Internship Statistics: Do Interns Get Paid in 2024?

Are you thinking about leveling up your knowledge and understanding of your chosen field?

Internships are the transformative stepping stones that pave the way for students and recent graduates to pursue professional success. 

These temporary work opportunities offered by companies and organizations help interns to gain practical experience and exposure in a particular industry or field. 

Through this immersive training, interns can apply the knowledge they have learned in an academic setting to real-world situations.

In this way, these trainees may develop essential skills and build networks within the industry.

Here are the only internship statistics you should know about.

This article also includes the answer to Google’s most sought-after question: ‘Do interns get paid?’

Tune in to find out!

Key Statistics

• Roughly 300,000 students engage in internship programs annually in the United States.
• Almost 80% of students participate in experiential learning opportunities, such as internships, throughout their college years.
• Over 60% of internships are paid, while nearly 33% remain unpaid.
• Interns in the US receive an average base salary of approximately $18.93 per hour.
• The majority of internships are structured to coincide with the academic semester and extend for a duration of approximately 12 to 16 weeks.
• Among all US interns, about 56% accept full-time employment offers from the company where they underwent their internships.
• Job roles are offered to over 57% of graduates who completed internships.
• Finance – Investment banking offers interns the highest average base salary, around $30 per hour.
• About 31% of interns are recent graduates, and an additional 4.2% are high school students.

Top Internship Statistics in 2024

1. Approximately 300,000 Students Participate in Internship Programs in the US Annually.

Internship programs shape the professional journey of students and graduates.

These aspiring professionals get to work with actual tasks and projects related to their field of study or career interests.

The hands-on training allows interns to learn and apply practical skills and familiarize the professional environment and company culture.

According to the 2019 National Association of Colleges and Employers report, an estimated 300,000 students partake in internship programs in the US yearly.

Having relevant internship experience on a resume can significantly impact a job application, as it demonstrates valuable skills and commitment to professional growth.

At present, numerous businesses and companies seek candidates with internship experience.

This increasing demand for internship exposure stems from the recognition of the benefits to both employers and employees.

(Fast Company)

2. Most Internships Last Between Three to Four Months.

The length of internships can vary based on the specific program, organization, and industry.

It can range from a few weeks to over a year.

Most internship programs are designed to align with the academic semester and may last around 12 to 16 weeks.

Some internships are structured as summer programs, coinciding with the academic calendar break or summer vacation, lasting 8 to 12 weeks.

Other industries and organizations offer year-round internships that extend for a year or longer.

Statistics show that most employers prefer an internship of three to four months or year-round internships.

Below is the breakdown of the preferred internship durations by employers:

• 5% of employers prefer at least two months of internship
• 30% of employers prefer at least 3-4 months of internship
• 25% of employers prefer at least 5-6 months of internship
• 9% of employers prefer at least 7-10 months of internship
• 30% of employers prefer at least 12 months of internship or longer

(What To Become)

3. 70% of Interns in the US Receive Job Offers From the Company They Interned For.

About 70% of interns in the US receive job offers from the companies they interned with after completing the training period.

This high probability of job offers is attributed to the interns’ familiarity with the company’s work culture, operational processes, and core values, resulting in a diminished learning curve and reduced time and resource investment in training.

Among all interns in the country, roughly 56% accept full-time job offers from the same company where they partake in their internships, and 14% are extended offers for part-time positions upon completion.

Moreover, around 80% of interns who receive job offers opt to accept them, leaving only 20% who decline the offer.

(Zippia)

4. Nearly Eight in Ten Students Engage in Experiential Learning Opportunities During Their College Years.

Most interns are college students or recent college graduates.

These students often pursue internships to gain experience and insights into their chosen fields before fully entering the workforce.

Engaging in experiential learning opportunities allows interns to explore potential career paths, establish professional networks, and enhance employability upon graduation.

Data from the National Association of Colleges and Employers (NACE) revealed that around 60% of students from 2013 to 2017 had participated in internship programs.

However, a newer report from the National Survey of College Internships (NSCI) indicates a drop in internship participation since the COVID-19 pandemic, with approximately 21.5% of students having internships in 2021.

In the 2022 NACE Student Survey report, nearly eight in ten students engage in experiential learning opportunities during their college years, equivalent to 78.6%.

This figure encompasses not only internships but other options like externships and co-ops.

(Forage)

5. Students Who Complete an Internship Increase Chances of Full-Time Employment After Graduation.

After graduation, some students will only have their degrees listed on their resumes.

However, students who acquired practical work experience through internships gain a significant advantage over other applicants.

Young professionals who complete internships increase their chances of finding full-time employment by 85%.

The experiential learning and industry exposure acquired during the internships provide a valuable edge in the competitive job market.

In 2021, the average conversion rate for interns reached 66.4%.

This percentage indicates that around two-thirds of the interns transitioned into full-time positions after completing their internships.

This high conversion rate demonstrates the effectiveness of internship programs as a pathway to secure permanent employment.

Here is the list of internship to full-time employment conversion rates:

• The average conversion rate for interns in 2018 reached 45.6%
• The average conversion rate for interns in 2019 reached 56.1%
• The average conversion rate for interns in 2020 reached 55.5%
• The average conversion rate for interns in 2021 reached 66.4%

(StandOutCV)

6. Over 57% of Graduates Who Successfully Receive Job Offers Had An Internship.

Graduates with internship experience are more likely to secure employment due to their possession of practical skills and familiarity with the work environment.

According to statistics, 57.5% of graduates who have completed internships received job offers, whereas the remaining percentage lacked internship experience.

Similarly, approximately 53.2% of graduating seniors who participated in internship programs received at least one job offer.

(Zippia)

7. Graduates with Internship Exposure Secure a Salary Advantage of $2,082 Annually Over Graduates Without Internship History.

On average, graduates with internship exposure earn higher annual salaries.

They can enjoy a salary advantage of around $2,082 annually compared to their counterparts lacking an internship history.

The primary reason for this lies in the acquisition of relevant experience and skills.

These specialized proficiencies make young professionals more valuable to employers.

The increased value proposition allows them to negotiate for higher salaries.

(Compare Camp)

8. 31% of Interns Begin Their Internships Post-Graduation.

There has been a misconception that interns are solely college students.

However, around 31% of interns are recent graduates, and 4.2% are high school students.

About 10% of internships commence in the first year after graduation, followed by 5.9% in the second year and 4.4% in the third year following graduation.

The timeline further reveals that 3.1% of internships start in the fourth year post-graduation, 2.2% in the fifth year, and 5.1% in the sixth year.

Take a closer look at the initiation of internships:

• 4.2% of internships begin during high school
• 6.0% of internships begin during the freshman year of college
• 13.4% of internships begin during the sophomore year of college
• 25.4% of internships begin during the junior year of college
• 20.4% of internships begin during the senior year of college
• 31% of internships begin after college graduation

(Chegg Internships)

9. More than 80% of Facebook Employees Have Internship Experience.

Having internship experience can be highly beneficial and preferred by many employers, but not all companies require internships before hiring.

Internship exposure can give candidates a competitive edge during the hiring process.

Fields like accounting, finance, technology engineering, marketing, and many others often value candidates with relevant internship backgrounds due to their technical and practical nature of work.

For graduates aspiring to join esteemed accounting firms like PwC, KPMG, and Deloitte, possessing internship experience is often preferred.

Likewise, prominent tech firms like Facebook, Google, and IBM also prefer candidates with internship exposure.

Among the notable companies, the following have the highest percentage of recent workers with internship experience:

• 89.4% of US Congress workers have internship experience
• 83.6% of PwC workers have internship experience
• 89% of EY workers have internship experience
• 82.6% of KPMG workers have internship experience
• 82.2% of Deloitte workers have internship experience
• 80.2% of Facebook workers have internship experience
• 78.3% of Google workers have internship experience
• 70.1% of IBM workers have internship experience

(Chegg Internships)

10. White Student Interns are the Most Prominent in the United States, Accounting For More Than 67%.

Most student interns in the United States are White, accounting for 67.15%.

Asians and Asian Americans follow, at 14%, while Hispanic, Latinx, or Chicano make up 7%.

Below are the percentages of US student interns by race:

• 67.15% of student interns in the US are White
• 14.18% of student interns in the US are Asian or Asian American
• 7.05% of student interns in the US are Hispanic, Latinx, or Chicano
• 3.45% of student interns in the US are Black or African American
• 0.50% of student interns in the US are American Indian or Alaskan Native
• 0.04% of student interns in the US are Native Hawaiian or Pacific Islander
• 5.86% of student interns in the US have two or more races
• 1.23% of student interns in the US have other races

(StandOutCV)

Do Interns Get Paid?

11. Over 60% of Internships in the US are Paid.

Do interns get paid? Interns’ compensation varies depending on the particular position, role, and employer.

It is common to encounter unpaid internships, especially if their internship helps to earn school credit.

But some companies acknowledge the value of training individuals who could transition into employees after college.

Many Fortune 500 companies pay interns.

Aspiring interns can find paid opportunities in various industries, including IT, accounting, banking, public relations, advertising, and fashion.

Today, paid internships are becoming more common than unpaid ones.

About 60.8% of internships in the United States are paid, with a predominant presence among private and for-profit companies.

On the other hand, 32.9% of internships remain unpaid, mainly found in nonprofit, social service, and government sectors.

Experts point out that companies often offer paid internships to attract new talent and keep reliable and motivated full-time employees.

(Zippia)

12. Paid Interns in the US Can Earn an Average Salary of $18.93 Per Hour.

According to the most recent data from Indeed, the average base salary of interns in the US is around $18.93 per hour.

The highest-paying city in the country for interns is Boston, Massachusetts, paying an average of $22.29 per hour.

It is followed by Chicago, Illinois, paying $21.25 per hour, and Los Angeles, California, paying $20.94 per hour.

Here are some of the top companies that offer attractive compensation for US interns:

• Amazon.com – offers $44.28 per hour for US interns
• Apple – offers $42.29 per hour for US interns
• Gilead Sciences – offers $38.42 per hour for US interns
• Google – offers $33.43 per hour for US interns
• Intel Corporation – offers $32.26 per hour for US interns

(Indeed)

13.  Tech and Finance Companies Offer the Highest Median Monthly Pay for Interns.

Prominent technology and financial companies provide the most competitive median compensation for interns each month.

Among these, the software firm Stripe claims the highest position, offering a median monthly pay of approximately $9,064.

Following are Roblox with $9,017 and NVIDIA with $8,280.

Financial companies like Capital One also offer a median monthly payment of $8,050.

The following are the top companies offering the highest median monthly pay for interns:

• Stripe provides a median monthly salary of $9,064 for interns
• Roblox provides a median monthly salary of $9,017 for interns
• NVIDIA provides a median monthly salary of $8,820 for interns
• Coinbase provides a median monthly salary of $8,206 for interns
• Meta provides a median monthly salary of $8,160 for interns
• Capital One provides a median monthly salary of $8,050 for interns
• Credit Suisse provides a median monthly salary of $7,947 for interns

(StandOutCV)

14. College Graduates with Internship Experience Can Earn a Median Salary of $47,470 Annually.

Recent college graduates who have completed an internship are more equipped to attain positions aligned with their college education, enabling them to earn a median salary of $47,470 annually.

In contrast, college graduates who lack experience are more likely to face underemployment, resulting in a median salary of $37,330 annually.

(Zippia)

15. Investment Banking Offers the Highest Average Base Salary for Interns – around $30.61 Per Hour.

Study shows that the starting salary for interns differed based on the job roles.

Among these, investment banking offers the highest average base salary.

It stands at around $30.61 per hour, with an upper limit reaching $55 per hour and a lower limit at $10 per hour.

Accounting comes next, with an average base salary of $22.93 per hour.

Here is a list of intern average base salary by job function:

• The average base salary for interns in Finance – Investment Banking is $30.61 per hour
• The average base salary for interns in Accounting is $22.93 per hour
• The average base salary for interns in Information Technology is $22.68 per hour
• The average base salary for interns in Consulting is $22.01 per hour
• The average base salary for interns in Finance is $20.72 per hour
• The average base salary for interns in Finance is $20.44 per hour
• The average base salary for interns in Operations or Production is $20.44 per hour

(StandOutCV)

Conclusion

Internships have become a bridge between the academic and professional world, providing students and recent graduates with practical experience, a glimpse into their chosen fields, and networking opportunities. 

Internship statistics illustrate that both paid and unpaid internships play a vital role in the professional development of students and young professionals.

While paid internships offer a dual advantage of practical exposure and financial remuneration, unpaid internships can provide valuable learning experiences.

This article delves into the domain of internship statistics, exploring their significance, trends, and implications for interns and the workforce while addressing the question, “Do interns get paid?”

Sources

Fast Company	Forage	Indeed
What To Become	CompareCamp	Indeed 2
ZIPPIA	Chegg Internships	TechJury
StandOut CV	Chegg Internships 2