College internships are back and paying off even more than before

College students looking for summer gigs are in shock.

Of course, the Covid pandemic hit this group particularly hard. Last summer, the unemployment rate for 16 to 24 year olds was 18.5%, around twice as high as in the previous year.

According to the Bureau of Labor Statistics, around 47% of young people were employed in July 2020, up from 56% the previous year. (July is usually the peak of youth employment.)

At the same time, the paid or unpaid internship opportunities have almost completely dried up.

“The past year has been a unique challenge for undergraduate and graduate students looking to gain valuable internship experience. Many employers have made the difficult decision to suspend or even cut internships,” said Amanda Stansell, economic data scientist at Glassdoor.

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“Fortunately, the job market is seeing signs of recovery and early-career workers have the opportunity not only to find internships at top companies, but also to earn a hefty paycheck,” she added.

More companies are actively hiring students looking for paid internships, according to a new report from Glassdoor.

Tech companies in particular are using internships as a hiring pipeline, meaning they offer competitive salaries, Stansell said. “It’s a great way for companies to attract talent and build their talent pipeline.”

At chip maker Nvidia, interns are doing the best overall, followed by Facebook and LinkedIn, where the average monthly wage is more than $ 8,000, according to Glassdoor. If those salaries were paid full-time, interns would bring home around $ 100,000 annually, well above the US average.

Top 10 Highest Paid Internships for 2021:

1. NVIDIA
Median Monthly Wage: $ 8,811
See open internships

2. Facebook
Median Monthly Wage: $ 8,023
See open internships

3. LinkedIn
Median Monthly Wage: $ 8,009
See open internships

4th Amazon
Median monthly wage: $ 7,954
See open internships

5. Foreclosure
Median monthly wage: $ 7,710
See open internships

6th Capital One
Median monthly wage: $ 7,530
See open internships

7th Microsoft
Median Monthly Wage: $ 7,366
See open internships

8th. Over
Median Monthly Wage: $ 7,353
See open internships

9. Google
Median Monthly Wage: $ 7,129
See open internships

10. ExxonMobil
Median Monthly Wage: $ 7,018
See open internships

Glassdoor’s Best Paid Internship Report for 2021 is based on salary reviews reported by interns between March 1, 2020 and February 28, 2021.

“One of the reasons is that many of these internships are still completely remote, which opens up the field for students across the country,” said Stansell.

While it is incredibly competitive to take advantage of any of these opportunities, there are also many more internships with other companies and an increasing number of summer jobs in general.

One of the reasons is that many of these internships are still completely remote, which opens the playing field for students across the country.

Amanda Stansell

Economist from Glassdoor

“We expect an increase in teenage vacancies this summer,” said Vicki Salemi, career expert at Monster.com.

Even if summer jobs aren’t immediately available, more jobs will be posted as companies reopen and employers reassess their needs, she said.

“It’s important that you keep your eyes and ears open. If you haven’t landed one yet, that doesn’t mean you won’t.”

However, according to a study by the Hamilton Project and the Brookings Institution, teens are less likely to seek work.

This is partly because there are more summer academic programs available and more teens doing community service as part of their graduation requirements or to bolster their college applications, in addition to more students doing unpaid internships, which the BLS doesn’t count, according to a separate report Analysis by the Pew Research Center.

The proportion of employed young people peaked 40 years ago and has since declined.

In 1979 nearly 60% of American teenagers were employed, an all-time high. Today just over a third or 35% of young people between the ages of 16 and 19 are part of the workforce.

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