If you are in college (or have a child who is), it's time to start the search for a summer 2015 internship. While some people might think seven months is a bit too far in advance to start searching, they would be wrong. Competition to get an internship in your desired industry, much less company, is aggressive.
Internships act as a solid bridge between the academic and business worlds. Good internships connect you with great contacts, experience and a good working understanding of the industry. The best internships provide you with tangible training, relationship-building events, hands-on experience and career development seminars. Vault.com recently released their list of the Top 50 Internships for 2015.
Vault surveyed 5,800 interns at 100 different internship programs for theirInternship Experience survey. The survey was based on the following criteria: "quality of life, compensation and benefits, interview process, career development, and full-time employment prospects."
"Today, 40 percent of all entry-level full-time hires in the U.S. are sourced through internship programs," according to Derek Loosvelt, a senior editor at Vault.com. "This means that, for those looking to work for the most desired and admired employers in the country, internships are no longer a luxury but a necessity."
10 Best Overall Internships for 2015:
1. Bates White Summer Consultant Program
2. Elliot Davis ENVISION
3. Frank, Rimerman + Co. LLP's Summer Internship
4. Bain & Company Associate Consultant Intern and Summer Associate programs
5. Northwestern Mutual Internship
6. Plante Moran's Internship Experiences
7. KPCB Fellows Program
8. Evercore Advisory Summer Analyst and Summer Associate Program
9. CapTech Summer Internship Program
10. Anadarko Corporation Summer Internship Program
Vault, in addition to ranking the Best Overall Internships, also ranked internship programs in seven industries: Accounting, Consulting, Energy, Financial Services,Investment Banking, Media & Telecom, and Retail & Consumer Products.
Best Accounting Internship: Elliot Davis ENVISION
Best Consulting Internship: Bates White Summer Consultant Program
Best Energy Internship: Anadarko Petroleum Summer Internship Program
Best Financial Services Internship: Northwestern Mutual Internship
Best Investment Banking Internship: Evercore Advisory Summer Analyst and Associate Program
Best Media & Telecommunications Internship: AT&T Finance Leadership Program
Best Retail & Consumer Products Internship: Kohl's Information Technology Internship
According to Loosvelt, the company has been studying, surveying and ranking employers for quite some time. Mainly focusing on consulting, law, banking and now expanding into consumer products, tech, energy, media and entertainment. Why study the internship programs of these industries?
"Internships have been growing in importance, as nearly half of all entry-level full-time jobs at the top employers in the country are now sourced through their internship programs. So we found it important to give readers a better sense of the best internship programs out there, and to give them information about what it's like to intern at top employers as well as how to get these internships," says Loosvelt.
Loosvelt says Millennials are looking for jobs and careers that have meaning.
"Of course, prestige and salary are still important to Millennials, but I don't think they're the most important factors by far (like I think they were to, say, Generation X). I think Millennials want to make an impact. They want to feel their work is meaningful (the definition of what's meaningful varies, of course, from person to person)," says Loosvelt. Some people might want to advance the tech field in Silicon Valley, others might find their meaning in charity, while others are spreading awareness via social media or through education.
"Millennials are very focused on career advancement and training," Loosvelt says. "They're attracted to positions in which they'll be able to make difference right away-that is, being able to contribute to their firm's success without much waiting/training period. And they want to know that they'll be able to advance quickly if they succeed. They shy away from strict advancement time periods. And I believe that Millennials are also less fearful when it comes to changing careers and entrepreneurship -- starting their own ventures. This might just be because it's easier to start businesses these days; for example, brick-and-mortar stores aren't necessary to begin because, in most cases, all you need is a web domain and an idea; it doesn't take that much money to get going."
According to the U.S. Bureau of Labor Statistics, Millennials will be the majority of the workforce in 2015. Loosvelt agrees that more companies (like the ones ranked in the study) are putting more time and resources into their programs in order to attract top talent and retain them.
There has been a major switch as companies have been putting a greater emphasis on training and development in internship programs. "This is partly, I assume because they realize it pays to do this. If you treat your internship program like one long training period (and now sometimes students will intern two and three summers with the same firm), once your interns start full time with you, they're ready to perform real work, not to mention they're apt to stay at your firm for a lot longer period of time that is, they'll be less apt to jump ship to another firm just for the money since they have a stronger connection (more loyalty) to you," says Loosvelt.
"Companies are increasingly offering better benefits and perks," he adds, "as they understand that Millennials are interested in flexible schedules (to raise families and/or engage in outside-of-work activities) and in having a community feeling at work, which wasn't so much the case with respect to past generations."