College Internships May Be Key To Career Success

Some of the most intriguing companies to students preparing to enter the job market – Facebook, Amazon, Google and Microsoft – are offering internships with monthly salaries topping at $8,000. 

While it’s the experience, in the long run, that is the most valuable, it’s always a plus to students when they are paid for their internships and some companies are compensating students most generously.  The employment website Glassdoor recently listed the highest paying internships over the past year and found that tech companies comprised 44% of the list, with finance and consulting firms close behind.

The social media company, Facebook, paid interns at a median monthly rate of $8,000, while Amazon, Salesforce, Google, Microsoft, Uber, Bloomberg LP, and Capital One all paid at a median monthly rate varying between $7,725 and $7,000.

Apple, Bank of America, JP Morgan Chase, Goldman Sachs, Viasat, Visa, and Intel Corporation all paid their interns at a median monthly rate between $6,667 and $5,000.  Finalizing the list of the 25 highest paying internships were SAP, EY, Tesla, Deloitte, Cisco Systems, PwC, KPMG, Genentech, Dell, and Boeing, all compensating interns at a median monthly rate between $4,900 and $4,200.

Internships can be a gateway to high-paying jobs. They bridge the gap between the academic and professional worlds, making it easier for students to transition from college life into a career.  According to Internship.com, seven out of ten internships result in a full-time job offer

The College of New Jersey (TCNJ) reported that nearly 80% of its business students complete at least one internship or cooperative experience (paid, for credit work temporarily replacing classes) during their college days.  The college attributes this, in part, to the reason that more than half of its business students have one or more job offers in hand by the time they graduate.  The companies with which TCNJ students launch their careers include: Bloomberg LP, Citibank, Deloitte, Goldman Sachs, Johnson & Johnson, Madison Square Garden, Target, Federal Bureau of Investigation (FBI), Morgan Stanley, NBC Universal, Tiffany & Co., and Trenton Thunder.

Of course, TCNJ is not the only college that recognizes the importance of internships. According to a survey conducted by U.S. News and World Report, the average proportion of graduating seniors nationwide with internship experience hovers around 42%. But the numbers vary dramatically among colleges.  Some schools reported more than 95% of graduating seniors had internship experience; some reported less than 5% did. Thus, the availability of internships should be a key criterion that college-bound students take into consideration when identifying their college of choice.

Susan Alaimo is the founder of SAT Smart. For the past 25 years, SAT Smart’s Ivy League educated tutors have prepared students for the PSAT, SAT, ACT, Subject Tests, AP courses, and all high school subjects. Visit www.SATsmart.com or call 908-369-5362.