Forty-two percent of MBA and specialised master's graduates from the GMAC Global Management Education Graduate Survey said they participated in an internship while in school. Further, this year's graduates who did an internship were 26% more likely to have a job offer upon graduation than their classmates without an internship.

"The value of an internship can't be underestimated-for both the employer and the employee," said Michelle Sparkman-Renz, director of research communications at GMAC. "Whether or not a candidate has work experience, internships are effective in helping students realise their career ambitions. And in a hyper-competitive job market, an internship is a great way for a student to shine and get their resume put on the top of the pile when applying for a full-time job at the company."

In the GMAC Corporate Recruiters Survey, data from employers suggests that internships are one of the best ways for job candidates to prove themselves in their targeted industry of employment. The transformation of a student from an intern to a full-time employee was notable in both the consulting and high tech sectors, with a 70% rate of hire for interns that applied to and received full-time positions last year.