What is an internship & how does it work?

An internship is a short-term experience that helps students gain practical work skills, industry knowledge and professional connections. Internships can be paid, unpaid or for academic credit and usually last a few months.

What you’ll learn:

• An internship is a temporary arrangement for college students that allows them to gain practical work experience.

• It offers students an opportunity to strengthen their resume and better understand what it’s like to work in a particular industry or position.

• Internships can be paid or unpaid, depending on the agreement, and some offer college credit in exchange for work.

• There are different types of internships available that vary by duration, industry and job responsibility.

Internships usually involve academic credit or hourly pay and may run from several months to a full year. They allow students to gain practical experience and explore different industries or career paths. They connect classroom learning with real-world experience and can support career growth through networking and skill development.

Internships typically follow a structured format, and while details vary by company and industry, most internships include:

• Defined timelines: Depending on the type of internship, it might last one day, one semester or even a year or more.

• Specific responsibilities: Interns are given the opportunity to develop specific skills and gain valuable experience.

• Supervision or mentorship: Typically, interns have a mentor or supervisor who provides feedback and supports their professional development.

Internships have benefits for employers too. While the interns gain career insight and experience, employers gain a temporary worker who can bring a fresh perspective to the company. Employers may also use an internship program to recruit new talent.

Internships can vary, differing in responsibilities, duration, industry and employer.

• Paid internship: These opportunities are often found in the finance, technology and engineering fields. Typically, in a paid internship, interns are categorized as “employees” and are compensated in the form of hourly wages or salaries.

• Unpaid internship: Unpaid internships typically classify participants as “trainees.” These opportunities are generally found in the nonprofit, arts or media sectors where budget constraints and industry norms make unpaid work more common. 

• Summer internship: As its name suggests, a summer internship takes place between the spring and fall semesters, typically lasting two or three months. Being able to focus on the internship without balancing a full school load is one selling point of a summer internship.

• Semester internship: A semester internship runs during the academic calendar. Interns will typically have to work while balancing a school load for the duration of a semester. There are also one-year internships that consist of two semesters. In this case, the first semester might be an unpaid introductory period, while the second semester might be paid and include more responsibilities and targeted experience for interns.

• Externship: An externship is a brief program that provides interns with a targeted introduction to a company’s day-to-day operations. Externships typically last between one day and a few weeks. This is a good option for candidates who are interested in multiple fields and want to narrow down their choices by completing multiple externships.

• College internship: This type of internship takes place directly at a college or university. Typically, students pursuing careers in healthcare, research and science fields participate in these programs. A college internship may be reserved for students who are pursuing master’s or doctoral degrees at the school.

• Returnship: A returnship is a less common program for experienced professionals seeking a path back into the workforce. These individuals may have a gap in their resume and need to brush up on their skills before applying for a permanent position.

Internships offer a number of benefits, including:

• New skills and experiences. By taking on various responsibilities at a company, you can learn new skills and gain insight into job-specific scenarios that you may encounter in a full-time position.

• Insights into potential career paths. A good internship program can help you identify your strengths and weaknesses and understand what you enjoy in a job. This insight might help when you start narrowing down industries and roles you’re interested in for a long-term career.

• A strong resume. In a competitive job market, building your resume is key to standing out among other candidates. You can refer to the soft skills and hard skills you gained by including them in a section of your resume. 

• Networking opportunities. Many internships offer you the chance to build relationships with co-workers and managers. In some cases, the company you intern with may even set you on a pathway to a full-time job offer.

Securing an internship involves some key steps, including:

When looking for an internship program, consider your previous experience, the college courses you’ve enjoyed most and the skills you would like to gain. Then you can search for companies that align with your experience. Taking a targeted approach—rather than applying for a large number of programs that may not be a good fit—can help you land the right internship for your career.

Once you’ve found internship programs you’re interested in, it’s time to update or write your resume and cover letter. You may not have professional experience yet, so it helps to include any volunteer initiatives or extracurricular activities you’ve participated in. You should also note any skills you have outside your work experience, like technical knowledge, coding skills or fluency in other languages.

Think of your cover letter as an elevator pitch—it’s a quick summary detailing why you would be a good fit for the position. This is your chance to personalize your application for each company you’re applying to. A customized cover letter shows the interviewer that you’ve researched the company and that you recognize how your specific skill set relates to the position.

Certain internship programs require one or more letters of recommendation in addition to the resume and cover letter. You’ll want to brainstorm with some individuals you’ve worked with, such as professors or previous managers. Try to choose people who can speak to your skills and work ethic.

Reach out to these contacts personally, if possible, and then send a follow-up formal letter request. And since letters take time to write, consider making your request politely and well in advance.

Research the companies you apply to by reading through their websites, learning more about their work, and visiting their social media pages to keep up with current events.

Before the day of the interview, consider setting your alarm early and mapping out the route so you’ll be on time. It’s also recommended that you get a good night’s rest and eat a healthy meal beforehand so you can feel focused and prepared during the interview.

Before getting dressed, try to pick out the right interview attire based on the company’s dress code. A general guideline is to dress one level above the typical attire worn at the job. For example, if employees are wearing casual outfits, you could opt for business casual on the day of the interview. But depending on the company, it might be better to wear a business professional outfit.

Once the interview is complete, it’s important to send a follow-up note to the interviewer. A thank-you note can set you apart from other candidates and show that you are taking the role seriously. Remember to address everyone you spoke to and send the letter within one business day of the interview.

It’s good practice to thank the interviewer for their time and include a quick recap of the interview. Jot down a few things you enjoyed about the experience and why you think you would be a good fit for the position.

An internship program is a good steppingstone for preparing students for the professional world. You can use the skills and insight gained from this experience to help you get a job and lay a strong foundation to build on as you advance your career.

You can also prepare for life after graduation by checking out these financial tips for new college graduates.