Best Student Internships in 2023

Securing a prized internship is a goal that many students aspire to achieve, knowing that it can provide valuable real-world experience and potentially open doors to job offers upon graduation. However, in addition to the experiential benefits, internships can also offer a significant financial boost to help cover the ever-increasing costs of education.

According to data released by Glassdoor, a prominent job-posting site, a remarkable 87% of paid interns earned a minimum of $15 per hour last year. However, the earning potential went beyond that, with many interns making even higher wages. In fact, the average hourly pay for interns has seen a remarkable 11% increase from 2021, reaching $24.63. The highest reported pay stood at an impressive $54.38 per hour.

These findings were based on the average monthly pay reported by interns on Glassdoor between March 1, 2022, and February 28 of this year. As college costs continue to skyrocket and the fate of President Joe Biden’s student loan forgiveness plan hangs in the balance at the Supreme Court, students are actively seeking ways to supplement their finances and alleviate the burden of expenses.

So, which internships offer the highest pay? According to Glassdoor, fintech company Stripe took the top spot, offering an average monthly pay of $9,064, equivalent to an annual income of over $108,000. Online gaming platform Roblox secured the second position, providing interns with a monthly pay of $9,017, while semiconductor company Nvidia ranked third with an average monthly pay of $8,280.

It’s worth noting that while 16 out of the top 25 highest-paid internships were offered by tech companies, the list also included finance companies like Citi and Capital One, consulting firms like Bain & Co. and McKinsey & Co., and Rivian, the sole representative from the automotive manufacturing sector.

Although these figures represent the reported average pay, it is important to remember that the availability of these highly-paid internships may vary. Nonetheless, according to a survey conducted by the National Association of Colleges and Employers (NACE), approximately 300 employers expressed their intentions to hire 9.1% more interns this summer compared to the previous year. While this projected growth rate is lower than the surge seen last summer, it still represents a positive trend compared to the pre-pandemic figures of 2.6% in 2019.

Another noteworthy aspect is the changing landscape of internships due to the pandemic. Employers are increasingly offering a hybrid experience, allowing interns to work remotely for a portion of their internship period. Around 64.8% of employers anticipate providing their interns with a mix of in-person and remote work for the 2022-23 term.

The value of internships for employers goes beyond providing financial compensation to interns. According to NACE Executive Director Shawn VanDerziel, 80% of employers surveyed believe that their internship programs offer the best return on investment as a recruiting strategy. Internships provide an ideal platform for employers to identify and build relationships with potential future employees.