What is an internship and how can they help you? You may have heard this term get tossed around in school or maybe heard about it in the movie “The Internship”. The internship definition is an arrangement offered by an employer to applicants (also known as “interns”) to receive on-the-job training for a fixed time period. The interns are usually current undergraduate and graduate students, but may also be high school students and recent graduates. Internships are great opportunities for those who would like to pursue a certain career path but lack the experience. An internship can provide interns with the tools and confidence that is so highly valued by many employers.
Internships are beneficial to both the employer and the intern. Interns are able to gain professional experience while attending school and may earn a bit of money to pay for books. Employers are able to hire interns that are sharp and hard-working at a reduced pay rate, sometimes even offering unpaid internships where the students receive school credit.
With a weak economy, jobs are becoming more and more competitive. Students and recent graduates would benefit a great deal from doing internships. It will not only set you apart from the competition, but it will make your resume look great.
Benefits and Salary of Internships
While salary can be important for some, the main benefit of internships is to gain invaluable work experience. Employers are eager about interns who have previous internship experience and view that as an advantage over other applicants. Employers feel even more confident in hiring interns into full-time roles upon graduation. Another benefit is that it is a networking opportunity. You will get a chance to meet working professionals who can give you advice, write letters of recommendation, become your references for future employment, or offer you a job in the future. Internships also look great on resumes. It shows employers that you were able to handle multiple tasks (for example: school, extracurricular activities, internships, etc.) and still succeed.
Though some internships offer excellent salaries, most will offer little to no monetary compensation. The ones that offer as much as $25-$30 an hour are highly competitive and are usually with top companies like Boeing, Goldman Sachs, and large accounting firms. For most, it will be maybe $10-$15 an hour or a small stipend at the completion of the internship. For unpaid internships, students are required to receive school credit. You can get more information on internship salaries for your location on Glassdoor.
By Diane Barlow