While internships are seen as crucial stepping stones into professional life, their financial value varies greatly across industries.
Intern pay in 2024 is shaping up to be a more complex issue than a single national average can reflect. Across states and industries, students entering the job market are finding vastly different financial realities. From six-figure annualized internships in tech to unpaid roles in nonprofits, the conversation around intern compensation has never been more contentious.
The illusion of average pay
The National Association of Colleges and Employers (NACE) reported an average hourly wage of $23.04 for bachelor’s-level interns in 2024. But looking beneath that number reveals a growing gap between sectors that compete fiercely for talent and those that rely on experience-hungry students willing to work for less—or even for free.
Crucially, once adjusted for inflation, even that $23.04 wage marks a 1.1% decline in real terms compared to 2015. In other words, the average intern is earning slightly less buying power today than nearly a decade ago (naceweb.org).
Pay does not treat all fields equally
Stark differences emerge at the sector level. In software engineering, internship wages rival some full-time roles, while in other fields—like public relations or education—compensation can be symbolic at best.
| Industry | Hourly Pay Range (2024) |
|---|---|
| Software Engineering | $35 – $57 |
| Investment Banking | $27 – $44 |
| Marketing | $22 – $41 |
| Finance & Business Analysis | $24 – $38 |
| Media & Design | $14 – $22 |
| Public Sector / Nonprofits | $0 – $15 |
The disparities not only reflect how lucrative different sectors are but also how much they’re willing (or able) to invest in early talent pipelines. Tech, for instance, continues to treat internships as highly competitive recruitment tools.
Location is just as decisive as industry
Geography plays an outsized role in what an intern can earn. States where tech and finance dominate tend to see higher wages overall.
| State | Top Median Hourly Pay | Key Employers |
|---|---|---|
| Washington | $40.50 | Amazon, Microsoft |
| California | $37.75 | Google, Meta, Apple |
| Delaware | $35.50 | JP Morgan Chase, Capital One |
| Florida | $12.00 | Hospitality, Retail |
In Florida, according to ZipRecruiter, interns often earn between $9 and $15 an hour. While the cost of living is lower than in Silicon Valley, the earnings still fall short of a sustainable wage for many students.
Rethinking value: Pay vs opportunity
I spoke with Maya Thompson, a senior at Boston University and former marketing intern for a Fortune 500 pharmaceutical company. Her reflections shed light on the non-monetary calculus many students make.
“It was $21 an hour, which felt like a decent wage,” Maya told me. “But I had to sublease a place in the city, pay for transport, and basically stretch every dollar. Still, I said yes. You don’t say no to a brand name like that. Having them on my résumé was worth more than the paycheck.”
Her experience reflects a common dilemma: short-term financial strain in exchange for long-term career capital. According to NACE, students with paid internship experience are far more likely to receive job offers than those with unpaid or no internships—by as much as 32%.
The paid internship as a career accelerator
More than half (57%) of internships today are paid, but that figure has slipped slightly from 59% a year earlier (NACE 2024 guide). And the kind of internship you secure can significantly shape your compensation trajectory.
In top-tier firms, internships operate much like long-term interviews. Tech firms, hedge funds, and investment banks often convert over 70% of their paid interns into full-time hires, locking them into salaries upward of $90,000 per year (Levels.fyi).
Reality vs perception: what most students actually earn
Despite headline figures, the national median intern wage sits closer to $17.04 an hour, according to ZipRecruiter. This range includes a vast 25th-to-75th percentile spread of $14 to $24 per hour, meaning many students earn less than the “average” graduate likely expects.
Compared to the average U.S. worker wage of $28.01/hour (Bureau of Labor Statistics), interns make 40.9% less on average—illustrating clearly that internships are still considered developmental, not sustainable income sources.
Frequently asked questions
What are the highest-paying internships by industry?
Software engineering tops the list, offering up to $57/hour, followed by investment banking ($44/hour max) and business analysis roles around $38/hour. These figures are concentrated in large firms with structured intern programs.
How does intern pay vary by region?
Western and northeastern states generally offer the highest intern wages. Washington, California, and Delaware top the charts due to strong tech and finance presence. Southern states like Florida pay significantly less.
Are tech internships generally better paid than other fields?
Yes. Tech internships are the most lucrative, driven by demand for coding and data skills. These internships often come with added perks, including stipends, housing support, and relocation assistance.
What factors influence the compensation of internships?
Sector, company size, regional cost of living, intern year of study, and whether the work is revenue-generating all affect pay levels. Prestige and demand in the field are also critical variables.
How do intern wages compare to entry-level salaries?
Most interns earn much less than entry-level hires. A $23/hour internship might translate into a $48,000/year salary, while many full-time entry-level roles in tech and finance exceed $70,000/year post-internship.
