Should I Quit My Full-Time Job For An Internship?

From the mailbag:
Hey Andrew,
So yesterday I got  a message from them (McGladrey) saying to call to discuss an offer! I was so psyched, I thought this was my big break. (I went back to school late in life and am trying to make a career change) but when I called them they only offered me an internship. Obviously, I’m not sure what to do. I’m not in a position to be potentially without a job in 12 weeks. Im currently working in the accounting department of my company and have the option to work at a 2 person firm for the tax season. I’m torn. I want to work for McGladrey but not as an intern.
Your thoughts?
Thanks dude, sorry to bother you but I have no one else to ask.
I asked:
Is McGladrey willing to hire your right after?
Does the company you currently work for know you’re looking to make a change?
When will you be graduating?
Once I know this stuff, I can help you out!
He responded:
I believe so but they made it clear that it was by no means a guarantee.  I’m not in a position to be left jobless.
No my company doesn’t know.
I have already graduated.  MS taxation. 
These are the moments in life when you have to think about that risk/reward and do what YOU are comfortable with. During the internship, you should be making about $20/hr + time and a half. Work LOTS of overtime, no partying or drinking, and saaaaaave every single dollar you can.
Work your a** off, take all of my advice in articles like this one about How To Get Promoted In Public Accounting (even though you aren’t getting promoted per say, this is good advice).
95% of interns get the full-time position. BUT, McGladrey’s made it clear it’s not a guarantee so you have to be willing to take that risk. If I were in your shoes, I’d take it. Even with the risks. Save every dime possible in case you need to go back into the job search at the end of the internship. You should be able to save up 2-3 months expenses during the internship and this is probably what you’ll make (maybe more).
If you don’t get the offer at the end of the internship, you should be able to find a job in 6-8 weeks. Especially when you consider this new experience you’ve just received from a big name firm.
Yeah, you could find a position at another firm, but not this year. It’s too late. You’re next chance for tax may not come until later this year. I think you need this public accounting experience for at least a few years to set you apart from your peers at your company.
Public accounting is like dog years. For every 1 year in public accounting it’s 4 or 5 in private.
My biggest advice for you is to ACCUMULATE SAVINGS! This would be a total non-issue if you had $10-$50-$100K in savings. Just DO IT!
The more you save, the more often you can take risks like this one which will keep setting you apart from your peers (who don’t save) and keep raising your income every time you push your limits!
Good luck, don’t let these life chances pass you by!

P.S. If you haven’t checked out The Bean Counter courses, you don’t want to miss your next opportunity because of a simple lack of preparation!