Why are internships important, you may ask? Well, according to a recent survey conducted by the National Association of Colleges and Employers, paid undergraduate interns made an average of $16.33 per hour. This, of course, depended upon their industry, year in school, degree level and geographic location, but some engineering seniors found internship opportunities that earned them $19.44 per hour, compared to $16.68 for sophomores. Many companies use internship programs to recruit full-time hires, says Marilyn Mackes, executive director of NACE.
There are many different kinds of internships for those who will work for free, but some wonder if the paying types have gone extinct. “We used to pay, but we’re not doing that anymore,” explained Tom Triozzi, senior VP of BellAtlantic. “We ask them to work for free for a great work experience.” In this economy, even the competition for unpaid student intern positions has become so fierce that the NY Times reported some students are actually paying for their unpaid internship positions! “It’s kind of crazy,” said David Gaston, director of the University of Kansas career center. “The demand for internships in the past 5, 10 years has opened up this huge market.” One student’s parents paid $8,000 to get him an unpaid internship at Ford Models this summer, which was an opportunity, his parents say, he wouldn’t have gotten otherwise.
The company the parents used was called “University of Dreams” (www.summerinternships.com). For $5,000 to $10,000 a summer, students are guaranteed internships at places like the US Chamber of Commerce, Ford Models, Sirius Radio, Common Cause, C-Span, MWW Advertising Group, Hilton Barcelona, NBC, Dreamworks, Miramax, Paramount, Sony/BMG, GMAC Real Estate and US Weekly Magazine. According to their 2008 report, their latest batch of summer internships resulted in 47% of survey respondents saying they were offered a full-time job upon conclusion of the program.
A 2009 Vault survey on internships reported that 64% percent of college students said they were offered a full time job at a company after their summer internships concluded. The survey concluded that summers are a great time for students to further their careers. Even so, About half of internships for students were unpaid, Vault found, which makes it difficult for some students to take advantage of these offers and still pay rent. It’s not worth the few thousand they would have made at another job, Vault advises, because they will earn better wages in the long run.
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