Hourly Wages for Interns Match Inflation

BETHLEHEM, PA—Hourly wages for interns have kept pace with inflation, signaling the value of these programs to employers, according to a new report from the National Association of Colleges and Employers (NACE).

NACE’s 2024 Guide to Compensation for Interns & Co-ops shows that the average hourly wage for interns has increased over the past 10 years, keeping pace with inflation. (See Figure 1.)

“This is proof of the importance of internship programs to employers,” says Shawn VanDerziel, NACE’s president and chief executive officer.

“Organizations focus on their internship programs for various reasons: to keep their pipeline of talent full, to bolster their diversity recruiting efforts, and to identify and develop future leaders. The fact that employers pay these college students wages that account for inflation speaks to the benefits organizations realize from their internship programs.”

The average hourly wage for interns in 2023 was $22.06. At the bachelor’s degree level, interns within the computer science ($24.76), engineering ($23.87), and actuarial science ($23.86) majors have the highest average hourly wages. 

In terms of benefits, planned social activities and paid holidays are the most consistently offered for interns. In addition, more than half of respondents (54.7%) provide relocation assistance to interns.

“Among those that provide relocation assistance, more than three-quarters believe it helps them get better applicants, which is one of the main drivers behind offering relocation assistance. Respondents also say that it removes a barrier by taking the burden off students who have to relocate and helps them stay competitive,” VanDerziel points out.

About the 2024 Guide to Compensation for Interns & Co-ops: 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, for a response rate of 25.5%. The survey was also distributed to nonmember companies, from which an additional 53 responses were received.

About the National Association of Colleges and Employers: Established in 1956, the National Association of Colleges and Employers (NACE) is the only professional association in the United States that connects 12,300 college career services professionals, more than 4,000 early career talent acquisition professionals, and more than 400 business solution providers that serve this community.

NACE is the premier source of market research on career readiness, the employment of recent college graduates, and the college-to-career transition. NACE forecasts hiring and trends in the job market; tracks salaries, recruiting and hiring practices, and student attitudes and outcomes; and identifies best practices and benchmarks.

NACE offers its members unparalleled research, networking and professional development opportunities, guidance on standards and ethics, and advocacy on key issues. For more information, visit www.naceweb.org. NACE maintains a virtual press room for the media.