Many universities and vocational schools incorporate internship programs into their curriculums. Here are six reasons why incorporating at least one internship into the college experience can help.
1 Provide exposure to their chosen fields. An internship can give students the opportunity to learn more about the careers they’re majoring in. Is it mainly office-based or can they work remotely? How much interaction is there? How much direction will be provided?
2 Give them confidence. The hands-on experience gained during an internship can help build confidence. Students will learn more about their strengths and weaknesses, which can help them when it comes to the job search and interview process.
3 Help develop and refine their skills. The feedback received from supervisors and other team members can provide a vital learning opportunity. Additionally, the new skills acquired—such as software proficiency, communication, and teamwork—will look good on students’ resumes.
4 Receive financial compensation. More than 60% of internships are paid, allowing students to gain experience and make money at the same time.1 The average hourly wage for interns is $20.76; for co-ops, it’s $20.20.2
5 Build professional relationships and network. Internships provide students with an opportunity to learn from the people around them. The professionals encountered during an internship can be future colleagues.
6 Afford them an edge in the job market. Internship experience can make a college graduate more marketable. In fact, 56% of graduates accepted job offers from companies they interned with.1 Even if an offer doesn’t happen right away, an intern who makes a favorable impression could receive an opportunity down the line.
As you map out a plan for your child’s education, be sure to meet with your financial professional. He or she can help you weigh the pros and cons of the planning and savings options available, including 529 education savings plans.
1 “18+ Internship Statistics (2022): Data, Pay, and Trends,” Zippia, January 2022. 2 “2021 Internship & Co-op Survey Report: Executive Summary,” National Association of Colleges and Employers, April 2021.
This material does not constitute financial, tax, legal, or accounting advice, is for informational purposes only, and is not meant as investment advice. Please consult your tax or financial professional before making any decision.
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