Experience with interns

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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.
commentor profile
Reply by a searcher
from University of California, Berkeley in San Francisco, CA, USA
All over the board. I mentored a successful searcher and between her and I had about 10 interns. 10% rule applies. The rest are a drag. She had 2 rad interns....one a freshmen and one finishing her MBA. One of mine landed at Goldman Sachs the following summer. The rest were not a great use of my and my mentee's time. Most interns consumed a lot of your time for me to justify putting in place a "comp" structure. Another way I compensated my interns is I curated a weekly "ask me anything" series that includes VC, PE, CEOs, venture backed founders, bankers, lenders, etc. The good ones came prepared and followed up after to build their network, which I encouraged and recommended.
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