February 07, 2018 | By NACE Staff
TAGS: internships, compensation, salaries, surveys, nace insights
Spotlight for Recruiting Professionals
A key considerations for employers planning their summer internships is setting intern salaries. During this process, employers take into account major and functional area. Many employers also use the student’s degree and year of study in setting rates.
Average salaries for interns tend to increase as students persist toward attaining higher degrees and by ascending class years. For example, according to a 2017 compensation guide from NACE, intern salaries across degree and year of study ranged from an hourly rate of $13.94 for first-year associate students to $29.84 an hour for doctoral students. (See Figure 1.) Among interns earning bachelor’s degrees, employers paid hourly wages ranging from $15.67 for freshmen to $19.51 for seniors.
Other steps employers take and factors they may consider when establishing salaries for interns include:
NACE’s 2017 Guide to Compensation for Interns & Co-ops provides wages and benefits information gathered from 276 organizations that took part in NACE’s 2017 Internship & Co-op Survey. That survey was conducted November 21, 2016, through February 17, 2017, among NACE employer members, 26.4 percent of which responded. The 2017 Guide to Compensation for Interns & Co-ops is available to participants through MyNACE; it is also available for purchase on NACEWeb. (Please note: The 2018 internship survey is currently underway; results will be available in late spring.)
Intern Hourly Wage Rates, By Degree and Year of Study
Percent of employers that allocated more resources to recruit historically marginalized students
NACE September 2021 Quick Poll
Percent of students seeking employer that embraces diversity
2021 NACE Student Survey
Percent of employers with a formal diversity recruiting effort
2021 Recruiting Benchmarks Survey Report