Cost
Whether you’re handing out your resume like pieces of candy, or have your fist raised in solidarity against even considering applying, internships no doubt provide students with relevant experience within their chosen field—but, ultimately, at what cost?
Especially when the internship is unpaid.
According to the National Association of Colleges and Employers (NACE), over half of all internships do not pay, despite 97 percent of employers planning to hire interns or co-ops this year.
By companies and universities repeatedly pressuring students into believing internships are essential to finding jobs post-grad, they perpetuate the notion of cheapening the industry, so much so that it has become naturalized in the education and labor system. Although unpaid internships can go towards college credit, companies use this as a substitute—driving students into more debt, as they have to pay for cost of living/commuting, as well as a continually rising tuition costs.
From a business standpoint, interns are extremely cheap possibilities for labor and are a part of a market that is extremely easy to exploit due to lack of regulation. By allowing interns to become a rather disposable part of the workforce, they are not investing long-term in the talent they have, rather propagating the mindset that every entry-level position can be replaced.
The relationship between internships and companies is a vicious cycle, for both sides. Companies who do pay their interns are at a disadvantage (from a business perspective) compared to companies who do not. If you are unwilling to accept an unpaid internship, someone else probably will, allowing unpaid internships to continually dominate.
Finding honest advice is rather hard to find, as even articles from Forbes can be contradictory. While one article admits paid internships are best while still being harder to obtain, all internships are resume builders and can help determine the intern’s future goals in his or her chosen industry. If the experience is beneficial enough, the financial struggle is worth it. The sources quoted, besides professors with career placement knowledge, are all high-level business executives: people who benefit most from unpaid internships.
An article posted six months later uses statistics from NACE to prove that interns with paid internships have astoundingly higher rates for being hired for full time employment. The rate at which unpaid interns were being hired full time is nearly the same for those who had not completed an internship at all. To add fuel to fire, “those with unpaid internships tended to take lower-paying jobs than those with no internship experience whatsoever ($35,721 and $37,087, respectively).”
While you’re making final decisions about your own interning future, really question the goals of the internship, and whether the experience for you outweighs the monetary cost. Do not hesitate to ask the company about your specific responsibilities and duties. Use sites like LinkedIn to your advantage and find past interns to discuss their experiences.
We must realize as intelligent, fresh faces in the labor industry that we are worth more than college credit: as a start, we know how to market towards a highly targeted community, and we’ve mastered pretty much all forms of social media. Be aware. Know your rights as an American employee. The internship section of the Fair Labor Standards Act is a promising start.