The five companies that pay their interns the best have one thing in common: they are all part of the technology industry. Moving further down the rankings, the bottom five highest-paying internships also include finance-related positions. So revealed a new report from Glassdoor.
Although the large technology companies have been the protagonists in recent months for their massive rounds of layoffs,they are undoubtedly the ones that pay their interns the best.
2022 vs. 2023 salaries
Compared to 2022, the highest salary this year is lower than last year. The highest average monthly salary in 2023 is $9,064, slightly lower than in 2022 ($9,667). Daniel Zhao, chief economist at Glassdoor commented to CNBC:
2022 was an exceptionally hot labor market. As we head into 2023, companies are reducing their budgets in anticipation of a possible recession, so it is not surprising that we have seen salaries moderate slightly as competition for talent cools.
However, when adding up the salaries of all the most lucrative practices, this year will surpass 2022. The average of the top ten highest paid in 2023 is about $8,206, up from $8,100 on average last year:
In a difficult economic climate like the one we are currently experiencing, it is not uncommon to see internship programs being paused or reduced so that companies can cut costs (...) However, some companies will continue to invest in interns even in bad times as a way to continue to nurture the talent pool of the next generation in the company.
In 2022, 87% of paid interns reported receiving a salary of at least $15 per hour and the study revealed that the average intern actually earned $24.63 per hour (an 11% increase from the average salary of $22.17 in 2021).
Technology companies pay the most
1. Stripe: online payment platform - technological / Approximate monthly remuneration: $9,064 (over $100,000 per year).
2. Roblox: video game development platform - technological / $9,017.
3. NVIDIA: a company that designs graphics processing units and application programming interface - technology / $8,280.
4. Coinbase: cryptocurrency trading platform - technological / $8,206.
5. Target: corporation and parent company of Facebook, Instagram, WhatsApp and others - technological / $8,160.
The first ten include finance
6. Capital One: bank holding company - finance / $8,050.
7. Credit Suisse: financial services and banking company - finance / $7,947.
8. Bain & Company: management consulting firm - finance / $7,873.
9. Amazon: e-commerce corporation - technology / $7,809.
10. EY-Parthenon: global strategy consulting firm - finance / $7,651.
The companies that pay the most are not necessarily the best ones.
The report found that the companies that pay interns the best do not always correspond with those that have the best business prospects for them, Zhao said:
The fact that a company pays a lot to interns does not necessarily mean that it is a high performer: positive ratings of business prospects can indicate whether a company is likely to hire staff in the near future.
One example is that, despite paying their interns some of the best salaries, Stripe, Meta and Coinbase have the lowest future outlook ratings in the rankings. On the other hand, NVIDIA had the best business outlook rating.
