Internships are one of the best indicators of receiving a full-time job, and it's important to have relevant work experience going into your senior year. I highly encourage you to obtain one or more internship. However, the national attention internships receive as being THE success outcome of students is a bit overstated. It's an input not an output metric of your college career. Within Pamplin, we have identified unique key data points to illustrate the supply and demand for interns.
FACT: Only 70% of companies attending Business Horizons express interest in students for internships.
Of the 150 firms that come to Business Horizons in the Fall only 100 offered internships. Some firms have not committed to building a pipeline of talent through formal intern programs. But those offering internships at Business Horizons, were almost all paid. Yet, industry wide data reveals that about 50% of internships are paid.
FACT: The average firm attending Business Horizons wants to hire one-and-a-half as many full-time employees as interns in their college recruiting program.
Not only are fewer companies offering internships, the firms wanting interns are only hiring half the amount of full-time positions. Interns are a long-term investment that will not produce an immediate return on investment for the employer like full-time hires will.
FACT: The industry intern conversion rate to full-time employee is 60%.
Although companies may OFFER a full-time job to interns at a higher rate, the ACCEPTANCE rate of students ultimately working for their intern provider is only about 60 percent. This is another factor that may discourage firms from investing in interns.
FACT: Pamplin has twice as many underclassmen seeking internships (2,400) than seniors (1,200) seeking full-time jobs.
Not only is the SUPPLY of internships scarce based on above data, but the student DEMAND for internships is doubled that of full-time jobs. Plus, there is a natural pecking order of employers. They want juniors first for interns, then sophomores and freshmen.
Therefore, what should you do? Know that it will be competitive for internships, but compete. Sell yourself. Be unique. Demonstrate you worthiness to fill one of their spots.
If you are unsuccessful in obtaining a paid internship, volunteer for a non-profit a few hours a week to obtain relevant work experience and include it on your resume. When you become an upperclassmen, you will have a much stronger resume.
Don't panic. Pamplin's placement rate for its seniors is still the best of any college at Virginia Tech. Use Pamplin Career Services. Attend events. Connect with companies. Use Hokies-4-Hire and LinkedIn. There are many resources to increase your chances for getting a great job upon graduation.
Sarah Messer