Today we’re diving into something super important for your career journey — internships! Specifically, we’re talking about how to evaluate the financial value of internships. Should you be thinking long-term gains or focusing on short-term perks? Let’s break it down!
According to National Association of Colleges and Employers, students who had paid internships are about twice as likely to land a job after graduation compared to non-interns. That’s a huge deal, right?
But not all internships are created equally. Some pay you upfront, while others offer connections and skills that can pay off later. Let’s see which path might work for you!
Short-term value of internships
Short-term value is all about what you get NOW — think hourly pay, free lunches, cool merch, or even living stipends! This is awesome because you’re getting paid for your time and effort. A paid internship could mean less financial stress during school or summer, and let’s be real… who doesn’t love some extra cash?
However, while we believe all internships should provide a financial benefit the reality is that unpaid internships also exist and could be a meaningful career opportunity. Therefore, if you’re only chasing those paychecks, you might be missing out on the bigger picture.
Long-term value of internships
Now, let’s talk long-term value. This is all about investing in your future! Some internships might not pay as much, or even at all, but the connections you make, the skills you develop, and the experience you gain can be worth way more in the long run.
Think of it this way: the doors that open from an internship could lead to higher-paying jobs, promotions, or even partnerships down the line.
You could gain industry knowledge, sharpen your skills, or impress future employers with your experience. That’s money in the bank, eventually.
So, short-term value = instant rewards. Long-term value = future rewards. But which one is better? Why not both?
How to find balance with internship opportunities
You can balance internships that offer you some cash and ones that give you experience for the future. For example, maybe you take a well-paid internship one summer and then go for that super prestigious but unpaid internship at your dream company next.
And here’s something important to think about when you’re considering internships: hands-on experience is key. The University of Washington reports that after graduating, approximately 53% of college students are either unemployed or working in a job that didn’t even require a degree! Surprising, right?
It gets worse… 49% of recent grads in 2022 didn’t even apply to entry-level jobs because they felt under qualified. But what if they had been given opportunities for real-world experience as part of their education? These numbers might not be so alarmingly high.
When you have experiences that give you practical exposure to something, it helps you comprehend and retain the learning better, which you can apply in future contexts.
This is what Robert Sternberg, former president of the American Psychological Association, calls ‘experiential intelligence.’ It’s learning-by-doing — and that’s what internships offer.
Before you decide, ask yourself these three questions:
- What are your immediate financial needs?
- What kind of connections and experience will you gain?
- How does this fit into your long-term career goals?
If you need the cash now — go for that short-term win. If you can manage, think about investing in your future career. At the end of the day, internships are stepping stones to building the career you want.
So whether you’re in it for the paycheck or the long-term payoff, remember to choose what works best for your goals! Keep building that future.