The Most Paid Internships for College Students
If you graduate from college without an internship, your chances of finding a job are just 32%. If you get an unpaid internship, then your chances go up to 44%. But if you’ve landed a paid internship, your chances of getting a job skyrocket to 72%
The fact is getting a paid internship gives you a higher chance of getting a job and getting paid throughout your career. So, let’s talk about the highest-paid internships to help you secure a higher chance of getting paid in your future jobs.
It is important you get two to three internships if you want to secure good-paying job opportunities. I’ll advise never to take an internship that doesn’t pay you, because if they value you they’ll pay you something no matter how small. Taking an unpaid internship should only be done for the purpose of voluntary service or you are strictly going to learn what you have no idea about. But if you are going to be rendering services to the company, then you should be paid.
I know sometimes it can be very hard to find a paid internship, which is why many people tend to settle for unpaid internships. So, we have set up this article to let you know the internship that pays the most.
In as much as you’re in search of a paid internship, it is also important for you to know that your experience in that company is more important than the amount you’re paid.
The internships I want to talk about are highly competitive that is why you can earn a lot as an intern. So, let’s talk about the 4 highest-paid internships.
4. Consulting internship
Top consulting firms like McKinsey, Bain, and BCG pay their undergraduate interns about $7,000 a month, that’s about $18,000 for a ten weeks internship. That’s totally huge until you realize MBA interns get paid $12,000 a month, that’s about $32,000 for 10 weeks.
The problem is getting into these firms is extremely difficult and they mostly recruit from highly ranked schools. Though some people who go to state schools still get into it, sometimes it’s difficult.
Some consultancy firms like Accenture and Deloitte are much more attainable to get into, they take people from both top schools and state schools and yet pay their interns about $35 per hour. Aside from this, you can earn from overtime and other siding bonuses.
So, they still make an average of about $5,600 a month. Imagine finishing up your summer with that much money in your bank accounts.
3. Investment banking
Investment banking interns in top banks like Goldman Sachs, J.P. Morgan, and Backleys make around $6,500 a month as an undergraduate. As an MBA you can make $10,000 a month but the average American makes over $4,000 a month.
And as a college student, you are earning well. There are some things you can do for yourself to land high-paying banking internships. You don’t necessarily need a finance degree like accounting, there are many engineering majors that still get into the banking sector, the key thing is to start early in your college career to join investment clubs and business frats to show your interest in the field. Use that to network with alumni in investment banking and use that to start learning the technical side of things like financial modeling and sharpen excel skills.
That could set you up to have a finance-related internship after your first or second year in college. Then you’ll have the experience banks are looking for in their internship.
2. Technology internship
If you guess that tech is the highest-paid internship, then you’re right. Tech companies are the companies that pay the highest internship. They offer a list of different roles from marketing, product design, and even data roles.
All of these roles are really high-paid, but the highest-paid is software engineering. You should research the skills needed for whatever role you want to apply for. That will help you work towards refining your skills in a certain direction. Make sure you get Other internships in that field, in your first and second year of college.
If you’re into software engineering, make sure you get really good technical skills like coding. Most people are in the computer science fields but don’t necessarily need that. What these companies care about is what skills you can bring to the table, but that is not really enough to get you into the top tech companies.
You actually need to know people there. No one is willing to look into your resume, no matter how good it is if you just apply online.
These 5 companies have the highest-paid internships,
We have Microsoft with a median salary of about $7,250 per month, followed by Google with $7,500 per month. Salesforce is around $7,600 per month, Amazon pays around $7,700 per month. The highest-paid is Facebook who pays interns with a median salary of about $8,000 per month.
Most of these internships are around 12 weeks meaning you’ll make around $24,000.
Fintech is the highest-paying internship. Fintech is a combination of finance and technology. Its internships are reserved for actual geniuses. Their highest paying roles are mainly in software engineering and finance quant roles. Their salaries are the biggest. The jobs involve working on software are algorithms to bring finance to the company, that is why they make so much money.
Those who are accepted to do internships here are good with programming and analytical and critical thinking skills. This is more difficult to get into than every other thing on the list.
Before they will even grant you an interview, you have to pass many technical and behavioral tests. Some interns can make up to $70 per hour. Meaning you can make up to $11,000 a month. That’s $28,000 in 10 weeks.
But you don’t really need internships in these companies to be successful, just get an internship that values your time and pays you for it. If you love this video please like, share and subscribe and I’ll see you in the next one.