In today's challenging job market, securing the right internship can be a game-changer for college students. It's not just about gaining experience but also about earning valuable cash.
According to Glassdoor, in 2022, 87% of paid interns made at least $15 per hour, with an average hourly wage of $24.63, a significant 11% bump from the previous year's average of $22.17.
If you're a college student, stay with us to discover 10 internship statistics you should know in 2024 to make the right decision for your future career.
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U.S. Internship Landscape
In the wake of three years marked by the disruptions of a global pandemic, the internship landscape in the U.S. has proven to be anything but predictable.
Rather than witnessing a triumphant return to the norm, this year has brought further evolution. An unstable economy and widespread layoffs have ushered in a more challenging environment for aspiring summer interns.
With heightened competition and increased uncertainty, it's a year of adaptation and change in this familiar white-collar rite of passage.
To delve deeper into the latest statistics and trends, read on and discover the dynamics shaping this year's internship scene.
1. Internship listings are down 14.7% as of 2023's Q2 compared to the same time a year ago
The landscape of internship opportunities reveals a significant shift. Internship listings have taken a notable dip, down by 14.7% as of May 19, compared to the same time the previous year.
While these listings remain above pre-pandemic levels, the job market for summer internships is cooling. In this evolving scenario, the path to securing an internship is experiencing new challenges and changes.
3. 41% of college students in the U.S. have had an internship while pursuing their bachelor's degree
Recently released data from Gallup shows that 41% of college students in the U.S. have completed internships while working on their bachelor's degrees.
The numbers aren't uniform, with first-generation college students – those whose parents didn't earn degrees – reporting a 27% participation rate. Students attending public colleges and universities join in at a rate of 36%.
This information stems from a web survey conducted in March 2023, where 2,430 students striving for bachelor's degrees in various U.S. institutions weighed in.
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3. The highest-paying tech internship in the U.S. is Stripe, with a median monthly pay of $9,064
According to latest findings, Stripe takes the lead as the highest-paying fintech internship, offering a median monthly pay of $9,064 in 2023.
This data was collected by Glassdoor from salary reports submitted by current and former interns based in the U.S., specifically focusing on companies where 30 or more interns shared their salary information.
An interesting aspect is that all the top 10 highest-paying internships are in the tech or finance industries.
4. 30% of bachelor's students without internships struggle to find one
Securing an internship is the main challenge for three in every ten bachelor's students, as Gallup showed.
Experts argue that top tech firms often show a preference for candidates from well-known computing colleges and those with industry contacts. This preference is akin to favoritism in elite private universities, where students from prestigious high schools often take precedence.
Additionally, those with more financial resources may gain an edge by investing more time and resources in enhancing their portfolios and skills, amplifying the challenges many face in their pursuit of internships.
5. Finishing an internship program makes interns 32% more likely to stay with the company
According to research by the National Association of Colleges and Employers (NACE), completing an internship program boosts an intern's chances of staying with the company by 32%.
The report highlights internships' crucial role in retaining valuable talent within organizations, especially considering the significant costs of high employee turnover.
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Paid vs. unpaid internships statistics
This year, industries like technology, finance, and consulting, which usually hire many interns, are facing uncertainty, making it trickier to find internships.
But remember, most colleges and universities have career centers that can help you with financial support. They might offer things like travel money or scholarships, which are helpful if you're doing an unpaid internship far from home.
Keep reading to learn the latest facts and figures about paid and unpaid internships. It'll help you make an intelligent career choice.
6. On average, paid interns received almost twice as many job offers as unpaid interns
In 2022, NACE found that paid interns received almost double the number of job offers compared to unpaid interns. The findings highlight the clear advantages of paid internships regarding post-graduation employment.
Moreover, paid interns also benefit from higher starting salaries. According to the same survey, the median starting salary for paid interns is $62,500, while unpaid interns typically begin with a median salary of $42,500.
7. 48% of Asian graduating college seniors in the U.S. participated in paid internships
Data from NACE shows that 48% of Asian graduating college seniors in the U.S. have taken part in paid internships.
However, the survey shows fewer Black students, Hispanics, and women have joined paid internships. Only 35% of white, 24% of Hispanic, and 20% of Black students were part of these internships.
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8. 39% of graduating male students were paid interns, compared to 31% of female students
NACE’s report also reveals that 33% of female seniors had paid internships, while 17% of male students were compensated.
Additionally, 39% of male graduates were paid for their internships, while 31% of female students received payment. This data illustrates variations in internship participation between male and female students.
9. 49% of Gen Z internship applicants now submit more than 50 applications, a notable increase from 2022
In an increasingly competitive job market, 49% of Gen Z seekers are sending out over 50 internship applications, marking an increase from the previous year's numbers, as reported by a RippleMatch survey.
This spike in application numbers reflects the intensifying competition in the job market.
Companies like ServiceNow have witnessed a 50% surge in internship applications, while Citadel reported a remarkable 65% increase compared to the previous year.
10. 57% of job seekers say they are not confident they will find an internship or job that meets their standards
The recent economic unpredictability has made the job market landscape uncertain, especially for Gen Z, the latest entrants into the workforce.
According to a survey of more than 3,000 Gen Zers shared by Forbes, While the latter half of 2022 posed a looming recession and job market challenges, 57% of job seekers expressed their lack of confidence in finding an internship or job that matches their standards.
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Summary: Internship Statistics
1. Internship listings are down 14.7% as of 2023's Q2 compared to the same time a year ago
2. 41% of college students in the U.S. have had an internship while pursuing their bachelor's degree
3. In 2023, the highest-paying tech internship in the U.S. is Stripe, with a median monthly pay of $9,064
4. 30% of bachelor's students without internships struggle to find one
5. Finishing an internship program makes interns 32% more likely to stay with the company
6. On average, paid interns received almost twice as many job offers as unpaid interns
7. 48% of Asian graduating college seniors in the U.S. participated in paid internships
8. In 2022, 39% of graduating male students were paid interns, compared to 31% of female students
9. 49% of Gen Z internship applicants now submit more than 50 applications, a notable increase from 2022
10. 57% of job seekers say they are not confident they will find an internship or job that meets their standards
Final Thoughts:
Internships have changed drastically because of the pandemic. Even though there are uncertainties, students are determined, and there are still many opportunities.
To succeed in this changing environment, you must be proactive and flexible. Meeting people in person is essential for students looking for internships, so participating in events and visiting college campuses can help.
If you're in high school or early college and don't have much internship experience, highlight your relevant work, skills, leadership roles, and what you do outside of your regular classes.
The best thing to do is customize your resume to match what employers are looking for, which can come from your classes, projects, jobs, activities, or community service to stand out.
Sources
- The 25 highest-paying internships of 2023 | Glassdoor Blog
- Getting An Internship Is More Competitive Than Ever—But The Experience Has ‘Really Eroded’
- May 2023 US Labor Market Update: A Cooler Summer Awaits Seasonal Job Seekers - Indeed Hiring Lab
- Four in 10 College Students Have Had Internship Experience
- For Lower-Income Students, Big Tech Internships Can Be Hard to Get - The New York Times
- Trends in One-Year, Five-Year Intern Retention Rates
- Unpaid Internships Remain Out of Reach for Many College Students
- Unpaid Internships And The Need For Federal Action
- Gen Z Recruiting Startup RippleMatch Raises $45 Million To Boost Job-Matching Technology
- Gen Z Is Losing Confidence in the Job Search in 2023 - RippleMatch