14$ an hour?? Negotiating salaries in finance
I am a junior in my undergrad and recently got an internship opportunity at an investment management firm in a medium-sized city (think Charlotte or Nashville). HR has let me know that I will be making $14 per hour at 40 hours per week. Is this normal? Does anyone have experience negotiating/discussing a higher salary? I would be relocating to this city and would need to cover the costs of moving. Any help would be appreciated!
$14/hr seems very low. Sophomore year I made $25/hr, granted in a larger city (NY/SF/LA). This summer is prorated but higher than last year.
But honestly seems like a bad look if you negotiated intern salary. Much more reasonable for FT.
I'd say this is pretty normal for a lesser-known investment management shop in Charlotte or Nashville - maybe a little low but nothing crazy. They don't need you as you will most likely contribute pretty much nothing and it's more so a nice thing for them to do by bringing on an intern. I wouldn't negotiate higher unless you absolutely cannot live there after budgeting out expenses, and you provide clarity on that while negotiating. Best of luck.
Those high ass salaries that are like $40/hour only come from bulge brackets in NYC or like the more formalized corporate company internships (if you get what I mean). It sounds like you're at one of those 10 or 20 people (at most) boutique firms, you don't really get to negotiate your salary here. If you have to move here, I suggest looking for a buddy or searching for cheap dorms that are renting. Otherwise, these people will consider that you should 'be grateful' that you have SOMETHING for this summer. It sucks but it's the truth.
For the role as described, that seems about right. My Sophomore and Junior internships were at non-IBs w/ 10-15 ppl at the firm and I was $15/hr in a slightly bigger / higher COL market. Even if it were below market, you really have no leverage.
My sophomore year internship was $15 hr doing corpfin
Might be better to ask for a housing stipend or help with relocation. Pointing to a reason makes the ask easier.
Similar to those above, my sophomore internship is $15/hr at an investment management firm. Very unlikely that you will get them to increase it without a very good reason. Did you mention to them that you would be relocating and would need financial assistance in covering the cost during the interview process? My freshman summer I was paid $15/hr and was expected to cover my own relocation costs.
My internship in NYC I was making what came out to be like $21 an hour for 50 hours a week... Yea that was kinda a rough summer.
same... I got $40 something at a bulge junior year
$14*40=$560/week
CARES Act PUA Unemployment currently pays $800/week
In some states $15/hour is minimum wage...sooooo......
sophomore at BB. 18/hr. you’re fine.
Unless you really need the money, I do not think negotiating is a good idea.
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