Employers Hiring Fewer Interns But Paying Them More
Employers expect to increase the pay they offer college students for internships, according to a new study conducted by the National Association of Colleges and Employers.
Overall, employers taking part in NACE's 2009 Experiential Education Survey say they will offer bachelor's-degree-level interns an average hourly wage of $17.13--up 4.9 percent from the average they offered last year's interns.
Interestingly, the increase in intern salaries is paired with a 21 percent decrease in the number of internship opportunities available.
"We are seeing that intern hiring and full-time hiring are down this year due to the current economy. The increase in intern salaries may reflect a long-term strategy on the part of employers to ensure their internship programs continue to attract top students," says Marilyn Mackes, NACE executive director.
Intern salaries are affected by the student's major and year of study as well as the location of the internship.
"There are a variety of factors that determine salary," says Mackes. "For example, in general, the further along the student is in school, the higher the salary, with sophomores earning more than freshmen, and juniors earning more than sophomores. By field, students in engineering and computer sciences earn the highest salaries on average."
The average hourly wage for engineering students is $18.26, while those studying computer sciences earn an average hourly wage of $17.20 as an intern.
Students who have previously held an internship are also likely to get a higher salary.
"More than 60 percent of responding employers say they pay more to interns who have previous internship experience--even if the internship was with another organization. They recognize the value of internship experience," says Mackes.
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