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These summer jobs pay almost twice what the average American worker earns
CNBC
Wed, 15 May 2019 17:49

These summer jobs pay almost twice what the average American worker earns

CNBC
Wed, 15 May 2019 17:49

These summer jobs pay almost twice what the average American worker earns

Show - dont tell - what you bring to the table. 

Drazen_ | E+ | Getty Images
Forget backpacking through Europe. Scoring an internship during a break from college is key to landing a great job once you graduate.

"They are more important today than ever before," said Jill Tipograph, co-founder of career coach firm Early Stage Careers in New York.
And for some of the top internship spots, you can almost double what the average full-time worker earns.

Tech companies, in particular, are using internships as a pipeline for hiring and that means offering competitive salaries to find talent, said Amanda Stansell, an economic research analyst at job website Glassdoor. "These interns are not making copies."

During the most recent recession, employers dramatically scaled back. With fewer workers, "you needed to have people who could perform," Tipograph said. Factor in increased automation and some entry level jobs no longer exist, she added, "that means you need experience and exposure before you graduate."

More from Invest in You:Young or old, its a good time to get hiredNew college graduates enjoy the best job market in yearsIs a college education worth it? A majority of adults still say yes

Now, about 69% of the college Class of 2019 has completed at least one internship, according to the latest report from iCIMS, a talent acquisition software company.
With unemployment near a 50-year low, "the job market is tight and employers are trying to grab students," added Peter Cappelli, a professor of management at Wharton.

As a result, fewer internships are unpaid, as they were a decade ago. While some positions provide college credit, college internships are increasingly salaried — and handsomely.

"Students are in the drivers seat," Cappelli said.

In a report by Glassdoor on the highest-paying internships for 2019, based on salary reviews reported by interns between March 1, 2018 and Feb. 28, 2019, the most lucrative positions were in the tech industry, followed by finance and consulting.
Top 10 highest-paying internships for 2019

1. FacebookMedian Monthly Pay: $8,000See open internships

2. AmazonMedian Monthly Pay: $7,725See open internships

3. SalesforceMedian Monthly Pay: $7,667See open internships

4. GoogleMedian Monthly Pay: $7,500See open internships

5. MicrosoftMedian Monthly Pay: $7,250See open internships

6. UberMedian Monthly Pay: $7,167See open internships

7. Bloomberg L.P.Median Monthly Pay: $7,000See open internships

8. Capital OneMedian Monthly Pay: $7,000See open internships

9. AppleMedian Monthly Pay: $6,667See open internships

10. Bank of AmericaMedian Monthly Pay: $5,833See open internships
Interns are making the most overall at Facebook, where the median monthly pay is $8,000, according to Glassdoor. If these salaries were being paid full-time, interns would be bringing home approximately $96,000 a year, well above the U.S. median salary.

However, scoring one of these opportunities is also incredibly competitive, Tipograph added. For example, one company Tipograph works with recently had 14,000 applications for 100 internship spots, she said.
And, ideally, candidates would have three to four internships by the time they graduate college, according to Tipograph, although that doesnt mean it must be one of the coveted spots at Facebook or Amazon.

Whether its working on a research project with a professor or being actively involved in a club on campus, "an internship can be interpreted in a lot of ways," she said.

Check out Dont Fall For These 5 Myths About Money via Grow with Acorns+CNBC.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.