Some Facebook Interns Earn Nearly $7,000 A Month
This summer, many college students and new graduates are slugging through unpaid internships, borrowing money from mom and dad, working part-time jobs, and questioning their existential worth. There are also some college students and new graduates doing their internships at Facebook, and taking home close to $7,000 a month.
The average monthly wage for a software-engineer intern at Facebook is $6,225, according to Glassdoor.com and reported by Business Insider. But some are taking home as much as $6,883. If they kept those internships for a full 12 months, they'd have an annual income of $82,600 -- almost four times the median annual earnings of working Americans over the age of 18. One anonymous intern claimed to be taking home $8,000 a month, plus a tuition subsidy for college.
According to Quora.com, Facebook interns get a monthly baseline salary of $4,600, plus $400 multiplied by the number of college years they've completed. That means interns at Facebook who've finished their sophomore year are officially better compensated than summer analyst interns at Goldman Sachs, who take home $4,636 a month, according to Glassdoor.com.
Interns at the world's second most popular website (after Google) also get to enjoy all the killer perks of Facebook's Menlo Park, Calif., offices, like laundry service, photo processing, leather repair, and free breakfast, lunch, and dinner prepared by artisan chefs. They also receive an iPhone, a laptop and gym access, according to Facebook spokesperson Slater Tow.
But Facebook isn't alone in hyper-compensating its summer student labor. The average software engineer intern at Google in San Jose, Calif., receives $7,000 a month. Every four weeks, Twitter's software engineer interns take home $6,539. Engineer and development interns at IBM, LinkedIn, Oracle, Apple, Amazon, Zynga, Microsoft, and Yahoo all earn upward of $4,000 monthly.
It seems that the war for engineering talent in Silicon Valley is being waged at the most basic level, as tech companies try to bring the hottest talent into the fold before they even graduate. Get 'em young, as they say.
And young minds are often the ripest in Silicon Valley. Mark Zuckerberg founded Facebook when he was 20, the same age as Bill Gates when he created Microsoft. Larry Page and Sergey Brin were 25 when they started Google. Michael Dell conceived what became one of the largest technological corporations in the world when he was a tender 19.
If Facebook interns do go on to take a job with the company after college, and reach the level of senior software engineers, they can plan for a sweet yearly salary of $132,500, reports the Daily Mail. That's slightly more than business development managers at the company, who average $115,000.
But if you want to make the real money in Silicon Valley, you've got to start a company yourself. Zuckerberg may have lost $5 billion in personal wealth as Facebook's public offering has floundered, but he still has a net worth of $14.4 billion. He could pay interns $7,000 a month for a summer with his own cash, and still hire 685,714 of them.
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Claire Gordon has contributed to Slate's DoubleX, the Huffington Post, and the book Prisons: Current Controversies. While an undergraduate at Yale University and a research fellow at Yale graduate school, she spoke on panels at Yale and Cornell, and reported from Cairo, Tokyo, and Berlin. Follow Claire on Twitter. Email Claire at email@example.com. Add Claire to your Google+ circles.more...