INTERNS! What are you getting paid this summer?

Equity Research Internship
Size of Bank: Bulge Bracket
Location: SF
Salary: 15.00/hr
Did you bargain? if yes from what amount: No

edit: (landed FT IBD role in NYC.. hallelujah)

 
stormy54:

Size of Bank: Bulge Bracket
Location: NYC
Salary: 41.00/hr
Did you bargain? if yes from what amount: Definitely not

Undergrad? or grad?

What concert costs 45 cents? 50 Cent feat. Nickelback.
 

Size of the bank: MM Location: Chicago Salary: $6000/month *not sure why people are breaking down their monthly into a 40hr/week hourly. If you're FO & expect to only be working 40/wk, don't even bother showing up on day 1. Did you bargain? If yes, what amount?: No.

 

Just to clarify a little, banks will prorate the 85k over different amount of hours. Ex 85k over 80 hours a week would be $20.50 an hour on average. If they pay time and a half over time and pay 85k over 80 hours then the first 40 hours would be paid just ~$17 an hour and then overtime of ~$25 an hour for the next 40 hours.

Obviously, if you have a bank that prorates over anything less than 80 hours a week then you have a chance to make significantly more than a FT analyst.

 

Not banking but associate level and I'm at $40/hr plus overtime for the summer +$3000 relocation. Couldn't imaging working double the hours for half the pay PLUS affording SF.

Commercial Real Estate Developer
 

Size of Bank: Bulge Bracket - IBD (MBA Summer Associate) Location: London Salary: 1730GBP / 2500$ pw (90,000 GBP pa pro-rated). Not eligible for overtime. Did you bargain? if yes from what amount: No, everyone at my MBA got the same.

Don't waste your life only thinking about money and prestige
 

A few banks break it up so you have the 85k base broken into 40 hours / week ($41 / hour) and then you get overtime over that. Someone mentioned in California you get 2x overtime over a certain number of hours so that would mean people who get hourly rates (only a small number of banks do this) would be making $41 - $61.5 - $82 / hour. I know a couple EBs that have this set up but with a $95k base... and yes, I know banks that honor this system and have paid interns $50 - 70k for 8 - 9 weeks.

Interns getting paid like VPs is a little excessive IMO, but good on them.

 

if they prorated your rate over 80 hours, in a 40 hour week your $15/hr amounts to about $30/hour. while SF is great for tech, NYC is hub for IB so you cannot expect SF to pay same as NYC which is around 35-40/hr over 40 hour work week (still shit for BB though if I am honest).

if they offered you $15/hr over 40 hours then that was late night greasy kebab diarrhea shit unless they really only expected you to work 40 hours in which case could have been worth the trade off (you could always work as a gigolo after your 40 hours to make rent).

All that being said, internship is supposed to be the gateway to the FT offer so given how competitive that market is, i am sure most people would go even if it was free because they know if they do good work and get FT then they will be rolling in it in a couple of years (by it i mean eastern EU hookers and cocaine).

Good luck dude.

"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. " -GG
 

Investment Banking Internship Size of Bank: Bulge Bracket Location: SF Salary: 43.00/hr + overtime Did you bargain? if yes from what amount: No

 

Investment Banking - Coverage Size: MM Location: London Salary: £38k/yr ($55k/yr). No overtime. Did you bargain? if yes from what amount: I attempted to, because I knew interns on other teams at the same bank getting £58k/yr ($85k/yr) pro-rata before overtime, and was very confused why I was being offered so much less. However, as people have said - interns have no leverage. Bargaining was pretty much "why am I making less than everyone else?" "because that is how much we pay you".

 

IBD Internship

Size: BB Location: Shanghai Salary: ¥100/Day + accomodation + 3 meals/Day Bargain?: Not a chance. Doing it for the experience.

John P. Mullin Double Degree Msc in Management & Economics EBS Business School & Tongji University Shanghai, China
 

Quant firm/hedge fund internship Size of Bank: N/a Location: NYC Salary: 125k annualized plus 2100/month housing stipend (paid in same way as salary, so basically it's like 150k annualized) Did you bargain? if yes from what amount: No Hours aren't clocked but I would estimate we work 50 hours/week.

 

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