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Career Resources
70k prorated
usually 13k-15k, but then again some banks in CALI do it hourly!
ex- CS MS Citi each pay hourly, so there SAs get around 40-50k for summer alone
(note-BBs only, not sure about elite boutiques)
Lol, that pay is just ridiculous. In Continental Europe you are paid between €2k (some BB's), €2.5k (elite boutiques like LAZ) and €3k (Goldman) per month. So you get between €6k and €9k max for your summer internship. I guess it's time to leave the old continent and settle down in California :)
That is so false it's not even funny. At least in ALL the BBs you get first year salary prorrated + relocation bonus if you have to move to London. You said continental Europe, so I'm assuming a coverage office, but first year salary is denominated in GBP to unify and converted at an exchange rate fixed every year. And it's between 42k and 45k. So assuming a 10 week internship, the worst case scenario is you don't get relocation bonus and you work at the lowest paying BB, you'd be paid 8077 GBP. Which at the current exchange rate is around 10.1k€. And the best case scenario is 45k prorrated + 1k relocation bonus which is 9654GBP or around 12k€. So your 6k-9k range is more like 10k-12k. And that's considering a 1.25 exchange rate, which is quite low, because I know for a fact that GS and MS have it fixed at 1.4 this year, so if you are getting paid 3k a month in Goldman someone is downright stealing from you. For the americans, thats a range between 12.5k and 15k.
I am getting paid hourly with 1.5x for exceeding 40 hours (In banking) so I am clueless as to how this is going to play out. If true, it works out to like 30k for the summer but I heard that only happens in Cali, not NY.
note- Citi, CS and MS only pay hourly so they can deter away top talent from GS/JPM
but yes, come to cali :)
I'm getting 60k pro-rated.
I've heard different stories from my school's seniors saying they only got 9k out of 60k pro-rated.
70k prorated for a BB in NYC, plus $2k transportation bonus (I live in NY, so that is going to living expenses). My contract says I am also entitled to 1.5x overtime, but I am not going to voluntarily submit those hours. If HR asks us to enter our hours, then I will collect that as well.
I know many other students going down to BBs in NYC for roles in IBD, S&T, and PWM and they all have the same comp structure. (Even PWM, which surprised me.) From what I understand many choose not to request overtime pay for obvious political reasons.
Fuck that. Charge all the overtime you want... I doubt that would affect whether you get FT or not.
what if most of the other interns dont take OT?
You are actually legally required to book overtime hours that you work and are entitled to the pay associated with those hours. FYI, most interns are paid hourly at 1.5x after 40 hrs.
You make more than FT Analysts as a Summer... enjoy it... one of few good comp situations you will encounter over your time at the bank
Huh, so hourly isn't that uncommon. Interesting.
Just finished an internship over the last six months, bit off the normal schedule...55k prorated..NYC
we have a ton of comp data on SAs in the Company Database, so you can see how much SAs are making across banks
http://static.fjcdn.com/pictures/1.+Ima+need+about+tree+fiddy_9e5331_37…
Why would they have OT if you cant charge it? Plus I know some banks have been upping the OT threshold.
40-50k for a summer? MS CS Citi here I come!
for 40-50k a summer. I wouldn't mind being an SA every summer until i retire.
95k prorated + 1.5x OT over 50hrs/wk at BB regional office
Stfu you lying piece of shit.
Sorry bud, not lying here.
I'll probably only be making around 8K this summer, maybe more with OT. At least I'm not making pitch books or powerpoint presentations.
Hater
You guys get overtime? Jesus. 2k per week for 12 weeks here though, can't complain.
Bitch
They have to do that in Cali, it's the law it's not because they are nice.
why do SA get OT and not FT analysts?
Why pay analysts more than they are willing to work for?
Don't want to derail the thread but if I did a SA at a Cali firm, could I rather easily get a FT position at a NYC firm if I did well in Cali? Or is IB better in Cali than it is in NYC?
Shout out to all the unpaid PWM summer interns. Having no salary makes me want to go in every day.
friend had an offer at an elite boutique: 75,000 prorated with a 2,500 signing for SA
Damn, I make less than 1k pro month, 3 months.. cant complain tho, but i understand that Cali is the place to be
Btw im in EU BB, local office (around 150 people in total, around me youngest person is senior associate), huge exposure and great for networking with other divisions and top clients, many overtime hours, and I am doing very nice job.
Maximus Decimus was Stating the German pay figures (Frankfurt). It's much lower, that's why the strong candidates go to London.
I find that very weird, at least in some of the BBs it doesn't happen that way. I did the training with a guy who went to the Amsterdam office, a classmate of mine went to GS in Milan and I know a FT IBD analyst at MS in Paris, and they all get paid the exact same amount as their London counterparts. People go to London for the same reason people go to NYC. Networking and career development opportunities. Maybe you are referring to a different kind of internship? Because I think it is like you say for people doing the industrial placements or those unstructured 4-6 months internships, those do get paid less, but in my experience it's not like that for SAs.
Very strange that your friend went to GS in Milan, since there's no junior team based in Milan and the italian coverage is done in London. DB/UBS/Citi/Barcap pay less in Milan than in London.
wait. am i reading this wrong? some of you are getting paid 50k for the SUMMER? or a re u saying 50 75k for 14 weeks pro rated over the year so youre really getting a third of that?
Do they pay you for training? Or does your pay begin the first day on the actual job?
Do they pay you for training? Or does your pay begin the first day on the actual job?
$20/hour + 1.5x OT
You people in Cali are getting fucking paid...good lord. 10-12 weeks internship 50k..wow.
Could be a summer associate or work at qatalyst, or BX. All pay above street.
I also had $70k prorated but did not have any sort of signing/relocation bonus
If you intern in CA is it still reasonably possible to get a FT job in NYC? Or is it better to stay in CA?
70K prorated.
that cali pay is insane. i'll make about 12k this summer
that cali pay is insane. i'll make about 12k this summer
70 K prorated, 2K relocation and standard overtime.
"70k prorated", 2k living costs, overtime. Actual pay is structured: ~$13.50/hr.,~$21.00/hr overtime.
The California figures are accurate. My year, had a friend who was at the same bank but West Coast. He took home $33 large and he knew someone at one of the boutiques who got murdered in terms of hours and took home $38 stacks. If I recall correctly, they're required to pay you overtime for anything over 40 hours weekly, double overtime for anything over 50, and triple overtime for over 60.
The FT analysts in the office were green with envy. Not sure why, considering that they all had the same advantage their summer.
Is it reasonably possible to intern in CA and then get a FT offer in NYC?
Not if you keep asking
$29/hr at deloitte
as an intern? are you part of the IT consulting group or
75k at an elite boutique.
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