The first group of finance and financial interns will start work on Thursday, Jan. 1, 2017, at the Ottawa offices of Canada’s largest automotive financing company.
The graduates will work with senior finance professionals at Chevys and Ford, and with senior staff at Fiat Chrysler Automobiles Canada.
“I think it’s a great opportunity to really build a relationship with the industry and really understand their challenges,” said Cara Wilson, a finance intern at Ford.
“I’ve been in this industry a long time, so it’s nice to have an opportunity to interact with people that are really knowledgeable about finance.”
The first batch of finance interns will work at Ford and Ford North America’s financial planning department.
The group will be responsible for helping to oversee the financials of Ford and Fiat Chrysler.
The group of new finance interns at Chevies will be tasked with managing the company’s vehicle finance operations.
Wilson said the company is looking to develop new financial tools to help it manage the finance of the automaker’s new C-Max SUV.
She said the group will also be working with senior employees to help develop and implement financial plans for Ford’s vehicle loan program.
“One of the goals is to develop a way to manage that for Ford that is not just a cash-on-delivery system,” Wilson said.
“That’s going to be really important to us.”
The group will receive training in finance and technology from the Ottawa-based Finance Interns Network, an organisation that has been working with the automakers to develop financial tools for them.
Carol Lee, a partner with the Network, said the students are expected to have a solid understanding of finance.
“They will be able to apply what they have learned to help with the company, but also to help the industry as a whole,” Lee said.
The students will also get training on a variety of finance topics, including credit score tracking, asset allocation, asset management and asset valuation.
“The students are going to have to work with Ford and Chrysler as they work with the finance department to understand how to effectively manage their finances and make sure they’re doing what they should be doing,” said Lee.
“They’ll be able give their feedback back to the finance team.”
The new finance internships are part of the Ford and GM Financial Finance internship programs that the company announced earlier this year.
Ford is the first major automaker to hire an internship program.
The company says its finance internship program aims to help fill the gap left by the retirement of its own senior executives and bring more finance and finance-related expertise to the workforce.
The program is aimed at those looking to learn how to manage finances on a smaller scale.
“We think it will give people an opportunity,” said GM Financial Vice-President and GM Finance Intern Paul Dauch.
The first group will start working at the Ford Finance office in Ottawa on Thursday.
The next group will join Ford North American at the end of the month.