Opportunities are increasingly scarce, leading to heightened competition among undergraduates, according to a new report from student job platform Handshake. From 2023 to 2025 internship postings on the platform declined by more than 15%, find the authors. Meanwhile, the average number of applications per internship more than doubled in the same time period.

The competitive economic market and simply the nature of internships are creating a high-stress climate, Christine Cruzvergara, chief education strategy officer at Handshake, tells Fortune. Older Gen Zers and their peers are tackling a difficult job market wherein nabbing an entry-level gig feels like an uphill battle. To add to the chaos, it appears that, at least anecdotally, people who have already graduated from college are also applying for internships. And the value individuals place on internship experience has increased over time. 

“When you go back a decade or two decades, internships were a nice-to-have, but now it feels more like a must-have,” says Cruzvergara. She adds that the gradual pressure placed on students is exacerbated by employers’ increased desire to recruit earlier and edge out competitors for talent. 

Internships have changed, but they’re still behind

No longer is an internship about grabbing coffee for a big boss: It’s seen as a key way to stand out in an already stressful market. Most (72%) students view internships as an avenue for finding out which jobs they want to pursue and an “essential step” (59%) toward understanding their career goals—according to Handshake’s survey of more than 6,000 students and recent graduates.

Even so, just around half of recent graduates report that they participated in an internship while in college. Major barriers to pursuing an internship include opportunity (or getting an offer for an internship), simply having the time, and financial reasons. Indeed, internships have been criticized for perpetuating inequality, given that they often underpay—a trade-off privileged individuals are more able to make.

First-generation students and those outside Ivy League or prestigious schools (institutions deemed by Carnegie Classification as less selective when it comes to admissions), are more likely to say that they’ve experienced barriers to pursuing internships.

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When it comes to inclusive schools “typically, more of that student population is going to have to work in order to pay their way through school,” clarifies Cruzvergara, noting that while there’s been a rise in paid internships there are still industries including journalism and fashion where unpaid positions are common. In certain cases “you have to make a choice about what you’re going to do, and often that choice is going to be, I guess I got to work and I got to do my part-time job instead of being able to take the internship,” she explains.

Companies that do pay up are likely making a smarter move in the long term. A striking 82% of interns who felt they were fairly paid say they’d be likely to accept a full-time offer from their job, a number that dropped to 63% of those who didn’t feel their pay was adequate.

Advice on how to nab a internship

Sure, it’s a frenzy, but there’s no need to freak out. There are two main peaks of recruitment time for big companies: one in the very early part of fall semester (late August to September) and the other in the start of spring semester (late January to early February), says Cruzvergara. That being said, different industries have different timelines, and midsize or regional companies recruit year-round, she adds.

In other words, there are options even if you’re not picked in this round. “There are other opportunities,” says Cruzvergara. “You just have to open your mind to them, and you have to be flexible to be willing to consider it.” 

Despite what a bad mood trolling LinkedIn might put one in, Cruzvergara suggests trying to maintain good spirits. “There’s nothing more important than having a positive, measured mindset going into the job search process,” she says, acknowledging that it’s taxing and anxiety-ridden. She encourages students to have someone in their community, such as a mentor, that can be their sounding board to give not just advice but cheerleading throughout it all.

More than that, Cruzvergara recommends students take advantage of all that they have control over. “Go to the event. Don’t just RSVP for the event,” she says of campus recruitment, adding that it’s important to make sure to ask good questions, follow up with employers, and update your résumé and job profiles. Do your research on the industry you’d like to join and work in, she explains.

With all the pressure it might be hard to forget, but it’s good to note that “your first job is not your forever job,” says Cruzvergara. It’s an intro into the workforce but it doesn’t necessarily have to be a dream job or a big name as much as a stepping stone into something new, she explains.