Intern pay -> full-time offer figure
I'm asking this question for a close friend. If you’re familiar with this topic your help will be appreciated.
She is an undergrad Advisory intern at one of the Big 4 firms, and her summer compensation:
Monthly base of $4,600: Translates to ~55k or $26.50 an hour. (Bigger City: NY,CH,DC)
The full-time offer rate to interns is very high given you’re not terrible. Since I work in consulting, she asked me if she should expect the 55k as her full-time offer or if it would be a bit higher?
Her only reason for asking is because she intends to live with her friends who are 1-2 years out, but wants to make sure she can afford it beforehand. I don't want to mislead her so I'd like to get some input from some of you guys and girls that might have a better idea.
What to Expect When You Move from Intern to Full-time
Big 4 firms usually extend full-time offers to interns as long as they perform relatively well during the internship. The full-time offer may not be much more than the annualized internship salary, but here are what some WSO members have experienced:
- She should/may expect around a 15-20% bump (63-66k) as her starting salary
- Depends on if she is hourly and is qualified to make overtime as well
- Extrapolated base pay of my internships worked out to be 81-89% of the base pay of the associated full time offers
I don't know for sure. However, I wouldn't expect a huge bump - 55k sounds about right for advisory.
I wouldn't expect it to be higher.
Over-worked and under paid, not gonna be higher.
OK. The consensus is that she shouldn’t get her hopes up for higher than 55k.
My question: why would they pay an intern the same rate they pay a first-year? I don’t know ANY firm that does that not to speak of big 4. That’s why I think this number is lower. Also in case you missed it, it’s a big market, not Cleveland. People I know in the area started at 60-68k. (Still low in my book but that’s not the subject at hand)
Answer: to get the intern to commit to full-time. I interned in audit at one point (med size) and due to hourly/overtime got paid WAY more than the staff for the time I put in.
I am not positive, but I knew some people from Big 4 who had made less than the interns on an hourly basis.
I got an offer for $4850 base (x12 = $58,200) to be an intern for an Advisory position with the Big 4. My friend at the same office got a full time offer for $60,000. So she may get a slight bump, but I wouldn't count on anything.
And most people in Big 4 make more as interns than first or second years, especially considering the hours.
To echo the above I wouldn't expect any more than 63k in NYC, not sure about other large metro areas but I don't imagine it's much different but likely a bit lower.
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