Students know a prized internship can provide much-needed real-world experience that can lead to a job offer by graduation day. It can also mean a hefty paycheck to help finance your education.
Eighty-seven percent of paid interns received at least $15 per hour last year, but many earned much more. Glassdoor data released Tuesday showed the average intern earned hourly pay of $24.63, up 11% from 2021, with the highest pay at $54.38.
The findings were based on average monthly pay reported by interns on Glassdoor between March 1, 2022, and February 28, 2023.
As college costs soar and President Joe Biden’s student loan forgiveness plan hangs in the balance at the Supreme Court, students can try to boost their finances by earning extra cash to defray expenses.
“You can gain valuable work experience and make money at the same time,” Fremont University in Cerritos, California, says about internships. “A paid internship will provide money to fund your college tuition and expenses.”
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Where are the highest-paid internships?
Fintech company Stripe offered the highest average paid internship at $9,064 a month, or more than $108,000 annually, Glassdoor said. Online gaming platform Roblox came in second with monthly pay of $9,017, and semiconductor company Nvidia rounded out the top three at $8,280.
Cryptocurrency trading platform Coinbase ranked fourth with pay of $8,206. But the company’s positive business outlook stood at just 39%, according to Glassdoor.
The “positive business outlook rating data can signal whether the company might be hiring this summer (or in the near future),” a Glassdoor spokesperson explained.
In January, Coinbase said it would cut about 20% of its workforce in a second round of layoffs in less than a year. It cited adverse economic conditions and disruptions within cryptocurrency markets.
Nvidia, by comparison, had a positive business outlook of 95%, with Roblox at 75% and Stripe at 56%, meaning all of those are more likely to have paid internships this year than Coinbase.
Though 16 of the top 25 highest-paid internships were tech companies, Glassdoor notes its list includes five finance companies including Citi and Capital One; three consulting firms including Bain & Company and McKinsey & Company, and Rivian, the only auto manufacturer in the group.
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How many internships are available?
No one can guarantee all the companies with the highest-paid internships are still hiring and at those rates, but the professional association National Association of Colleges and Employers (NACE) said nearly 300 employers surveyed late last year expected to hire 9.1% more interns this summer than last year. This pace is down from last summer’s 22.6% surge in hiring intentions but still up from 2.6% in 2019, before the pandemic.
Interns may also get to work remotely part of the time, just like full-time employees. Nearly two-thirds of employers (64.8%) expect to provide their 2022-23 interns with a hybrid experience—working a portion of the time in person and the rest remotely.
Eighty percent of employers said in another NACE survey “their internship program provided the best return on investment as a recruiting strategy, giving them the best means for identifying and building relationships with potential employees,” said Shawn VanDerziel, NACE executive director.
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How do you get an internship?
Though many begin hunting for paid summer internships as early as autumn of the prior year because of competition, it’s not too late to start now. But you’d better hurry, experts say.
Here are some tips to get started:
- Search job sites like Glassdoor, LinkedIn and Indeed, which can help narrow your internship search by location, company size, industry, company ratings, pay and more. Don’t forget to tap your personal network for recommendations as well.
- Customize your application materials by updating your resume and cover letter based on the company to show you’ve done your research and are the best fit.
- Be searchable with a website, profile or social media account to show off your professional experience, especially early in your career. Just be sure to remove any content that can be seen as offensive or off-putting.
- Interview practice and research on the company will boost your confidence. Knowing basic company facts and practicing answering the most common interview questions in front of a friend or family member will help make your real interview seamless and easy.
- Thank-you notes sent to everyone you spoke with within 24 hours of the interview reaffirm your interest and show appreciation.
Contributing: The Associated Press.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
