By Chron Contributor Updated October 22, 2020
A summer internship will give you valuable experience in your chosen field and in salary negotiations. The first time you enter the bargaining process can be intimidating. Calm your nerves by thinking of it as a learning experience that will help you for years to come. Having the ability to ask for what you are worth is a priceless commodity.
Is There Room to Negotiate?
The first step is to consider whether you have any negotiating room. Many companies have pre-designed summer internship programs that come with a specific rate or stipend, while others may pay by the hour, week or month. There is no point in negotiating an internship salary if the rate is fixed – at best, you are wasting your time, and at worst you are showing your naivety around company budgets. Internships without a particular salary already assigned to them may give you more room to bargain.
Check the Going Rates
Research similar internship positions to determine the average compensation. Salary guides such as The Riley Guide will provide documented compensation information, and salary information is freely available on salary compilation websites like Payscale and job sites like Indeed. For example, Indeed reports that the average internship rate is $14.03 per hour in October 2020, so you could use that as a starting point when negotiating an internship salary. You will have more negotiating power if the salary for your summer internship falls below average.
Create a list of how your past experience will lend to the current internship. For example, put each position you have held on the left side of the page and list the corresponding relevant skills on the left. Your skills and abilities are valuable tools when negotiating a salary. A greater level of experience means the company can spend less time on training, which will save it money and resources.
Arrange a Meeting
To negotiate salary, email is not the best forum. Ideally, you will request a meeting with the hiring manager to discuss the salary face to face. Practice your arguments before the meeting so you can speak with confidence. Present your research data and calmly explain why you think you deserve a specific salary, and be ready to compromise when necessary. Demanding a specific amount of money for two to three months of work will likely work against you. Be flexible and allow the employer to make a counter-offer and settle on a fair amount of compensation.
Consider Other Options
Expand your compensation options if you are not happy with the salary offer. Rather than have the salary increase, possibly you can work less hours by shortening each day or taking Friday afternoons off. Alternatively, ask to be included in certain projects that are of interest. This can give you valuable experience while enhancing your resume.
When it comes to navigating the intricacies of work, career advice, and salary negotiations, I've had hands-on experience and delved deep into these topics. Let's break down the concepts in the article you provided:
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Internship Negotiations: Negotiating a summer internship salary can be a pivotal moment in one's career. It's crucial to understand whether there's room for negotiation. Some companies have fixed rates or stipends for their internship programs, leaving no space for negotiation.
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Researching Going Rates: To negotiate effectively, understanding the average compensation for similar internship positions is vital. Resources like The Riley Guide, Payscale, and job sites like Indeed provide comprehensive salary data. For instance, in October 2020, Indeed reported the average internship rate as $14.03 per hour, serving as a baseline for negotiation.
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Showcasing Relevant Skills: Presenting your skills and past experiences is key. Aligning your previous positions with the skills required for the internship demonstrates your value. Greater experience can translate to reduced training time for the company, saving them resources.
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Effective Negotiation: Requesting a face-to-face meeting with the hiring manager is optimal for negotiating salary. Preparation is crucial—present research data calmly, explaining why you deserve a specific salary. Flexibility is essential; it's about finding a fair compensation point, not demanding a fixed amount.
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Exploring Alternative Compensation: If the initial salary offer isn't satisfactory, consider alternative compensation options. This might involve fewer work hours or involvement in specific projects that enhance your skill set and resume.
Understanding these elements can empower individuals to navigate salary negotiations effectively and maximize their opportunities during internships or job placements.
FAQs
Start by expressing your enthusiasm and appreciation for the internship opportunity. Then, state your desired salary range and explain why you think it is fair and reasonable. Use data, facts, and examples to support your case.
What salary should I ask for summer internship? ›
How much does a Summer Internship make in California? The salary range for a Summer Internship job is from $46,377 to $63,766 per year in California. Click on the filter to check out Summer Internship job salaries by hourly, weekly, biweekly, semimonthly, monthly, and yearly.
What is the desired salary for summer interns? ›
Summer Internship Salary in Los Angeles, CA
| Annual Salary | Hourly Wage |
|---|
| Top Earners | $45,255 | $22 |
| 75th Percentile | $38,800 | $19 |
| Average | $33,926 | $16 |
| 25th Percentile | $32,300 | $16 |
Asking about salary can feel stressful and awkward, but it's crucial if you're looking to land a paid internship. During your initial interview, politely ask about the salary by expressing your interest in the role and asking about logistics.
Can you negotiate summer associate salary? ›
Negotiating Offers
Summer and 1st year class salaries are generally kept in lock step. However, there may be more room for negotiation with respect to post-graduation positions. If you have questions about your offer or salary negotiations, please reach out to the Career Center.
What's the annual income for 15 an hour? ›
$15 an hour is how much a year? If you make $15 an hour, your yearly salary would be $31,200.
What is the annual salary for 20 per hour? ›
If you make $20 an hour, your yearly salary would be $41,600.
Is $20 an hour good for an internship? ›
There is nothing worse than reading the job description of an internship and realizing it's absolutely perfect for you but reaching the bottom to see the words “NOT PAID.” Then, once you find the perfect internship and get accepted, the pay is usually minimum wage ($15 per hour) to around $20 per hour.
How much is 30 dollars an hour annually? ›
If you make $30 an hour, your yearly salary would be $62,400.
How much should I expect to make from a summer job? ›
As of Apr 15, 2024, the average hourly pay for a Summer in California is $14.21 an hour.
If you've done your research on market salaries and equity and the offer comes up short, negotiations are a great way to ensure you receive a compensation package that you feel is fair.
How do you professionally ask how much they pay? ›
Other ways to ask about salary in an interview include: Can you tell me what you've budgeted for this position? I'm really excited about this job, but I want to make sure we're on the same page in terms of compensation. What is the salary range for this role?
How to negotiate salary internship email? ›
How to write a salary negotiation email
- Keep it professional. ...
- Create a clear subject title. ...
- Select an appropriate greeting. ...
- Thank the employer for their offer. ...
- Be specific about salary. ...
- Reinforce your experience and qualifications. ...
- Include other negotiable items. ...
- Finish with positive language.
Overall, we recommend that you start with a figure that's no more than 10-20% above the initial salary. If the pay is in-line with average pay, but you believe you can negotiate based on your skills and experience, consider a range between 5-7% above.
How much can you reasonably negotiate salary? ›
Consider a range between 5-7% above.
You don't want to risk your chances with a company that is genuinely interested in your financial well-being.
How much is too much to negotiate salary? ›
Typically, you can negotiate about 5-10% above a salary offer. How do you negotiate salary without losing the offer? You can negotiate salary without losing an offer by ensuring you're not over-negotiating beyond a range the recruiter has told you about and that your ask aligns with the market rate for the role.
Is it appropriate to negotiate salary for an internship? ›
Negotiating salary can be a great idea in certain cases!
Many companies view interns like any other position they are trying to fill; they want the best talent at a reasonable price.
Should you ask about salary in an internship interview? ›
Money matters. However, we don't recommend asking questions about salary during your first interview. It's better to show interest in the organization and the field and assess fit in other ways. So start by looking online for salary data.
Is it OK to ask for a paid internship? ›
Some internships are paid, but a lot are not. If you're serious about asking for pay, you must be well prepared and qualified to ask for compensation. Be ready to justify your request. Preparation in several areas is crucial before asking for a paid intern position.
