An internship is an essential part of any Management Curriculum. It is a great way to get involved in the real corporate world and increase your practical knowledge to become an industry-ready professional. However, the current Management education focuses mainly on imparting theoretical knowledge with almost no hands-on experience. This creates PGDM graduates that do not possess any practical knowledge and hence are not readily accepted in the corporate world.
Benefits of Internships can be noticed for PGDM students as they gain on-the-job experience, test their newly acquired competence and pave the way for their careers. Gaining experience, finding the right industry, developing skill sets and meeting the right people that might offer you a job after graduation are all the possible outcomes of the right internship.
What is an Internship?
An internship is an official program that is offered by an employer to potential employees. The modern concept of an internship has evolved from the medieval apprenticeship, where a skilled laborer, often a craftsman, would take on and teach a young person their trade. In exchange for being taught a trade, the apprentice would agree to work for the craftsman for a specified length of time.
Today, an intern can work part-time or full-time at the company for a specified period of time. Typically, interns will work for a number of months. Internships are very popular with undergraduate or graduate students who need to gain valuable work or research experience. Internships can be found for digital marketing degrees, healthcare programs, paralegal certificates, and many other career choices.
Benefits of Internships in MBA and PGDM programs?
Undertaking an internship program during two years of study is considered to be one of the main practical benefits for students studying for an MBA degree. Recent surveys show that employers offer full-time employment to more than half of their interns. They are also willing to negotiate higher salaries for those who have undertaken an internship.
The belief is that those students who have chosen an internship position have a more realistic and less idealized view of management since they have had the chance to put into practice what they have learned at school in a work environment. Moreover, an internship offers the opportunity to establish new contacts, mentors, and references, acquire recommendations from business executives and, in the best-case scenario, land you your dream job.
There are a lot of benefits associated with pursuing an internship in an organization:
- Industrial Exposure: The internship provides hands-on experience of how industry functions in real. Here, students learn by doing which enables them to understand & apply the business concepts in the real world. The hands-on work experience interns receive is invaluable and cannot be obtained in a classroom setting, making this one of the most important benefits of internships.
- Enhances your Resume: Whether you are a fresher or not, internships help to enhance your Resume. You can always mention the projects you were assigned during the tenure of your internship. Internship experience makes a college grad more marketable as they usually require less training and can handle more responsibilities. You may also receive a higher starting salary than those who do not have internship experience and are entering the workforce or starting a new career.
- Strategic Networking: Being an intern exposes you to excellent professional connections inside and outside the company. Don’t make connections only because they can help you to land the desired job profile, also look for contacts that can act as mentors or coaches throughout your career. Internships are more than just about earning credit, getting a grade, or making money; internships provide an opportunity to learn from the people around you, ask questions, and impress. The professionals you encounter during an internship can be your future colleagues or the connection to your first job.
- Preview of Roles and Responsibilities: Internship is an excellent platform to gain the relevant experience, skills, and knowledge of a specific industry or field. It also gives a glimpse of roles & responsibilities you’d be dealing with if choose to work for that industry. Taking on an internship while in college allows students to work in their desired field, helping them decide if the field is right for them. By graduation, students who interned are more likely to feel confident they chose the right degree.
- Chance to get a pre-placement offer: Many companies use internships as a way to enhance their recruitment efforts. An MBA/PGDM internship will not guarantee you a full-time position, however, if you performed well, there’s a good chance the company will extend you a job offer once you graduate. Even if a job offer doesn’t happen right away, an intern who makes a favorable impression could receive an offer down the line when an opening occurs. It’s a way for companies to test out an employee before committing to hiring them.
Applying for an internship is more than just submitting your application form time. It usually involves meeting your future boss in-person for an interview. Interviews can be tricky, especially for those who have out of touch with sitting for a job interview. There are a number of pointers that might prove helpful like, do some mock interviews with classmates beforehand, be concise, and most importantly, get your “elevator pitch” practice perfect.
Find an interesting topic to discuss that is unrelated to classwork and previous job experience, for example, an organization you may volunteer with or a cause you are passionate about. Also, make sure to watch or read the news. Current events knowledge is a must; especially in the areas, you are most interested in. With all that in mind you are all set to outshine the competition and spend the next 6-12 months on the job.
Internships provide a great opportunity to work closely with seasoned professionals in your respective field and to develop knowledge, competencies, and experience related directly to your career goals. If managed tactfully, internships will land you new contacts, mentors, and references.