
- They’re good at it. That’s the bottom line. I always talk about A players. Here, you want A students. These young people know how to do research. If they’ve made it to the graduate level, they’re adept with computers, with finding and using different resources, with writing reports, with analysis.
- Project-specific help. Interns don’t have to—and shouldn’t have to—hang around the office, filing and making coffee. The value, for them and for the company, is in their learning about the business or the industry. I reached out to interns for specific projects. For instance, “I need you to do a financial analysis on the annual report for a company I want to do some work with. I need it by Friday of next week and will pay you $200, if you’re interested.” They’re able to get some great real-world experience, and I get my report. Win-win.
- Resources. Interns have the whole university at their disposal. They can access databases and information that I couldn’t without a subscription, and they can hit up a professor for help if they need to. In that environment, they’re used to learning, to digging, to finding answers, and they have (or the university does) the resources to do so.
- Titles. I typically don’t call people “interns.” I call them my “financial analysts” or my “market research assistants.” This allows them to put something more concrete and professional on their resumes.
- Potential job after graduation. If an intern excels in his or her role, and a position opens up, she may be the first person the company goes to. She knows the business, she knows the people, she’s proven she’s a solid player. Millennials, especially, are finding it difficult to secure good employment opportunities. Having your foot in the door is a good way to overcome that challenge.
- Pay. I am a big believer that if I ask someone to do work for me, I pay them. Now, I may not pay them a lot, but compensation is important.