I have a work calendar on an internal company SharePoint site currently set to the default 7 day view. Is there a way to edit the calendar to only show a 5 day workweek? I'm aware that there aren't out of the box solutions for this and the research I've done has only come up with solutions for older SP versions. Any advice is appreciated.

Try this:

<script type="text/javascript">

var oTables = document.getElementsByTagName("table");
var oTDs = [];
var count=oTables.length;
for (i=0;i<count;i++)
{
  if (oTables[i].className == "ms-acal-detail")
  {
    //alert(oTables[i].rows.length);
    for (j=0;j<oTables[i].rows.length;j++)
    {
     oTDs = oTables[i].rows[j].getElementsByTagName("td");
 oTables[i].rows[j].removeChild(oTDs[5]);
 oTables[i].rows[j].removeChild(oTDs[5]);

    }
  }
}</script><style type="text/css">
.ms-acal-outday {
 WIDTH: 20%
}</style>

Another solution try the below link:

http://blog.pathtosharepoint.com/2008/12/17/calendar-weekdays-only/