How much should a sophomore internship pay?
I have an internship at capital one and it pays around 41ish. I was wondering if that is good or if I should keep looking?
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Based on the most helpful WSO content, sophomore internships in finance, particularly in investment banking, tend to pay an average of $94/hour for Intern/Summer Analyst roles. However, compensation can vary significantly depending on the industry, company, and location.
For a sophomore internship at Capital One, a pay rate of $41/hour is solid, especially if it's outside of traditional investment banking. While it may not match the higher rates seen in IB, it’s still competitive for roles in other sectors like corporate finance or financial services. Additionally, Capital One is a reputable name, and the experience could be valuable for your resume.
If your goal is to transition into investment banking or a similar high-paying field, you might consider leveraging this internship for networking and skill-building while keeping an eye on future opportunities. However, if you're satisfied with the role and the learning experience, there's no immediate need to keep looking.
Sources: 2020 Summer Intern Salaries, Sophomore Summer Internship..too late?, What do sophomores usually do for internships?, What's a good salary for internship as an analyst in an asset management firm, Sophomore Finance Experience/Internships?
As a sophomore you shouldn’t be focused on money — focus on getting relevant experience for FT. The money you make as an intern will pale in comparison to full time, and tbh you probably don’t even need that much money anyway until you graduate and move to a city.
41/hr for a sophomore summer internship is fantastic. But as said above, the internship that summer shouldn't be focused on money.
For reference, I worked at a decent MM PE firm during my sophomore summer and got 1,000/week (no travel or meal expenses paid either) for 60-70 hours of work.
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