Internships can be an excellent way to gain experience in your chosen field and kickstart your career. However, many students and recent graduates wonder: what’s the average salary for an intern? In this article, we’ll take a closer look at intern salaries across different industries and companies.
Understanding Internship Pay
Internship pay can take many forms, from hourly wages to stipends to salaries. Additionally, some internships are paid, while others are unpaid. If you’re considering an internship, it’s important to understand the different types of pay and how they might affect your earning potential.
- Hourly Pay: Hourly pay is the most common form of compensation for internships. It means that you’ll be paid a set rate for each hour that you work. Hourly pay can vary depending on the industry, company, and location.
- Stipends: Stipends are a set amount of money that you receive for completing your internship. They are usually paid out in one or two lump sums, rather than on an hourly basis. Stipends can be a good option if you need to cover expenses like rent or transportation during your internship.
- Salaries: Some internships offer salaries, which means that you’ll be paid a set amount of money for the entire duration of your internship. Salaries can be a good option if you’re looking for more stability and a guaranteed income.
Average Intern Salaries by Industry
The average salary for an intern can vary widely depending on the industry. Here’s a closer look at some common industries and their average intern salaries:
- Technology: The technology industry tends to offer some of the highest intern salaries. For example, a step intern google salary is up to $6,600 per month, while Facebook interns can earn up to $8,000 per month. The average intern salary in the technology industry is around $25 per hour.
- Finance: Interns in the finance industry can also earn high salaries. Investment banking interns, for example, can earn around $31 per hour, while accounting interns can earn around $20 per hour on average.
- Media and Entertainment: Interns in the media and entertainment industry tend to earn lower salaries. The average hourly rate for interns in this industry is around $13 per hour.
- Non-Profit: Non-profit organizations often offer unpaid internships, but some do offer stipends or hourly pay. The average hourly rate for non-profit interns is around $13 per hour.
Tips for Maximizing Your Internship Salary
If you’re looking to maximize your internship salary, here are a few tips:
- Research Companies: Look for companies that offer competitive pay for interns. You can use websites like Glassdoor or Indeed to research salaries and compensation packages.
- Negotiate: Don’t be afraid to negotiate your pay. If you have multiple internship offers, you may be able to use them as leverage to negotiate a higher salary.
- Consider Location: The cost of living can vary widely depending on where you live. Keep this in mind when considering internships in different locations.
The average salary for an intern can vary widely depending on the industry, company, and location. If you’re considering an internship, it’s important to research the different types of pay and look for opportunities that offer competitive compensation. By doing your homework and negotiating your pay, you can maximize your earnings and gain valuable experience in your field.