College students looking for summer internships can make nearly $9,000 a month working at Facebook, LinkedIn and Amazon as tech companies start an aggressive recruitment drive.
Silicon Valley giants are willing to pay up to $8,800 per month to interns as they try to build a future talent pipeline for their businesses and bolster employment opportunities for young people who struggled to find work amid the pandemic.
If these salaries were paid all year round, eager college graduates and entry-level employees would be taking home a six-figure salary upward of $100,000.
This is almost double the average wage in the US which was $51,916.27 in 2019, according to the most recent government figures.
The 25 highest paying internships for 2021 were revealed in a new report from Glassdoor, based on salary reviews reported by interns between March 1 2020 and February 28 2021.
College students looking for summer internships can make nearly $9,000 a month working at Facebook (left), LinkedIn (right) and Amazon as tech companies start an aggressive recruitment drive
It found Santa Clara-based chipmaker Nvidia offers the most generous compensation package with median monthly pay reaching $8,811, which would equate to an annual salary of $105,732.
Current openings for internships at the firm include roles for physical design interns, software interns in math libraries, machine learning infrastructure interns and product marketing interns specializing in artificial intelligence.
Silicon Valley giants Facebook and LinkedIn are also offering paid interns upwards of $8,000 a month, with median monthly pays of $8,023 and $8,009 respectively.
Jeff Bezos’ Amazon, which repeatedly came under fire over its treatment of essential warehouse workers amid the pandemic, is paying $7,964 to interns across sectors including design, marketing and economics.
Meanwhile, Salesforce offers around $7,710 a month to interns for roles in several locations including San Francisco, Dallas and Palo Alto.
Other major players include Capital One, Microsoft, Uber, Google and ExxonMobil, who all other positions upwards of $7,000 a month.
More than half – 16 – of the 25 companies with the highest paying internships are in the tech industry, with six in finance and two in energy.
Silicon Valley giants are willing to pay up to $8,800 per month to interns as they try to build a future talent pipeline for their businesses and bolster employment opportunities for young people who struggled to find work amid the pandemic
The lucrative deals will come as welcome news to college students, who have been heavily impacted by the widespread unemployment due to the pandemic.
During last summer, the unemployment rate among 16-to-24-year-old Americans reached 18.5 percent, about twice as high as the previous year before the virus forced businesses to shutter, stay-at-home orders to be issued and plunged millions out of work overnight.
Less than half (47 percent) of people in that age group were in employment in July, the month when youth employment typically reaches its peak, after most students graduate from college.
The previous year, this figure was significantly higher at 56 percent, according to the Bureau of Labor Statistics.
Paid and unpaid internships were also in short supply as struggling companies laid off staff while most others adjusted to a remote working model.
Amanda Stansell, Glassdoor economic data scientist, said students and graduates were faced with ‘unique challenges’ during the pandemic, making it difficult for them to gain work experience.
Santa Clara-based chipmaker Nvidia offers the most generous compensation package with median monthly pay reaching $8,811 Current openings for internships at the firm include roles for physical design interns and software interns in math libraries
Jeff Bezos’ Amazon, which repeatedly came under fire over its treatment of essential warehouse workers amid the pandemic, is paying $7,964 to interns across sectors including design, marketing and economics
‘The past year presented unique challenges for college students and recent graduates trying to gain valuable internship experience, with many employers making the difficult decision to pause hiring or even cut internships,’ she said.
With the economy showing signs of recovery, more opportunities are becoming available, she said.
‘Fortunately, the labor market is seeing signs of recovery, presenting opportunities for workers early in their careers to not only find internships at top companies but also earn a hefty paycheck, especially in those industries where it’s notoriously difficult to hire, like tech and finance,’ said Stansell.
‘Internship programs are critical tools for employers to fill their early talent pipelines and, in this age of remote work, many are willing to pay top dollar for interns, no matter where they are based.’
Stansell told CNBC that many of the internships on offer are still fully remote due to the ongoing effects of the pandemic, a move that also levels the ‘playing field’ for students living in different parts of the country.
However, securing a place on one of the high-paid internships from the likes of Apple and Facebook is notoriously competitive.
At Facebook, for example, shortlisted applicants can expect to be put through multiple interviews with the entire process taking around a month.
THE TOP 25 HIGHEST-PAID INTERNSHIPS
1. NVIDIA: $8,811
The company: Nvidia is a computer hardware and software company that, among other things, designs graphic processing units for the gaming and professional markets. It is was founded in 1993 and is based in Santa Clara, California.
Internships available: Physical design interns, software interns in math libraries, machine learning infrastructure interns and product marketing interns specializing in artificial intelligence in locations including Santa Clara, California and Austin, Texas
2. Facebook: $8,023
The company: The social media giant was founded by Mark Zuckerberg in 2004 and is headquartered in Menlo Park, California.
Internships available: Various research intern positions, including in artificial intelligence, are available all for remote working.
3. LinkedIn: $8,009
The company: A social platform for professional networking.
Internships available: Tech and business internships across several locations including San Francisco and Washington DC.
4. Amazon: $7,954
The company: Global retail giant that started life as an online book store when it was founded by Jeff Bezos back in 1996.
Internships available: Roles including design, marketing and economic internships across Seattle, New York and Sunnyvale.
5. Salesforce: $7,710
The company: A cloud-based software company that provides customer relationship management software to the likes of sales companies.
Internships available: in San Francisco, Dallas and Palo AltoSee open internships
6. Capital One: $7,530
The company: Capitol One is a Fortune 500 financial company including its Capital One Bank division. It has assets of $363.52 billion making it the 10th largest in the US.
Internships available: Locations: Tampa, FL, McLean, VA & more.
See open internships
7. Microsoft: $7,366
The company: Tech giant Microsoft was founded by Bill Gates in 1975 before growing to a market capitalization of more than a trillion dollars.
Internships available: Roles are available in Redmond, Washington, Sunnyvale, California and New York City, New York, in areas including machine learning, computational social science and systems.
8. Uber: $7,353
The company: The ride-sharing app has skyrocketed in value and popularity since it was founded in 2017 as it optimized upon the sharing economy.
Internships available: Research engineer intern and backend software engineer intern in San Francisco.
9. Google: $7,129
The company: The tech giant that specializes in online advertising, search engine, cloud computing, software and hardware.
Internships available: Application engineering summer intern in Mountain View, California.
10. ExxonMobil: $7,018
The company: The only oil and gas company in the top 10, ExxonMobil is one of the largest publicly traded companies in the industry.
Internships available: Roles in Northville, Michigan and Little Falls, New York state.
11. Apple: $6,917
12. Intuit: $6,749
13. BlackRock: $6,684
14. American Express: $6,622
15. VMware: $6,463
16. PayPal: $6,359
17. Qualcomm: $6,355
18. JP Morgan: $6,250
19. Citi: $6,043
20. Goldman Sachs: $6,008
21. MathWorks: $5,905
22. Adobe: $5,875
23. Marathon Petroleum: $5,512
24. Tesla: $5,348
25. Cisco Systems: $5,347