It is a short speech that is worth memorizing. In the timespan of 30 seconds you can let those you come in contact with know what your skills, interests, and future goals are as they relate to internships and jobs.
"Elevator speeches" are used as a marketing tool since they are a way to let those you meet know where you've been and where you're hoping to go in the future. Realizing the importance of each and every personal encounter you make can often spell the difference between success and failure in securing the ideal internship or job.
Sample Elevator Speech:
"Hi, my name is Mary Jones. I am currently a sophomore student attending ABC college. My major is in business with a minor in art. I have volunteered with the student credit union throughout my first and sophomore year at college.
Last summer I completed an internship with The Museum of Modern Art, and I'm hoping to find an internship in finance this summer in the Boston area. I have always had an interest in art and I'm also finding that I have a knack for business. In the future I'm hoping to combine these two very diffent disciplines and find myself a career that includes them both."