Internships have traditionally been seen as a valuable way for university students to get preliminary job knowledge and experience, increasing their employability in a competitive labor market. The purpose of this study was to ascertain the internship program and its perceived effect on the employability readiness of selected graduating University students. Three individual factors (academic preparedness, positive attitude, and self-initiative) and four organizational factors (challenging job, effective supervision, task clarity, and compensation) were identified as critical ingredients of a practical internship based on a literature review. To investigate this further, a quantitative study involving 88 student interns was conducted. The results showed that the internship was generally assessed as highly effective and has positive effects on the employability skills development and the attitude towards future career. The results of the study proved that the academic internship programs and internship placement access are both necessary structural elements of successful internship programs that result in positive experiences for students and employers. The results of this study can be an input to the University and partner organizations.