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In the competitive corporate world of business, a new college graduate is often overwhelmed with the process of obtaining their first job. As a finance major, it can be challenging to decide what sector in the finance industry is best to work in- whether it be insurance, commercial banking, corporate, real estate, or foreign exchange services (Premack, 2018). Researching potential companies is key for new job seekers to evaluate and benefit from their employment searching process.
Finance students graduating from universities often face obstacles when entering the corporate world of business due to rigorous job competition.
According to NBC News (2018), an inherent consequence for these struggling college graduates is that financial pressures and entering the workforce become increasingly difficult. It is essential to analyze the horizon of companies that offer career development and internship opportunities from the beginning. Finance graduates seeking internships often focus on the basic requirements for job openings, but fail to fully examine potential companies in the industry they would want to specifically work with.
Provided this need for an exploration of entry-level career possibilities for new job seekers, the following research question is asked.
What are important characteristics a successful corporation such as Chevron has to offer for business graduates looking for a finance internship and how do they compare to other major companies in the same industry?
Knowing the how to evaluate a company’s characteristics is fundamental to the process of tailoring a specific employment position. In this case, finance majorscan lead a successful career by properly researching specific internships.
Finance graduates need to sufficiently prepare for the job marketby thoroughly evaluating a company and its competitors in order to pursue a successful career in finance. Specifically, Chevron will be analyzed to reveal the opportunities it offers to someone pursuing a career in the energy sector. An analysis of Chevron compared to other major corporations competing in the same industry will further provide an accurate evaluation of the company’s benefits.
The multinational energy company Chevron is known for its strong history, dedication to its mission and vision of being a reliable source of integrated energy operations, and its efficient size. These aspects of Chevron’s company background are the backbone that has made it among one of the top employers in the United States (Pinchi, 2015). Understanding the company’s public image and values is the first step to choosing the right employer.
Chevronis one of the world’s top producers of olefins and polyolefins and a leading supplier of other products. Being one of the largest oil and gas companies in the United States, Chevron’s sales and growth potential is continually rising. This company’s formal legal name was establishedas the Chevron Corporation in 2005 from its predecessor Standard Oil of Company based in California (Chevron, 2018). However, the company has always operated as ‘Chevron’ for decades. Over time it has expanded to acquire the companies Chevron Phillips and Texaco (Fitzsimmons, 2013). Chevron has several offices worldwide, but has a main branch situated in Houston, Texas. According to Wile (2013) from Business Insider, Chevron is focused on providing quality employment and ‘stands out from the other oil giants…stressing family-oriented values and employee wellbeing’. Chevron has continually pushed for advocating minority representation in its workforce by prioritizing recruitment from not only large universities, but smaller colleges alike (Holeywell, 2014). In analyzing Chevron’s history, it has continually expanded through mergers, acquisitions, and joint ventures while staying based in Texas.
Chevron clearly promotes an industry-leading workplace that cares about its resources and employees. Chevron’s mission is guided by their Business Continuity Plan (BCP), which is to enable manufacturing of energy products with efficient automated technology while conducting business in an ethical and socially responsible manner. As part of the oil and gas industry, it is committed to its long-term vision of being the global energy company of choice in regards to its people, performance and partnerships. Chevron has satisfied these standards and has effectively minimized adverse impacts on both its environment and its employees. Prospective employees can infer from these statements that Chevron is a reliable company that fulfills all business operations and workplace obligations (Chevron, 2018).
Another key component of the business background is the size and growth, as this indirectly affects employee productivity, happiness, and staff dynamic. Chevron is considered a large-scale corporation, but it competitively combines its global operations by focusing on providing more local job opportunities in Texas and better management. Most oil and gas “supermajors”(Jones, 2017) show lower levels of employee satisfaction due to poor senior management-employee relations linked to their larger workforce sizes. They place more importance on achieving financial goals and market capitalization to serve the company’s higher interests. Chevron on the other hand has 30,000 employees across the United States, establishing it as a sizeable major corporation that manages to place more importance on building relationships among employees (Kaplan, 2018).
A company’s standing in the public eye can influence the perception of not only the company’s brand recognition, but the personal branding of a potential employee. Interns should consider the public image of a business not only to complement their resumes, but to have a positive working experience for their future careers. Chevron has consistently found ways to engage with people through the use of campaigns, innovative brand image, and community activism. Chevron prides itself on community involvement, since its inception it has invested over $15 million into local communities. Their community investments focus on groups such as “charitable organizations, colleges, universities, education related organizations, and public service groups” (Gensler, 2017). Some of their community goals include preserving, assisting colleges that contribute to the success of the company, and strengthening the Texas economy while encouraging private enterprise and individual initiative (Chevron, 2018).
Chevron welcomes recent finance graduates with multiple entry-level opportunities including corporate finance internships and financial advisor positions. Particularly, the Chevron Finance Development Program constantly offers several openings annually to become a finance intern (Chevron, 2018). These positions allow finance graduates to build on their analytical financial and accounting skills while applying them to challenging global projects. Job descriptions, routine duties, and challenges should be known to the potential applicant to adjust expectations and see if the internship is a right fit. This research paper will focus on corporate finance internships offered by Chevron.
Exemplar candidates for a finance intern position at Chevron will be involved in a new and growing group of finance experts with a project-oriented focus towards financial planning and cash management. This finance intern will actively engage in estimating, budgeting, and reporting cash flows. Financial modeling improvements will also be done in the corporate offices to capture changes in the economic environment and allow the intern to become knowledgeable in financial analysis (Chevron, 2018). The specific duties include tasks such as assisted preparation of budget forecasts and performance analysis that directly contribute to the company’s success.
As an intern at Chevron, a graduate should expect to work on meaningful assignments that have the potential to truly make a difference within the organization. This company sees interns as an investment for the organization’s future, as interns contribute to challenging and relevant assignments. While working in this position, participants have an opportunity to network with other interns and employees and tour different facilities. An intern is given the opportunity to make a presentation to some of the company’s senior leadership allowing them to make a great impression. This is a competitive advantage for prospective interns in the energy industry as it engages new employees in company leadership (Edwards, 2015). Usually, entry-level finance workers will gain experience working in projects for financial accounting and preparing financial statements for auditing.
While working in entry-level positions, graduates can find themselves struggling at performing their duties as they are left to decipher assigned projects alone. Companies expect new employees to be capable of performing adequately even though they lack the expertise. Chevron solves this issue with a program they developed called Graduate Rotation and Development Program. It is a two-year challenging program with four components designed to help finance interns obtain valuable company knowledge and corporate experience. The first component consists of developing financial reporting and competitor analysis skills. The next two components are focused on strategic planning and business compliance. The fourth component is designed to gain experience in corporate auditing. Entry-level workers are taught to work on business projects in classroom, online, and real-world environments. Training is not limited to this program as other opportunities are identified with individually assigned advisors, mentors, and co-workers in the GRAD program. Furthermore, this ongoing collaboration among interns places an emphasis on cross-functional rotational assignments and career development (Chevron, 2018).
One of the most critical pieces of insight into knowing if a particular job position is the correct match for a potential applicant is fulfilling basic requirements. This base is fundamental for finance graduates to know if they fulfill Chevron’s expectations and are prepared to be competitive candidates. Education and certifications, general experience, skills, and the hiring process are all components that a new applicant will face when entering Chevron.
While seeking an internship with Chevron, there are certain requirements that must be met in order to be considered to the program. Prospective interns are students in the path of obtaining a bachelor’s degree in business, preferably with a focus in finance or accounting. An overall grade point average of 3.5 and completion of accounting and finance courses through the intermediate level is also needed by the time of application (Chevron, 2018). No special certifications are required and possession of interpersonal and analytical skills are highly valued.
Chevron believes that experience is something that will be obtained once the person starts the internship program. There are no formal requirements for experience, however any experience in a collaborative working environment- whether it be in a corporate or educational environment- is preferred. Other qualities successful candidates possess are previous leadership roles in college activities, a desire to continually take new challenges, and taking initiative to commitment to excellence. In the finance internship program, research and analysis is only a part of Chevron’s selection criteria as initiative and collaboration is emphasized. Transferable social skills and an entrepreneurial mindset are both part of potential candidate criteria for this position (Chevron, 2018).
The hiring process for Chevron is a simple process that begins by completing an online application- requiring general background information and a resume. This gives the Chevron a general picture of educational performance and qualifications. If a candidate’s background meets the job requirements, a few key team members and the hiring manager will interview the candidates. If general requirements are fulfilled, an interview will be scheduled at their Houston headquarters. The interview will consist of behavioral questions, an online screening exam, and general questions in which they will get to know the applicant and ask for examples of overcoming previous challenges (Chevron, 2018). The hiring process can sometimes take several weeks and may be called back for a second or third interview.
Any internship acquired from a company is generally expected to provide a positive return to the intern besides experience. For a finance intern at Chevron, both monetary and on-monetary pay assure potential interns of a rewarding experience. Accepting an internship or even a formal entry-level job offer entails knowing the average salary, perks and benefits, and sponsored savings plans such as the 401(k).
As a finance intern working at Chevron, the average pay for an entry position is $5,446 per month throughout the two-month internship program in Houston, Texas. According to CBS News (2015), interns at Chevron can often earn up to $6,000 a month. Furthermore, an entry-level position as a full-time financial analyst at Chevron can expect to earnanywhere from $6,500 to $6,700 a month.This means that this desired position pays approximately $78,000per year(Glassdoor, 2018). In the competitive oil and gas industry, Chevron strives forward as former interns praise Chevron for its competitive salary (Indeed, 2018).
Chevron provides dental, health, and vision plans as well as group health coverage that is funded by the company. Short-term disability insurance for accidents or illness, life insurance, and deductibles are offered as well. Corporate perks include generous vacation times, flexible working schedules, and paid time off (Chevron, 2018). An annual bonus is also assigned accordingly to the overall company’s performance as an incentive for continuous growth. Chevron cares about employee wellbeing and even offers health and fitness programs, health club discounts, and counseling arrangements (Wile, 2013). c. 401 (k)
In regard to financial and retirement benefits provided by Chevron, profit sharing as well as direct contribution pension plans are offered in addition to a unique 401(k) plan. The Employee Savings Investment Plan (ESIP) is a specific contribution 401(k) plan that allows financial contributions from employee paychecks to be arranged in a way that maximizes savings (Chevron, 2018). Excellent retirement packages and alternative investment options are also assisted by Chevron to accommodate employees.
Looking into the future, prospective finance interns need to feel a sense of purpose in workplace to drive themto grow and ultimately establish a career plan. Chevron fosters employee productivity and high career development through its job advancement potential, mentorship systems, and global opportunities. A finance internship entails not only professional growth, but personal satisfaction and engagement with the company.
With over 30 locations worldwide, Chevron holds transcontinental operations that offer its interns plenty of room from growth (Chevron, 2018). Ideally, a finance intern has strong potential to be promoted to become an entry-level financial analyst. Former interns have commonly obtained positions as financial advisors and assure that Chevron prepares interns to learn the most about the oil industry as possible (Indeed, 2018).The sheer scale of this corporation presents multiple avenues of upward mobility to its employees that include intern and graduate rotation programs.As an equal opportunity employer, Chevron allows advancement through career development programs for all interested employees without discrimination or seniority preferences (Jones, 2017). This assures internship applicants of no barriers that could hinder their long-term success.
Chevron is a company that respects the foundation of equality and upholds integrity when hiring new interns. For finance interns particularly, a combination of on-the-job training coupled with a traditional classroom education is utilized to guide beginners into the corporate world. These programs are geared to invest in mentoring finance interns. Chevron offers several main mentorship programs such as the Performance Management Process, Horizon Development Program, and the Pathways Growing Capability Process (Chevron, 2018). Each of these programs are tailored to the specific sector the intern in working. Therefore, a finance intern will be actively collaborating on projects with the financial accounting department and the corporate comptroller’s department.Whether an individual is only a recent college graduate or has at least one year of professional experience,Chevron facilitates networking and socialization among employees.
Cultivating a cultural experience is fundamental for an internship to be motivating and fulfilling. Interns at Chevron are mostly based in U.S. locations, whether it be at the headquarters in California or a corporate office in Texas. Providing a working environment that is diverse is one of Chevron’s core values, which is a reason why this company commits to global recruitment and networking. A strong belief in globalization and its positive effects on business productivity are exemplary at Chevron, having received the 2017 Global Healthy Workplace Award (Chevron, 2018). Finance interns can individually expect to be exposed to working and traveling to locations worldwide once completing an internship, given that between 40 and 50% receive full time offers (Adams, 2015).
The personality of a company is essentially what defines its workplace, values, goals, and behaviors. Understanding Chevron’s company culture is what will ultimately bring value to prospective interns because this will determine employee interaction. The diversity, productive atmosphere, and corporate social responsibility at Chevron reveal that interns can enjoy working in an openly supportive environment.
Chevron has an organizational structure in which employees openly communicate with managers at higher authoritative levels. Both interns and employees at Chevron are individually encouraged to engage and help form the company’s future (Holeywell, 2014). This results in reduced turnover and higher motivation from a potential employee’s stance.The way Chevron develops its workforce is by focusing on retaining diverse talent. Inclusion and diversity initiatives have gained Chevron recognitions such as the 2015 Catalyst Award and a high corporate equality index with a rating of 100 percent (Chevron, 2018).
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