Vault Reports:

Finding a summer internship

It's getting a little warmer (unless you live in Chicago), a little muddier, and all of a sudden, the question is everywhere: What are you doing this summer?

Maybe you're one of the lucky ones who's lined up something to do for the summer already. You've probably already interviewed with investment banking and/or consulting firms. (Companies in those industries normally have concluded summer internship interviews by late February). If you've obtained a position with an investment bank or consultancy, you'll be smirking smugly while reading this article.

But what to do if you're one of those folks, who, when asked about summer plans, mumbles something about keeping your options open? Vault Reports sympathizes, and has a few words of wisdom to offer.

First of all, if you've made some unsuccessful applications for summer internships, realize that all is not lost. Summer internships aren't like regular employment ­ they are much scarcer, and competition for the most desirable positions is fierce. MBAs actually have a more difficult time finding an internship than in securing permanent employment after graduation. What does this mean to you practically? Cast a wide net when it comes to summer employment. Don't fail to apply to an internship just because it isn't in your dream industry or your favorite city. This is no time to be picky.

Even if you don't end up taking a job in the field of your internship, future employers will assess you on your summer internship ­ and whether or not your temporary employer liked you enough to invite you back permanently. Even if you hate your internship, work as hard as you can. At best, you may discover a fabulous new field you'd never considered before. At a minimum, you'll get a full-time offer, which will make you more marketable to future employers. The summer should be a time to make an investment in your future.

But where do you find these internships? After you've plumbed your school career center (and check all the career centers ­ MBA-worthy internships are sometimes listed at the undergraduate career center), it's time to take a little personal initiative. One of the least used ­ and potentially most successful ­ methods involves making your own internship. If you've already identified a field in which you know for sure you want to be working, say, health care marketing, or sports writing, there's no point in not pursuing summer work in that field. Find out which companies you want to work for, make full use of any connections you have to locate someone within that company (either through personal connections or your school's alumni office).

Because experience is more important than money (remember, an internship can make a career), once you've identified someone inside a company of interest to you, offer to work for free if you have to (and can afford to). Most companies will jump at the chance to obtain the unpaid services of an MBA (and some will, in fact, end up paying you after all). Vault Reports has heard the story of one woman in business school who was keen to work in Paris at an entertainment company. Remembering that the head of Polygram Entertainment had lectured at her university that fall, she contacted him and expressed her interest in working at Polygram for the summer. She obtained an internship at Polygram, with a stipend, and was offered full-time employment upon her graduation. If you absolutely can't afford to work full time for nothing, arrange to work a few days a week (or part of the summer) and scrounge up some kind of paid employment the rest of the time. Another bonus: because you've made your own internship, you have more input into what you do and accomplish during your summer.

If you find yourself completely devoid of options, some recent grads advise unemployed students to consider starting your own company for the summer, "even if it's mostly just a sham." One MBA Vault Reports spoke to found himself without a summer job, and started the "MH Company, a marketing firm" (he put leaflets in mailboxes for local businesses). To help make ends meet, he also worked at a local aquarium.

Remember: You've got about two months left to nail down that summer internship. If you haven't already, get out there and start looking!