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Internships are training programmes for students to help them gain hands-on, professional experience in the career field of their choice. Students get to learn about their choice of work, and become adept at the skills, even before they join the workforce.
For employers, it is a great way to analyse the expectations and goals of the future workforce. It helps bring new ideas to the table, fostering innovation at the workplace.
Internships exist in a wide variety of industries and settings. An internship can be paid, unpaid, or partially paid (in the form of a stipend). Internships may be part-time or full-time and are usually flexible with students' schedules. A typical internship lasts between one and four months, but can be shorter or longer, depending on the organization involved. The act of job shadowing may also constitute interning.
Insights: Many large corporations, particularly investment banks, have "insights" programs that serve as a pre-internship event numbering a day to a week, either in person or virtually.
Paid internships are common in professional fields including medicine, architecture, science, engineering, law, business (especially accounting and finance), technology, and advertising.[citation needed] Work experience internships usually occur during the second or third year of schooling. This type of internship is to expand an intern's knowledge both in their school studies and also at the company. The intern is expected to bring ideas and knowledge from school into the company.
Work research, virtual research (graduation) or dissertation: This is mostly done by students who are in their final year of school. With this kind of internship, a student does research for a particular company. The company can have something that they feel they need to improve, or the student can choose a topic in the company themselves. The results of the research study will be put in a report and often will have to be presented.
Unpaid internships are typically through non-profit charities and think tanks which often have unpaid or volunteer positions. State law and state enforcement agencies may impose requirements on unpaid internship programs under Minimum Wage Act. A program must meet criteria to be properly classified as an unpaid internship. Part of this requirement is proving that the intern is the primary beneficiary of the relationship. Unpaid interns perform work that is not routine and work that company doesn't depend upon.
Partially-paid internships is when students are paid in the form of a stipend. Stipends are typically a fixed amount of money that is paid out on a regular basis. Usually, interns that are paid with stipends are paid on a set schedule associated with the organization.
Virtual Internship are internships that are done remotely on email, phone, and web communication. This offers flexibility as physical presence isn't required. It still provides the capacity to gain job experience without the conventional requirement of being physically present in an office. Virtual interns generally have the opportunity to work at their own pace.
International Internships are internships done in a country other than the one that the country of residence. These internships can either be in person or done remotely. Van Mol analyzed employer perspectives on study abroad versus international internships in 31 European countries, finding that employers value international internships more than international study, while Predovic, Dennis and Jones found that international internships developed cognitive skills like how new information is learned and the motivation to learn.
Returnship are internships for experienced workers who are looking to return to the workforce after taking time away to care for parents or children.
Learn if they have made the right choice: Students get to know about the field of work up close. They gain industry knowledge, work with professionals, and can see if it matches their expectations. They can decide if that’s something they want to pursue.
Gain hands-on professional experience and industry skill set: Experience is the most sought after asset when looking for jobs. With internships, students learn the skills that the industry is looking for, get a sense of achievement and can include the professional experience on their resume.
Networking and mentoring by professionals: You work alongside professionals who will supervise and mentor you and help you reach your professional goals. It is a great way to connect with industry veterans who can advise you and help you grow in your career.
Helps you stand out from other job applicants: The industry skill set and the experience you gain along with the connections you make can help you immensely in landing the dream job.
Gives financial independence: Interns don’t have to worry about earning money. Many companies provide paid internships, helping you earn money even before getting a full-time job.
GCompanies in search of interns often find and place students in mostly unpaid internships, for a fee. These companies charge students to assist with research, promising to refund the fee if no internship is found. The programs vary and aim to provide internship placements at reputable companies. Some companies may also provide controlled housing in a new city, mentorship, support, networking, weekend activities or academic credit. Some programs offer extra add-ons such as language classes, networking events, local excursions, and other academic options.
Some companies specifically fund scholarships and grants for low-income applicants. Critics of internships criticize the practice of requiring certain college credits to be obtained only through unpaid internships. Depending on the cost of the school, this is often seen as an unethical practice, as it requires students to exchange paid-for and often limited tuition credits to work an uncompensated job.[18] Paying for academic credits is a way to ensure students complete the duration of the internship, since they can be held accountable by their academic institution. For example, a student may be awarded academic credit only after their university receives a positive review from the intern's supervisor at the sponsoring organization.
