Work experience now allowing internships?

CFA General
#1

So I just passed level 3 (yay!) and am now counting down the work experience. I know CFAI has tweaked the requirements a bit over the years (used to be 36 months, etc.), and wondered if anyone can verify: does full-time, summer experience now count towards the 48 months (provided it meets the other criteria)?

Previously, the unambiguous answer was no, as stated on the website, “Summer, part-time, and internship positions do not qualify.” http://web.archive.org/web/20080513171718/http://www.cfainstitute.org/cfaprog/charterholder/membership/work_experience.html

However, the latest version of the requirements omits the mention of summer and internship positions, saying only that experience cannot be part-time. http://www.cfainstitute.org/about/membership/process/Pages/work_experience.aspx

It seems fair to allow significant, full-time summer positions to count as long as you’re not just getting coffee. But can anyone verify whether this is a legitimate change in policy or merely an oversight on the website?

#2

it also says value adding doesnt it?

its probably just an oversight. no way they should allow summer experience

#3

I’ve worked with plenty of paid interns who added value. In principle I don’t see why it should be any different from a temporary gig.

#4

I am skeptical that they would do away with the internship exclusion, but having been on internships myself I know they can be productive and value adding experiences.

#5

I don’t put much weight on summer internships at all. Realistically, it takes almost a year to really learn a job and the business. Some jobs take years even (like equity research)

I wouldn’t count it, especially if the internship was over 1-2 years ago.

#6

Although many interns do a good job, there certainly are those that are marginal at best, and if the firm had to pay real money, those interns would be let go. Thus, there is a lot of squishy intangibles that can mean a certain intern’s experience was not really of much value (I can certainly recall examples when the intern was given donkey work with which they could not do any damage). When you are a “real” employee you have to add value otherwise you are out the door. For this reason, I can understand why internships may not be counted.

#7

I had been looking for answers everywhere for this and learnt the truth through my own experience. Therefore i am adding my input to every thread with this question to help other LIII passers - Yes relevant full time internship counts, just like other jobs. At least it is true for 2014.