What is the stipend for data science intern?

Data science is one of the hottest and most in-demand fields today. As businesses and organizations collect more data, they need professionals who can help analyze, interpret and derive insights from that data. This has led to a huge demand for data scientists. However, it can be difficult for those new to the field to get their foot in the door. One way that students and recent graduates gain experience is through data science internships. But what is the typical stipend for a data science internship? Let’s take a closer look.

What is a Stipend?

A stipend refers to a fixed regular payment made to an intern during their internship. It is meant to help offset living expenses so the intern can focus on gaining hands-on experience in their field of study. Stipends allow organizations to offer legitimate internships while also being able to provide compensation within their budget. For interns, stipends provide some income without having to take on another job during the internship. Stipends tend to range widely based on factors like geographic location, industry, and company size. Data science stipends can range from unpaid to over $10,000 for a summer.

Typical Data Science Internship Stipends

According to research aggregated on Glassdoor, the average data science internship stipend is approximately $3,940 for a 12-week internship. However, there is significant variety based on factors like location, company, experience level, and more. Here is an overview of typical data science internship stipend ranges:

By Location

Location plays a major role in stipend amounts. Areas with a higher cost of living tend to offer higher stipends. Average stipends by location:

– New York City: $5,000 – $7,500
– San Francisco: $4,000 – $6,500
– Chicago: $3,000 – $5,000
– Austin: $3,000 – $5,000
– Atlanta: $2,500 – $4,000

In general, major metropolitan areas on the coasts offer higher stipends compared to southern and midwestern cities. Smaller companies in rural areas also tend to offer lower stipends.

By Company Size

Larger, established companies tend to offer higher stipends, while smaller companies and startups offer less.

– Large tech companies (Facebook, Google, Apple): $6,000 – $8,000
– Established non-tech companies (Banks, CPG): $3,000 – $6,000
– Startups & small companies: $1,000 – $3,000

Bigger companies have larger recruiting budgets and can afford to offer more competitive compensation to attract top talent.

By Industry

Some industries tend to pay higher data science stipends, particularly in fields where data analytics provides a competitive advantage:

– Technology: $5,000 – $8,000
– Finance & Banking: $4,000 – $7,000
– Healthcare: $3,000 – $5,000
– Retail: $2,000 – $4,000
– Non-profits: $1,000 – $3,000

Technology firms rely heavily on data science and have money to spend on talent. Finance also leverages data analytics for trading, risk management, etc so offers competitive stipends.

By Experience Level

More experienced students can often command higher stipends. Experience levels and typical stipends are:

– Incoming freshman/sophomores: $1,000 – $3,000
– Juniors: $2,000 – $4,000
– Seniors & Master’s students: $3,000 – $6,000
– PhD students: $4,000 – $8,000

Companies offer higher stipends for those with more coursework, knowledge and proven skills. Advanced degrees like PhDs also qualify for higher pay.

Factors that Influence Data Science Intern Stipends

Many factors go into determining how much a company will offer as a data science intern stipend. Key factors include:

– **Location** – Higher cost of living means higher stipends
– **Company size** – Large companies offer more competitive pay
– **Industry** – Tech and finance pay the most
– **Intern experience** – Advanced coursework and skills means higher stipends
– **Internship duration** – Longer internships receive higher overall comp
– **Company budget** – Well-funded startups pay more than non-profits
– **Prestige of school** – Stipends higher for Ivy League and top schools
– **Specialized skills** – Proficiency in R, Python, Hadoop etc. commands more pay

The most important factors tend to be the combination of location, company size, and industry as bigger tech companies in major metros offer the highest stipends. But specialized skills and top schools also influence offers.

Negotiating Your Data Science Internship Stipend

If you receive a data science internship offer but feel the stipend is too low, you may be able to negotiate for a higher amount. Here are some tips:

– **Research typical stipends** – Point to Glassdoor and other data showing higher market rates based on location and company size.

– **Highlight specialized skills or coursework** – If you know programming languages required for the role, mention this to ask for a higher stipend.

– **Leverage other offers** – Politely note that other companies have offered you a higher stipend to see if they will match.

– **Ask about housing assistance** – If relocating for the internship, ask if housing stipends are available.

– **Propose starting as a contractor** – Offer to take on the internship as a contractor at a higher hourly rate rather than for a stipend.

– **Provide value** – Suggest ways you can provide meaningful value during the internship that justifies a higher stipend.

The best way to negotiate a higher stipend is to do so respectfully and with evidence to support why you deserve more compensation. Come armed with facts and data.

Major Companies Offering Data Science Internships

Many major corporations across various industries now recruit data science interns and offer competitive stipends. Some top companies include:

As you can see, large technology companies like Google, Facebook, Amazon, and Microsoft tend to offer the highest data science intern stipends of $6,000 – $8,000. But major corporations in finance, healthcare, retail, and other industries also offer strong stipends ranging from $3,000 – $5,000.

Unpaid Data Science Internships

While most companies do offer paid data science internships, there are still some unpaid opportunities. Typically, these are at small startups, non-profits, think tanks, or government organizations. Unpaid internships can still provide good experience, especially if you want exposure to a specific domain like healthcare, government policy, or social initiatives. The trade-off is that you won’t receive a stipend, so make sure you can afford unpaid work for the summer. Some pros of unpaid data science internships include:

– Opportunity to gain experience at cool startups before they get big

– Chance to see if you like working at a non-profit or in the public sector

– Flexible work arrangements possible at smaller companies

– Networking opportunities at early-stage startups or niche organizations

– Ability to sample non-traditional data science roles like policy analysis, social impact, etc.

Just know that unpaid internships come with their challenges as well. Be sure to evaluate whether it’s the right fit for your goals before accepting an unpaid role.

Applying for Data Science Internships

If you want to land a data science internship with a competitive stipend, here are some tips:

– **Start early** – Begin applying in fall for summer internships. The best spots fill up quickly.

– **Highlight coursework** – Emphasize statistics, programming and other technical classes on your resume.

– **Showcase projects** – Any hands-on analysis or data modeling you’ve done, even for class, is valuable.

– **Learn in-demand skills** – Make sure to learn Python and SQL if possible. R and Hadoop are pluses too.

– **Practice for interviews** – Expect technical questions involving statistics, databases and coding.

– **Apply broadly** – Don’t limit yourself to any one company or industry. Cast a wide net.

– **Ask about stipends** – Don’t be afraid to inquire about the compensation package during interviews.

– **Consider alternatives** – If you need to, look at unpaid roles at startups or research gigs at universities.

With the right preparation and planning, you can land a data science internship that provides interesting work and a healthy stipend. The compensation enables you to focus on gaining new skills that will serve your career in the long run.

Conclusion

Data science internships provide hands-on training and experience while also offering stipends for living expenses. Typical stipends range from $1,000 at non-profits to $8,000 at major tech companies, with an average of around $4,000. Location, company size, industry and experience level impact stipend amounts. While unpaid roles exist too, paid internships are ideal to earn income while learning. With proper planning and preparation, students can land data science internships with competitive stipends at leading organizations across various fields. The compensation helps offset costs during the internship while opening doors for a promising career in an exciting, high-growth field.