How much Summer Analyst salary saved?
I know there are a lot of posts about salaries and what people are making, but I'm wondering how much past summer analysts in NY have saved.
If you have been a SA in NY earning standard compensation (60-70k prorated and 2k housing) in one of the past few summers how much did you go back to school with in the fall after paying taxes, housing, other expenses (meals, going out occasionally... when you finally get a night off, cabs, etc.)?
I know that a lot of this is personal and depends on how you budget, that is why I'm just asking for responses from people who have done this recently so that I can gage a range.
Thanks for your help!
It all depends on you, if you aren't going out every night and you expense a lot of food AND get a cheap place then you are probably gonna save a lot.
made 20k, taxed 9, and saved 5 which went to tuition
A) you won't have a lot of nights to go out haha B) you can definitely cut expenses down to essentially rent, breakfast, lunch and coffee if you work it correctly. Dinner will be paid for pretty much every night if you are in IBD and most nights you can probably get a can/car home. I don't know how much rent is at NYU these days but you can definitely save the vast majority of your salary if you are thrifty.
Or you can ball out and save nothing. That works too.
you won't find 2k housing. it'll be more like 3-5k. That said, my summers there I saved about 3.5-5k after rent
Agreed; housing will be around there on average. You COULD do what I did, which is to rent a room in a penthouse on the upper east side. I made $13k my summer, came back with -$500, but had an incredible experience (even though I was 100+ hours the whole summer and rarely had an opportunity to enjoy it)
I think he's referring to a housing stipend.
wookie that's not standard SA comp bro - there are maybe a handful of shops that pay that way (BNP, CS, db used to?). I think the question was the 11.5k case...
Made about 12k saved, maybe like 7-8k?
made 12k, saved 10. (HK, they paid for our housing). 2k went to clubbing.
where was the housing? HK island(central) or kowloon? etc. Thanks
do most NY SAs stay at NYU?
Not necessarily. They're kind of all over the place (though many often live near Union Square). Some live in different schools' dorms, some sublet, some use the resource the company provides for housing.
For S&T, obviously this number should go way down/
Not necessarily. The compensation is usually just the $70k base prorated for 10 weeks which is the same for IBD and S&T.
Agree that S&T and IBD SA's have the same compensation. Otherwise you'd have undecided kids skew towards the one with the higher pay.
Agree that wookie's #s is not a regular SA pay ... 60k prorated for 10 weeks is not 20k. Though I have heard that hedge funds / non-ibanks have paid their summers ~20k all in, sometimes including end-of-summer bonuses. (Source was from a previous summer at DE Shaw)
Reading the other comments here.. I'm pretty embarassed to say that i didn't save much (1-2k?). Or, i'll save whatever amount i get with tax return next spring.
I was in s&t, so I paid for my own cabs and most meals (this adds up..)...and since I only cabbed when I was way exhausted, I lost a lot of expendable receipts. My caffeine expense was also pretty significant.. that is, before I figured out non-sbux cheap coffee sources. The summers also grabbed drinks after work a lot, especially if some had bad days on the floor. As of partying.. I don't think I spent that much, but maybe I did.
Housing was 3-5K for most of my summer class.
It wasn't that I saved any cash, I just didn't have time to spend it lol. I went back to college with about 3.5 grand to spend on trips and alcohol. If you're looking to get a ft offer, then that should be the case.
Some banks pay summers overtime for IBD, tipping the scales in their favor.
I think CS pays overtime to summer analysts
i think i saved around 5k, not counting the tax return i got later, which funded my senior year spring break trip :)
Friend of mine interned last year as an SA he saved around 5k!
I'm sure the majority of it went to buying bottles at the club however*
last post was to ibhopeful
Looking back, I was in more debt then when I started. Not quite sure how that happened.
finally one person on this thread makes me feel better...
were you in a bb summer analyst program (i.e. around 60k prorated)? I barely saved much, but getting in more debt than before the summer is pretty crazy.
Yeah I was at a BB. Just went to eat a few decent meals, bought a couple things, and before I knew it...
Keep in mind that you'll probably get all the taxes they withheld back.
In my case that'll be like $4-5,000
I saved about $6,500 last summer not including tax back. Solely cause I wasn't able to go out that much
Save some, spend a lot on having an awesome time and on booze - its still summer after all.
I saved around 9-10k after the summer ended. I love Texas's tax system and Houston's cost of living.
I saved almost nothing, was paying for an apartment at school and in the city, so after taxes I only had about 3000-4000, which i spent most of on food and going out. got a sweet tax return though
I plan on a diet of water and coffee, I need to save towards tuition
shit, how did you blow $13k in 10 weeks? woww
Which reminds me of something someone told me about making money in IBD but never having the time to spend it...
Wanting to bump this to see if there are some current figures. Maybe some Houston info too if WSOers have it
i saved like 10k cause we didn't pay for housing either...
Saved around 6-7k. Definitely worth it so you can spend w.o worry your senior year
Idk how you can't walk away with at least 5k. I did a non IB internship as part of a freshman program at a BB in the city, no housing stipend, stayed at a dorm, made in the ball park of $8k pre tax for the whole summer, and took away $1500-2k after it was all said and done.
$70k pro rated pre tax for 10 weeks is $13.5k. We'll say you're taxed at 25% (you'll get money back when you file taxes) and that leaves you with $10,125. We'll round that down to $10k. Throw in a housing stipend of $2k standard and assume that covers most of housing (which it does, especially at NYU). Subtract another $1.5k of housing since you like to spend a little extra for comfort: $8.5k left. $3.5k left to spend on going out and breakfast/lunch during the week and meals over the weekend: that's $350 a week.
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