The 5 Most Played NACE Starleague VALORANT Agents

What to Know About Internships in 2023

It’s the classic Catch-22: You need experience to get a job, but you can’t get experience without a job. This…

It’s the classic Catch-22: You need experience to get a job, but you can’t get experience without a job. This frustrating conundrum can be a headache for college students or recent graduates looking to break into their chosen fields. Thankfully, internships offer a solution.

Internships are short-term roles where an inexperienced person can acquire real-world work experience, ideal for students or entry-level job seekers just starting out. In exchange, employers who offer internships could receive valuable contributions, a boost in employee morale and possibly convert some interns into employees.

Here’s everything you need to know about internships in 2023, including compensation, where to find internship opportunities and what the future holds for aspiring interns.

[Finding Internships in Places Where Your Field Is Dominant]

Types of Internships

— Virtual internships. While many internships are in-person, some are fully remote, allowing you to gain practical work experience from anywhere.

— Hybrid internships. Hybrid internships let you work a portion of the time in person and the rest in a virtual environment.

— Summer internships. Summer internships are mainly for university students with an extended summer break. They’re usually eight to 12 weeks and can be full time or part time.

— Co-operative education. Co-ops are typically longer than internships and can last one or more years. Usually, you’ll attend classes at school and work on your co-op simultaneously.

— Externships. Externship is essentially job-shadowing and focuses on observational learning rather than hands-on experience.

Internship Compensation

Internships can be paid or unpaid, provided they meet standards guided by the Department of Labor. The DOL “test” focuses on balance: If the employer gains more benefits than the intern, payment is typically required for the work. If the role is more altruistic, and the intern gains the benefit, the role can be unpaid.

According to a 2022 survey of about 200 employers by the National Association of Colleges and Employers, the average hourly wage for paid interns in 2020-2021 was $20.82. But of course, how much you get paid as an intern can vary significantly depending on the employer and the industry. The top-paid internships are currently dominated by technology, finance and consulting firms. For example, tech giants such as Coinbase, Nvidia, Meta and Stripe may pay their interns over $8,000 a month, according to jobs site Glassdoor.

Where to Find Internship Opportunities

“If you’re a university student, your school’s career center is often a great place to start,” says Nathan Deily, chief people officer at the venture capital firm nth Venture. “These offices exist to build and maintain relationships with businesses and alumni looking for talented interns.”

The career center isn’t the only resource available. Attending career fairs and connecting with alumni, professors and professionals in your desired field could also lead to exciting opportunities. And lastly, platforms like LinkedIn, Handshake and Indeed may provide quality internship leads as well.

[9 Ways to Be an Incredibly Likable Interviewee]

Tips for Landing an Internship

Securing an internship can be a stepping stone to landing your dream job. So how do you make yourself stand out with the sheer number of students and recent graduates vying for the same positions? Here are some tips to help put you ahead of the competition.

Be More Interested Than Interesting

Curiosity and a desire to learn are the major differentiating factors for successful intern candidates. “While you’re not expected to know it all before you start, demonstrating you want to and can ‘learn it all’ while you’re there is the key,” Deily says.

So, instead of trying to make yourself the most interesting person in the room, show the interviewers how interested you are in the internship opportunity. Deily recommends providing examples of how you’ve taken on new challenges and succeeded in the past to demonstrate how you could contribute to the organization. Don’t forget to use the Star method to convey your experiences and accomplishments in a concise and compelling way.

Tailor Your Cover Letter and Resume

Adjust your efforts and communications to a select number of companies, says Laura Mills, head of Early Career Insights for ed-tech company Forage. Mills, who has 15 years of experience in campus recruiting, advises against the “spray and pray” approach when applying to internships.

“A generic cover letter for many companies won’t go as far as a personal one you dedicate time to for a few companies, so ensure your cover letter and resume highlight your skills and ambitions aligned to the specific role you are applying for,” she says. If you’re still in college or are a recent college graduate, include notable athletic or community service activities to demonstrate your relevant skills.

Go the Extra Mile

Going the extra mile can make all the difference when it comes to landing an internship. “If there’s an event, a webinar or a skilling opportunity associated with an internship, attend it,” Mills says. Recruiters notice when you put in the effort and will remember applicants that show up on their radar multiple times. Plus, it’s these small actions that set you apart from other applicants and show you’re truly invested in the opportunity.

How to Turn Your Internship Into a Full-Time Job Offer

Although there are no guarantees, research shows that the chances of securing a job offer at the end of your internship are quite high. According to NACE’s 2023 Internship and Co-op report, over half (57.6%) of internships convert to full-time jobs.

With the odds in your favor, it’s worth putting in extra effort to maximize your chances. Mills recommends networking with the people you aspire to be like while at your internship. “Take their advice to heart and keep those folks looped into your progress. They can advocate for you if a job offer is on the table,” she says.

[SEE: 8 Best Jobs in Finance.]

The Future of Internships

Hybrid internships, which combine in-person and virtual work, have emerged as one of the most popular types of internships, according to the NACE report. In fact, 64.8% of employers confirmed they intend to continue offering this kind of internship.

And though employers had to pivot and rely heavily on virtual recruitment methods during the pandemic, they still prefer in-person methods. So, now that COVID-19 pandemic precautions have eased, on-campus recruiting and career fairs have resumed their roles as the main ways for employers to attract interns. What’s more, the report indicates that intern hiring is expected to increase by 9.1% in 2023, outpacing projections for full-time hiring.

Overall, these trends suggest a promising future for students seeking to gain work experience, particularly in a hybrid work setting.

More from U.S. News

Unpaid Internships Remain Out of Reach for Many College Students

How to Write a Resignation Letter

How Summer Internships Can Help Law School Applicants

What to Know About Internships in 2023 originally appeared on usnews.com

Update 08/22/23: This story was published at an earlier date and has been updated with new information.

Best 1-Year CD Rates for August 2023

A 1-year CD won’t be the best savings option in all cases, of course. Fortunately, there is no shortage of alternatives, depending on your situation:

If you can leave your funds untouched for longer than a year, it’s worth shopping the longer terms, such as 18-month, 2-year, or 3-year. You may be able to score a higher rate on one of those. Or you may want to opt for a rate that’s not quite as high, but that will last further into the future. 

If you want to move some of your money from regular savings into a CD, but you just don’t feel comfortable with the year-long commitment, 3-month and 6-month terms are available from most banks and credit unions that sell CDs.

If you simply don’t want to lock your funds in, but want to earn today’s highest rate, the best high-yield savings accounts and money market accounts provide a more flexible option. Just remember that the rates on these liquid accounts can change at any time.

These U.S. government bonds are designed to protect your savings against inflation, hence the name I bonds. But while they sometimes pay rates much better than CDs, sometimes the rate is inferior. Also, you absolutely cannot withdraw your funds until one year passes, not even with a penalty.

These allow you to lend money to the U.S. government for a fixed amount of time. Considered one of the safest investments in the world, a T-Bill is a note with a duration of up to 1 year. 

Though it is difficult to research individual bonds, such as corporate offerings, you can easily invest in a bond mutual fund or ETF, which is diversified across many different bond issues. You can also enter and exit the fund at any time.

If you have a brokerage account, you can also hold savings in the brokerage’s cash reserve account or their money market fund. Just be sure to research what rate you’ll earn because in many cases, it will be far less than what you can earn in an outside CD, savings account, or money market account.

Certificates of deposit are a special type of savings account that have boosted interest rates in exchange for keeping your funds locked up for a fixed amount of time. The reason banks and credit unions are willing to pay higher rates on CDs is because they can generally count on those funds staying in the account, unlike funds that can unpredictably come and go in a savings, money market, or checking account.

Banks and credit unions offer CDs in a variety of terms, from 1 month up to 10 years, so you can choose how long you're willing to lock up your funds. The most common CD terms, however, range from 6 months to 5 years, with 1-year certificates being the most widely available of all.

The date your CD ends is called its maturity date, and although it’s not impossible to withdraw your funds before maturity, you’ll incur a financial penalty if you do so.

Certificates of deposit are a special type of savings account that have boosted interest rates in exchange for keeping your funds locked up for a fixed amount of time. The reason banks and credit unions are willing to pay higher rates on CDs is because they can generally count on those funds staying in the account, unlike funds that can unpredictably come and go in a savings, money market, or checking account.

Banks and credit unions offer CDs in a variety of terms, from 1 month up to 10 years, so you can choose how long you're willing to lock up your funds. The most common CD terms, however, range from 6 months to 5 years, with 1-year certificates being the most widely available of all.

The date your CD ends is called its maturity date, and although it’s not impossible to withdraw your funds before maturity, you’ll incur a financial penalty if you do so.

The rates banks and credit unions choose to pay on CDs varies widely, with the top rates in the country typically sitting three to five times higher than the national average, and sometimes even more. So the CD shopper who does their homework stands to earn considerably more interest than if they limit themselves to a CD from their existing bank.

In fact, some of the biggest banks pay among the worst rates. In contrast, smaller brick-and-mortar banks, online-only banks, and credit unions tend to offer substantially higher returns. Shopping from their daily rankings of the best CD rates is an easy way to ensure you’re scoring a top nationwide rate.

If you’ve never held an account at a different institution than where you have your primary checking account, you may be concerned about bank safety. But that’s easy to lay to rest. Any bank that is FDIC-insured, or credit union that is NCUA-insured, carries the same coverage on $250,000 in deposits, per individual and per institution. So if you see that an institution is an FDIC or NCUA member, your protection is the same, whether the institution is big or small, physical or online-only.

You may also wonder about the inconvenience of having your funds at more than one bank. With CDs, however, this is essentially a non-factor, since you won’t be regularly interacting with your CD account. Even with a savings or money market account, internet transfers between institutions are easy these days. But you won’t be making transfers to or from your CD account until you cash out.

Early withdrawal penalties, or EWPs, differ greatly among banks and credit unions. For a one-year term, the most common EWP is three or six months' worth of interest. What that means is, if you cash in your CD before its maturity date, the funds returned to you will be docked by the amount of interest the CD would have earned in three or six months.

But don't assume all EWPs are similar, or even reasonable. You may find one that charges a whole year's worth of interest, while another assesses a mild 30 days' interest. Still others have more complicated or onerous policies that can even eat into your principal. That's why due diligence is critical before funding any CD. You want to be sure you understand what you're signing up for. And when two choices are relatively equal, choose the CD with the milder penalty.

Be sure to carefully review the terms of your prospective CD before signing off on it and funding the account. But if you find you've changed your mind about the CD within the first few days of opening it, some banks offer a grace period enabling you to quickly exit penalty-free.

Opening a CD is generally no more difficult than opening a savings or checking account. You'll have to provide personal information and be able to identify yourself, but almost all of the certificates in their rankings of the top nationally available CD rates can be opened online within 10 or 15 minutes.

You’ll also need to specify how you’ll fund the new CD. The most common approach is with an electronic transfer from another financial institution. But options to send a check or wire money may be available, depending on the bank or credit union where you’re opening the CD. Note that if you are funding the new certificate with a very large deposit, you’ll want to check with the institution on any external transfer limits that could be an obstacle. 

After opening the certificate, you'll be provided with the written terms of your agreement, which will stipulate the interest rate you'll be paid, the date of the CD's maturity, the frequency with which your interest will be paid and compounded, and the specific penalty calculation that will be used if you request to withdraw your funds before maturity.

After that, CDs are ideally a "set it and forget it" product. You'll receive monthly or quarterly statements showing your certificate's growth, but hopefully you can leave the funds untouched until the maturity date rolls around.

Although the bank or credit union will notify you in advance of the CD maturing, it's wise to set your own calendar reminder sometime well ahead of that, so you can be ready with a decision on what to do with the funds when the CD expires.

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide, and determines daily rankings of the top-paying certificates in every major term. To qualify for their lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), they exclude credit unions whose donation requirement is $40 or more. For more about how they choose the best rates, read their full methodology.