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WHY SHOULD I DO IT?
What is the advantage of applying for Business and Economic internship funding?
- Sewanee pays YOU to work for the organization of your choice -- $960 - $1,360 a month!
- It allows you to pursue a meaningful internship that is otherwise unpaid.
- It offers great leverage for you in arranging or creating an internship with a potential internship sponsor because you can offer to work for FREE.
- Because the University will only fund meaningful work experiences (not grunt work), you’ll work on REAL PROJECTS that give you insight into a career field and develop your skills.
- The internship will look great on a resume.
- Because you develop/choose the internship, you can dream big!!
CAN I DO IT?
How many Business and Economics internship stipends are awarded?
Because award funds are based on the performance of the Business and Economics internship funds endowment, the number of stipends may vary from year to year. Students are selected from a highly competitive pool of applications. In past years, students who have applied have had, on average, a 50% or better chance of getting a stipend, assuming they have a strong application.
Do I have to be a certain major to obtain Business and Economics internship funds? Would it help?
Students in ALL majors have received Business and Economics internship funds. A student's major does not play a role in the decision process.
I am a freshman/sophomore. Can I get a Business and Economics internship fund award? What are my chances?
All class years have received Business and Economics internship funds. While a student's class year does not play a direct role, the Business and Economics internship selection committee does look for strong recommendations, which underclassmen may have more difficulty obtaining, since they do not know professors as well. They also seriously consider the level and quality of work that you will be performing in your internship. In some cases, upperclassmen are thereby favored, because they have taken coursework that will allow them to perform more substantial work in their internships.
I received Business and Economics internship funds last year. Can I get another Business and Economics internship fund award for this summer?
Due to the increased demand for Business and Economics internship funds, the Selection committee has recently voted to award only two Business and Economics internship stipends to a student. Should you apply to receive more than one Business and Economics internship fund, please be aware that it is the intent of the Selection committee for you to experience different career fields and offices.
The internship I want pays, but not as much as I need. Can I get Business and Economics internship funds to supplement the internship pay?
This has recently become an issue. The Selection committee does not feel that it is appropriate for you to receive more than $500 from your sponsor and to also receive the full Business and Economics internship stipend. However, in cases where the employer takes care of housing for you, but is not paying you directly, you are still eligible for Business and Economics internship funds. Should the employer pay you a truly small amount, or only compensate you for nominal expenses, you may also be eligible. Please contact Career Services for more guidance.
I don't have a very high GPA. Will that hurt my chances?
Your GPA is only a part of the criteria used. Be reminded that the Business and Economics internship selection commitee is seeking indication that you will perform well in your internship. If your grades do not convey that, you will want to make sure your recommendations and your proposal do.
How long can my internship last?
Business and Economics internship funds allow for up to an 8-week internship for both graduating seniors and for underclassmen.
Can international students apply?
Yes, the Business and Economics internship funds are open to full-time international students. However, due to INS regulations, additional requirements are necessary for the student to comply. The student should speak with an internship coordinator at Career Services to discuss eligibility.
PROGRAM DEFINITIONS
What types of internships would qualify as Economics?
The purpose of the Business and Economics funds is to permit students to participate in, and observe firsthand, the methods by which business firms conduct their affairs in a free market economy; enable them to understand the interaction between firms and public agencies; and the role of economic policy. It would equip them to comprehend better the relationship of the private sector to the political environment in which corporations must operate. In short, internships that qualify include those that allow you to view how a business works. Internships may be in the U.S. or abroad. Many are for financial institutions, such as banks, investment firms, or consulting agencies.
PRELIMINARY PROPOSAL
What should I write in the Preliminary Proposal?
The purpose of the preliminary proposal is to make sure that you are on the right track. Briefly describe the organization with which you wish to intern and what duties you would be performing during the internship. Please make clear in what way the internship fits into the definition of Business and Economics.
I want to apply for Business and Economics internship funds, but it's already time to submit the Preliminary Proposal, and I am still pursuing multiple internship sponsors. Can I still apply? How can I handle this?
Yes, you can still apply. On your preliminary proposal, list the 3-5 internships you are seriously considering and include a brief summary for each, describing what each organization does and what duties you would perform.
FINAL APPLICATION
What is included in the Final Application?
The Business and Economics internship funds final application consists of:
1) an application form (found on the Career Services webpage under "Internships") indicating the name of the employer and dates to be worked
2) a brief executive summary (one page) outlining your job responsibilities; this part of the application will be forwarded to the Tonya board
3) a 3-5 page proposal, which explains in greater detail the nature of the internship, the duties you will perform, and why you wish to undertake it. This part of the application, as well as the items listed below, will be reviewed by Sewanee professors in detail
4) a list of two references; Sewanee professors are preferred (be sure to ask permission); list name, phone number and e-mail address
5) a resume
6) a letter from the internship sponsor confirming that you have been accepted for the internship. Ideally, this letter should include the dates of your internship and a brief confirmation of your duties
How can I improve my chances of getting Business and Economics internship funds? What is the most important aspect of my application?
The better the internship matches with the program, the better your chances! Everything else (proposal, etc.) does play a role, but the most critical factor is whether you are able to develop a substantial internship that will allow you to make a contribution to the organization, and will teach you about that career field.
All applications will be judged on the following criteria:
· The quality of the work (although some menial work can be expected in any internship, the major portion of the work must be substantive, and this should be clearly indicated not only in the proposal, but also in the employer’s letter of commitment)
· The benefit of the work assignment to you and the participating organization
· The conception, definition, research content, and organization of the proposal
· Your qualifications, including academic performance
· The relationship of the project to your career interest, which is of particular importance for postgraduate internships.
Who should I list as references?
Anyone who knows your work well. Sewanee professors are your best choice, because Sewanee professors will be selecting recipients, and they generally trust fellow Sewanee professors' judgments. Employers or high school teachers (if you are a freshman) are also good choices.
I submitted a preliminary proposal for an internship, and since then, I found out I don't have that internship. However, I have found and secured another internship that I want. Can I change the name of the internship sponsor for my Final Application?
Yes, you can. However, it is a VERY good idea to contact an internship coordinator to discuss this new opportunity. They can advise you whether the new internship still sounds like it will work for the respective programs.
I didn't submit a Preliminary Application, but I found and secured a great internship. Can I still put in a Final Application?
Possibly. You will need to contact an internship coordinator to discuss the opportunity. They can advise you whether the new internship sounds like it will work for the respective programs, and whether you need to submit any additional paperwork.
I won't be able to turn in my Final Application on time. Can I turn it in late?
No. All the uploaded documents will be bundled and sent to the selection committees automatically at midnight of the deadline.
I have everything but my employer confirmation letter, which won't get here until after the Final Application deadline. What should I do?
Try to head off this problem early on. Make your sponsor aware of your deadlines, and give him/her an earlier date by which you need the letter. If you know the letter will be arriving very close to or after the deadline, you may wish to have the sponsor fax the letter to Career Services (931-598-1166 - no charge) or email it to Career Services (careers@sewanee.edu). If you cannot get the letter prior to the deadline, submit your application without the letter, and indicate in your application when you expect to receive it. You should also talk with an internship coordinator about your situation. While your application may not receive equal consideration, it is possible that it will still be considered; however, a stipend will not be awarded without written sponsor confirmation.
My internship sponsor has told me that he/she won't make a decision until after the deadline for the Final Application. Is there any way I can still apply for Business and Economics internship funds?
Some internship sponsors will not make a decision until late April or May, and these decisions will indeed be too late to receive consideration. However, if the sponsor is deciding in early April, and if the sponsor can indicate to you in writing that you are on a short list of candidates, you can submit this letter in your Final Application in lieu of the employer's final confirmation. You will still need to submit their final confirmation letter as soon as it arrives. Again, please contact an internship coordinator about the situation.
HEARING ABOUT ACCEPTANCE
When will I know if I have received the stipend?
Final announcement is made on May 1. Often, interns are notified 1-2 weeks earlier than this.
What happens once I find out I will receive the stipend?
When you are notified, you will be told the dollar amount you have been awarded, and you will be given a contract to complete, indicating that you have accepted the internship and the stipend. You MUST complete and return this contract by the indicated date. Additionally, you will be required to attend a meeting for all Business and Economics internship funds recipients. Failure to turn in the contract on time, or to attend the meeting, will be taken to mean that you do not plan to accept the stipend, and it will be awarded to another student. If you know you will not accept the stipend, please notify an internship coordinator as soon as possible, so that another student from the waitlist may receive the award as quickly as possible.
What does it mean if I am “waitlisted”?
Every year, the Selection committee waitlists several students. Because students who are awarded Business and Economics internship funds occasionally will have to decline the award, many of the waitlisted students will eventually receive stipends. Most waitlisted candidates are notified by mid-May. If you have been waitlisted, please keep in touch with the internship coordinator.
THE INTERNSHIP
Once I get the internship, what is expected of me?
Great work! The Business and Economics internship fund selection committee expects that you will work 40 hours a week during your internship and that you will make Sewanee proud!
You will need to attend a contract meeting, at which time you will get some internship tips as well as agree to the following terms:
· I acknowledge that my participation in the Internship is voluntary and that I will receive no academic credit for the Internship.
· I agree to perform the services stated in my Internship proposal and commit to spend at least 32-40 hours per week performing these services. I understand that I will not be paid for my services, but will receive from the University of the South (“University”) a weekly stipend.
· I agree to describe my Internship experience in a high-quality, well-edited final report. The final report consists of 5 pages and it describes the tasks, projects, and other work; what I learned; and other benefits I derived from the Internship. I will also include a one-page executive summary of my report that will be sent to the selection committee.
· I agree to submit my report by Monday, September 3, 2007 at 5:00 p.m.
· I agree to edit/correct my reports as requested by the Internship Coordinator.
· I understand that my final $200 payment will be withheld by the University until I have submitted my report and my Internship supervisor has submitted an evaluation of me to the Internship Coordinator in the University’s Office of Career Services.
· I agree to ensure that my Internship supervisor submits my evaluation report to the Internship Coordinator.
· If I receive Business and Economics internship funds Public Affairs or a Business and Economics funding, I agree to attend the Business and Economics internship funds Selection committee luncheon in November of 2007 (if I am enrolled in the University in the fall.)
· I agree to give my consent to the University to release my papers and other information about my Internship for publicity purposes.
· I will immediately notify the Internship Coordinator of any changes in my Internship plans.
What if my internship should turn out to be horrible?
Please contact an internship coordinator to discuss what is happening! It is Sewanee’s intent that you should have a GOOD experience, and Sewanee will work with you to help you make your situation a positive one.
I am going abroad and need money before I leave to handle airfare/etc. Is that possible?
Yes, contact an internship coordinator in Career Services.
WRAPPING UP YOUR INTERNSHIP
1) Submit a final 5-page report by September 3, 2007. The report must be of high quality, with careful attention to editing. In the report, please describe the tasks, projects, and other work that you completed as part of the internship; what you have learned (this is the important part); and other benefits you derived from the internship. Also, please attach a one-page executive summary of your report to your 5-page report. This summary will be sent to the Business and Economics internship fund selection committee members. All reports will be available to be read by Sewanee students.
2) Have your employer submit a letter of evaluation (or the evaluation report form from Career Services), detailing the work you have completed and the quality of your work.
3) If you are not a graduating senior, attend the Fall Luncheon and be prepared to offer a brief oral report on your internship.
Please note: A portion of your final stipend ($200) will be withheld until your two reports and your supervisor’s evaluation have been received. A monetary penalty will be imposed for late reports.
How do I need to treat my Business and Economics internship stipend in terms of income taxes? Does it affect my financial aid?
Your Business and Economics internship stipend should be considered earned income, and you should include it as income on your income tax return. The University does not report stipend funds for the Business and Economics internship fund program on either a W-2 or a 1099. The burden to report lies with the receiving student.
According to the Financial Aid department, the stipend should be reported as other untaxed earnings on the annual federal financial aid application. For information as to how it may impact your financial aid package, please contact Dave Gelinas, dgelinas@sewanee.edu, in Financial Aid.
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