Comp for summer interns?
How much do MBB/T2 firms pay for summer interns? I know Strategy& pays 41/hr and I think Parthenon pays 31/hr. Why is there such a big discrepancy?
Nov 29, 2020
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From 10 rejections to 1 dream investment banking internship
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MBB doesn't pay interns hourly. They're paid at the same rate as full time employees.
Bump
MBB intern pay is relatively the same as full-time base pay (~$90,000), pro-rated to start and end dates (~$1,700/week).
You can find pretty accurate info on ManagementConsulted's salary report.
no...MBB pay is worse if you do the math. Its roughly the same if you assume a 40 hour work week, but nobody at MBB works 40 hour weeks. Similarly at Strategy& ppl aren't working 40 hour weeks. And don't forget about overtime. Let's say interns are working ~60 hours per week.
S& Pay: $41/hr*60hr/week = $2460/week + overtime of 20 OT hours*$20.5/OT hour = $2460/week + $410 OT/week = $2870/week
MBB Pay: $~1,700/week / 60hrs/week = $~28.3/hr
This is coming from someone who took MBB over S& and was really shocked by the disparity in wages.
Wait fr? That difference is insane. Is this the same across T2 shops or is S& an outlier in terms of comp?
While this is true at 60 hours/week, that is a strong assumption. It is likely that because of the comp structure, S& has a strong incentive to have interns work less hours. As an MBB intern you would be average a bit less, likely 50-60 excluding travel, unless you're on a PE rotation. Just to gut check your math here, to say that S& is paying undergraduate interns $2,870/week is to say they're paying them $150,000 on an annualized basis, nearly 70% higher than what they're paying full-time undergraduate consultants.
Does anyone have any insights on T2?
I have heard similar things about Strategy & and EY-P.
Similar things as in pay is similar on a per hour basis?
I can confirm with above My MBB is paying interns a little over 1700/week
Oliver Wyman is paying interns 1600/week with a 2.5k signing bonus
This whole thread is making me feel underpaid at my mbb :(
Turns out the big brain move is to take the S& internship and MBB FT
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