Key Internship Statistics 2024 – Covid Impact, Opportunities, Retention, Benefits and Income
Page Contents
- Types of Internships
- Worldwide Internship Statistics
- Internship Statistics by Job Function
- Statistics by Companies with Highest Paying Internships
- Internship Statistics by Demographics
- Internship Statistics by Total Number of Available Internships
- Key Internship Statistics
- Advantages of International Internships?
- Internship and COVID
- Opportunities After Internships
- Interns Retention Statistics
- Which Organizations Need Interns?
- Summary
- Conclusion
Internship Statistics: An internship can be referred to as the work period offered by any company with a limited period in exchange for career knowledge required for future development. Internships can be paid or free. Depending upon the company internships can be full-time or part-time. There are many types of internships, it is up to the student for which to apply.
Furthermore, internships can be joined only by those who are currently studying in college or university. The income earned through this stipend can’t be considered a full-time income, as seen in real-life experiences, it is useful as a passive income. Let's understand important insights from Internship Statistics
Types of Internships
#1. International Internships
International internships can last for a maximum of 6 months. In such cases, students from one country to another country can apply for internship programs. Depending upon the company, the program can be on-site or simply remote.
#2. Paid Internships
Paid internships refer to, experience earned in exchange for a small amount of income. This is generally offered by the companies at the end of the educational year, i.e., in the second or third year.
#3. Unpaid Internships
These kinds of programs are not designed to pay in exchange for the experience given. They are simply free internships, offering only a better experience of real-world gain knowledge besides education.
#4. Virtual Internship
Virtual internships have come recently into the market, as pandemics affected all over the world. In such cases, physical attendance is not necessary as it is performed via laptop, PC, call, and other electronic devices.
Worldwide Internship Statistics
There are many international students, who apply for internships to gain knowledge. Currently, the most chosen countries by international students are the US, the UK, Germany, Canada, and France.
#1. The United States of America
The US is the second largest country preferred by students to complete their further education. But why choose the US for an internship?
- As a developed country, the US is full of advanced skills in any kind of industry, be it medicine, marketing, engineering, or even hospitality.
- Innovation is the base for any business in the US. Therefore, choosing an internship program can be helpful in turning your mind to creativity.
- Unlike other countries, English is the primary language spoken all over the country.
- In the United States of America, an intern can earn up to $20.76 per hour on average
- As per the reports, a person who has gained experience through internships gets a high starting salary from $50,000 to $55,000.
- Big companies with high tech to work after graduation
- As of 2023, according to Internship Statistics, the estimated number of paid internships is 4.1 million while 1.64 million is for unpaid ones.
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Internship Statistics by Job Function
(Source: standout-cv.com)
As of 2023, the top three job functions with the highest mean pay are Finance (Investment banking) $30.61, Accounting $22.93 and Information Technology $22.68.Furthermore, per hour lowest pay studied by Internship Statistics is considered for Human resources resulting in $17.33.
Statistics by Companies with Highest Paying Internships
(Source: standout-cv.com)
In the United States of America, as of 2023, Stripe has ranked top for having the highest-paying internships. The company offers a $9,064 median monthly pay. Today, Facebook and Google dropped their places and were replaced by Roblox and NVIDIA company with a median monthly pay of $9,017 and $8,280 respectively.
Internship Statistics by Demographics
(Source: standout-cv.com)
The majority of the students who choose to do internships during their studies are white by background resulting in 67.15%, followed by 14.18% (Asian or Asian American) and 7.05% (Hispanic, Latinx, or Chicano). Native or Pacific islanders take part only at 0.04%.
Internship Statistics by Total Number of Available Internships
(Source: standout-cv.com)
As stated in the highest median pay, Financial, accounting, and consumer packaged goods industries have a high number of offerings related to internships. Altogether, these industries contribute around 36% of the overall internship industry. Unlike the development of industries like legal, defense, aerospace, non-profit, hospitality, and media/entertainment, it comes to only 2% combined.
Key Internship Statistics
(Source: Goremotely.net)
- Irrespective of country, if it is possible, 74% of interns receive a permanent job offer from the company
- Globally, companies save $2 billion dollar every year by offering internships
- Globally, around 500,000 to 10,00,000 internships are unpaid.
- On a global level, 51% of the interns prefer it on-site.
- On average men tend to earn more, than women resulting in $83,676 and $76,272 respectively.
- According to NACE unpaid internships are mostly completed by women
- Chegg Internships states that 65.7% have their internships completed
- Furthermore, Chegg says, 2% of the student population worldwide, do more than 6 internships in their educational period.
- Engineering internships can offer $65,208 per annum on an average level.
- According to Glassdoor, NVIDIA a software company in the US offers the highest-ever scholarships to its interns resulting in $8,811 as monthly pay.
- Interns are eligible to earn a bonus on their work quality of more than $2,500
- NACE provided the information that, globally 57.5% of people received a full-time job offer after the internship
- The retention rate for up to 1 year is 71.4% with the same company
- 60% of employers all over the world, always prefer those who have gained experience during the internship.
Advantages of International Internships?
Moving abroad for education purposes is always beneficial in terms of quality education. It increases career development opportunities. Moreover, it provides a stable income. Doing an internship during this period is no excuse for career development. The following are the benefits of international internships.
#1. Turns You Into a Better Person
Having international expertise in career development can help you build a developed character in your personality. It always makes a difference in local and international career opportunities.
#2. Income In a Different Currency
Earning income in another currency is also beneficial, as it improves your confidence and willingness to work towards your career. It can also offer you great financial stability.
#3. Advanced Career Development
Earning an internship in developed countries, which are equipped with modern technology can bring career development to your life. Advanced countries offer better opportunities than any other country.
#4. Better Opportunities
Advanced opportunities mean better career opportunities. It is possible on an international level to earn an internship which can turn into a full-time job as your dream job. Considering the developments, the possibility of international business trips also increases.
#5. Linguistic Benefits
International internships, in multilingual-speaking countries such as Germany, France, and Canada offer great advancements in learning new languages. Dependency on the English language in such countries is less, therefore, opening the opportunities for internships in translation jobs.
#6. Better Pay
The minimum internship pay is better in developed countries. As seen above NVIDIA and Facebook based out of the US are the highest-paying monthly scholarship even for international students.
#7. Increase Rate in Full-Time Jobs
As we all know, there is a scare in talented employees. If a company is approached by any talented student, there are high chances of getting a permanent job in the same company in the future.
Internship and COVID
- Globally, 64% of the companies, refused to offer new internship programs for upcoming students.
- Having the same percentage of 64%, during the pandemic period, 64% of the businesses did not pay their interns.
- Around the world, 35% of internships were canceled in the initial period of a pandemic.
- Regarding the remote internships, which companies offered during the pandemic period were also given setup from office to work from home/anywhere, the percentage calculated by the remote internships report, 2020 resulted to 14.2%.
- Students in the final year with at least a full-time job offer were interns with the company having a percentage of 53.2%
- Because of the pandemic period, nearly 35% to 41% of companies reduced the internship period according to the National Association of Colleges and Employers 2020.
- 20% of companies on a global level chose to reduce the number of joining of interns.
- According to CNBC, 2% of the companies canceled full-time job offers during the pandemic period.
Opportunities After Internships
Internships are a great step towards receiving a full-time job offer when performed well. When it comes to job offers from the same company, it is necessary to perform outstandingly during the period of internship, this automatically results in new opportunities. The following statistics were revealed by the studies.
- Students with internships who received full-time job offers but counted as underemployed were earning an average salary of $37,330.
- According to Burning Gas, graduates having fresh internship experience were able to grab job opportunities with an average of $47,770 pay.
- Students who were underemployed were about 43% globally.
- Intern students who have an opportunity to work with the same company after the internship period have resulted in 80%.
- Resulting in 70% being more into offering permanent jobs for the well-performing interns.
- In the US as of 2019, 6.4% of recent graduates with internship experience were offered permanent jobs.
- Out of 100, 57.5% were experienced with internships, and on the other hand, 43.7% were in-experienced.
- According to Yellow as of 2019, 53.2% of students at least received one full-time job offer.
Interns Retention Statistics
94.9% of employers around the world believe that internships are an extremely important part of any student’s corporate life. As it transforms the personality and sets the mind accordingly. But considering the developed and underdeveloped countries, developed countries have more internship programs overall the year. Whereas underdeveloped countries have fewer opportunities. As, it has been seen that, the United States of America and Germany have more inflow of international students, they tend to offer more internships in order to secure the student expenses.
Which Organizations Need Interns?
This is simply a general question. Today, all companies need interns as it makes it easy to distribute the work and save expenditure on salary. Moreover, graduates with fresh minds have a higher tendency to learn things faster, therefore nowadays it is trending to hire interns irrespective of any barrier. Following data overserved by the different studies gives more importance.
- It is not so that all interns are interned in IT industries only. Today, the marketing field is booming. Also, Chegg studies that, out of 3 insurance agents, system administrators, and real estate agents one of them has had an internship experience with similar industries.
- Accounting firms all over the world, have big employee bases, 80% of them were internship experience for e.g., KPMG, PwC, EY, and Deloitte
- As of 2019’s data, PwC offered 90% of their interns a full-time job opportunity.
- Information technology firms such as Facebook, IBM, and Google also have a high rate of onboarding interns resulting in 80.2%, 70.1%, and 78.3% respectively.
- 3 out of 4 basic jobs/ entry-level also had internship experience in fields such as audit associate – 86%, general analyst – 77%, or reporter with 82%
- As per the study by the National Association of Colleges and Employers’ global offers for internships is 79.6% when the rate of acceptance is 70.4% and the conversion rate is only 56.01%
- According to the study by Chegg, 2019 states 86% of the people from law clerks' backgrounds also had internship experience.
- Considering the United States of America, unpaid internships were declared illegal but this practice is still continued in some countries.
Summary
The above-mentioned data confirms that attending internships while doing education has increased the rate of quality work. Experience gives the person a better job opportunity in the future. Big companies are focused more on internships by offering the highest-paid stipendium monthly. This encourages the students to get attracted to such companies more than ever. This way, it is beneficial even for the companies are they don’t often look out for new employees and offer the interns the full-time job.
Conclusion
Concluding Internship Statistics it is clear that Internships have become a part of the life of a company. The more internships it offers the better prospective employees it earns. In the world of competition, it is hard to find genuine employees, but the form of an internship gives a company a chance to observe the candidate. In terms of students, internships are beneficial as they can help to know real-world experiences and therefore an improved attitude toward future career development.
Furthermore, if a company is looking forward to onboarding some interns, the company must pay some stipendium in exchange for the work done by the person. The talent of the person is restricted, if no compensation is paid, students usually lose interest and may be cut off from the internships. This damages both parties as students lose the internship experience and the company loses prospective employees.
FAQ.
The main advantage of an internship is the student gains professional experience in the related field as well as grows career opportunities.
On average an internship lasts between 4 to 6 months. It also depends on the student’s semester's type such as winter, spring, or summer.
Skills such as communication, digital marketing, knowledge or degree in Artificial Intelligence, strong language skills, engineering, maths, data scientists, etc. are important skills that will make you stand out from other candidates.
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.
