The 5 Best Paid Summer Internships
Every year, thousands of college students hoping to gain valuable work experience seek out summer internship positions with companies across the country. According to a 2011RutgersUniversitystudy, students who complete an internship earn a median salary that’s close to $7,000 higher once they enter the workforce compared to students who don’t intern. While some internships are unpaid, many companies do pay students for their time with some offering competitive salaries and other benefits that are designed to attract the best and brightest. If you’re looking for a high-paying internship opportunity, the following companies consistently rank among the best for paid summer internship programs.
If computers are your passion, consider adding Google to your list of possible internship opportunities. The company ranked number one overall on Glassdoor.com’s annual list of top paid internships. According to the annual rankings, a software engineering intern at Google can earn an average of $6,463 per month. The company also offers a separate internship program for students who are geared toward business and marketing that offers an average monthly salary of $3,444. Google interns reportedly voted the company as the most satisfying place to work compared to interns who worked for other companies. In addition to the competitive base salary, Google interns also have the opportunity to gain valuable hands-on experience by sitting in on meetings and enjoying one-on-one time with managers and other higher-ups.
Washington-based Microsoft comes in second in the Glassdoor rankings, falling just short of Google’s score. The company offers internships in three different categories: research, software development and program management. Research interns enjoy the highest monthly pay with an average of $6,746. Software development engineers earn an average of $5,539 per month while program managers are paid a monthly salary of $5,323. In addition to the lucrative pay, Microsoft interns also receive subsidized housing, reimbursement for travel expenses and subsidized car rental. Students also have the opportunity to participate in networking opportunities via lectures and other special events.
JP Morgan Chase
Students interested in finance and banking may consider a summer internship with JP Morgan Chase. The company consistently receives top marks from Vault.com, a career website that conducts annual rankings of internships across specific industries. JP Morgan Chase offers internships in six key areas including finances, human resources, operation and technology. While the average monthly salary for interns is lower at $3,573, students who participate in the 10-week summer internship enjoy a wide variety of perks including corporate discounts, discounts for gym memberships, discounts for cultural institutions, car service, a housing stipend and paid travel expenses to the internship location. According to Vault, the majority of interns are eventually hired for full-time positions as analysts or associates.
NASA offers a variety of internship opportunities for students who are studying in one of the four STEM areas: science, technology, engineering and mathematics. Internships are available for both undergraduate and graduate students at locations nationwide including the Langley Research Center, the Kennedy Space Center and the Johnson Flight Space Center. According to Vault, interns have the opportunity to work closely with NASA scientists and engineers to develop hardware and software used for space flight. In some instances, interns may also be able to participate in real-time mission exercises. Stipends for summer internships vary based on the length of the program, your academic level and how many hours you work and typically range from $5,000 to $10,000 per student. In addition to summer internships, students may also apply for spring or fall internships which are longer and offer a higher stipend.
Deloitte LLP ranks among the best of the best paid summer internships according to both Glassdoor and Vault. Deloitte specializes in providing financial advisory, tax and consulting services and has been recognized by BusinessWeek and FORTUNE magazine as one of the best companies to work for. Summer internship opportunities are available to students across theU.S.as well as in several locations throughout Australia. Interns have the opportunity to work as part of a client service team and learn firsthand about to deal with tax issues and other problems businesses face. The base monthly salary for interns is $3,987 and audit interns make an average of $3,822 per month. According to Vault, approximately 75% of students who complete the internship program are offered a full-time position after graduation.
Searching for the perfect summer internship requires careful research and once you find the opportunity you’re looking for, you will likely face some stiff competition from other qualified candidates. When researching internships, it’s important to consider the pay and benefits but it’s often the overall quality of the experience that matters most. Doing your homework ahead of time will help to ensure that you make the best decision on where to intern.