Students Face Increased Competion for Internships

The level of competition for internship programs has spiked due to economic effects on the hiring process at larger companies as well as the volume of entry-level hiring for summer programs.

Students have responded to the prospect of entering a weakened job market by applying for programs in record numbers with the hopes of finding job security and strengthening their resumes.

"You are never as marketable as when you first come out of college," said Billy Soo, chair of the CSOM accounting department.

Students are seeking internships with larger companies with the hopes of securing bigger offers post-graduation, and in turn companies have become more involved with the Career Center to further circulate job offers to students.

"The panic level has risen amongst students particularly in finance because the firms, big bulge bracket banks, channel most of their entry level hiring through their summer programs so it makes it more imperative for students interested in banking to get a summer internship," said Amy Donegan, associate director of the Undergraduate Advising-Careers programs.

In addition, the internship process has expanded. Sophomore CSOM students can now apply to externship programs, which provide an introduction to companies and typically last a few days to a week. Students can get full time internship offers, alleviating the stress of junior year.

"Last summer I did the externship program with Ernst & Young and accepted an internship position offer for next summer," said Kristen Lux, CSOM '13. "Here at Boston College the whole externship and internship process is extremely competitive because everyone here is so smart and motivated and wants to get a leg up on competition.

"At the end of the day though, I feel like most people at BC still wish the best for each other despite any competitiveness that occurs during the job and internship process," Lux said.

One reason for the rise in competition is that few spots are available, but more companies are offering internships as a way to lock down hiring prospects before they go into the general employment pool after graduation.

"Every student who accepts an offer to return to the company reduces further the number of full-time slots the company needs to fill," Soo said. "I know of some firms that are only hiring interns and not looking for seniors this year because all their summer interns decided to resign with the company."

Students push themselves appeal to the Big Four firms: Deloitte, KPMG, PricewaterhouseCoopers, and Ernst &Young.

"Many students don't realize that to get a job and do well in a public accounting firm requires not only technical competence, but also a sharp mind to understand complex business situations, and the social skills to lead a team and pry information from potentially uncooperative clients in a nice way," Soo said.

"The firms are looking for evidence of such a skill set from their applicants. Don't do well only in the classroom, be involved actively in the community, preferably in a leadership position."

Because the qualifications for internships are similar to those of full-time positions, some firms are imposing higher GPA cut-offs. In addition, there are fewer slots for internships than full-time positions, so the same number of applicants now apply for fewer spots.

Despite the competition, students seem undeterred, because internships can lead to full-time jobs, and some offer compensation.With more students gaining internship experience, students who do not can be at a disadvantage.

"It helps that they have related experience and can start off possibly with some job knowledge under their belt, they can understand the industry lingo better, and they probably have made valuable contacts as well,"Donegan said. "It can also help a liberal arts major who is not defined by their major to show that they are seriously interested in a field by having sought out experience already."

"Internship programs provide students an opportunity to experience what real work would feel like in a particular company before they graduate," Soo said. "If a student is unsure whether a particular line of work is for them, the internship gives them a glimpse of what that work would be like without having to sign a longer-term commitment."