The college jobs are back – here are the best paid internships

Students looking for summer concerts are in shock.

The Covid pandemic, of course, hit this group particularly hard. Last summer, the unemployment rate for young people aged 16 to 24 was 18.5%, about twice as high as the previous year.

About 47% of young people were employed in July 2020, down from 56% a year earlier, according to the Bureau of Labor Statistics. (July is usually the time when youth employment reaches its peak

At the same time, internship opportunities – paid or unpaid – have almost completely dried up.

“Last year presented unique challenges for recent students and graduates trying to gain valuable internship experience, with many employers making the difficult decision to stop hiring or even reduce internships,” said Amanda Stansell, a local economic data researcher. Glassdoor work.

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“Fortunately, the labor market is showing signs of recovery, offering early-stage workers opportunities to find not only internships at top companies, but also to earn a strong salary,” she added.

For students looking for paid internships, several companies are actively recruiting, according to a new Glassdoor report.

Technology companies, in particular, use internships as a conduit for employment, and that means offering extremely competitive salaries, Stansell said. “It’s a great way for companies to attract talent and build their talent pipeline.”

Trainees earn the most at chip maker Nvidia, followed by Facebook and LinkedIn, where the average monthly salary is more than $ 8,000, according to Glassdoor. If these salaries were paid full-time, interns would bring home about $ 100,000 a year, well above the average US salary.

The Glassdoor report on the highest paid internships for 2021 is based on the salary reviews reported by the trainees from 1 March 2020 to 28 February 2021.

“One of the silver linings is that many of these internships are still completely removed, which opens up the playing field for students across the country,” Stansell said.

While getting one of these opportunities is incredibly competitive, there are many more internships available at other companies and a growing number of summer jobs in general.

“We expect an increase in summer job opportunities for teens,” including one-off concerts in retail stores and restaurants, said Vicki Salemi, a career expert at Monster.com.

Even if summer jobs are not yet available immediately, more jobs will be posted as businesses reopen and employers reevaluate their needs, she said.

“It’s important to keep your eyes and ears open, if you haven’t landed one yet, it doesn’t mean you won’t.”

In general, however, teens are less likely to seek work, according to a study by the Hamilton Project and the Brookings Institution.

This is partly due to the fact that there are more summer academic programs available and more teenagers who meet community services as part of graduation requirements or to support their college applications, in addition to more students pursuing unpaid internships. , which BLS does not take into account, according to a separate study analysis by the Pew Research Center.

The share of adolescents participating in the workforce peaked 40 years ago and has declined since then.

In 1979, almost 60% of American adolescents were employed, a historic level. Today, just over a third, or 35%, of adolescents between the ages of 16 and 19 are part of the workforce.

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