Getting Paid: What College Students Should Expect From Internship Compensation

As a college student looking to gain valuable career skills, internships can provide that important stepping stone from school to professional life. However, a big question is - will your internship position be paid or unpaid? Expectations for compensation differ greatly depending on factors like field, company size, and college credit eligibility. Here's an overview of what students can expect:

The unfortunate reality is that many internship opportunities, especially in areas like non-profits, government, and media, come without monetary payment. Statistics show 43% of all intern positions are unpaid. Unpaid chances usually concentrate in political science, journalism, and social sciences. In comparison, majors like business, agriculture, and STEM are more likely to land paid intern roles.

If you are considering an unpaid opportunity, keep in mind it still carries costs for you. A majority expect temporary moves and require you to pay your own bills for housing, travel, food and other living costs. Also, over 75% of unpaid interns are women. While the career experience may benefit you down the road, an unpaid intern role can be quite burdensome money-wise in the interim.

On the flip side, some flagship internships at top companies actually provide very good pay, sometimes exceeding full-time salaries. For instance, the mid-range monthly incomes at marquee technology companies like Facebook ($8,000), Amazon ($7,725), and Google ($7,500) match or outpace many entry-level office jobs. Other companies like Uber, Bloomberg, Apple, and Microsoft also make the list of highest-paying internships, all offering $6,000+ per month for their college interns.

In summary, students evaluating intern roles should carefully weigh aspects like industry norms, personal expenses, college credits, and post-grad job possibilities when deciding between paid and unpaid options. An intern spot paying very little yet positioning you for career moves later may warrant the trade-off. But know upfront whether shouldering an unpaid chance now realistically sets you up for advancement down the line, given your own career aims and financial realities. In short, your specific path and money situation should steer whether uncompensated work today truly pays future dividends in your field.