In addition to paid internships, you may want to look into ways to fund your internship (check your college’s career services office, various organizations, and foundations). Some students are able to do an unpaid internship in their field of interest by supplementing their internship with a part-time job.
Defining a Good Internship
Good, successful internships typically offer benefits such as the following:- Teaches the basic knowledge and skills required to get hired for a full-time job (either in the company where you interned or by one of its competitors)
- Provides experiences that will positively enhance your resume
- Helps you develop professional networking contacts that can assist you in your future job search
Speak with academic advisors, school career counselors, and professors to discover which companies in your target industry offer worthwhile internships where you'll receive real, value-added experience.
Prospecting for Internships
Some of the best internships are landed as a result of prospecting. This means identifying companies or organizations that you want to work for and contacting them directly which can result in some of the best internships around for a number of reasons:- By identifying companies that don't actually advertise their internships, you will avoid competing with thousands of other applicants who also found the internship listing online.
- When contacting a company directly, you will often get an opportunity to help create the type of experience you are seeking and may be allowed to have some input into what the internship involves.
For students from smaller cities and towns, prospecting is often the only way to find potential internships. It’s important to follow some simple strategies in order to increase your chances of landing the internships of your dreams. Of course, the career field or industry you are pursuing will largely determine if paid internships are available.
Even with prospecting, there's no guarantee that students will be able to land a paid internship. Employers have seen a significant rise in the number of students seeking internships. Part of this increase is due to the fact that more students are realizing that employers are looking for students with relevant experience required to hire on for future full-time jobs.
Another reason a number of seniors (and post-graduates) are also interested in finding an internship is that they currently cannot find a job in their area of interest.
Paid Internships and Programs
According to the National Association of Colleges and Employers (NACE)'s 2019 Internship & Co-op Report, the average hourly wage for an intern is $19.05 in 2019. Many companies hire interns as a way of previewing them to see if they would fit as full-time employees, and about 56 percent of interns were converted to full-time hires. The good news for employers is that over 70 percent of interns who were hired on as full-time workers were still at the company one year later.Whether you take a paid or unpaid internship matters to potential employers. According to the NACE 2019 study, 66.4 percent of 2019 graduates who had worked paid internships received at least one job offer. This contrasts with only 43.7 percent of unpaid interns receiving at least one job offer.
If you're looking for an internship that pays well, you'll have the best luck with companies in the technology industry. Glassdoor.com's annual survey of highest-paying internships shows that in 2019, Facebook is paying interns the highest salary at $8,000 per month, and Amazon is second at $7,725. Other companies high on the list include Google, Microsoft, Bloomberg, Capital One, and Apple.
You can also pay a fee to participate in an internship program that includes an interview and resume coaching, guaranteed placement, and a choice of domestic or international locations. Some of these internship programs also offer excellent salaries, although the upfront fees are often expensive and required in order to participate in the program.
In general, it pays to be wary of programs with fees, but for the right student who can afford to pay a fee for their internship, some excellent opportunities exist in specific industries and career fields, and you can find them through companies that match you with internship opportunities based on certain characteristics.
The fee you pay is considered a sort of tuition, and the program resembles a semester-abroad type of program. Choose the city and industry in which you want to have your internship, and the company guarantees placement in a top-quality internship.
Helpful Tips for Students
Some statistics say that up to 80 percent of job opportunities, including internships, are never advertised, and instead, get filled through personal networks and referrals. It pays to talk to anyone and everyone who might have some sort of connection to your target industry or internship. You can also take other steps to uncover leads to potential internships:Network with family, friends, acquaintances, previous employers, faculty, and your college’s alumni to seek out people who are currently doing the type of work you want to do. You never know who your parents know until you ask, or if you have well-connected neighbors in your target industry.
Volunteer experiences and part-time jobs can often turn into full-time jobs after graduation.
Research organizations so you can include that information in your cover letter or introduction email as you reach out to employers through websites or when prospecting for internships online.
Create well-crafted, targeted resumes and cover letters that focus on the organization and position to which you are applying. Keep in mind that just one typo can put you out of the running.
Have a methodical process to log your interviews, and set dates to follow-up with employers via email or phone. Don’t forget the importance of thank notes in the interviewing process. Oftentimes students feel that they are being a pest but many companies see this behavior as gauging a motivated student as well as someone who really wants to come and work for their particular company.
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