Announcing Vault-Firsthand's 2023 Internship Rankings!
Published: Oct 26, 2022
We're thrilled today to release our 2023 Internship Rankings! The Vault-Firsthand rankings highlight the top programs in more than 30 categories. Vault-Firsthand’s rankings include the Most Prestigious Internships, Best Overall Internships, Best Internships by Industry, Best Internships by Role, Best Internships for Diversity, and Best Internships for Key Employment Factors, including Career Development, Compensation, Employment Prospects, Networking Opportunities, Quality of Assignments, Quality of Life, Real-Life Experience, and Training & Mentoring.
This past summer, Vault-Firsthand surveyed more than 12,000 current and former interns from more than 130 internship programs about their actual internship experiences. On a scale of 1 to 10, with 10 being the highest and 1 being the lowest, respondents were asked to rate their internship experiences in six core areas: Quality of Life, Compensation & Benefits, Interview Process, Career Development, Full-Time Employment Prospects, and Diversity.
To determine an overall score for each program, the ratings were assigned relative weights based on what interns told us they value most in an internship. The overall scores are based on the following weighted formula: 30 percent career development, 20 percent employment prospects, 20 percent quality of life, 20 percent compensation, 5 percent diversity, and 5 percent interview process. Firsthand then compiled rankings of the top internship programs in more than 25 different areas.
This year’s winners include:
No. 1 Best Overall Internship: Infosys InStep Internship
Regarding the program’s full-time prospects for its interns, one Infosys Instep intern told Vault-Firsthand, “All interns are encouraged to reach out and discuss opportunities for full-time employment. The process is very transparent, and we were given opportunities to network with leaders from various departments. Networking allows for endless prospects, along with the business development roles that are discussed with the marketing team in the closing interview.” Another intern had the following to say about the company’s culture: “Great, collaborative culture that is highly social. All of the interns get along well together—no arguments or cliques. You are always free to go with whichever group you want. Coordinators are very friendly and open, you can go to them for whatever issue at whatever time, and they always help.”
As for the program’s diversity and inclusion efforts, another Infosys intern had this to say: “Interning at Infosys, I have been very fortunate to work in an amazing and diverse work environment. Infosys is very inclusive and has year-round events that help to showcase this sense of diversity.”
No. 2 Best Overall Internship: Frank, Rimerman + Co. LLP Summer Internship
Regarding Frank, Rimerman + Co.’s career development opportunities, one intern said, “The firm really takes the time to put together all of our training and work schedules to maximize our experience. It is very easy to network with anyone at the firm because they are all so approachable and willing to share their thoughts and experiences with you.” Another intern said the best aspects of the internship program are “the people, the culture, the work-life balance, and the transparency.”
The process from moving to Frank Rimerman intern to employee after graduation was clearly communicated as well, according to the following intern review: “The expectations of interns and full-time employees were made clear to us many times throughout the program. In fact, we were warned of the few circumstances which would cause us not to receive an offer. Towards the end of the internship, the recruiters met with us one on one and shared the feedback they had been receiving on us, hinting at which direction the company was leaning in terms of our offer. This level of clarity and honesty from an employer is greatly appreciated.”
No. 1 Most Prestigious Internship: NASA
NASA overtook Google for the No. 1 spot last year, ending the company’s seven-year reign, and this year it maintains its hold on the coveted spot. This year, survey respondents tell us that NASA is “prestigious beyond words,” “DREAM tech,” and a “once in a lifetime job” that “looks amazing on a resume.” It’s the “peak of internships” and both “extremely innovative” and “extremely cool.” NASA has “amazing learning opportunities” and is “associated with extremely smart people.” NASA also “requires incredible competence” and is “competitive,” with some saying you “must be a genius” to get in. “Cool company culture and opportunities” were noted, as was “really good pay.” NASA’s reputation is so strong, many respondents simply described the internship experience as “wow.”
Below are the rest of our Internship Rankings, along with the programs that rank No. 1 in each ranking.
Vault-Firsthand Ranks the Top Industry-Specific Internships
Best Accounting Internship: Frank, Rimerman + Co. LLP’s Summer Internship
Best Construction & Trades Internship: HITT Futures Internship
Best Consulting Internship: Putnam Internship Program
Best Energy & Renewables Internship: American Electric Power Internship
Best Financial Services Internship: Liberty Mutual Insurance Internship Program
Best Health Sciences Internship: Abbott Internship Program
Best Investment Banking Internship: Financial Technology Partners Internship Program
Best Media Internship: Nickelodeon Animation NICKternship Program
Best Retail & Consumer Products Internship: The Home Depot Internship Program
Best Tech & Engineering Internship: Infosys InStep Internship
Best Transportation Internship: Hertz Internship Program
Vault-Firsthand Ranks the Top Internships by Employment Factor
Best Internship for Compensation & Benefits: Infosys InStep Internship
Best Internship for Full-Time Employment Prospects: Infosys InStep Internship
Best Internship for Networking Opportunities: Infosys InStep Internship
Best Internship for Overall Career Development: Infosys InStep Internship
Best Internship for Quality of Assignments: Infosys InStep Internship
Best Internship for Quality of Life: Infosys InStep Internship
Best Internship for Real-Life Experience: Infosys InStep Internship
Best Internship for Training & Mentoring: Infosys InStep Internship
Vault-Firsthand Ranks the Top Internships for Diversity
Best Internship for Overall Diversity: Infosys InStep Internship
Best Internship for Diversity with Respect to Women: Infosys InStep Internship
Best Internship for Racial & Ethnic Diversity: Infosys InStep Internship
Best Internship for LGBTQ+ Diversity: Infosys InStep Internship
Best Internship for Diversity with Respect to Disadvantaged Backgrounds: Infosys InStep Internship
Vault-Firsthand Ranks the Top Internships by Role
Best Internship for Data Analytics: Infosys InStep Internship
Best Internship for Engineering: Ball Aerospace Summer Internship Program
Best Internship for Finance: Abbott Internship Program
Best Internship for Human Resources: SAP Internship Experience Program
Best Internship for Information Technology: Infosys InStep Internship
Best Internship for Sales & Marketing: The Home Depot Internship Program
Best Internship for Software Development & Engineering: Infosys InStep Internship
Best Internship for Strategy & Business Development: Infosys InStep Internship
View the complete Vault-Firsthand Internship Rankings.
Trends from Vault-Firsthand’s Internship Survey
In addition to ranking the companies with the best internship programs, Vault-Firsthand discovered some interesting facts about students, internships, and the internship search:
- Most internships have returned to the office, at least partially: 54% of internships were hybrid (partially virtual and partially on-site) this year, compared to 22% last year and 11% two years ago. 31% were entirely on-site, up from 13% in both 2021 and 2020. Only 16% of internships were entirely virtual this year, compared to 65% last year (2021) and 77% two years ago (2020). For those individuals with hybrid or virtual internships, 51% felt that the virtual element of their internship exceeded expectations and 47% said that it met expectations. The remaining 3% felt that the virtual element failed to meet expectations.
- Most internships last 2 to 3 months: 45% of internships lasted 10 to 12 weeks, and 27% lasted 8-9 weeks. The typical length of an internship is up from 2021 and 2020.
- About half of interns expected to land full-time offers from their internships: 52% of interns received (or expected to receive) full-time offers. In 2021, 51% of interns had (or expected) full-time offers and in 2020, 56% percent of interns did.
- Career advancement is still the top reason to choose an internship: “Career advancement in chosen industry” was the No. 1 deciding factor when choosing an internship and “Corporate culture” was the No. 2 deciding factor. These were unchanged from the previous year. “Pay” was the No. 3 deciding factor. Last year, “Opportunity for a full-time offer” was the No. 3 factor; it landed at No. 4 this year.
- Students still use laptops most often when researching internships: Like the results last year, when researching internships, most interns relied on their laptops or smartphones: 91% of respondents frequently used laptops, 35% frequently used smartphones, 26% frequently used desktop computers, and 6% frequently used tablets.