In deciding which candidates are most qualified for entry-level positions, many employers are increasingly looking to former interns, rather than new hires, to fill open positions, according to a recent Wall Street Journal poll. This method of hiring allows a firm to "preview" its candidates, making the hiring process "less of a gamble" for employers, according to Monica Wilson, acting co-director of Career Services.
The poll found that around 25 percent of the nearly 480 firms surveyed said that over 50 percent of their new graduate hires have worked previously as interns at their corporations. Of the respondents, 14 percent said that more than 75 percent of their new-graduate hires had already worked as interns for their respective companies.
For applicants who never held internship positions, Wilson said, students sometimes use alternative approaches such as volunteering during summers or off terms to get practice in a field or show interest in a particular sector. Demonstrating such interest can give students an advantage when applying for jobs, Wilson said.
"I've seen both an increase in the number of internships that employers are offering and the number of students looking for internships," Wilson said.
Investment banking firms hire an annual class of analysts that ranges in size from 100 to 200 individuals, Wilson said. By recruiting their former interns who have already demonstrated their quality of work and interest in the company these firms can efficiently raise their employee retention rates, she said.
Virtually all investment banks have a "graduate intake program" in which rising college seniors are asked to return to the bank to hold full-time positions after they complete internships, according to Pholida Phengsomphone, media relations manager at the Royal Bank of Scotland.
J.P. Morgan's company internship program serves as an opportunity for students to learn about "business and culture" at the firm, according to a statement by the company.
"At J.P. Morgan we hire most of our full time analyst class from our intern class," the statement read, adding that the internship program is also a way for the company to get acquainted with its "future colleagues."
Students who have held an internship at a firm but wish to work elsewhere often have an advantage over students with no experience in the field, but not the same advantage as their competitors who have had previous experience with the specific company they are applying to, Wilson said.
Non-profit corporations are "more willing" to hire students who have not had previous experience with their organizations, Wilson said.
"They're looking for people who have passion for the work they do, and if you have related experience, that's great," Wilson said. "It's an advantage to you if you have demonstrated your interest or ability."
A candidate that has job offers with other firms may also appear more desirable to an employer, Wilson said.
