Paid Internships Pay Well
College students who participate in paid internships may well find the hourly salary attractive, according to results of a new survey conducted by the National Association of Colleges and Employers (NACE).
Employers responding to NACE's 2008 Experiential Education Survey reported offering their undergraduate interns an average of $16.33 per hour--and nearly $25 per hour for interns at the master's degree level.
A variety of factors affect internship salaries, including the student's degree level, year in school, and field of study, as well as the organization's industry and location.
For example, a senior studying for a bachelor's in one of the engineering fields averages $19.44 per hour, while a sophomore engineering student averages $16.65. Similarly, overall, undergraduate business majors earn less per hour than their counterparts studying the computer sciences--$15.62 versus $16.68, respectively.
The purpose of the program also has an effect on salary.
"Average hourly salaries to interns are even higher among those organizations that use their internship programs to help them recruit full-time hires," says Marilyn Mackes, NACE executive director.
Among respondents whose organizations have recruiting-focused programs, the average hourly salary to an undergraduate intern is $16.69, and $25.93 to a master's level intern.
In fact, nearly all responding organizations that use their internship programs as part of their college recruiting effort pay their interns, and there is evidence that pay is important to their programs' success. A NACE study of the students from the Class of 2007 found that students who reported dissatisfaction with their internships tended to be in unpaid programs. Moreover, says Mackes, "they tended to cite lack of pay as a key reason for their dissatisfaction."
With interest in internship programs as feeders for full-time hiring rising, paid internships will likely also increase.
"The paid internship is an increasingly important tool for organizations that want to hire new college graduates," says Mackes.
Since 1956, the National Association of Colleges and Employers (NACE) has been the leading source of information about the employment of college graduates. NACE maintains a virtual press room for the media at www.naceweb.org/press/.