no pay, no credit - possible?
Apparently its illegal for them to give you an internship where you aren't getting money or academic credit, but does it ever happen? (MM/Boutiques)
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all the time
Yes. Any way they can take advantage of eager kids.
Yeah. I'm doing one right now.
smaller firms are usually much more amenable to this.
Yes: I did one myself. It was a small boutique just establishing in the area.
I'd like to know -- who has actually gotten "academic credit" from an internship? Unless your school has a specific co-op program like NEU, I would think that most colleges wouldn't offer "academic credit" for an internship, as it is pretty much an expected thing to do during your summers anyways.
BB PWM at UBS, MSSB and ML require you to get credit for an unpaid internship and you have to pay the school in order to get credit lol
I honestly don't see how it could be illegal- it's done ALL the time. Most of my friends that can't get paid internships opt for non-paid just to have something to put on their resume. Definitely worth looking into if you can't get a paid one so don't dismiss them.
It's a pretty recent change I think, the point was from a policy perspective only wealthier/privileged kids can afford to do a non-paid internship and that's not entirely fair. I see the point but it's gotta be hard to enforce.
Might be cracked down harder in the future.
I have a feeling this is so big firms like Wal-Mart can't start hiring "unpaid interns" to push around carts all day, with the expectation that someone will work for free for 2-6 months before they get "promoted" to a minimum wage job. If you start allowing things like that, things that slippery really fast. I think unpaid internships for any white collar jobs are find though, and I don't think the government is really keen on clamping down on those.
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