I know banks like Goldman, JPM cover your food expenses upto $25 if you work late at night i.e after 8 or 9pm.
Are interns also eligible for this? Will this be frowned upon by my VP and Associate if I order food late at night using this free service?
Any previous interns or current full times, please reply.
Also what is the policy on the back office summer analyst roles? Are interns in back office get meal allowance?
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Yes, interns can use it. No, you will not be frowned upon. Relax.
My friend A receive an IBD offer but this is not mentioned in his offer letter? So should he just assume he will be given meal allowance?
Also what is the policy on the back office summer analyst roles? Are interns in back office get meal allowance?
Wtf, get the offer before you start worrying about these kinds of policies.
Also as a side note: I don't think too many people in BO roles work very late nights compared to those in IBD.
Troll
Guys, it is going to differ from banks to banks; it might even differ from team to team.
No point asking here, just ask on your first day/first week on the job. No one is going to fault the guy who ask a honest question. Don't be the guy who tries to claim when it was not stated, but got the advice online.
Yes ofcourse asking on the first day is an option. But I have offer from a tech firm (with good perks) while a BO/MO role in financial. so i am just comparing perks
I am too embarrassed to ask this to my financial recruiter as I know perks is not a good way to compare.
Okay, I see where you are coming from. And honestly, I think it is a reasonable request to ask the recruiter, "HR-name, I have another pending offer with another firm, and would like to know more about the position and any additional perks, etc etc". I think it is fair.
However, I believe that those 2 roles are HIGHLY different. I don't think that perks will should make/break your decision. I mean if you are comparing 2 BO/MO role in financials, then I absolutely believe it is fine to compare the other perks. But these 2 roles seem very different; I don't think perks should play too big a part.
Sorry, but one of the dumbest things you could do is seriously factor seamless perks into a job decision at your level (or any level really). I could think of so many more relevant data points when it comes to evaluating multiple offers besides a late night dinner perk. Feels like you're really overcomplicating a decision. You need to chill. Do not call HR to ask about this or any other "perks". This is a fucking internship...
..........
No.
Everyone at GS/MS gets the same late night (car/food) perks. Interns through MD. FO to BO.
This is going to depend on the company, location, and team. Started in a full time BO position for the largest US bank and some teams didn't even have free coffee.
which bank?
Car Service for Summer Analyst (Originally Posted: 04/08/2016)
Hi I need your help! I am interning in a top PE house and would like to live home in New Jersey which is 13 miles away from the office in NYC. I expect that I will work after 9 pm and will be eligible to get reimbursed for the car service. But if I do this each night for $60 per ride, will I catch unnecessary attention? You imagine $3000 car service for the ten weeks internship? Wall Street is cutting the expense like crazy. How much is the car service if I live in lower Manhattan but work in Midtown East？The firm doesn't pay any rental subsidy. I live in a multi-million dollar home, sweet home. Your honest opinion is greatly appreciated.
Late night Seemless is a necessary evil...not a perk. It should be your goal every night to not use it...although you will usually fail. Compensation, let along ability to access free meals should be the least of someone's concern when choosing an internship. It's 10 weeks and provides a gateway to future full time employment.
That notwithstanding, no associate or VP would ever care about how an analyst uses Seemless unless an analyst uses their portion when they're still in the office.
Not complicated. Just ask HR if its okay to take the car service or not.
Thank you so much Luke! I did check with HR. I told HR that I had difficulty in finding a place and decided to stay at my home in NJ. HR wrote to me saying that they do provide reimbursement for car service if working past a certain time ( I know it's 9 pm). You will be able to submit reimbursements for these cabs. Somewhat I am afraid HR doesn't even know it's $60 a day and $300 a week. Last year's summer intern (now the 1st analyst) told me that he worked till 9 pm every night to get car service. I am sure there is plenty of work to do. But my manager sees the bill, he probably would ask me to go home before 9 pm. I will then have my parents come in to pick me up. Pool Mom and Dad! Or I could wait till I finish the internship to ask for reimbursement. I hope to get a full time offer.
Taxi reimbursement after summer analyst stint (Originally Posted: 11/22/2017)
So, its been like 3 and a half months since I finished up at an IB intern at a BB, and I submitted my last set of taxi receipts, but I have still yet to receive my reimbursement. I reached out to the intern assistant who was handling this, but she never responded. How do I proceed? Reach out to HR/one of the analysts I was close to? Should I just say fk it? It was like $400.
For what it’s worth, I only received mine about a week ago... They might just be incredibly slow.
Are you returning? I was originally told by some of the analysts that the reimbursement comes along with the first paycheck (roughly a year later...), which is ridiculous.
Nah man I'm not returning, lateraled somewhere else. And yeah, a whole year??? This is some bs.
Still waiting on ~$700 for flight and taxis from a BB. I mean, I didn't get the job and now you gotta make me beg to get reimbursed? Come on...
They'll take a while...
Do SA get the same perks as FT employees? (Originally Posted: 04/19/2017)
Title pretty much says it all. If FT employees receive $30 dollars for dinner would SA get the same deal? Additionally, do SA get reduced/free ubers back home if they stay past a certain hour?
Thanks for the help.
At my bank you get all the banking specific perks (meals, ubers, etc.), but you aren't eligible for 401k matching, some of the pre-tax offers like for public transit cards, maybe some others.
What about bottle service, hookers and blows? Are interns privy to those perks?
Yes, SAs get the $30 for dinner and free ubers after 10pm. We got a 401K started as a summer, but then they cashed it out and sent us a check (even if you were returning) after it. They didn't match but gave us like $50 to start it off.
Summer internship perks in London (Originally Posted: 06/19/2016)
Hi guys,
I will soon begin my summer internship in the London office of a bulge bracket bank.
In my last internship (in continental Europe), the Company gave me an iPhone and a laptop. Is it also the case in London?
No, I doubt it
SA employee benefits (Originally Posted: 05/20/2008)
I was wondering if Ibanks give any type of employee benefits (like being able to purchase a laptop with a discount, or something like that) to summer analysts. If so, which banks and what benefits /discounts?
I got to purchase a copy of Office 2007 for $20, which was pretty sweet.
I get to purchase Office 2007 from my university for $7. Also got vista for $11 though I never did choose to upgrade from XP. I'm not sure what benefits you get, but I guess you get discounts to gym memberships and all.
What about health, dental, and vision insurance?
They will definitely not provide you with insurance or retirement benefits.
Citi provides medical and dental insurance for SA, im pretty sure
SA transportation to the office (Originally Posted: 05/30/2011)
its my first summer in the city so i googled how to get to my summer job.
it takes about 20 mins via the subway (10 min walk, 10 min ride). i know i'll be at the office by the time car service rolls around pretty much every night. do most people take the subway, or do they just get cabs? how much should i budget/do i buy a pass?
thanks.
Subway pass: $104 for 30-day pass. I'd be careful, especially if you are sure you'll be around for car service time. I'm closer to markets hours, so I got a pass figuring that I'll need one there and back everyday and gasp have free time to go out sometimes. However, buy a $29 7-day pass for training and try to figure out whether or not you should take the car service depending on what the analysts will think of you, availability, etc.
nice. thx
Do perks constitute "compensation" for internships? (Originally Posted: 08/27/2014)
Curious if the law considers that non-cash perks, such as free frent or gym memberships, constitute pay for internships. Been trying to find a good answer on Google, but haven't found exactly the answer yet. Any thoughts on this?
Generally "fringe benefits" are not treated as income for the employee, but are deductible expenses for the employer.
I think there might be a threshold for what you would have to consider. I know that if you have a company car it's supposed to be included on your income. Since you're talking about an internship, I highly doubt not claiming that on your 1040 is going to be even thought of.
Thanks, guys. I was more thinking from the employer's side. Since unpaid internships are regulated entirely differently than paid internships (unpaid interns basically can't do much real work), I was curious if compensating through free/reduced rent and/or other non-cash compensation would constitute proper compensation for a paid intern.
in the eyes of the law, they are more interested in how much tax you pay, based on your compensation. they don't collect tax from your benefits, so it is not recognized as pay.
No.
To circle back, the thrust of my question was from the employer's perspective with regard to paid vs. unpaid internships. Unpaid interns are really not supposed to be working--they are supposed to be learning. So I was curious if unpaid interns being compensated with non-cash compensation would in some manner constitute legitimate pay, which would allow for the unpaid intern to actually work.
Really depends on the circumstances. For example if the employer provides housing that is to their benefit (ie. an apartment complex you work for gives you an apartment so you can respond to emergencies quicker) then it is not taxable to you. Another factor is if they offer it to just you or all employees. If its an unpaid internship, I am assuming its for a short period of time so even if your benefits were taxable you probably would not reach a level that needs to be filed.
Best way to approach taxes is to remember that everything you receive (monetary and non-monetary) is taxable and the tax code provides exemptions for certain items to be non-taxable.
Unpaid interns are unpaid. Giving out perks is not payment.
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