Many students and graduates are looking for internships in order to gain valuable experience in their desired professional field. You don't have to do without good pay.
Stuttgart - The main purpose of an internship is to gain initial practical experience in a professional field. It is not uncommon to find out so quickly which profession suits you and which does not. After all, you want to pursue a profession that is fulfilling in the future.
In Germany, the Minimum Wage Act applies, according to which interns are also entitled to payment in most cases. © imago images/Annika List
However, many still assume that interns are merely "cheap labor." But this has not been the case for a long time: In Germany, the minimum wage law applies, according to which interns are also entitled to payment in most cases. However, there are exceptions and various regulations that apply depending on the type and duration of the internship. Voluntary internships that are not completed as part of an apprenticeship or last longer than three months usually have to be remunerated. Depending on earnings, salary limits and taxes, the result of an internship varies greatly. In some internships, you can not only gain experience and take your first steps in your career, but also earn really good money.
Consulting, investment banking and auditing have the highest internship salaries
As in the job itself, the internship also depends heavily on the industry in which you are employed. This is probably best seen in the 15 industries with the highest salaries in Germany. Especially in the auditing, investment banking or consulting sectors, interns can look forward to an above-average salary, as Businessinsider reports. Businessinsider refers to an evaluation of the career consultancy Pumpkincareers. For the ranking, more than 300 salary statements of interns from more than 100 companies were analyzed.
As can be seen from the evaluation, the average monthly salary in consulting for interns is 2,025 euros. Top strategy consultancies such as McKinsey, BCG, Bain & Company, Roland Berger, Oliver Wyman or Strategy& even pay between 2,500 and 3,500 euros per month. For medium-sized and smaller consulting firms, the salary is usually between 1,500 and 2,000 euros per month. The internship salary in auditing is at its peak at 1,750 euros.
These are the Big Four, the largest companies, in their respective industries:
- Consulting: McKinsey, BCG, Bain & Company, Roland Berger, Oliver Wyman, Strategy&
- Auditing: Deloitte, EY, KPMG and PwC
- Investment banking: Deloitte, EY, KPMG and PwC
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In investment banking, you can also expect a good salary as an intern: on average, there are 3,000 euros per month. At the larger banks, even a monthly salary of 5,000 euros is possible for interns, such as J.P. Morgan. However, the investment banking boutique William Blair is far behind in first place: Here, interns receive an average salary of 6,667 euros per month. No wonder that the places are coveted and the selection procedures are all the more rigorous. However, such salaries are not the rule for internships in Germany.
Ranking: These companies pay their interns particularly well
As a ranking by the Staufenbiel Institute shows, the banking industry in particular is at the forefront of the best-paid internships: At Rothschild, student interns can not only learn how to manage capital, but also earn up to 3,000 euros a month. Roland Berger, a consulting company, is also represented. With up to 3,000 euros a month, interns here are among the top earners among unskilled workers. In these four jobs, unskilled workers are also well paid.
At Google, as an intern in software engineering, you can earn up to 2,900 euros a month. A top value for an internship salary in Germany. As the evaluation platform kununu writes, the average annual gross salary of an intern in Germany is 16,200 euros, i.e. 1,350 euros. However, the salary varies greatly. It can range from 11,700 euros to 30,700 euros, depending on factors such as experience and industry.
These are the top payers for internships:
|1.||Rothschild||Bank||up to 3,000 euros|
|2.||Roland Berger||Consulting||up to 3,000 euros|
|3.||Internet||up to 2,900 euros|
|4.||Nestlé||Food company||up to 2,000 euros|
|5.||BASF||Chemistry||up to 1,700 euros|
|6.||Deutsche Bundesbank||Bank||up to 1,650 euros|
|7.||Hays||Recruitment||up to 1,500 euros|
The food company Nestlé, on the other hand, pays all interns around 2,000 euros. Anyone who does an internship at the chemical giant BASF generally receives remuneration. In doing so, the company pays more than the minimum wage. Interns and doctoral students, for example, earn between 800 euros and 1,700 euros.
With an internship salary of up to 1,650 euros, the Deutsche Bundesbank is one of the better-paid internships. The Hays recruitment agency also pays its interns a good salary. Up to 1,500 euros are paid here. However, this depends heavily on the degree, training or previous knowledge. According to the Staufenbiel Institute, interns who are studying for a bachelor's or master's degree receive 800 euros per month. If you already have a bachelor's degree, you can expect to earn 1,650 euros per month.
When is an intern entitled to a salary?
As a rule, compulsory internships as part of a school or university education that do not last longer than three months do not have to be paid. However, remuneration may be provided for in the training contract or the examination regulations. Voluntary internships that are not completed as part of an apprenticeship or last longer than three months, on the other hand, must be remunerated.
The statutory minimum wage applies to voluntary internships, unless exceptions apply. Collective bargaining agreements or remuneration regulations customary in the industry may contain different provisions. Exemptions from the minimum wage regulation apply to certain types of internships, such as orientation internships for vocational training or studies, which do not last longer than three months. Likewise, compulsory internships as part of a course of study may be exempt from the minimum wage regulation if they are mandatory and do not last longer than six months.