The authors measured the effects of a formal internship on students' perceptions of the importance of traits employees consider during the hiring process. Prior studies have reported that accounting firms perceive students with internship experience as better entry-level accountants. This perception may be related to changes in student beliefs after participating in an internship program. The authors report student and employer values of specific hiring traits. They found that students distinguish between the value of various traits described as important to employers during the interview process. They also found that the values students apply to these traits change after their internship period. (Contains 7 tables.)