Importance of Paid Summer Internships

Many associate the term "intern" with "unpaid." However, 50 to 70 percent of employers offer paid summer internships, according to Internship Finder.com, an online source of jobs and advice for interns and employers. The size of a summer intern's paycheck will depend on her education level and prior experience as well as what the company is able to pay. However, the importance of a paid summer internship extends beyond a paycheck.

Higher Profile

The difference between a paid and unpaid intern is more than financial. Paid interns are considered real employees of an organization and therefore are typically held to a higher standard of performance. In addition, most organizations will want to see a return on its investment in a paid intern. Therefore, the types of projects typically assigned to a paid intern are more complicated, stimulating and demanding. More importantly, these types of assignments generate more hands-on experience than those assigned to an unpaid intern. Finally, employers sometimes view unpaid interns as visitors or learners, where as paid interns are more often considered contributors.

Money Management

For many interns, a paid internship is the first time a check is delivered for work in a professional environment. Having a paid internship provides important lessons in the value and management of money. Some interns may have opportunities to participate in financial management opportunities such as setting money aside for retirement. Many paid interns will also learn about taxes. Paid interns working away from home will experience other financial decisions such as budgeting for rent, groceries and entertainment.

Opportunities to Learn

The importance of both paid and unpaid internships is the ability to learn more about a specific field and gain insight and experience. Even though employers typically expect more from paid interns, most organizations still provide learning opportunities that typically are not offered to entry level, full time staff. For example, interns accepted into Microsoft's 12-week internship program are expected to do "real" work. However, the programs ends with a summer barbecue at Bill Gate's house. Similarly, interns participating in the National Parks Service Cultural Resources Diversity Internship Program are paid but are also sent to a three day career-building workshop in Washington, D.C., as part of their experience.

Benefits

Paid interns are also covered by some of the same benefits offered to full-time employees. While 401k participation or health insurance coverage is typically not extended, many paid interns enjoy paid time off, such as the Fourth of July holiday, when many offices are closed. Paid interns may also qualify for a pre-tax deduction for travel expenses, parking allowances sponsored by the employer or a companywide cafeteria discount.

Landing a job

Having one or more internships on a resume may be the difference in landing a job after graduation, according to U.S. News & World Report. Since paid internships are characterized as more pretigous than unpaid internships, having a paid internship on a resume could be the difference between a resume landing in the "call back" versus "no thanks" pile.

References

• Internship Finder: Facts About Paid Internships
• U.S. News & World Report: Degrees are Great but Internships Make the Difference
• Guide to Art Schools: All You Need to Know to Get a Paid Internship
• Campus Grotto: Best College Internship Program
• National Park Service: Cultural Resources Diversity Internship Program