While internships provide employers with cheap labor and recruitment opportunities, the benefits to students and young professionals are equally valuable. These early-career job prospects allow the student to gain experience in their field of study, determine whether their industry is worth pursuing, or creating a network of contacts to be used at a later date.

Whether the young worker is chasing a career in law, medicine, business or the arts, the impact an internship has on a student's resume seems to be there greatest benefit of all. For this reason, the latest trends indicate that students are voluntarily completing multiple internships as they study, the Deccan Herald reports.

Law school student Sherill Pal explained, "An undergraduate degree in law does not call for one to compulsorily take up an internship. However, interning during the summer break is like an unwritten law." Pal continued, "Considering law has many branches, interning at various firms helps one decide on the line of specialization."

According to the Michigan State Collegiate Employment Research Institute, about three-fourths of all college students have had internship experience by the time the graduate. Experts estimate that this number has risen 40 percent in the last 25 years.