It’s the classic Catch-22: You need experience to get a job, but you can’t get experience without a job. This frustrating conundrum can be a headache for college students or recent graduates looking to break into their chosen fields. Thankfully, internships offer a solution.
Internships are short-term roles where an inexperienced person can acquire real-world work experience, ideal for students or entry-level job seekers just starting out. In exchange, employers who offer internships could receive valuable contributions, a boost in employee morale and possibly convert some interns into employees.
Here’s everything you need to know about internships in 2023, including compensation, where to find internship opportunities and what the future holds for aspiring interns.
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Types of Internships
— Virtual internships. While many internships are in-person, some are fully remote, allowing you to gain practical work experience from anywhere.
— Hybrid internships. Hybrid internships let you work a portion of the time in person and the rest in a virtual environment.
— Summer internships. Summer internships are mainly for university students with an extended summer break. They’re usually eight to 12 weeks and can be full time or part time.
— Co-operative education. Co-ops are typically longer than internships and can last one or more years. Usually, you’ll attend classes at school and work on your co-op simultaneously.
— Externships. Externship is essentially job-shadowing and focuses on observational learning rather than hands-on experience.
Internship Compensation
Internships can be paid or unpaid, provided they meet standards guided by the Department of Labor. The DOL “test” focuses on balance: If the employer gains more benefits than the intern, payment is typically required for the work. If the role is more altruistic, and the intern gains the benefit, the role can be unpaid.
According to a 2022 survey of about 200 employers by the National Association of Colleges and Employers, the average hourly wage for paid interns in 2020-2021 was $20.82. But of course, how much you get paid as an intern can vary significantly depending on the employer and the industry. The top-paid internships are currently dominated by technology, finance and consulting firms. For example, tech giants such as Coinbase, Nvidia, Meta and Stripe may pay their interns over $8,000 a month, according to jobs site Glassdoor.
Where to Find Internship Opportunities
“If you’re a university student, your school’s career center is often a great place to start,” says Nathan Deily, chief people officer at the venture capital firm nth Venture. “These offices exist to build and maintain relationships with businesses and alumni looking for talented interns.”
The career center isn’t the only resource available. Attending career fairs and connecting with alumni, professors and professionals in your desired field could also lead to exciting opportunities. And lastly, platforms like LinkedIn, Handshake and Indeed may provide quality internship leads as well.
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Tips for Landing an Internship
Securing an internship can be a stepping stone to landing your dream job. So how do you make yourself stand out with the sheer number of students and recent graduates vying for the same positions? Here are some tips to help put you ahead of the competition.
Be More Interested Than Interesting
Curiosity and a desire to learn are the major differentiating factors for successful intern candidates. “While you’re not expected to know it all before you start, demonstrating you want to and can ‘learn it all’ while you’re there is the key,” Deily says.
So, instead of trying to make yourself the most interesting person in the room, show the interviewers how interested you are in the internship opportunity. Deily recommends providing examples of how you’ve taken on new challenges and succeeded in the past to demonstrate how you could contribute to the organization. Don’t forget to use the Star method to convey your experiences and accomplishments in a concise and compelling way.
Tailor Your Cover Letter and Resume
Adjust your efforts and communications to a select number of companies, says Laura Mills, head of Early Career Insights for ed-tech company Forage. Mills, who has 15 years of experience in campus recruiting, advises against the “spray and pray” approach when applying to internships.
“A generic cover letter for many companies won’t go as far as a personal one you dedicate time to for a few companies, so ensure your cover letter and resume highlight your skills and ambitions aligned to the specific role you are applying for,” she says. If you’re still in college or are a recent college graduate, include notable athletic or community service activities to demonstrate your relevant skills.
Go the Extra Mile
Going the extra mile can make all the difference when it comes to landing an internship. “If there’s an event, a webinar or a skilling opportunity associated with an internship, attend it,” Mills says. Recruiters notice when you put in the effort and will remember applicants that show up on their radar multiple times. Plus, it’s these small actions that set you apart from other applicants and show you’re truly invested in the opportunity.
How to Turn Your Internship Into a Full-Time Job Offer
Although there are no guarantees, research shows that the chances of securing a job offer at the end of your internship are quite high. According to NACE’s 2023 Internship and Co-op report, over half (57.6%) of internships convert to full-time jobs.
With the odds in your favor, it’s worth putting in extra effort to maximize your chances. Mills recommends networking with the people you aspire to be like while at your internship. “Take their advice to heart and keep those folks looped into your progress. They can advocate for you if a job offer is on the table,” she says.
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The Future of Internships
Hybrid internships, which combine in-person and virtual work, have emerged as one of the most popular types of internships, according to the NACE report. In fact, 64.8% of employers confirmed they intend to continue offering this kind of internship.
And though employers had to pivot and rely heavily on virtual recruitment methods during the pandemic, they still prefer in-person methods. So, now that COVID-19 pandemic precautions have eased, on-campus recruiting and career fairs have resumed their roles as the main ways for employers to attract interns. What’s more, the report indicates that intern hiring is expected to increase by 9.1% in 2023, outpacing projections for full-time hiring.
Overall, these trends suggest a promising future for students seeking to gain work experience, particularly in a hybrid work setting.
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What to Know About Internships in 2023 originally appeared on usnews.com
Update 08/22/23: This story was published at an earlier date and has been updated with new information.
