Given that I turned down five-figure a month job to carry on with my $500 a month internship, I thought I should share my perspective on $10,000 a month internships article that recently appeared in the Business Times. Statistically speaking, $10,000 internships are special with the average salaries for permanent workers being around the region of $4,000 a month.
It’s easy to fall into the trap of becoming envious of folks who get such lucrative internship stints but I expect only a few such positions to be so financially rewarding. Even if there are $10,000 a month internship, they are usually reserved for the smartest, most well-balanced, and possibly the most well-connected graduates from top universities around the world.
The root of this phenomenon is scarcity.
This is the same thing which drives the controversy over Singapore’s policy to cap graduates at 30% the cohort population. A lot of unhappy …