Summer’s almost here, and it’s time to plan vacations for many people. For others, it is time to find an internship.

In fact, there are approximately one to two million internships in the United States each year.

With such a wide selection, and pressure to find the perfect internship, young high school and college students are on the lookout. Part-time or full-time, office or home, long-term or short-term? Potential interns are ask themselves which internship is best. Yet, one aspect in particular seems to garner the most attention: paid or unpaid.

Though many companies believe the benefit is all in the experience, paid internships will provide your company with more motivated and qualified applicants and a better experience for the intern.

Let’s face it: Internships are not only about the experience.

Many students are looking to receive an authentic experience—one that includes paychecks and going to the bank to deposit them.

Moreover, many college graduates especially are in need of money. With the rising costs of college education, internships are one way to survive another year. That is especially true of some of the top universities (Harvard, Stanford, MIT, Yale, etc.)—the ones that you might look to for potential interns.

Without any incentive aside from experience, many bright and qualified applicants may look elsewhere for an internship or just apply for a paid position. Roles that offer at least minimum wage have three times as many people apply as those that offer unpaid internships, according to Nathan Parcells, chief marketing officer at InternMatch.


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