2022 was a tumultuous year for the technology sector, with reports of full-time job slashes happening across multiple industry giants. Despite that, business is booming for interns seeking to get one foot in these companies, and with a competitive salary to boot. The highest paid internships all say the same thing: tech and finance are where it’s at.
In the unstable economic climate of our post-pandemic world, employers are learning more and more that workers simply cannot afford to work for free. While still prevalent across certain creative industries, unpaid internships are fast becoming a thing of the past.
A report from Glassdoor showed a steady incline in intern salaries, from an average of USD 22.17 per hour in 2021 to an average of USD 24.63 per hour in 2022. The report, comprising data from companies with the highest average monthly base pay for internships as reported by either current or former interns based in the United States, shed some light on the industries offering the highest paid internships. The highest bidders? Tech and finance giants.
This news may come as a bit of a surprise. After all, devastating reports of mass cuts have surfaced in recent months; to date, more than 183,648 workers have been laid off from their US-based tech companies. It seems counter-intuitive considering renewed interest in technology-based businesses in early 2023, with generative artificial intelligence research and application leading the charge to greater efficiency. In addition to that, interest in green technology continues as businesses and governments work to lower their carbon footprint.
Technology corporation Microsoft laid off 10,000 employees earlier this year in anticipation of slower revenue growth. In March, Amazon laid off 9,000 employees in a bid to streamline costs in the face of an uncertain economy. The e-commerce giant had previously laid off 18,000 employees between November 2022 and January of this year. Across the board, tech giants found themselves facing financial constraints – some of which were directly impacted by the collapse of the Silicon Valley bank. Startups were likewise impacted, with many failing to clear the hurdle to continued survival.
Which begs the question: Why are interns hot property right now?
Why are companies paying their interns more?
Understandably, the tech companies that underwent massive layoffs inevitably ended up with more work than their employees could handle. While this likely contributes to the continued hiring of interns, with interns providing reasonable work for a fraction of the cost of senior employees, these companies also use their internship programs as part of their long-term hiring strategy, targeting talent at its most nascent stages.
The goal is to woo interns with a salary reflecting what they would earn as starting salaries, and thus entice them to stick around in the long run. Lauren Thomas, an economist and data scientist at Glassdoor, believes high paying internships are crucial to employee retention in a market currently undergoing a workforce-wide war for talent, saying, “We’re in “a historically tight job market for employers – which means employees have more choice than usual.”
Why tech and finance?
In specialised industries such as technology and finance, it is imperative that top talent is retained. Both industries have seen layoffs across multiple mega corporations – Amazon, Microsoft, Meta, X, and Roblox in tech and Citigroup, Goldman Sachs, and Bank of America in finance. However, a report by Deloitte posits that the lines between both industries will continue to blur in 2024, with brand new technological advancements fueling the shifting landscapes of the finance industry. The high level of investment in interns is indicative of these companies’ outlooks – and perhaps a sign that they are gearing up for the future.
So, what are the highest paid internships of 2023?
While not definitive in any sense, Glassdoor’s report does in fact show a leading trend for highest paid internships within the tech sector, closely followed by finance.
1. Stripe, Fintech – Median Monthly Pay: USD 9,064
2. Roblox, Tech – Median Monthly Pay: USD 9,017
3. NVIDIA, Tech – Median Monthly Pay: USD 8,280
4. Coinbase, Fintech – Median Monthly Pay: USD 8,206
5. Meta, Tech – Median Monthly Pay: USD 8,160
6. Capital One, Finance – Median Monthly Pay: USD 8,050
7. Credit Suisse, Finance – Median Monthly Pay: USD 7,947
8. Bain & Company, Consultancy – Median Monthly Pay: USD 7,873
9. Amazon, Tech – Median Monthly Pay: USD 7,809
10. EY-Parthenon, Consultancy – Median Monthly Pay: USD 7,651
11. TikTok, Tech – Median Monthly Pay: USD 7,619
12. Adobe, Tech – Median Monthly Pay: USD 7,568
13. Snap, Tech – Median Monthly Pay: USD 7,520
14. HubSpot, Tech – Median Monthly Pay: USD 7,477
15. Splunk, Tech – Median Monthly Pay: USD 7,375
16. LinkedIn, Tech – Median Monthly Pay: USD 7,360
17. X (formerly Twitter), Tech – Median Monthly Pay: USD 7,290
18. BlackRock, Finance – Median Monthly Pay: USD 7,270
19. J.P. Morgan, Finance – Median Monthly Pay: USD 7,188
20. McKinsey & Company, Consultancy – Median Monthly Pay: USD 7,170
21. Uber, Tech – Median Monthly Pay: USD 7,090
22. Citi, Finance – Median Monthly Pay: USD 7,025
23. ServiceNow, Tech – Median Monthly Pay: USD 6,989
24. Rivian, Automotive – Median Monthly Pay: USD 6,988
25. Microsoft, Tech – Median Monthly Pay: USD 6,934
Frequently Asked Questions (FAQs)
– What internship pays the highest?
The current highest paying internships include Stripe, which pays interns a median monthly salary of USD 9,064, and follow-ups Roblox, NVIDIA, Coinbase, and Meta.
– Which company pays the highest intern salary?
According to Glassdoor, fintech company Stripe currently tops the list of highest paying internships in the world with a median monthly salary of USD 9,064.
– How much do Google interns get paid?
According to Glassdoor, interns at Google get paid an average of USD 7,684 per month.
– Which bank pays interns the most?
Topping the list is New York-based quantitative trading firm Hudson River City with an average monthly salary of USD 22,817, followed by Jane Street and Citadel.
(Main and featured images: Thirdman/Pexels)
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Emmelyn Mah
Associate Digital Editor
Emmelyn curates and creates content in Kuala Lumpur, where she's spent the past decade building a portfolio comprising copy and video spanning both print and digital platforms. Endlessly fascinated with cookbooks, interior design, aesthetics, and video games, she is also an ardent foodie - a lemon tart, lychee martini, and coffee enthusiast. Her favourite animal is the common wombat. She's written one award winning cookbook.
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