This report, submitted by Chirag Kalra for the LB5235 Applied Research subject, explores the multifaceted purpose and benefits of internship programs. The introduction defines internships as formal arrangements where students gain practical business operations skills and industry exposure, highlighting their evolution and importance in the modern business environment. The report delves into the core purposes of internships, including providing real-world insights, career exploration, and the development of professional networks. It emphasizes how internships enhance career adaptability and facilitate the transition to professional roles. The discussion covers the advantages for both interns and employers, such as gaining much-needed experience, building valuable connections, and improving industry-specific skills. The report underscores the significance of internships in helping students apply classroom knowledge, develop essential skills like communication and teamwork, and build relationships with potential employers. The conclusion stresses the role of internships in preparing students for the job market and developing the soft skills necessary for success.