University of South Florida. USF FCU recently expanded membership to include employees of Darden Restaurants, Inc., Red Lobster employees and numerous businesses across the Tampa Bay area. Founded in 1959, USF FCU has over 48,000 members and more than $500 Million in assets. USF Federal Credit Union has six branch locations and participates in the Shared Services Network, which allows access to branch locations nationwide.