There was a time when students could find internships based on their hard work, good grades, and fantastic résumés. Unfortunately with the current recession and high unemployment rates there are fewer jobs available. This means that more college students and graduates are searching for internships. In fact, the demand for quality internships is around 20% higher than it was last year; so it should be no surprise that the newest way to find an internship is to buy one. More and more for-profit internship placement agencies are popping up. These internships are typically at well-known companies, such as Rolling Stone, Elle, or fashion houses like Donna Karan, and can range from $2,000 to $12,000.
What about the kids who don’t have the money to pay for a prestigious internship? One school of thought holds that paying for an internship actually evens the playing field; that if you come from a wealthy family chances are you have some personal or political connections that can help you anyway. This way, it’s not about whom you know, just about how much you can pay. And many parents are digging deep to help their kids. According to an article in WSJ.com, "a one-week internship at a music-production company sold last month for $12,000." That’s a lot of money for a week of working for free.
Another part of this trend is auctioning off internships for charity. Many charities have been hit hard by the recession.
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