Importance of Internships
As students going into the Fall continue to look for internships, or maybe have already been accepted into the company of their dreams, it's important to look at the importance that an internship can play in one’s career. As TIME Magazine notes, internships are the new entry-level job. So for those who want to make it into the field of their dreams, an internship is often the best way for students to get their foot in the door.
How Much Do Internships Help?
The first biggest thing internships can help with is landing a full time position within the company you intern for. According to the National Bureau of Economic Research, 70% of employers offer full time jobs to their interns. So if a student is looking to work with the employer who just hired them to intern, there is a high likelihood they will get offered a full position with that company.
But that internship experience is also valued by other companies as well. The National Bureau of Economic Research finds that applicants with previous internship experience were 25% more likely to be contacted by employers. And another study from Labour Economics found that internships increase interview rates by 14%.
While these numbers may not sound that impressive initially, it is important to note that response rates for applications are very low. That same NBER study found a positive response rate from about 6% of firms. This means that for every 17 applications someone submits, they will only get one response. And so any increase in response rates is very helpful in securing a job.
It is important to note then that all of these are probabilities, and nothing is guaranteed. In order for students to best position themselves then, it is important to work the numbers. Try to apply to many positions online as, though the response rate is low, you will eventually hear back from them. The same goes for the number of internships you take. Two internships is better than one, and it means a higher likelihood of getting an offer from one if not both company’s for a full time position.
Internships Make You a Competitive Applicant.
While a college degree on its own is still valuable, it is also now more common than ever. According to the Bureau of Labor Statistics, about 62% of recent high school graduates enrolled into a college in October of 2021. This means that in order to set yourself apart from other candidates, you’re likely going to need to get an internship.
In 2017, the NACE survey found that 61% of seniors graduating college had an internship during their time in college. The more internships one can get, and the more job experience they can receive, the more likely they are to be employed out of college.
If you’re heading into your final year of college without any past internships though, you are not out of luck. A study from Chegg found that 31% of internships happen after college. This means that it is common for people to find their way in the door even after they’ve left university, so don’t feel left out.