Are interns really making 50+ an hour with overtime at certain banks??
I've had friends at WF/UBS say they got ~$50-$53 an hour on top of the bonus over the summer. Apparently making 16-20k a month because of 1.5x overtime. It doesn't add up at all but I just nod when they tell me instead of trying to call cap.
Just heard another friend tell me his lending/debt originations internship is $48 an hour with 1.5x overtime but he was told he probably will not work much OT and 50 hours max. These sound better than a lot of top-tier IB and even PE offers I know of when you calculate per hour cost since you slave away late nights and do 10-15 hours some days.
Personally, the ones I received (various PE shops) range from 4-4.5k biweekly with ~2.5k bonus. Still a big step up from my sophomore year internship of $25 an hour. I did get one offer that is a bit over 6k singing (bonus+housing stipend) and 4k biweekly. One offer I got from a FoF HF was 40 an hour no bonus too lol. Makes me wonder if I should just apply to one of these banks since apps are rolling... ofc I really doubt that its actually 50+ an hour with 1.5x OT for SA.
UBS sucks ass. They capped interns hours at 60 because of nut job HR, so your OT pay was maxed out at 20 hours a week, even if you worked 70-80 hrs. $53/hr for up to 40 hours a week and 1.5x after that (up to 20 hours). Meal expense policies were also ridiculous as you had to know you were working past 9 pm before being able to use. I think the $53/hr is a standard rate at most banks these days. It's just 110 base on an hourly basis. Sucks if you're just paid on a prorated basis though. WF is legit though. Hourly pay may be slightly less, but there's no cap on hours worked so you can really get the benefits on insane OT pay. Know someone who cleaned out nicely there for the summer
So around $20k or more a month at WF is legit?? That's way over 200 a year lol. Summer analysts would be making more than ft then. How does that make sense? Doesn't even sound worth it for the bank.
No no I don't know about making 20k a month at WF. I was just saying you really can make a shit ton of money because WF doesn't cap hours like UBS. I think gross comp you can prolly clear 40k all in at WF for sure if you work like 70-80 hours a week. But remember after taxes and withholding it's prolly mid to high 20s. Also remember it's only 10 week internship so banks are not paying this on an annual level. Still a very small expense for them to worry about.
Just finished up internship at wells and made 52k gross in NYC. So yeah 20k a month sounds about right since it was 10 weeks
McDonald’s pays 22 now in cali
Yea has to be cap doesn’t make sense to pay a useless intern that much
A lot of the banks in the LA / SF bay area do pay their interns hourly. When you hit 60 or more hours believe you hit 2.0x instead of the 1.5x from 40-60 hours.
I'm close with an analyst out here who made ~$40k during the summer from working horrendous hours and got paid hourly during his internship with his bank.
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