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Internships have become increasingly prevalent in the college-to-career transition for young workers. However, despite anecdotal accounts, there is little empirical evidence of how intern labor is used in the entry-level job market. This study uses a unique data source of within-company matched internship and entry-level job postings to examine how firms advertise internship qualifications, skills, and responsibilities—and how these job characteristics compare to entry-level positions. Results from a quantitative analysis of word frequencies suggest that—overall—employers characterize internship positions as distinctly student-focused learning opportunities. However, a content analysis reveals great variation in employers’ labor strategies. For some, internships are advertised as nearly identical to entry-level positions, suggesting that firms are replacing entry-level workers with more temporary (but highly qualified) laborers. For others, internships are advertised as routinized, low-skilled positions intended to support more permanent entry-level workers. Internships are rarely characterized as the meaningful training opportunities required by the Fair Labor Standards Act. Results are congruent with macro-economic shifts toward contingent work and suggest that—for many college-educated labor market entrants—internships are likely to be the new “bottom rung” in the career ladder.