Making Summer Plans in Bad Economy: Part 1
College business students everywhere are the first to get the shaft on their prized summer internships from the formerly heavily recruiting corporate world cutting costs at a rapid rate. With experienced business and finance analysts being laid off everwhere, it’s no surprise that big corp internship offers are drying up and even being pulled. One figure (word of mouthish) is that offers are down 30-50% for most nationally competitive business schools, and I agree.
So, without a position at a major manufacturing corporation in a declining industry, what are young bschoolers to do?
Well since I’m in the same situation, I’ve got a plan and hope to solidify it over my upcoming spring break rather than spending the time partying somwhere nice (Mexico’s dangerous anyways).
In this first part, here are some summer options for business students that will help network, gain experience, build your resume, and make [a little] dough.
Work: You’ll most likely have to work somewhere, at least 30 hours a week. Some work history is obviously critical for experience and someone has to pay the rent. Sure, shift supervisor at an ice cream parlor doesn’t sound flashy, but it’s something 30X better than your parents’ basement playing COD all day.
Work for free: While many found unpaid internships laughable a year ago, they are a reality now when one is trying to gain some industry experience (finance especially). 5-10 hours a week will give you experience, credibility, and networks that can be leveraged later. I find it hard to believe most offices would turn down free labor, so if you don’t see positions posted, just cold call places you’re interested in. I’d love to have my own intern to do free work for me online, so I don’t see why someone else wouldn’t.
Volunteer: Ahhh yes. Similiar to working for free, but instead of creating profits for your boss your expanding the social goal of your organization, making it somewhat of a noble cause. If you cannot find somewhere to volunteer that fits your interests your not looking hard enough. 0-5 hours a week will expand your network, add some diversity to your resume, and make you feel fuzzy.
Travel: If you can afford it, studying abroad now may be a good opportunity. The dollar is strengthening even in Europe, and Central America / Mexican language schools are dirt cheap. So add a language skill, it’s marketable and invaluable in business. (see 123teachme.com).
Way too many of my peers are sitting around pouting about the lack of business opportunities that they feel like they ‘deserve’ by going to a ranked undergraduate business program. Well, sorry. Now is the time to get out and differentiate yourself, gain some toughness, and NETWORK (connect with me at LinkedIn.com).
Part 2 will explore entrepreneurial and profitable opportunities that are ripe in this environment. Stay tuned.
Share your thoughts!!!