The National Association of Colleges and Employers (NACE) has published a report stating that the hourly wages for interns have kept pace with inflation.
This indicates the value of internship programs to employers.
The average hourly salary for interns in 2023 was $22.06.
The average hourly rate for interns has increased over the past ten years, keeping pace with inflation, according to NACE’s 2024 Guide to Compensation for Interns & Co-ops.
Interns in computer science ($24.76), engineering ($23.87), and actuarial science ($23.86) majors have the highest average hourly wages at the bachelor’s degree level.
Employers pay college students wages that account for inflation, demonstrating the benefits organizations receive from their internship programs.
The reports also highlight social activities and paid holidays are the most consistently offered benefits for interns, along with relocation assistance provided by more than half of the respondents (54.7%).
Respondents believe that relocation assistance helps them get better applicants, removes a barrier by taking the burden off students who have to relocate, and helps them stay competitive.
NACE’s 2024 Guide to Compensation for Interns & Co-ops is based on data provided by the employers that responded to NACE’s 2024 Internship & Co-op Survey.
The survey was conducted from October 31, 2023, to January 5, 2024; a total of 230 NACE members responded, with a response rate of 25.5%.
The survey was also distributed to nonmember companies, and an additional 53 responses were received.
The National Association of Colleges and Employers is a professional association that connects career services professionals, early career talent acquisition professionals, and business solution providers who serve this community. It was established in 1956.
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