To be quite blunt about it: No. Here’s why. Back in the 1960s and 1970s a college degree meant something because not everyone had one. In 1985, only 2% college graduates participated in some type of internship (Training Magazine, April 1998). By 2000, the figure had increased to 75% (SAM Advanced Management Journal, spring 2000). Similarly, research by Experience Inc. in March 2004 indicated the number of graduating students who had at least three internships doubled from 2003.

The job market is going back to the days and ways of the old blacksmith profession: if you want to be the master, you first must do your time as the apprentice. The point is that a college degree just does not cut it anymore in the 21st century. Employers are demanding more and rank internships the second most important quality in a candidate behind communication skills.

You have to bring something else to the table to stay competitive. This is especially critical if your GPA is below a 3.0. You don’t want to find yourself in the interview waiting area sitting next to a person from a more elite school than yours with a 3.9 GPA, 4 internships and a leader of several campus organizations.

The key to staying competitive is summarized by my simple formula: E + E + e = E. It represents Education (GPA) plus Experience (Internships) plus your extra-curricular activities equals Employment. Your Education and Experience are capitalized in the equation because they are the most important. However, your extracurricular activities make you well rounded and help develop transferable skills such as teamwork, problem-solving and communication skills.

Start early to build your resume. It’s not unheard of to begin as early as freshmen year with volunteer experience. In the Junior and Senior years, you should plan to have an internship each semester for a total of 4 by the time of commencement. If this is not possible, plan on having one during the summer. Even a part-time internship with as little as 5-10 hours per week will build your resume. Contact your campus career center or a private career counselor to help you with this process. By deciding to have more internships on your resume than your friends have, you will be making a huge investment in the future.