Paid vs. Unpaid Internship
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Introduction
Choosing between a paid or unpaid internship might seem like a silly dilemma that doesn’t require much thought, but there are several factors to consider before making such a decision. From your current financial situation to the experience you wish to gain! The decision you make about your internship should take into account both your current position and your future goals.
Before we dive into the long list of factors that may influence your decision, let’s cover the basics. What is the difference between a paid and an unpaid internship? The answer seems very simple: Money! However, in reality, it’s a bit more complicated than that. Unpaid internships often come with stricter requirements and are characterized by greater recognition. They also give you the opportunity to create something of your own and network professionally.
If you feel ready to make such a decision, we’ve prepared a list of questions to help you narrow down your options.
What do you want to gain from your internship?
If you really need a paying job, then it’s better to aim for a paid internship or an opportunity that doesn’t involve an internship. However, if you can financially support yourself (or if you can also do a part-time job alongside your internship), then an unpaid internship offers some advantages compared to a paid one. For example, many small companies, which might not have the resources to pay you during your internship, can in many cases assign you responsibilities where you will have an active role and gain valuable experience.
The key is to find out what opportunities the company can offer you and to make the most of them. Additionally, you can schedule weekly meetings with the leadership team or one-on-one mentoring with a senior manager. Companies want enthusiastic, motivated people, and they will be particularly willing to provide the experience they desire.
Which type of internship would be more beneficial for your career path?
If you are approaching the end of your student life, then the chances are that you have already done your internship and are probably ready to take the next step. A recent survey by NACE (National Association of Colleges and Employers) noted that 65.4% of graduates with paid internships on their resumes are more likely to receive a job offer before graduation.
On the other hand, if you are a freshman or sophomore looking for training in a specific field, then you should seriously consider an unpaid internship that allows you to develop specific skills and build your resume.
The good news: You are more likely to land a paid internship if you already have an unpaid one on your record.
Do you see a future at the company where you are interning?
One of the benefits of doing an internship (of either type) is that it can lead to full-time employment at a company. In fact, the promise of full-time employment is one of the main reasons students choose unpaid internships in the first place. The best way to find out if a company retains candidates who intern there is to ask directly. If a company typically continues its relationship after the internship, they will likely mention it in the interview.
Choosing an internship is one of the most important decisions we make as students, and having as much information as possible will help you choose the right one. The key is to know what you want and to work with potential employers to find the best match. If you need more advice, don’t hesitate to ask someone you know who has gone through this process or who works at a company you are interested in!
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