Most internships include payment in the form of an hourly wage, academic credit, or stipends to aid with living expenses.
Do Interns Get Paid?
Most internships give some kind of remuneration, whether it be an hourly wage, academic credit, or stipends to aid with living expenses.
That’s the good news first. In fact, it might challenge for businesses to get away with paying their interns nothing because of U.S. Department of Labor (DOL) requirements.
Employees are required to receive at least the minimum wage under the Fair Labor Standards Act (FLSA). The sole issue? The FLSA does not consider interns to be employees.
As long as the intern is the “principal beneficiary” of the arrangement, unpaid internships are indeed allowed.
Are Unpaid Internships Bad?
Okay, so posing this query is like inquiring about people’s opinions of Game of Thrones concluding season.
The most beneficial internships, whether they are paid or unpaid, benefit both the intern and the company.
The employer builds a talent pipeline and scales their business with entry-level talent, while you, the intern, get to get useful work experience that may help you sketch out a successful career path.
Differences between Paid and Unpaid Internships
Before accepting an internship, you should know a few important differences between paid and unpaid internships.
Competition: Unpaid internships are more accessible since there is less competition for them. Students who aren’t paying their bills want to get paid.
While getting paid for college is fantastic, if you’re having trouble getting your dream internship, consider taking an unpaid job.
The National Bureau of Economic Research reports that companies are more likely to accept applicants for internships who have previous internship experience.
Flexibility: Unexpectedly, unpaid internships have the advantage of being more flexible with schedules.
Employers who provide unpaid internships are typically more willing to accommodate your academic schedule, which is extremely beneficial for busy college students.
Motivation: True, not everything is about money. But let’s face it—it is a significant issue! Paid internships are crucial, especially for students needing to save money for college.
Do unpaid internships merit the effort? Since it depends on the specific needs of the student and the opportunity in question, we cannot answer for sure.
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