How should an intern ask for?
Hi guys,
I just got a part-time fall internship with a small hedge fund with 200m under mangement. I had my interview a couple days ago and bascially they told me that I was hired. I filled out the random paper work about myself and then i got an email from them asking me my salary requirements for the fall. The place I will be working at has a 6-person mangement team and a couple other admin people and that is it, so they normally dont hire interns. This is my first internship so I have no idea how much an intern generally gets paid. I was thinking 15 dollars a hour?
Is that too much or too little?
Any help would be awesome.
Thanks
Say "The going rate/standard rate." Its up to them to set your pay, not you. Its almost a trick question.
The BigHomie
i agree with lion.....
as a side note - I've interned a few times at MUCH lower positions (cost accountant, etc..) and usually got around 15+ an hour and that was in the midwest. I'd expect 20ish.
I don't agree; HFs are sexier than accounts receivable depts. but you are trading off a little compensation for the experience you will get and the higher compensation you will receive later in life.
they could easily say "well we usually dont pay our interns, so when we do it's minimum wage" and how can you disprove them?
$15 sounds fine.
What year in college are you? Are you already based in NYC? What kind of duties will you have? Are you basically getting your hand held during this internship or are you bringing certain skillsets to the table? What's the investment strategy of this fund? What's the background of the founders? (i.e. ex-SAC guys, GS prop desk guys, etc.)
If you're actually doing research/analysis, the experience you will gain is priceless.
I am at a state college as a mangement/finance major. I live in the south, no where near NYC. I am going to be a sohopmore in the fall.
I am actually unclear as to the type of duties I will have but I have a lot of work experience in business mangement and marketing. I worked as a co-marketing director for a clothing company for most of my college life and helped the company quadtriple its size and sales in a year and half. I got paid 23 a hour working 20 hour weeks. I was very lucky to get the position.
I took a lot econ and financial classes in college as well as the wall street prep. I guess I am okay in the basics. And they did interview me pretty extensively in what i know.
The fund I am working with was started by a couple guys from Desutche bank a couple years back.
I mean I guess i worked in stressful enviroments before but never in finance.
Does anyone know what I can expect?
you should not ask for 15. u should just tell them anything is fine. i got an internship at a HF for the summer and when they asked me how much i made last summer, I said$13 but anything was fine with me. luckily, they offered me 15.
Yeah, I don't think you have much leverage as a young intern to negotiate pay, but $15 is decent and you should get time and a half for every hour over 40, which number you should blow by if you're doing your job right.
Haha he will be going over 40 hours if he's doing his job RIGHT?! Finance is so warped.
That's right.
update*
got the offer, $22 a hour, expected to work 25 hour weeks ( i still have classes)....
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