Intern salary annual pro-rate to hourly rate

And an addition to this question - if I am not from New York City, and thus will only be living there for eight to ten weeks this summer, so I still have to pay NYC taxes?

Yeah, that is a great point, I wonder how it works if you live there full time but keep your perm. address in a different state.

With JP Morgan they divided the 60,000/52 exactly

during my internship in the beginning of the summer you have to fill out a bunch of forms for compliance and other reasons. there is one part where you can declare that you live in nyc or your home state. so basically, unless you live in nyc anyway you shouldn't have to pay nyc taxes

$60k / 50 weeks wouldn't make any sense (even though it would obviously be beneficial to SAs).

Those 10 days are "paid vacation", so your base salary is based off a full 52 weeks.

i have a couple offers and they are all (60000/52) = 1154 (they give you the extra cents), with a 2000 housing stipend

You get overtime, correct? My MM offer in NYC is 20 per hour base, with overtime after 40 hours, and you average 70 hours a week...making it 1700 a week if you consistently work 70. Plus 1K front end bonus makes it 18K for 10 weeks at 70 hours per. Unfortunately, since I'll be living in NYC, that ends up being like 4 - 5 G's pocketed...oh well.

I'm assuming BB's also track on an hourly basis - I know CS does.

UBS pays overtime...its wierd though, its half time, not time and a half.

Weird?

Yeah, all BB's are 12K for the summer, with other perks like 2K stipend or front-loaded bonus, but half time OT? whaaa?

Does anyone know if UBS actually pays summer IBD analysts overtime? I know equity research does, but can't find anything about banking

Last year UBS did pay its IBD summer analysts "half time." After 40 hours it worked out something like 27-28 bucks an hour, which all the summers were very happy about. In the current market however, it remains to be seen whether that will be done again. It was actually a late decision made by the bank that most people were unaware of until orientation.

I have heard of other banks paying overtime to their summers, but in each case the year after it was done it was cancelled. The two banks I heard that did it were Deutsche Bank and CS (possibly regional offices) and everyone heard of the kid or two who supposedly made 30K. I have also heard of some back office departments doing it, however the difference in hours makes it irrelevant.

I received an offer from JP Morgan for $1,154/week, which is exactly $60,000 a year. Also received a $2k relocation bonus. My friend that received an offer from Goldman got the same deal. Seems the be the same across the board.

Note: Lehman pays a $4K signing bonus and same weekly salary, but their interns only work 8 weeks.

do we get the sign-on bonus in the mail, or with the first check?

I think the bonus comes ~1 month before your start date. As previously stated, you are obligated to repay the bonus if you don't complete your summer term.

^^ That's kind of messed up...So you basically get bonus-taxes and if you don t complete the summer then you pay back from your own pocket?? ( I am assuming that taxes are taken out from the bonus)...

I had a friend intern at Deutsche Bank in summer 0f 2007 and he was paid overtime (1.5X base). He was in tech though and generally pulled 60 hour weeks.

You don't pay "bonus taxes" on your bonus. It gets taxed the same way as your regular income - if you get overtaxed upfront you'll be reimbursed by that amount in your tax refund.

To clarify, in the event that you had to repay a bonus in full, you would get the taxed portion of your bonus back in your tax refund.

Alternatively, you could simply adjust your tax withholdings on some other source of income.

BoA IBD is paying overtime this year to its summer, if I'm not mistaken.

DB and UBS have similar overtime structures, they both pay half time over 40 hrs. per week at the moment

So how does overtime actually get calculated? Do they just divide one's weekly salary (based on an annual salary) in to an hourly wage and then add half of that amount to one's "regular weekly salary" after 40 hours?

Making as much as the IB guys!? Which IB guys?

I had multiple friends doing SAs in CA offices last summer, and because of the overtime laws here in CA, all of them made somewhere in the range of $35k - $45k because their pay was hourly.

I'm really not trying to hate on the Big 4, but 45 is closing in on what you guys make in a year. It's just hard to believe without further clarification...

What are you doing? Audit/Corp Fin/Consulting/Risk?

So you're getting, what, 25$ an hour? I could see how "with working xxx hours" you would make as much as an IB analyst getting a flat rate for the same period. But. You are not going to be making 130k at the big 4 when you graduate.

Take it for what it is and enjoy it... don't think you really need to compare d1cks as an intern, the pay is almost irrelevant in the long run.

You will certainly have to eat some hours, but I have not heard from other interns in big4 that its significant, but assume if you're there 8-6 thats probably 8 hours of work.

Damn I should have hopped onto that west coast swag. 40k? Ridiculous

At the SA level there isn't too much of a difference between Big4 and IBD pay

nouveau riche is right...because of the laws in CA interns are paid on an hourly basis. I had a few friends that interned at CS and GS in LA and both were paid this way. This means that your base pay is ~$35/hour for the first 40 hours you work, then 1.5x times base for the next 10 hours, then 2x base for any hours after 50 hours in a week. If you work on average 80 hours per week for the 10 week internship you'll pull in ~$40K.

In a couple of years from now, aren't we all destine to be millionaires by 30 if we work at a BB. Anyhow, how much is the typical total salary after SA in NY is finished? Since overtime is expected during the 10 week internship.