The current economic climate has made it tough for recent graduates to find work. Rather than starting lucrative careers right out of school, many graduates are turning to internships to build their résumés. Who can blame them? Instead of taking whatever job comes along, these graduates are continuing their education and career training. There’s only one problem: Are there enough internships to go around?

Education Inflation
A friend of mine moved to San Jose just in time to watch her job prospects dry up. She had just earned her master’s degree and had impressive academic qualifications, but her work experience left a bit to be desired. This is a common problem for recent graduates, and the recession made it all that much more difficult. Major lay-offs from major companies glutted the job market in San Jose. Thousands of highly qualified individuals were grabbing up every job that hit the market, leaving recent grads like my friend high and dry.

When unemployment spikes, companies have a lot more options for filling positions. The people applying for positions are more willing to take less pay, and they’re bringing with them extensive work histories. After an interview that she’d felt went rather well, this friend of mine talked with someone on the hiring committee. She found out that her competition for this entry-level position included candidates with decades of experience, some with doctorates. This sort of educational inflation is a product of a tough job market, and it’s hitting the internship opportunities just as hard.

Two Sides of the Coin
It’s usually best to go with the better qualified applicant when the choice is available, but when it comes to internships, isn’t remedying inexperience the point? An internship is quite a bit more desirable than a job serving food, no doubt about that. One has to wonder, though, how the undergrads going for the same internships are making out.

After my own graduation, I came to the realization that the program I went through really should have included a mandatory internship. Gaining relevant experience wasn’t easy, and there wasn’t the kind of competition there is today. While these post-grads are certainly doing well for themselves, we may be witnessing another shift in the job market. It’s been said time and again that the bachelor’s degree is the new high school diploma when it comes to getting work now versus fifty years ago. Only the coming years will tell whether or not the master’s degree has become the new bachelor’s degree, and over-qualified interns are not a good sign.