How much should I expect for an internship?
Glassdoor – Glassdoor reports that the average intern salary is $33,120 per year, based on 1,454 salaries submitted anonymously. That works out to approximately $15-$16 per hour.
A commonly used salary range for an intern in Singapore runs from $600 to $1,000, with an average of $800 per month for university students. Take the average salary and use it as a benchmark to offer a reasonable figure to future interns.
According to Jobstreet's numbers, the average salary for an intern in Malaysia stands at RM1,200, but many interns report monthly allowances of less than RM1,000, or even unpaid internships.
Job Title | Location | Salary |
---|---|---|
Intern salaries - 2 salaries reported | Nairobi, Kenya Area | KES 240,000/yr |
Although some see a salary negotiation as unseemly, you should approach an email from an intern asking to negotiate an internship offer as an opportunity. If you sell your company and the benefits you can provide to the intern, you give the intern a better idea of what to expect from the internship.
Yes, $20 an hour is good for an internship.
The average pay for an internship is $15 to $23 an hour. Not all Internships are paid. However, many unpaid internships do provide some level of compensation, be it course credit or covering the cost of living expenses.
Many major businesses were suffering losses. As a way to cut costs and still keep the business running, employers hired more unpaid interns. Interns were offered long-term contracts for little to no compensation. Around 2010, interns had to work for as long as a year without pay.
In general, an intern should be paid at least minimum wage if he or she does not receive academic credit in exchange for his or her work and if the intern performs work for the benefit of the company's business.
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Finance Interns Earn Eye-Popping Pay.
Company | Type of Firm | Wall Street Oasis |
---|---|---|
Goldman Sachs | Investment Bank | 8,333 |
Perella Weinberg Partners | Investment Bank | 8,233 |
Morgan Stanley | Investment Bank | 8,005 |
PJT Partners | Investment Bank | 7,773 |
The employer must pay the intern for the extra hours of work or for working on his rest days or public holidays. The rate for overtime work should be no less than one and a half times his hourly basic rate of pay.
Should interns be paid more?
Money is important, but it's only one of the factors students should take into account when choosing an internship. Just because an internship is paid doesn't automatically make it right for you. In fact, it can set your career back in the long run if you are only choosing it because it's paid.
The first thing we'll need to discuss is remuneration for interns in Malaysia; as mentioned above, interns do not appear to be covered by employment law in Malaysia for minimum wage requirements. This means that technically, you probably don't need to pay the minimum monthly wage — up to RM1,200 in Malaysia.
Reach out to them via direct message, and ask how they've benefited from their internship with this particular employer. Also, inquire about how payment was handled (if it's available). This also shows how much you value your time and effort—and how dedicated you are to getting a job done.
Ask about compensation during the interview process. If you're given an opportunity to interview for the internship, this is a perfect time to ask about pay.
- Get the Timing Right. Never bring up the subject of money before there is a job offer on the table. ...
- Gauge Appropriateness. Have you gotten an offer? ...
- Do Your Homework. ...
- Consider Your Case. ...
- Have a Bottom Line. ...
- Schedule the Conversation. ...
- Believe in Yourself. ...
- Make the Request.
The Ideal Internship - An ideal internship is one that offers the student a progressively challenging work experience, supported by an organization that provides solid orientation, training, supervision, and feedback.