Last week, I was on a panel with some fellow students in the College of Communication Arts & Sciences at Michigan State University. The topic started off on paid vs. unpaid internships, but it spun off in several directions, one of those being the difference between big city and local internships.

Personally, I’ve done both. I interned at both a small and mid-size agency during the summers of 2007 and 2008 respectively, and last summer I ended up at a huge global agency in their Chicago co-headquarters. Between these internships, I was able to work on all sorts of clients, ranging from volunteer nonprofits to Fortune 500 companies. I can’t say which internship was the “best,” but each did provide me with very different opportunities for growth.

So, is there an easy answer as to where you should be looking for internships? Are big city internships better than local internships? The way I see it, there isn’t an easy answer to this question. It all boils down to what you are looking for. While there are many professional opportunities in larger cities, it doesn’t necessarily mean you’re going to have a great experience in your internship. It’s easy to be attracted to the bright lights and seemingly endless opportunities of Chicago and New York, but you have to be realistic when you’re looking for a job.

When I was searching for internships around this time last year, I was looking for not only a great professional opportunity, but I wanted to be part of a new town, meet new people and see new sights. I was looking for the complete package and to me, I found that in Chicago. Some people might find it in New York. Some might find it in Lansing, Mich. The point is to really have an understanding of what you’re looking for.

When looking for the big city job, it’s really important to consider the finances. Especially in the public relations field, many internships are unpaid, even though they are in a city. My personal opinion is that from a financial standpoint, it’s not worth it to spend a summer in a big city, pay more than $1,000 per month in living expenses and be broke the entire time to work for free. I’m sure there are many exceptions and there are some opportunities that are probably worth it. However, unless you have the financial means to drop thousands in one summer, I don’t recommend it. No matter what you choose, Mint will help you keep your budget under control.

I’m going to highlight the pros and cons I used in my decision when I was searching for internships in the big city setting:

Pros:

• New opportunity to meet new people and try out a new lifestyle
• Work for a global agency with clients across the world
• Experience a new setting and learn many new things
• Easy to network with industry leaders and pioneers
• Young professional groups are large and diverse; most are welcoming to students

Cons:

• Cost of living is much higher
• End up not making any significant cash after the summer
• Far away from friends and family
• Not able to bring my car — must rely on public transportation for everything (can be a pro, too)

All in all, I found my experience in Chicago to be completely worthwhile. I didn’t come out of the summer with a lot of money, but the experiences I gained, both personally and professionally, were definitely worth it. If you are considering a summer in a big city, make sure to look for those opportunities and to take everything under consideration.

What do you look for in an internship? Have you found differences between internships locally and in the big city? What’s your take?