Stipend vs Salary for Internship: Key Differences
Even entry-level jobs require work experience—and most of us get it during a string of internships. Part-time, full-time, or summer-only internships give you the ability to prove your mettle at the workplace. You get to experience different roles, learn about corporate cultures, and start building your professional network.
Not only that, but you can also earn a salary or receive an internship stipend. OK, but which one’s a better deal? Here’s a detailed take from our team.
What’s a Salary?
A salary is a fixed amount you receive from your employer every two weeks or once a month. Interns can get salaries, but it’s not a legal obligation in the US. Employers can avoid paying salaries as long as the relationship meets the criteria, outlined in the Fair Labor Standards Act.
However, many companies do offer hourly or fixed-rate compensation. The average hourly pay for internship positions sits at $ 15.54 per hour. Some companies may go higher and offer a weekly, monthly, or fixed salary for the internship duration. …