While plenty of interns are working free, many are taking home big bucks for their work.
Some interns are making north of $75,000 a year, significantly more than the U.S. median household income of $53,046, new research from online career site Glassdoor revealed. The study, which identified the 25 highest paying companies for interns, sheds light on just how much money some companies are shelling out to their low-ranking employees, as well as underscores the current competitive climate among employers for the best, new talent.
San Francisco Bay Area-based employers dominate this year's list, representing 18 of the top 25 companies. The top three employers are tech companies based in the San Francisco Bay Area, including Palantir Technologies, which tops this year's rankings with interns earning an average monthly base pay of $7,012. Rounding out the top three are VMWare, where interns earn an average of $6,966 per month, and Twitter, with interns reporting an average monthly pay of $6,791. [From NASA to the Vatican: 10 Amazing Internships]
Interns working for technology firms are the ones most likely in for a big payday. The study discovered that 19 of the 25 highest-paying companies are within the technology sector, while four are within the oil, gas, energy and utilities sector.
This year's complete rankings of the 25 highest-paying companies for interns are:
- Palantir Technologies: $7,012 per month
- VMWare: $6,966 per month
- Twitter: $6,791 per month
- LinkedIn: $6,230 per month
- Facebook: $6,213 per month
- Microsoft: $6,138 per month
- eBay: $6,126 per month
- ExxonMobil: $5,972 per month
- Google: $5,969 per month
- Apple: $5,723 per month
- Amazon: $5,631 per month
- NVIDIA: $5,446 per month
- Chevron: $5,424 per month
- Adobe: $5,409 per month
- ConocoPhillips: $5,357 per month
- Salesforce: $5,158 per month
- BlackRock: $5,049 per month
- Yahoo!: $5,039 per month
- Capital One: $4,850 per month
- Qualcomm: $4,823 per month
- NetApp: $4,691 per month
- Autodesk: $4,684 per month
- Intel: $4,648 per month
- Juniper: $4,648 per month
- Schlumberger: $4,634 per month
Despite the high salaries, pay isn't everything to an intern. The study found that when deciding where to work, career growth was more important than salary and compensation. Other factors that interns consider when choosing an employer are the location and commute, as well as the company's culture and values.
This study was based on companies with at least 20 intern salary reports shared on Glassdoor between January of 2012 and January 2014.
Originally published on Business News Daily.