It’s no secret that interns rank the lowest on the totem pole—which typically means no compensation. In exchange for money, you are given what employers like to call “experience.” But here’s an even bigger secret you might not have heard of: there are actually companies out there who will pay you to intern. Wait, what? Yes, you heard that correctly, and while you won’t be making 100 G’s over the summer, we all know that a little cash can go a long way (especially if you’re interning in a city and funds are low). Check out these top-paying coveted internships for collegiettes (as compiled by BusinessWeek’s annual list) and find out how you can snag one before the summer so that you can bulk up your resume and your wallet.
1. BP America
$23 to $26 per hour
True, BP hasn't had the best PR over the past two years, but that doesn’t mean that this global energy company isn’t generous to its interns. Those students interested in electrical engineering can make bank by earning as much as $5,5000 a month, while other interns can earn $23 to $26 an hour.
If you’re interested in working with professionals on real problems that the company tackles, as well as potentially having the opportunity to transition into a fulltime position, check out BP's intern page for more details to see how you can apply.
Science, engineering and business majors: to apply, BP says to visit your career placement office to see when a BP rep will be on your campus conducting interviews.
2. JP Morgan Chase
$12,385 per internship
While an hourly wage amount was not available based on BusinessWeek’s list, we can tell you that students can earn up to $12,385 through an internship at this financial firm.
If you’re a finance or accounting major who has excellent analytical and communication skills and crunching numbers is second nature, this internship might be right up your alley. As a company that tends to offer fulltime analyst positions to their pool of summer analysts, it doesn’t hurt to apply to one of their six programs ranging from investment banking to asset management.
Though their summer program is mainly geared to rising seniors, they also have freshman and sophomore internship opportunities. Check them all out here.
Heads up: students should have a strong transcript. Juniors and seniors, make sure you have that 3.2 GPA and for freshmen and sophomores, you need a 3.5. Other qualifications include great communication and teamwork skills.
3. Goldman Sachs
$29 per hour
When you think of investment banking, Goldman Sachs is likely one of the first firms that comes to mind. Again, if you’re a numbers girl and terms like “prime brokerage” and “private equity” make your heart sing, then your first stop in becoming a potential Sachs employee is landing an internship there, where you can make up to $29 an hour. Sachs offers 10-week summer internships in various locations, where interns are introduced to the company with a three to four-day orientation as well as specific firm-wide and specific division learning series. For a chance at working at this renowned firm and for more details on the application process, visit their intern page here.
Not a finance major? Luckily, it’s not a deal-breaker. According to their website, “Whatever your discipline or major, we encourage you to apply, provided you share an interest in the financial markets and have demonstrated strong academic performance and professional drive.”
4. Procter & Gamble
$26 per hour
Ever want to intern at a Fortune 500 company? Now here’s your chance as well as a chance to earn a paycheck, where interns can accumulate $26 an hour at the esteemed Procter & Gamble. Based in Cincinnati, you’ll be part of a P&G sponsored program called FAST, where interns are included in a “unique intern team experience solving P&G’s strategic challenges.” If you’re up for the challenge and want to have a shot at being in a group where 70 to 80 percent of interns receive fulltime job offers, then take a look at P&G’s Intern and Co-op page for more information.
Here’s another perk: depending on where you go for your internship, all U.S.-based interns are eligible for relocation benefits. The P&G website says that if your permanent or current address is more than 50 miles from your P&G intern placement, you’ll be provided with a “lump sum” based on factors like travel distance and family size.
5. Deloitte & Touche
$24.50 per hour
Working in four primary business areas including audit, financial advisory, tax and consulting, Deloitte works to provide selected services to clients by collaborating independent firms under Deloitte Touche Tohmatsu Limited (DTTL), a UK private company. Ranked No. 1 by BusinessWeek’s “Best Place to Launch a Career” list, the company boasts that there will be “no sitting around making copies or working in a back-office environment.” If you’re ready for a hands-on experience while working in a challenging environment (and making up to $24.50 an hour), check out Deloitte’s internship page for available opportunities.
With office locations in almost 150 countries, visit their website to look for a specific location.