Hello! My econ freshman child has received internship offer back home but would prefer to stay in the city (of course!). I know as long as fresh had summer employment that is good signal for future internships. Do most fresh just go back home and work normal $10-15/hour summer jobs after 1st year? And I assume a fair amount stay for summer quarter classes? I’ve heard of Metcalf but unsure what the hourly breakdown is for those internships. Trying to help my teen weigh wage/experience worth coming home for, which from my child’s POV is a sacrifice. What is “market rate” for a talented UofC fresh that wants to summer intern in Chicago? What would be considered upper end (“prestige” – gosh I hate that word!) offer for a rising sophomore?
Metcalf is $4,000 for approx. 400 hours so that comes to $10/hr. Some return home and do the “normal” summer job thing. Others work an internship - whether it be Metcalf or something else they lined up. Not sure of the breakdown - perhaps one of the students can chime in. There were definitely kids earning more than the Metcalf rate as rising second years.
My then-first-year and her friend group tended to go back to their respective homes (due to travel plans or jobs lined up at home); however, she was visibly antsy about being home and on more than one occasion revealed that she really missed her time in Chicago. She’ll stay in the city next summer for sure.
Not sure many take summer courses but some surely must. My kid was talking of doing so next summer but it’ll depend on her work situation. Summer courses are extra expense, although I believe one can apply for summer financial aid.
My DD (now a 2nd year) did a Metcalf and stayed in Chicago for her internship. She worked another job besides the internship so she has more than enough income. I will say that getting an internship is relatively easy IF you start early enough (like now). As far as the pay $10-15/hr is about right for a 1st yr, but that is highly dependent upon the internship.
The overwhelming majority of rising second years do not work “prestigious” jobs - I think I know of three in four years here. In fact, a very large proportion work unpaid internships. The important thing is just to get some sort of experience somewhat relevant to your field. Only students in computer science, finance, or certain parts of the military industrial complex can expect more than the Metcalf even as rising third or fourth years.
Both of my kids spent some of their college summers working more than one part-time job at the University. These included continuation of their school-year jobs, jobs that were directly related to their then-career goals, and jobs (like working as a barista in an on-campus coffee shop) that were classic side-hustles. For the most part, they all paid a University standard rate, which I think was a little above $10/hour, at least toward the end of their summer-job time (i.e., eight years ago). I imagine it has gone up some since. In one case, there was also an internship with a University publication that was competitive to get and paid more than the standard.
At one point, one of my kids was doing so much work for the University that she was going to qualify for health and pension benefits. That set off some kind of alarm in the Finance Office, and the Powers That Be made her cut back, a lot.