JOBTALKS Finding an Internship Indiana University Kelley School of Business C. Randall Powell, Ph.D

What I Did on My Summer Vacation

t Finding an internship is the key to differentiating your product t It is a way to find out what you really want to major in t It is a way to pay for a substantial hunk of the second year Benefits of an Internship

Finding an Internship

t Half of the class of 1993 had internships t About half of those got their internships through the BPO Getting an Internship is Difficult

t Those who haven't been in the corporate world t Those seeking to make a career change t Those seeking to get with companies that hire only their interns ? ? Who Needs an Internship

t International programs t Summer study program t Work that earns money Those who don't fit the above could consider: Other Options

The toughest thing is how to time your search t BPO companies come in the January- March time frame t Start contacting with letters and resumes in November/December t Send a resume and tell them what you want: To be preferenced on their schedule for interns Timing

Target for your letter writing campaign of non-recruiting companies In writing these companies, let them know what you want, but be more flexible Big Companies that Don’t Come to IU

Include recruiting literature New MBA INDIANA UNIVERSITY Sell IU and the “New MBA” program

Start a little later in January, you can conduct a campaign on those folks with the greatest impact coming in March and later Contacting the Medium and Smaller Companies

Keep the Placement Office informed of your status, even after the semester ends Many Opportunities Come at the Last Minute

You must be simultaneously broad and focused For companies that don't usually hire MBA interns: t show them what you can do for them t Offer yourself as a summer employee or outside consultant Your Approach to Companies

Any employer must come away with the impression you "love" the company The goals you tell the employer should generally line up with the employer's plans Your Approach to Companies

A high percentage of internships are never publicized Companies fill such internships through the people they know or the people their employees know Networking for Internships

That means you should be calling your contacts: t People at your previous company(-ies) t People you went to undergrad with t People you knew personally or professionally t Former customers or clients t Links contacts t IU alumni groups Making the Contacts

Worry about asking for a job later "I'm planning on a career in brand management in an industrial manufacturing firm. Who do you know in that field (or a closely related one) that I might be able to talk to?" Get Liked First

Ask questions about career, job, and company/industry You might ask "Are there opportunities for summer positions in this field?" "What companies are you aware of that offer such positions?" and "Is there anyone you could refer me to at that company who might be able to help me find such a position?" Use Introduction to get Access

"Does your company offer MBA internships?" t Too self-serving t Focuses on "WIIFM" (What's in it for me?) The Kiss of Death

Use the Links program for instant networking contacts t Ask about opportunities in their field or locale t This isn't a job hunting service Links

Know the questions to ask to get the information you need Know What to Ask

You are visiting with a links contact in your chosen field: corporate finance You have already discussed a great deal about the field, the responsibilities You now want contacts Networking at Work

"Thanks for the information on corporate finance. You have really shown me that my initial attraction to finance is right on the button. One thing that will help me to gain the experience I need to be successful in corporate finance is a summer internship in the field. Are you aware of any companies where it would be possible to get a summer position?" Know What to Say

"Who do you know in the corporate financial field who might be able to help me in my career exploration? Could I get a phone number? In Case of “No”

"I realize that it's not always possible to get a summer position in my chosen area. Who do you know in other industries working in a financial function? What about in the government or not-for-profit sector?" Continue the Process

All of the questions were designed to get names rather than "Yes or No" answers ?????????? Ask the Right Questions

Follow-up after each contact Never leave a contact hanging Follow-Up

t Classmates t Second year students t Faculty Don’t Forget Daily Contacts

You are targeting a marketing position in a consumer goods company Who in your class worked for or had contact with these companies Example

"Need: Finance contacts in manufacturing. Have: Marketing and Finance contacts in high tech services." Set Up a Swap

Have the right questions for them: t "Who do you know in operations in mid-sized manufacturing firms in the state?" t "Could you arrange an introduction?" t "What other faculty members would likely be aware of such companies?" Talk to Faculty

Ask the questions you'll never be able to ask in an interview: t "What's the culture like?" t "What do they look for in their people?" Gather Other Intelligence

The key to networking for internships is to ask the right questions The Key

Don't get hung up on the word "internship" Companies are willing to hire "summer employees" or "temporary employees" Don't concentrate on the title - look at what you will be learning Non-Traditional Internships

Approach employers ready to sell them why you can help the organization Ask if there are any "need-to-do" or "nice- to-do" projects sitting on the back burner It's not often they can get a high level temp to do this kind of work The Approach

Sell your previous work experiences Sell your academic background in the field Show the employer you aren't "afraid to get your hands dirty" Sell

t If you are interested in marketing, consider any position where you would have to sell t Offer yourself out in a contractor format t Look into opportunities outside the business world t Talk to faculty/staff about research or other positions on campus t Talk to 2nd years about companies they did class projects for Options to Consider

t Seek out research grants for conducting studies in your field t If you are brand new to a field, poach on the undergraduate market t Return to your former employer t Pitch the "I'll add value or you don't have to pay me" approach t Consider an unpaid internship Options to Consider

Photo of Cover Letter

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If you would like to learn more, Career Planning Strategies textbook will supply additional information on this topic.