Summer salaries ??
Does anyone know what is the industry average pay for summer analysts in the big BB (MS JPM GS BAML) for different positions:
-IBD
-AM
-SnT
................and in different locations:
-NY
-London
-HK
Investment Banking Summer Analyst Salaries
- Rothschild = PS38k
- Citi = PS42k
- Moelis & Co = PS45k + 1-2 weeks training in NY
- Macquarie Capital = PS45k
- JP Morgan = PS42k + PS1k relocation
- Nomura = PS42k + PS1k relocation
- MS = PS42k + PS1k relocation
- DB = PS42k + PS1k relocation
- UBS = PS42k + PS1k relocation
- Barcap = PS40k + PS2k relocation
- BoA-Merrill Lynch = PS45k + PS1k relocation
- Credit Suisse = PS45k + PS1k relocation
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And it would be great to know which firms usually give fatter paychecks for summer interns??
MS and JPM give 2-2.5K housing stipends. GS gives 1K. I think that was the biggest difference.
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yeah i think GS can afford to pay less because of its high prestige. are summer salary differentials that large betw different sections (like ibd and am; or ibd and snt) ??
Most, if not all of the BBs are paying $70K + some sort of housing stipend (usually $2K)
CS and Citi have overtime at .5 the hourly wage for anything over 40 hours a week.
This is for NYC.
So at CS and Citi interns earn approx. $33/hour (70,000 / 52 = 1,346 ... 1,346 / 40 = 33.65) and then for every hour they work over 40 they earn an additional $15?
2k/month housing stipend or for the full summer? Either way thats pretty decent considering you will be making full-time pay, essentially.
does everyone get the housing stipend? even if you allready live in that city? superconnard, do you know any other banks in Toronto that pay overtime?
2k for the summer usually.
Is that $70k for 10 weeks, aka $70k * 10/52 = $13,500? Seems a bit low, even if you count the housing stipend. Ignoring any overtime pay, where does the rest of the compensation come from?
There are 52 weeks in a year, so it would be 70k*10/52 = 13,461
Low? 5k a month for an internship..
That is what FT gets paid, except they get the nice bonus at the end of the year... Seems pretty good for a summer gig (even though the hours may be harsh)
BAML:
70K prorated + 2k housing + 1.5x normal pay ($50/hour) for anything over 65 hours/week.
If you have the sacks to claim the hours, you can definitely make a killing this summer @ the BB's that offer OT. Rumor has it an intern at BAML pulled in ~+20k last summer.
Buddy of mine made just under 30k at an overtime bank
GS IBD NY is 70k pro-rated plus 1k housing
My contract at overtime BB stipulates:
"Your base salary is equivalent to a rate of pay of $33.65 per hour per workweek. You will receive overtime rate of pay of $50.48 per hour. Anticipated work schedules for Investment Banking summer associates contemplate that you will work 65 hour s each week based on deal flow and projects"
Let's make a moderate calculation:
1) Assume 12hours per day (9am - 9pm) x 5 days/week = 60 hours 2) Assume 6 hours on weekends (conservative) x 2 = 12 hours 3) Total hours per week = (72)
[65 x $33.65 (normal pay) + 12 x $50.48] x 10 = $25,403 + 2k (housing) === !!$27,403!! BB I worked at last year in HK, we regularly pulled 100+ hour workweeks... If that happens in NY, I'd feel like I was robbing the bank.
This is at BAML?
^ Mistake.
72 - 65 = 7 OT hours, not 12.. So that is a different of a little over 2500
Couple of my friends were SA at Citi NY IBD and only got paid OT during their training. Once they started with their group it was a flat salary pay w/o any OT. (70K plus I think 2-3K housing stipend)
Also God how is that possible that CS pays so much more to their interns in Canada vs US. 35,000 CAD is roughly (35,000*[1 Canadian dollar = 0.935279 U.S. dollars]=$32,735 in three months). Doesn't that sound a little too high for a summer intern? I have never heard of anyone making that much money in three months as a SA. Can anyone confirm this and why would there be such a big difference Canada VS US pay for CS interns?
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@MC002, good catch, my bad.
I can't comment on Toronto salary, but BB Hong Kong offices are also 70k prorated. However, they cover housing entirely which works out to about another ~3-4k US per month + roundtrip airfaire. All in, in HK that's equivalent to more or less $20k.
Anyone from Sales and trading esp or Asset Mgt can give average SA salaries so that we get a benchmark to compare.. ??
I kw the more prestigious BBs pay a little less ( no overtime + ltd housing allowance ); however they are keen on paying for travel expenditure if you don't come from London
When I was an analyst, salaries were the same across the board for PWM, IBD, and Capital Markets. Naturally, my guess is that total comp was different.
So how does compensation work for training week? Say the internship is 10 weeks total with 1 week training. Someone mentioned being payed OT just for training. Why would you be working OT during training week anyway?
I am pretty sure the above is BAML, but my question is.
Do SA only work 72 hours a week? I always thought it was more like 80, 90, 100. If that is the case, there is potential to make a ridiculous amount of money for a college student.
Do people actually submit those hours? I would feel like I was robbing the bank as well!
$1,000 - $1,200 per week (80 -100 hours /week)
Getting $30,000 for 10 weeks as an intern - way too much optimism :(. Not many wall street frims will give you a single dime over pro rate basis for overtime above 80 hours/week.
http://www.glassdoor.com/Salaries/summer-intern-salary-SRCH_KO0,13.htm
For anyone that has done it.
If OT is included should you shy away from reporting your full hours?
London numbers (GBP); Ranked in ascending order for pay/week
Rothschild = £38k Citi = £42k Moelis & Co = £45k + 1-2 weeks training in NY Macquarie Capital = £45k JP Morgan = £42k + £1k relocation Nomura = £42k + £1k relocation MS = £42k + £1k relocation DB = £42k + £1k relocation UBS = £42k + £1k relocation Barcap = £40k + £2k relocation BoA-Merrill Lynch = £45k + £1k relocation Credit Suisse = £45k + £1k relocation
about $3,000 every two weeks for 10 weeks plus $2000 for housing
Some BB offices pay SAs time and a half (over 8 hours) + double time (over 12 hours). At 100+ hours per week this adds up pretty quickly.
There have been SAs who have made over $40,000 in a summer.
Let us see for a first year fulltime analyst how much will hen make
Let us assume $30/hour rate
Are these future bankers so stupid that they will take less money like $70,000 +10 K signing bonus at GS, MS over ay 180,000 in these so called other BBs.
hahhahahahahahaha
Let us say now a intern make $3300 per week, and a full time analyst only make god damn $1500 per week for same work,
Where is the god damn justice that more knowledgeable analyst getting screwed by the summer intern?
The full time analyst will be so mad at the part time intern because full time is getting screwed by the part time intern.
Please think ……
artmonkey - only SAs get paid that way - the FT analysts get paid exactly the same as anywhere else on the street. There was a thread about this a while ago (link below). You look foolish trying to shoot down anonymousguy - he clearly knows what he's talking about.
//www.wallstreetoasis.com/forums/question-for-ivey-hba-students
Edit: as far as the justice of it, it's understood that for reasons stated in the other thread, that's how it is. The FT analysts don't begrudge the interns because they are mostly past interns themselves (since banks do hire SAs for FT ya know...) and thus got paid that way at some point.
Can somebody tell me whether we are supposed to log all hours if we get paid over time? Is it frowned up to log in 90 hours and take 50 hours at time and a half?
At my bank, you were definitely expected to log all those hours. It was almost a point of pride to have logged long hours, and your managers surely want to see that you're working hard.
Also, you don't want to be the guy with the fewest hours logged. To some managers, logging more hours than the next guy = working harder than the next guy. While cultures may vary across the street, working long hours is almost universally respected.
But like everything else, when in doubt, just ask the FT analysts what's appropriate.
Dacarez:
Do not give me another thread based on anonymous posting; give me an article from NY times. Last year I asked I was asking same question and when I told the HF I worked they all laughed and I totally looked stupid.
I know two first year analyst at the famous HF (think Oaktree, and DE Shaw, two sigma) got $200,000. But those are outliers and not the norm.
I am going to ask my CS buddies who have interned at IBD and S&T at CS. After the market crash $30,000 numbers for a summer intern looks a fishy number. And let me be honest I could be wrong.
Why are you on this forum if you just want NYT articles?
Summer Analyst Pay - How much is it at a BB or MM firm? (Originally Posted: 08/07/2007)
Hi there, I'm new to this forum. I was wondering if anyone could give me an idea of what a summer analyst would make at either a BB or a MM firm. After living expenses and etc in NYC would I end up having anything left for my senior year, or do many people end up financing their summer work with student loans? Thanks
I think it's in the range of $1000-1200 for most SA gigs at BBs, including even Research, Technology, and Operations.
Ditto for most top consulting firms.
A few places pay above market (Deutsche kind of did when they had overtime), and some of the lesser-known MMs may pay below-market.
Once you're out of BB range, it's all over the place.
Yes, if you spend conservatively, don't go out drinking every chance you get, and room with a few other people, you'll definitely save money for senior year. Not much -- likely $1000-4000 (at MOST) -- but still pretty good for a college student.
I just made about 13,000 minus taxes, which take out a huge part of what you make obviously.
I lived in a NYU dorm (double), so saved some living expenses there, but most everyone not from the NY area lives in some sort of dorm. I say I was spending decently conservative in most everything but drinking, which I probably did about 3-5 times a week on average.
I ended up having about a $3500 gain for the summer.
Take from that what you will.
Depending on how many exemptions you claimed on your w-4, you will probably get a federal tax refund in the $ 2,000 range.
This assumes that you didn't have any other job for 2007.
if you make 1k-1200 a week, i know kids who make more than that though, and you have a 10 week stint, as well as a $2k signing bonus, that is 14k all in. even if some of that is taken out, how in the hell can you save "4k" at most. that is retarded, that means you spent something to the tune of 1k a week.
14k all in, after tax equals $9,100 (assume 35% tax)
Rent - $250/week for NYU dorms (this was the rate about 2 years ago, so I apologize if it has changed) with 3 other roommates. Total cost - $2,500
Two plane tickets to NYC and back - $500
Lunch every day - $80/week, $800 all in
Dinner one night per week - $50/week, $500 all in
Party supplies - $200/week (this is being very conservative unless you only go out one night - you won't) - $2,000 all in
This brings your total expenses to $6,300 and this is close to the bear minimum to get by. So after tax this person would take home about $2,800 from their summer.
Yes, you could reduce a significant chunk by not blowing $$ on partying, but it's NYC and it's your last summer in college... you need to live it up.
how are the NYU A/Ced dorms? Worth the almost $300 a week? seems like a good deal, although you share a room with someone right? its not suite style with singles?
NYU dorms were $2300 for ten weeks. One problem is that the ten weeks may not coincide with the internship. You may be short a couple of weeks at the end of the summer.
Also, the money is payable upfront. If you get the standard bonus of $2000, your take home is $1200 which leaves you $1100 short.
If your pay is the "standard" of 60K prorated for ten weeks then you will net about $8000 claiming no dependents. Since most banks give you a meal allowance if you work after 7, your only meals will be breakfast and lunch. $ 300/wk should be an adequate amount to live on. This leaves $5000.
If this is your only job for the year, you will also get a tax refund of about $2000 at filing time.
do i get taxed at 35% if i dont live in manhattan? im from westchester so i wont be living in the city for the summer as its only a 35 minute train in the morning.
You get taxed the same I think. And trust me buddy, the 35 minute commute will suck hardcore by the end of the 2nd week.
Buck2210,
The bank buys your plane ticket to and from, so I'm not sure why you listed that.
Good point, my bad. Can't believe I forgot about that.. Wow. Haha. Still the main point is the same - The most you can really save is $4k, and you're much more likely to save around $2k. And yes, you will receive a nice payment from the IRS next year assuming you don't work during the school year.
Buck2210,
Yeah your logic still makes sense.
You'll likely be putting money towards a suit and accessories (ties, shoes, belts, etc.), and be paying for dry-cleaning every week. Suits aren't cheap, and no one wants to be that guy/girl that looks like crap.
How big of a refund can I expect if I do work part-time during the rest of the year? I live in Texas permanently but did a 10 week internship in NYC this past summer.
How much do SAs get Pay? (Originally Posted: 02/02/2008)
How much do IB SA's get paid per hour?
In NY, LA, Asia, and/or London. Just want to get a general sense...
There is no per hour pay. In asia, I know it's about 5000US a month plus accomodation and airfare. I think the pay is a bit less in the US, about 1200 a week if I'm not wrong.
Pro-rated 1st year analyst salary (analysts start at 60k, you can do the math) plus a 2k-4k signing bonus, depending on the firm.
its around 850/week after tax and 2k bonus, at lehman the signing is 4k because of the shorter program
wow...4k signing is pretty good... I know Asia is about US5500 plus housing about US2000 etc most i know so far in the US is about 2000 signing and 60000 pro-rate. There's one offering hourly rate...but it's not a BB.
Worked at ML Sales & Trading last summer, we got about $12k and a 2k signing bonus before taxes, which are a bitch.
Some banks (like the one I worked at over the summer) pay overtime to summer analysts. I made $40,000 in 10 weeks.
for a BB in hk, the rate is $1250 per week (basically $65,000 annual salary divided by 52 weeks) paid in HK dollars. but housing is included with round trip airfare. which is quite a considerable amount since housing is $3,000+/month to live in Central on the HK island and round trip airfare is ~$2,000 (United Airlines economy).
1250 x 10 week program = $12,500 3,000/month x 3 months = $9,000 (they're paying for all 3 months rent but the internship is only 2.5 months long) $2,000 round trip ticket (UA economy class)
=$23,500 in total compensation for the summer
please correct me if i'm wrong. but i just received the written contract for the BB i'm interning at this summer today and these were the numbers included in the contract.
*i did have to estimate housing and airfare though.
Typically GBP 500 to 600 per week, sometimes as high as GBP 750. I don't know of any banks in London that pay overtime to SAs.
I forgot to add, some banks also pay up to GBP 1000 signing/relocation.
Ranger,
the housing is close to $2000 a month and the airfare of $2000 is about right. So total comp for 2.5months is roughly 20,500. Great deal!!! I'm not american, so I don't even have to pay high taxes
Summer analyst pay - Getting $15-20/hr (Originally Posted: 02/14/2008)
if im getting $15-20/hr and $1,000 upfront is that competitive for a summer analyst? do summer analysts usually get paid hourly?
also, 1.5x overtime
also, its an 8 wk program
The difference between 15 and 20, especially considering overtime, could mean a difference in $1000's of dollars over the summer.
Most IB SA's make 12K+2K for housing over the summer.
So, 14K for 10 weeks at an average of 70 hours a week. Use that to figure out how your offer is.
I made $15/hour plus 1.5x overtime (not in NYC) when I did my summer. Averaged 70-80 hours a week. Took home ~12k before taxes.
Some just get a pro-rated salary and make $10-15K for the summer. As whether or not $15-20 per hour with 1.5x overtime and $1,000 upfront is competitive:
Figure 80 hours per week. At $15 per hour, that is $15 for 40 hours each week and $22.5 for another 40 hours. So $1500 a week. $1500 x 8 = $12,000 + $1,000 = $13,000.
So assuming they pay you for that much overtime, yes it's competitive. At $20/hour this turns into $17,000 which is really good.
It all comes down to how much they really pay/acknowledge overtime and how much over 40 you work per week. Some places can be stingy.
I didn't realize the $/hr rate was so low for SAs. Some tech companies pay a better rate than that for interns.
During a summer in banking, every week you basically do one "week" of work at $15, and a whole other "week" at $22.50. It adds up.
The place I did my summer stint at was 1200/week divided up hourly (about ~30 an hour) for the first forty hours, then half that (15/hour) for anything over 40 hours. Averaged about 95 hours a week. 2000 upfront for housing, cut to 1200 by taxes.
I do know a sophomore summer in the same group I was in had a different pay scale, making 15/hour base for the first 40 hours and 1.5x thereafter. Unfortunately that meant he'd have to work something like 110 hours to break even with the juniors.
my pay this summer is pretty similar to yours, 60k pro rated with 2k relocation/housing, about 60 hrs/week plus overtime after that. I know Bear Stearns FAST pays 20 an hour w/ no relocation bonus...not sure about overtime though
actually in accounting firms we get overtime. $25/hr + 1.5x overtime. Im in TS so yes we do get a lot of overtime.
actually in accounting firms we get overtime. $25/hr + 1.5x overtime. Im in TS so yes we do get a lot of overtime.
A friend at MM made $5000 per month. Accounting firms pay probably higher on per hour basis (I have seen $27/hr+1.5X OT) but less in aggregate (monthly) since 40-50 hrs/wk is pretty much the standard.
MoCo pays 15K and then a discretionary bonus. The LA firms tend to do a lot of hourly pay I noticed. In NY anything major will pay 12K then a 2-3K for housing(within banking at least).
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Pro-rated $60,000 salary for the length of the internship. $5000 signing bonus with $500 stipend for travel purposes when relocating.
SA at MM in NYC 1050 a week for ten weeks, no mentions of any bonuses or overtime.
I was thrilled about it too until I read his threat. Im still happy about where I'm going.
I'm a little confused.. after reading some posts on the HF forum most people say their hourly pay is around $20... so why do so many people dream of moving to HF for the higher salaries?
We're Italian, "WACC" means something else to us.
Because people don't dream of becoming summer analysts. Hedge funds pay their senior people much much more than $20/hr.
comparatively, SA's at hedge funds add a smaller percentage of the value more senior people add than SA's at banks do...in banking, you can just roll in to the office and learn 50 percent of the tasks you need to do even at the senior level almost immediately. At hedge funds often you aren't doing a useless, value creating task during internships, and you are basically picking up less of the grunt work than SA's in banking (since less exists).
I just got my papers from UBS.
Im getting 2k up front. 60,000 pro rated salary for the first forty hours of the week as well as 1.5x overtime. They told me I could expect to work 10-16 hours a day depending on how busy they are. I think that its a pretty good offer.
Your 60000 pro-rated offers already INCLUDES the overtime.
It depends where you are going for UBS. If you go west coast the 60K does NOT include overtime. It is added to the base salary.
No it does not matter where you go. I have received offers from 2 BB banks and one Boutique investment bank for SA, and none pay hourly.
Think about it. If 60000 was prorated for 40hrs/week that would be 5k a month/160 or $31.25 per hour. Considering most SA work 65+ hours, this would mean that "overtime" would pay $46.88 per hour.
Get real, FT analysts at Goldman Sachs dont make that per hour (excluding bonuses of course).
You received offers from 3 banks, so, of course you know how all banks on the street and around the world pay.
...sigh, ignorance: such a frustrating trait to deal with.
Please get your facts straight. I do not presume to know what every bank pays, however I do know that no bank would pay 60000 base for 40 hours and 1.5X for anything after that. That is insane. No SA will ever make more than an analyst... Perhaps he meant Summer Associate?
...sigh, ignorance: such a frustrating trait to deal with.
To settle this, yes, some banks do pay overtime. DB did up until recently (or maybe they still do). CS pays overtime, as well.
"giocatoredoro"
Here's some news for you... My friend at Deutsche Bank made 60k prorated and 1.5 times overtime + 2k housing, last summer. Came out 20k richer by the end of the summer.
"To settle this, yes, some banks do pay overtime. DB did up until recently (or maybe they still do). CS pays overtime, as well."
Gametheory, I think DB used to do 1.5x but from this year they are starting to do .5x
No, I'm not mistaken. I've heard of people making upwards of $30,000 in a summer. Don't assume you know everything; it's going to hurt you when you get into banking....IF you get into banking.
£600 p/w ($1186.14 p/w) @ M&A firm in London Summer Intern
Minus a crapload of income tax probably :(
Bonuses / overtime etc. = v. unlikely
Real Summer Analyst Pay (Originally Posted: 04/22/2008)
Guys, I know this topic has come up before, but I just wanted to know for those of you who have accepted SA offers what are they paying you. Please post only first-hand information..not "i heard so and so".
Also what city was this in? Personally I will be earning 1360/week inclusive of all overtime. I just want to get a broad range of what is out there
last year i made 1153 a week plus a housing stipend. i was at a BB in securities. i can't remember if we got a signing bonus - for some reason i seem to remember getting one, but don't quote me on that.
housing stipend = signing bonus basically.
60k prorated [1153] + 1k signing/housing for me BB IMD, soph. NYC
When I was an SA, I made $1500 post-tax bi-weekly plus a 4000 signing bonus/housing stipend
1154 a week plus 1750 signing bonus. No idea about overtime but not counting on it.
I know this topic has been touched on before, but...
If overtime is given, will it always/typically be explicitly stated in the offer letter?
It should be specifically stated, I think it is safe to assume that there will be no overtime for a SA though. I wish I got a housing stipend though... Does anyone know if the SA bonus (if any) is given at the end of the summer?
60000 prorated (1154/wk) + 1k housing from firm i accepted
a couple of other firms offered 60000 prorated + 2k housing
60000 prorated + 3 k housing
1200K per week, 1 K signing bonus and 1 K ending bonus at BBish investment bank
This year as an MC I'm making 1000K plus 1K signing (though no one asked)
60,000 Prorated plus 2k bonus for in Stamford, CT
Regarding overtime, would someone like to interpret this line in my contract, because from what I've heard overtime is already included, but this line makes its sound like you get paid on top of the 60,000 pro rated salary
"As an intern, you are eligible to receive Premium Pay for hours worked in excess of 40 hours/week in accordance with the premium pay policy. You are required to record your time worked on timesheets on a weekly basis..."
Hmm, this is the first I've heard about prorated salaries. I'll be paid by a BB investment bank on an hourly basis in Manhattan, a little over $25/hr, with eligibility for overtime pay (time and a half) with a $1500 housing stipend. So a bit over $21,000 for 10 weeks total before taxes working 65 hours/week. Then again, I'm an OMS SA in the IB division. So that doesn't qualify me to be an IB intern.
I'm getting 1154/wk plus $2k sign on. The $2k ends up being around 1100-1200 after taxes, not sure if we get any of that back.
This is for a SA at a well known MM bank in NYC.
60k prorated w/ 2k housing stipend.
btw, does anyone know when we'll actually get that bonus?
It is usually included in your first check
for a BB in banking:
$1,154/week ($60K pro-rated) with a $2K "housing stipend" or signing bonus
$5040 a month plus housing (approx. 2200$) plus airfare
Top 3 BB in NY, $1154/week, $2000 housing, + $500 limit on travel/meal/airfare to be expensed.
Not to seem like a total asshole but $1200K is $1.2 million- I guess you meant $1,200/wk
So what do you do? -I work for an investment banking firm. Oh okay; you are like my brother, he works for Edward Jones. -No, a college degree is required in my profession
$1,150 a week ($60k/year prorated) + $2K signing
$700/week (after-tax)
New York, NY $60,000 pro-rated salary $5,000 signing bonus $500 travel stipend
You got a $5000 signing bonus for a SA position? Jesus...
Last summer, 2k + 1150/wk.
$60,000 pro-rated + $2,500 housing bonus for BB in NY
5000 sign on? man that must be some amazing bank. Although i can't figure which BB is doing this. None of my friends mentioned it.
Wow, you guys are so lucky, you are going to make a lot of money. I hope it will be a good experience.
Good Luck to all of you.
The bonus is mainly going to be used for housing. The bank reserved some rooms with both NYU and EHS, but I was too slow (lazy?) in trying to get the NYU housing finalized. EHS is more expensive (from everything I've heard) so a good portion of that bonus is going straight to housing.
As for the bank, I'd say it's a top 3 firm.
Honestly, though, the summer pay for all of us is really insignificant in the long-run. Sure, it's going to be nice heading back to school that final year with a some money in our pocket, but it's relatively small when you look at the big picture.
S&T at major BB 2500 signing plus 60k prorated. My friends in ops are getting the same plus a 5000 signing bonus... :-(
Not a BB, one of the top boutiques:
$3000 signing, 60K pro-rated, 3-7K bonus at end of summer based on performance.
SA Pay (Originally Posted: 06/03/2009)
What is the salary for those who have done SA programs?
Is it hourly as in $20 x 80 hours a week = $1600/ week or is it just set pay?
I'll give you not an answer, but a thread:
http://www.wallstreetoasis.com/forums/summer-analyst-compensation-for-2…
Search is your friend.
Average SA Pay (Originally Posted: 03/27/2010)
Hey now that BB interview season is basically over I was wondering if people could shed some light on what the average SA pay was for SA in NY. I know it does not matter in the long run, but I am curious to see the variance in pay and other perks. Was everyone's relocation stipend 2K? Is all pay pro rated at the new 70K base? For IBDers, how much is overtime?
Thanks in advance!
70k prorated no relocation
$40 - $45k over 10 weeks at CS in CA.
Yes that's right, SA @ CS in CA make more money than Analysts over the summer.
Is this the case with interns in NY (PE specifically, probably a little bit less than IBD because of hours I'm assuming)?
.
dude i am tired of this Gridley troll. Why don't u just go hump the tramp stamp.
That Gridley & Co has to be bullshit
My second cousin's friend told me that SAs at Pipernancial GridLOLogy Broadview Partners make ~$200k + $40k relocation for the summer (1% of full-time pay).
Seriously, there's been so many threads on SA pay, both for 2009 and 2010 SAs. Use search please.
You think that's the shit? Financial Technology Partners, known as "FTP" to people "in the know" pay their SAs 500 gold bullions, a tithe of oxen and sheep, and from their storehouses they provide the increase of their corn, spices and oil from spring harvest, as well as stalls for all manner of beast (20% of full-time compensation).
CS $92.5k prorated... so i heard.
42 K pounds GS and ms prorated in London 44 k merril
£42k + £1k relocation for JPM and UBS in London.
Standard package.
GS: 70k + 1k relocation MS: 70k + 2.5k relocation + .5 overtime over 40 hrs BAML: 70k + 2k + 1.5 overtime over 65 hrs CS: 70k + 2.5k + 1.5 overtime over 60 hrs
my offer was prorated on the old 60k... but they did say that their FT analysts are given the 70-80k market base wage, just that they haven't adjusted for the SA yet.
Summer Analyst Take Home Pay? (Originally Posted: 05/22/2011)
If I am making $5000 monthly, how much will I expect to take home as a summer analyst in New York? Will I stll be subjected to the 40% tax rate even though I am not a New York resident yet?
I got all my money back (total ~$18,000) after filing taxes this past April; you should too, because essentially you're a poor student who'll only work for 3 months this entire year.
Is 18k what you made all summer or the amount taken out just in taxes?
If you don't mind me asking.... How much of that $18,000 were you able to save with the cost of living in NYC?
^All summer
You made 18000???? damn thats a lot.
You made 18000???? damn thats a lot.
That seems about right for IB summer pay assuming roughly 80hrs a week on average and if you receive overtime. Actually you could expect approximately 17,000 - 18,000 for roughly 80 hrs on average. If your hrs are really bad for the summer you could expect 20,000 - 25,000 if you are average a 100+ hrs a week.
What did you make a week if you made $18,000 and did you live in the city?
Who paid $18k? Did you get like a bonus or something/are you including your signing bonus for a FT offer? Everyone I know at BBs is at $14k+2k + travel. I know boutiques sometimes pay FT analysts more, is that true for interns as well?
Anyway, you won't get all of it back, but you won't end up paying more than a couple hundred in income taxes. Expect a huge tax refund because governments still haven't grasped the concept of a summer job yet--I got almost $800 at tax time after making just over $6k last summer.
You will lose 7.5% or so in FICA/Medicare taxes, those you won't ever see again. Not until you're old, anyway, assuming the system hasn't shit itself and collapsed by then.
a lot of banks pay overtime so the prorated + bonus + OT
some people in NYC take 20 - 25k
A couple of my friends made about 25K gross last summer, so def not out of range... esp with OT + relocation...
18k is a lot for the summer. So basically, I will be charged taxes during this summer, and expect to recieve it next year?
Yeah, you'll get most of it back next April.
^Yes, and I lived in NYC --spent about 3500 on rent. Didn't really pay much for food because I lived off of seamless. And pretty much every penny went to my fall tuition..haha.
And futurebymonkey, it looks like you'll be working for BofA --my friend who worked there last summer got about 19,000-20,000, which includes overtime.
Let's not get too excited about SA pay. The only things that matter at this point are:
1) Can you afford to live where your interning
2) Is the internship the best experience you could have possibly gotten
3) Are you meeting people
Just like all the guys here say don't worry about pay at the junior levels, I wouldn't worry about the internship pay. If you really want to work at JPM, but DB is offering an extra 10k this summer, are you going to take the risk of going to DB and not getting to network as much with JPM? If so, you need to recheck your priorities.
Summer Analyst Hourly Pay - Low? (Originally Posted: 03/17/2012)
I'm an active reader of this forum, but it's my first time posting. I'm a junior at Michigan, and just received a summer analyst offer from a reputable middle market investment bank in NYC. They're great and definitely well known. But, I'm only being paid about $12/hour and my contract doesn't mention anything about relocation bonus or overtime pay. Does this seem a bit low? Or is this normally what it's like for middle market banks?
wow that's really really low. i got $15/hr working as an SA at a no-name boutique in a different city.
That seems low. Even if they pay overtime and you assume a 60 hr work week that only gives you ~$44K a year. Normally BB's just prorate the $70K salary +signing. So for a "reputable" MM firm that doesn't seem right. What type of position is this?
exactly what I was thinking. I'll be in their investment banking division as a summer analyst.
Do you have other options to negotiate with? If not, shut up and take it.
LOL in NY paying $12? Holy shit even Big 4 interns get paid 2x as much. That said, yeah dude if you have no other options, suck it up and take the offer. You have no leverage to command anything else at this point.
stop bitching
Wth...If they're a well known middle market firm such as BMO, they would not be paying you $12 an hour. In this economy however, I would not complain and take it if it's the only offer you have.
Definitely does seem low, but it's more than zero and gives you some great summer experience. We are paying higher with OT at a MM bank, but also only took one guy out of over 250 resumes. The experience is worth far more than the $12 an hour.
yea ill be at a mm at its 70k prorated but no signing bonus or ot.
I have either received offers or know people who received offers at most of the top mm in nyc and chicago and none of them pay $12.
seems like a lot of people have the same opinion. I'm not bitching, just really surprised, but I will definitely accept the offer. I've never heard of anyone paying that low, most of my friends summering at Big 4 are making twice that much, maybe even a bit more. I just figured it was extremely low, and was wondering if other people have heard of other people making this much. Seems like they're in pretty bad shape then...
I'll take a guess and assume this is RBS
wtf does it matter you fucking shit head. You really have such an inferiority complex that you need to know which bank it is?
nope, not RBS.
What is with all these threads asking can I negotiate my shitty per/pay at my SA position when I bring nothing to the table? Listen up I'm a sophomore and I'd be happy to take the position you have for half of what you're making/hr so if you hate it so much do something else. This entitlement bullshit needs to end. People wonder why America is turning into a welfare state. My generation doesn't know how to do shit and whats things they haven't earned yet....
Wish I had a credit to +1 this. This is especially true for finance. People need to stfu and get back to work. Nobody is owed anything in this business, especially these days.
Agree with your comment about entitlement bullshit needing to end. However, I think he was just asking IF, in fact this was a low wage. And hey, if he's paying his way through school by himself, then it's a valid question.
I don't see what you're complaining about, if you actually work banking hours then you'd be making $1210 weeks80-100 hours per week = anywhere from $9600 to $12,000. $70k prorated will take you to somewhere between $13 and $14 thousand. Yeah, it's a little low, but if you're working the hours then you're making plenty of money. If you're not working the hours, then you have nothing to complain about.
Take the job, do the work, leverage the offer next year.
This, if you are actually getting paid for every single hour (ie not a prorated salary with an hourly calculation based on a 40 hr week) and if you are paid overtime you could end up around the same as BB SA. 70k prorated at a BB only works out to like $16/hr assuming an 80 work week and as far as I know most BB's in NYC don't do time and a half overtime. Most BB's do give signing bonuses around 2k though.
SA pay (Originally Posted: 05/09/2012)
Guys,
I FINALLY landed an SA offer at a decently sized boutique M&A shop. It is paid, however my pay rate is hourly, $10/hour. To be clear, I am not complaining about my pay, in fact I was expecting, and willing, to be unpaid!
I expect to work 75-90 hours per week (they were pretty open about this during the interviews). Is it standard to be paid $10/hour for all 75 hours? Or do firm typically pay you for 40 hours and say you chose to stay late every night for the experience?
I would reach out to HR, but she is on vacation and won't be back until after I start anyway. Just looking for some insight from WSO to plan my summer monies.
Thanks
There's no reason why you would only get paid for part of your hours...
I think, as I understand it, he's asking why he's not on salary if he'll regularly be working 40+ hours per week since everything over 40 is 1.5x regular pay. At least I thought so.
Standard pay, in London it's usually £1k/week add or take a few.
That's definitely not standard pay. BB's prorate $70k for the 10 week internship. Other firms have different policies so there really is no standard.
You should get paid for every hour worked. Technically you should get time and a half for any hour worked over 40
This.
Hope for the best, plan for the worst. But you are getting paid by the hour, you should get paid for every hour.
that a lot less then ill be making what city is this?
You will get paid 1x for the first 40 hours, 1.5x for anything else. Expect around $9-10k for 10 weeks of work.
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