It is mainly on the job training and the formal part is a presentation day at the end of summer. Internship is meant to give you hands on experience in the office and field. The point of the Internship is to potentially bring you on Full-Time when you are done with school.
It's a great learning experience for students in school. Lots of mentoring and hands-on fieldwork. Senior level staff are happy to knowledge dump on future engineers. There's also some really cool swag given out!
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