I just started a Master's Degree in Real Estate Development a few weeks ago, and it's internship hunting season. A shop I interviewed at took me through three interviews to tell me that the position would be unpaid. I was so angry I almost didn't send a thank you email when I rejected the offer.
What's the worst comp offer you've ever seen or received for an internship?
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I accepted an unpaid internship to work under a neuroscientist analyzing fMRI data for neuroimaging just to get the experience. I was grateful she was taking the time to teach me. At the time I was considering applying to joint degree MD+PhD programs and the minimum amount of research required was 1 year, so I was working on satisfying that requirement. Basically I could have gotten into research for a small amount of money in a field I wasn’t interested in or do what I did and go unpaid to research in neuroscience. It was a great experience and I wasn’t bitter about it. A good internship is simply a stepping stone and you have to think about the doors it will open.
One of the cool projects I helped work on with my neuroscientist was analyzing the brain of Alex Honnold, the world’s top free climber. We were mainly focused on his ability to take great risks in climbing and be at peace with it at the same time. Here is an article about it:
https://web.musc.edu/about/news-center/2019/03/18/how-a-neuroscientist-…
GBP 23k a year
A lot of students do research internships for college credit, so technically they're paying to do an internship
You don't have to pay to access the research opportunities, do you? I know a few people that did what you are saying but it was more so to get an easy A and free up their schedule in terms of courses rather than to access the opportunity.
There is a time and place for unpaid internships but it should definitely be disclosed in the application. It's one thing for a freshman or sophomore but at MFin level that's ridiculous.
I interned in college for the hourly equivalent of $35k/year, but it was a freshman/sophomore internship and a 9-5 so the experience was worth the low pay
My first internship was unpaid. Would often have to come in on weekends/stay late. Honestly, it turned out to be the best internship I've ever participated in. I was given work typically reserved for full-time employees and while at the time the learning curve was tough, that internship ended up being a huge talking point in future interviews and ultimately leading to where I am today. My parents were disappointed that I received 0 compensation (and sometimes still bring it up lol), but I tell them that the experience was worth it.
The truth of the matter is that no matter your education level, you probably know very little that is applicable to the real-world, so don't be entitled on your first few internships. I will say though that hiding that the internship was unpaid until the end of the interview process was unprofessional. For mine the JD said the internship was unpaid, so I knew that going in.
It's great that it worked out for you, though I will say the two points below to me are contradictory and highlight exactly why unpaid internships aren't fair, except for very limited cases that are more akin to shadowing.
"I was given work typically reserved for full-time employees" vs.
"The truth of the matter is that no matter your education level, you probably know very little that is applicable to the real-world,"
Both statements were true, hence the weekends and long nights to come up to speed. You're speaking along the lines of my parents who think I should have made at least minimum wage. I disagree though because any salaried job is competitive to get, and coming from a non-target with no prior work experience I was worth nothing from a monetary perspective.
$10 an hour, Real Estate Brokerage firm in Tampa
This is why you ALWAYS make them put terms out on the first date.
Unpaid internships should be criminal.
First, if my fund manager had unpaid interns, I’d be wary at both the integrity and incentive for best efforts.
Second, If I was a business owner selling my business, I wouldn’t want some intern grunt getting 0 to be involved in the transaction scheduling meetings around their side hustles to put bread on the table. Imagine the MD at places like this , “This is your bake off valuation!? What kind of morons do you have working here!?” “The kind that work for free?” wont be pleasing for the clients ear.
Lastly, no reputable firm will hire unpaid interns to pay your dues. GS, MS, or JP won’t have it. Dumpy IB Boutique LLC does have unpaid interns, but most big players will scratch their heads wonder “who dis?” So you pay your dues at the chop shop, but are barely more marketable than your peers.
If anyone thinks otherwise and wants to work for free, I’ll let you shovel my driveway for experience assisting a senior finance manager. There won’t be comp in it per se, but maybe I’ll have a Baileys coffee while I watch you work. Afterwards you can get us lunch and I’ll let you review a trade order after it’s executed. Bullet can honestly read. “Internship where I assisted senior financial leadership holistically.”
They mostly are illegal, in America. Very limited enforcement though.
It's legal if done for college credit.
One of my internships was unpaid and was for a no-name boutique. Definitely agree with your points and was scratching my head a little to know one of the Partners had > $600k invested in his cars. You couldn't flip a college kid $10/hour for 10 weeks of work? Come on. Ended up working out though, so made the experience worth it.
Worst I have seen is a $10 Amazon gift card
Did 3 unpaid internships in college. ***Personally*** I prefer them to paid because I wasn't super accountable, but I was in a fortunate enough to not need the money
3 unpaid internships through college. Really depends where you go and what you make of it.
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