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@Well_is_it
^ this.
I was a graduate when I did mine and already had a few freelance jobs under my belt. An old family friend from Paris who works in advertising was disgusted by it and basically said that shit wouldn't stand over there and that it devalues the industry. I kind of agreed with him on that.
Its mainly a design industry attitude - a mate who's still studying is currently interning at a bank and is getting payed more than I am.