The average hourly wage for bachelor’s level interns from the class of 2022-2023 rose to $22.06, the National Association of Colleges and Employers reported April 2. The data marks a significant increase from the $17.20 reported for the class of 2013-2014.

“This is proof of the importance of internship programs to employers,” NACE’s president and CEO Shawn VanDerziel said in a press release.

VanDerziel noted that organizations focus on their internship programs for various reasons: to keep their pipeline of talent full, to bolster their diversity recruiting efforts and to identify and develop future leaders.

“The fact that employers pay these college students wages that account for inflation speaks to the benefits organizations realize from their internship programs,” he said.

Fields of study with the highest average hourly wages for 2023 bachelor’s degree-level interns include computer science at $24.76, engineering at $23.87 and actuarial science majors at $23.86.

Employers offered consistent benefits to interns, including planned social activities and paid holidays.

Additionally, NACE reported that 54.7% of employers provided relocation assistance to interns.

“Among those that provide relocation assistance, more than three-quarters believe it helps them get better applicants, which is one of the main drivers behind offering relocation assistance. Respondents also say that it removes a barrier by taking the burden off students who have to relocate and helps them stay competitive,” VanDerziel said.

Data for NACE’s 2024 Guide to Compensation for Interns & Co-ops were collected from Oct. 31, 2023, to Jan. 5, 2024, with responses from 230 NACE employer members and an additional 53 responses from nonmember companies.