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Compensation

Market Rates for Intern Pay
Academic Discipline Employers Reporting Salary (#) Average Hourly Salary Hourly Salary Range
Accounting 407 $16.56 $6.25 - $50.00
Business 578 $13.81 $4.00 - $48.00
Health Sciences 95 $14.28 $6.50 - $50.00
Physical and Biological Science 137 $14.54 $5.00 - $35.00
Social Science, Humanities,
Communications and Media
259 $12.43 $6.50 - $30.00

Adapted from Recruiting Trends 2012-2013, Collegiate Employment Research Institute, Michigan State University

Department of Labor Guidelines
There are some circumstances under which individuals who participate in for-profit private sector internships or training programs may do so without compensation. The following six criteria must be applied when making this determination:

  • The internship, even though it includes actual operation of the facilities of the employer, is similar to training which would be given in an educational environment.
  • The internship experience is for the benefit of the intern.
  • The intern does not displace regular employees, but works under close supervision of existing staff.
  • The employer that provides the training derives no immediate advantage from the activities of the intern, and on occasion its operations may actually be impeded.
  • The intern is not necessarily entitled to a job at the conclusion of the internship.
  • The employer and the intern understand that the intern is not entitled to wages for the time spent in the internship.

See the Department of Labor Internship Fact Sheet for more information.

Academic Credit for Internships
Credit is awarded by academic departments for an academic component that ties students' work experience to their curriculum. University of Richmond students must seek approval from their department for academic credit. It is the department's discretion whether they choose to award it. Not all students will be able to obtain academic credit for an internship experience - you will broaden your candidate pool by making this an optional element of your program.