The Real Scoop on Internship Pay and Perks in 2023

As an entrepreneurship consultant who assists startups and small businesses, internships hold a special place in my heart. These programs gave me hands-on experience early in my career that shaped me into the advisor I am today.

But I know securing a solid internship opportunity is getting more competitive every year. Students wonder if quality options still exist and, most importantly, do interns truly get paid in 2023? I have crunched the latest stats and outlined everything you need to know about current compensation levels and other internship perks this year.

By the Numbers: Intern Pay Rates

Intern salaries vary significantly based on your industry, location, and employer. But overall, the average hourly wage for US interns is $18.93 [1]. Highlights include:

  • Business Valuation Interns – $22.68/hour average [2]
  • Finance Interns – $20.72/hour average [3]
    • Investment banking – $30.61/hour average [4]
  • Tech Interns – $22-$45/hour at top companies [5]
    • Microsoft – $48/hour average [6]
    • Apple – $42.29/hour average [7]
    • Amazon – $44.28/hour average [8]
    • Intel – $32.26/hour average [9]
  • Accounting Interns – $22.93/hour average [10]
  • Marketing Interns -$18.15/hour average [11]

But it‘s not all about the money. Keep reading to uncover some of the best perks and benefits beyond pay that make internships worthwhile.

High Probability of Receiving a Full-Time Offer

The best possible outcome from an internship is leveraging it into full-time employment with the company. What‘s the likelihood of this happening? Approximately 70% of interns receive return offers to join their host companies post-graduation [12].

The extended try-out period lets employers evaluate interns‘ abilities up close while allowing interns to experience the company‘s culture. As such, roughly 56% of students accept these full-time offer opportunities at the end of their program.

It Pays to Be an Intern…Literally

Companies that bring ontemporary interns expect to eventually hire for long-term roles. In fact, research shows that college graduates WITH internship experience on their resumes earn $2,080 more per year early in their careers [13].

This lifetime value means accepting a lower-paying internship now can pay dividends for decades into the future, especially if you impress enough to get an offer.

Prestigious Positions with Well-Known Brands

Speaking of companies notorious for competitive programs – check out this list of heavy hitters offering phenomenal internships:

Companies Profile
Apple Pays interns $42.29/hour on average
JPMorgan Chase Widely acclaimed program focused on leadership training
NASA Epic way to mix education with public service
Procter & Gamble Fortune 500 company investing heavily in future innovators

Landing a spot with a respected organization like these looks very impressive on any graduate‘s resume. The opportunities only expand from there.

As a small business consultant, I regularly tap talent with big-name experience from programs like these. Their prior training and exposure set them up perfectly to support startups and young companies like my clients.

Develop In-Demand Business Skills

A successful internship lets you practice real-world tasks that build tangible skills in your field. Through these experiences, you‘ll:

  • Master in-demand programs like Excel, Salesforce, Tableau
  • Strengthen soft skills like communication, critical thinking
  • Understand how businesses operate and make decisions
  • Grow your industry network with peers and senior mentors

These talents allow you to hit the ground running at any full-time job. Over 82% of small business leaders I work with prioritize candidates with relevant skills over other factors. Internships unlock the development of these vital abilities.

Make no mistake – modern internship programs provide pay, perks, and benefits that absolutely make them worthwhile. Students able to showcase talent and demonstrate potential early on find themselves on the fast track to meaningful careers with impressive organizations. Consider how these opportunities align with your goals as you look ahead after graduation!

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Sources

  1. Indeed
  2. ZipRecruiter
  3. StandOut CV
  4. SwipeWrites Blog
  5. levels.fyi
  6. WayUp
  7. LevelsFyi
  8. Indeed
  9. Chegg
  10. Vault
  11. Zippia
  12. Resoomer
  13. CompareCamp