Stripe among firms that pay largest salaries for interns in the US, survey shows
Founders of Stripe Patrick and John Collison announced in November they will cut 1,000 jobs, or 14% of its workforce, due to growing economic pressures.
Fintech firm Stripe, founded by Limerick brothers Patrick and John Collison, is among the 25 companies that offer the highest-paying internships in the US, despite the industry’s mass layoffs and shift to austerity in recent months.
Glassdoor, a website that compiles workers’ reviews of their employers, showed more than half of these highly paid internships are in the technology industry. The ranking was based on salary reports in the 12 months to March by current and former US-based interns on the platform.
Global payments company Stripe and video game developer Roblox topped the list with an average salary of more than $9,000 (€8,204) a month for the temporary, entry-level gigs, which mostly go to college students and recent graduates. That would translate to a wage of about $56 an hour or an annual salary of about $108,000.
That’s more than double what the average intern actually made in 2022, about $25 per hour, which itself represented an 11% jump from the average pay of the year before.
The business outlook for a number of the top-paying companies ranges from gloomy to dire after a tough year for finance and tech. Credit Suisse, which ranked seventh on the list, suffered a crisis of confidence this year that ultimately led the Swiss government to broker a rescue from UBS, which has said it may let go of as many as 36,000 employees worldwide as part of the takeover.
Others, like Amazon and Meta, have slashed their workforces by tens of thousands this year.
Stripe announced in November that it intends to cut 1,000 jobs, or 14% of its workforce, due to growing economic pressures.
Glassdoor included a measure of each company’s business outlook alongside average pay, with the ratings based on reviews from full-time and part-time US employees in late March.
One standout in terms of outlook is chipmaker Nvidia, which comes in third for best pay while also boasting an exceptionally strong business outlook, according to employee reviews.
Beyond tech, other well-paid internships can be found on Wall Street and in consulting, from finance companies like Capital One Financial and JPMorgan Chase to advisory firms like McKinsey.
“While the current labour market has cast a shadow over many companies' summer internship programs, this report is a reminder that many companies do pay interns, and some pay quite competitively,” said Daniel Zhao, Glassdoor's lead economist.
“For anyone searching for an internship this summer, it might not be in your best interest to accept the first unpaid, coffee-fetching gig that comes along," he continued.
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