Increasingly, top-tier journalism and media schools are entering into partnerships with mainstream media organizations to create and distribute student-produced content. While internships have long been a sanctioned way students learn professional practices, downturns in the economy have led to reductions in paid internship programs. On the rise are digital era practicums, which often challenge students to produce content that is on par with professional work. This investigates how students and educators at three universities experience and compare internships with practicums. It looks at benefits, costs, and concerns.