Companies match students with internships

updated 4:14 p.m. ET March 6, 2007

MILWAUKEE - Claire Richardson knew this summer would cost her money. Whether she chose to take an unpaid internship, study abroad or stay at Southern Methodist University and take summer classes, she and her parents would have to pay.

So that’s why she didn’t mind spending thousands of dollars to land an internship, plus housing and food, for a summer in New York.

“When you look at it you’re going to be paying money wherever you are or whatever you’re doing,” said Richardson, a 20-year-old sophomore who will intern this summer at brokerage Smith Barney.

Hunting for an internship takes time and as more students realize their value, competition is getting fierce. A slew of businesses have popped up to help match students with internships, charging hundreds to thousands of dollars to help them write resumes, identify potential employers and find summer housing.

About three-fourths of all college students have had internships or some type of professional work experience by the time they graduate, said Phil Gardner, director of Michigan State’s Collegiate Employment Research Institute. When he started following such trends 25 years ago, only 35 percent to 40 percent of college students interned.

“It’s just one of those things you have to have before employers will even consider looking at your resume,” he said.

WHAT EMPLOYERS WANT Here are skills and traits employers have in mind when they’re looking at college candidates for jobs and internships: — Communication skills: Candidates should be able to speak, write and listen well. Presentation skills are also key as is the ability to respond to criticisms and questions. — Computer/technical skills: Just as candidates should be able to read and write, they should also be familiar with computers. Expectations for proficiency with many applications continue to rise. — Leadership: Candidates should be able to take charge but also know when to let others take over, depending on what’s needed. This is linked with potential management skills. — Teamwork: Candidates should work well with different people while still being in control of some of their own assignments. — Interpersonal skills: Employers want candidates who can relate to others, inspire them to participate or quell conflict among co-workers. — Personal traits: Candidates should have initiative, be motivated, adaptable to change, industrious, honest and be able to juggle tasks.

But students shouldn’t pay to find an internship, he said, because most universities have career centers where students can search for free.

“A student doesn’t have to do that, in my opinion,” Gardner said. “It just tells me that they’re not going and using their resources.”

Richardson said she — and her parents — didn’t mind paying a company like University of Dreams to secure her internship. Because she was only in her sophomore year, she felt she faced more competition. She tried going to her career center, but most jobs were in Texas and Richardson wanted to go to New York.

University of Dreams uses its staff’s personal contacts at 500 companies to get students internships with employers they couldn’t otherwise get into, said CEO Eric Lochtefeld. For interns, that’s better than sending in a resume and hoping, he said.

“Does any college student really, sincerely believe that their resume will stand out or get better consideration than an actual introduction would provide?” Lochtefeld said.

In four years, the company has placed 1,800 students in companies such as Paramount Pictures or MTV Networks, both divisions of Viacom Inc. It has slots this summer for 850 students, he said.

Students pay from $6,499 to $8,999 to have the company find them an eight-week summer internship, plus housing in dorms at universities, some meals, transportation to work and activities for a summer. Financial assistance, including loans, grants and full scholarships, is available.

An admissions team reviews applications and makes an offer. Students who are accepted pay a deposit of $500 to $1,000. Then they work with a placement agent, who finds a matching company. They’re guaranteed an internship in the field of their choice or their money back.

Most of the internships are unpaid, but University of Dreams arranges for college credit through universities. Richardson figures she’ll get between one and two credits for her summer in New York.

Other companies, like Fast Track Internships, don’t let the companies know they’re helping students. In less than a year, the Dallas-based company has placed 20 students in fields like broadcasting, consulting and advertising, said Steve Rodems, a former powdered soap salesman who started the company with a business partner.

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