Internships are drying up this summer, especially in tech and finance

Companies are hiring fewer interns this summer, and that’s cranked up competition among college students and new graduates for a crucial entry point into the workforce.

The total number of internships listed on Handshake, a job search platform for college students, fell more than 7% from last June through May compared with the same period a year earlier. And the average number of applications that each internship drew jumped to 93, up from 53 the previous year, according to an analysis by Handshake provided to Bloomberg exclusively.