Internships are growing increasingly popular amongst people stepping into the job market. Students and graduates often look to pick up skills and enhance their resumes. While established individuals may give one a try when exploring different careers. We’ve gathered some key internship statistics to shed light on this vital facet of one’s professional development.
But what is an internship?
In short, it’s a set period of on-the-job work experience offered by an organization. On average, internships last between a week and 12 months.
Let’s dive into some key internship facts to help you understand their purpose, what people seek in them, and more!
Interesting Internship Statistics 2023
- 70% of employers offer ongoing, full-time jobs to successful interns
- Completing an internship gives you an 85% increased chance of being employed following graduation
- Students who complete internships receive 16% more job offers than those who don’t
- Roughly 500,000 Americans intern for free each year
- 57% result in full-time job offers
- Covid-19 caused the cancellation of 50% of summer internships in 2020
- More than 60% of the programs pay their interns.
General Facts About Internships 2023
With the internet awash with statistics about internships, it’s easy to get a sense of what is trending and advantageous. Let’s take a look.
1. Completing an internship makes you 85% more likely to obtain employment following graduation.
The logic behind this is straightforward. When students graduate, many will only have their degrees on their resumes. While having some practical work experience puts you ahead of these applicants. This results in students who complete internships increasing their post-graduation employment chances by 85%.
2. Completing an internship can increase your job offers by 16%.
Completing an internship doesn’t just make you more likely to be employed following graduation – it also increases the number of job offers you receive. Studies have found that job applicants with an internship on their resume receive an impressive 16% more offers than candidates without.
3. 70% of employers offer full-time jobs to successful interns.
For some, internships are opportunities to prove themselves and secure a job once they’ve proven their value to the company. Unpaid internship statistics show this to be a winning strategy. Recent stats show that 70% of employers offer full-time jobs to successful interns.
4. Many individuals missed out on internship opportunities due to the Covid-19 pandemic.
Summer internships statistics show that the Covid-19 pandemic caused havoc in most areas of life. With the collapse of many businesses and the resulting layoffs, it’s not surprising that internships weren’t prioritized. According to Career Up, in 2020, Covid-19 caused the cancelation of 50% of all summer internships.
5. Covid-19 caused many internships to go remote.
The most recent internship statistics clearly show Covid-19’s impact. While over 37% canceled, many others went ahead, albeit augmented. In 2020, 14.2% of students revealed that their summer internships transitioned to a remote basis, and less than 5% said they interned in person.
Paid and Unpaid Internship Statistics 2023
Statistics on unpaid internships and paid ones continue to help guide industry standards and set expectations.
6. An Estimated 500,000 Americans intern for free each year.
Internships are opportunities to build career skills and networks and add relevant experience to your resume. So, it’s not too surprising that many people are willing to intern for free. Approximately 500,000 US citizens intern without payment each year. While such internships can be valuable, plenty of companies are willing to pay, making them more accessible.
7. Over 60% of internships offer pay.
Not only are there internships that pay, one study found that over 60% offer some level of compensation. In 2019, the mean hourly wage for a paid intern with a bachelor’s degree was $19.05, and 59% of employers assist with housing costs and associated travel expenses. Many companies that don’t offer pay, often provide interns with social activities.
8. Institutions offering unpaid internships include non-profit organizations (54.7%), government agencies (22.7%), and for-profit organizations (about 23%)
(Center for Research on College-Workforce Transition)
As internship stats clearly show, not all internships pay. Sometimes, the reasoning for this is clear. Institutions offering unpaid internships often include non-profit organizations, constituting 54.7% of companies that do not pay interns. This is usually because funds are directed to causes instead. Government agencies are the second-largest sector that does not pay their interns. They account for 22.7% of employers not paying their interns.
9. Major tech companies pay their interns well.
Being an intern with a major tech company can result in competitive payment. Meta’s internship pay rate is $8,000 per month, while compensation at LinkedIn is $7,500, and Microsoft pays a median rate of $7,366. Meanwhile, interns at Amazon receive a monthly rate of $8,000.
If one thing is for sure, there are many circumstances accompanying internships. There’s little regulation in this area of professionalism, so the offerings from different companies can vary greatly.
Hopefully, our internship stats will help guide you on what perks to look for and whether an unpaid internship is feasible. Keep searching until you find the one that best fits you!