Numerous internships offer monetary compensation
Although it's only sometimes the case, unpaid internships are becoming less common as a hiring practice. Tools like Handshake, which show whether or not an internship is paid, make it much simpler to find a paid opportunity than in the past. Whether you like to work for a major multinational or a small startup, you won't have any trouble getting a job because there are plenty of opportunities.
However, from time to time, unpaid internships become available. Depending on the type of work experience you seek, a non-paying internship may be a viable option. It's better to take on unpaid work at your ideal company than compensated work that has nothing to do with your career objectives.
Consider an unpaid internship if:
Even though it may not seem like it initially, an unpaid internship with the appropriate firm can provide invaluable experience.
For starters, it's feasible, which is a huge plus. Compared to a paid internship, an unpaid one will place fewer demands on its applicants. If you have yet to gain any former experience in the field, this could be an excellent opportunity for you to gain some (yes, some paid internships require previous experience).
Second, we have a safe, usable setting. An unpaid internship provides a unique learning opportunity because it does not come with the same financial obligations as a paid position.
A third advantage is a possibility of earning academic credit. Some internships will work with your university's career center to review your work and determine whether or not you should receive academic credit for your time spent interning. Students can get real-world experience while finishing their degrees.
Consider a paid internship when...
The first advantage is self-evident... Pay.
Many internships pay you by the hour or by the week. However, some opportunities offer weekly or monthly stipends. Internship pay typically ranges from $15.67 to $19.51 per hour for college freshmen and upperclassmen. Hours may also fluctuate according to the company. You may count on having at least 20 hours and up to 40 hours of availability per week.
The second benefit, which may be more important than financial compensation, is the greater likelihood of receiving a job offer upon completion of a paid internship. U.S. News reports that 68.2% of interns in paid positions were offered full-time positions upon graduation, and just 38.2% of those in unpaid roles successfully found employment.