I write about money and career for millennials at optimisticmillennial.com.

Summer break for college students has finally arrived. They have plans to spend time at the beach, lake, or music festivals. Relaxation is important, but they may not realize that there are hidden costs if they don’t use this time to complete an internship before they graduate.

The costs are in the form of career potential, earnings, and time. All of these are important, but which are most significant to a new graduate?

Inability to Compete with Other Graduates

As students don their black robes and graduation caps this spring, they’ll enter a competitive pool of job seekers. Do you know how you stack up against your peers?

In 2014, 75% of graduates left school with at least one internship completed. Further, employers are now looking for work experience above other factors in selecting entry-level candidates.

It comes back to the all-too-painful chicken and egg reality most millennials have faced. They are told they need experience to get a job, but they need a job to get experience.

According to the Chronicle of Higher Education and the American Public Media’s Marketplace survey, internship experience is the single most important credential for recent graduates to have on their resume in their job search.

Adding an internship to your resume before you hit the real world will at least keep you on pace with your peers, if not give you an edge.

Lose Out on ‘Foot in the Door’ Opportunities

Most job seekers are familiar with online job submissions being referred to as the “black hole” where their resume disappears, never to be found again.

One of the ways to get a foot in the door to your first job is to find an internship at a company that regularly hires their interns as full-time employees.  Read more…