How Much Should you Get Paid for Your Internships?

Many students go through the internship part of their employment in order to obtain experience. Interns may work full- or part-time, and their schedules may depend on the demands of the employer.

About Internships

Many students go through the internship part of their employment in order to obtain experience. Interns may work full- or part-time, and their schedules may depend on the demands of the employer.

The type of job can range from clerical and administrative to large-scale project management, depending on the sector and size of the organization.

However, all interns share the trait of being underpaid compared to full-time employees for the work they perform.

Depending on the circumstances, Adecco estimates that interns’ monthly stipend can range from SGD$600 to SGD$1,000.

Here are some average internship salaries broken down;

Hospitality Internships

The hospitality industry is enormous and comprises a variety of industries, including food and beverage (F&B), lodging, travel, tourism, and front office.

Because internship pay varies across these many areas, a monthly payment could range from S$700 to SS1,300.

Retail Internships

Since there are more part-timers than interns in the retail sector, it is difficult to estimate how much they make.

It is also easy to understand why many students would rather chose part-time employment given that the average compensation is on the low end of the pay scale at S$500 per month.

However, as reported in HR in Asia back in 2016, Singapore has started expediting internships for students majoring in retail.

With that strategy in mind, we would anticipate that more retail internships would be made available to students who desire to work in the industry.

Banking Internships

Investment banks are the benchmark for earning more money for a vacation job than the typical intern. Investment bank interns can get up to SGD $10,000 per month, particularly if they work in sales or other front-office positions.

Interns in global investment banks like Nomura, Bank of America Merrill Lynch, J.P. Morgan, and Goldman Sachs reportedly make between S$9k and S$10k per month, according to a 2017 Singapore Business Review story.

Mid-office interns make roughly S$4k per month, which is less than investment banking interns. Intern salary in banks with a strong Asian presence can reach S$3k.

Technology Internships

Technology is one of the most fascinating businesses to follow since there are so many tech start-ups offering fresh approaches to age-old issues.

Conversely, some larger, more established businesses, like Oracle and Salesforce, may afford to pay interns more than the industry standard.

Therefore, there is no established norm. However, according to Glassdoor, intern salaries can range from S$800 to S$1,300 each month.

Ultimately, internships aim to make both the organization and the student richer, with the latter gaining significant learning experience. Kindly share this article and leave comment below.

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