Experience with interns

searcher profile

May 05, 2022

by a searcher from New York University - Leonard N. Stern School of Business in Tampa, FL, USA

Hi All,

Can people share some effective ways to "compensate" unpaid interns as part of a search? I've heard of weekly case study discussions, network / internship connections, willingness to write recommendations, but anything else people have found to be effective?

Thank you all in advance.

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commentor profile
Reply by a searcher
from Hofstra University in New York, NY, USA
Unfortunately, a lot of companies hire "interns" because they can't afford additional employees. This is highly unethical and incredibly wrong.

If you're hiring an intern, there should be a long term intension (they're a junior in college and given a full time offer after completing their senior year, etc.) Additionally, there should be some form of monetary compensation. Gift cards, etc. are a total insult. They should be paid and paid at the minimum a livable wage for the city your company is based in.

Most importantly, there should be a structured on the job training program where they're taught skills required for their internship (actual skills: presentation giving, advanced excel, financial modeling, negotiation, etc.) assigned a mentor who will give them actual advice with a minimum amount of 1 on 1 lunches/dinners. Then offered real world experience and the ability to participate (with supervision) in your companies actual transactions.

Anything less than this is exploitation of college kids for your companies benefit. The world is far too small for this type of behavior.
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Reply by a searcher
from Stanford University in Costa Mesa, CA, USA
To add to the great advice above, we provide a number of non-monetary expressions of appreciation. Based on our intern satisfaction surveys conducted throughout the internship, the motivating factor and the impact is dependent above the current skill level and interest of the intern. We bring in speakers from various financial industries (PE, VC, and PE backed company) to provide networking opportunities and insights for future careers. We also conduct seminars on financial modeling and business model analysis. We review resumes and LinkedIn profiles on a 1-on-1 basis. We also provide ad-hoc career counseling. Interns also present CIM analysis (financial and business model review) to upper management (by far the most sought after portion of the internship). We also conduct seminars on topics suggested by the interns. We designed our intern program as a launch pad for other internship opportunities. Hope this helps.
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