Compensation Question - Currently a freshman
I'm currently a freshman, and I'll be working with a banking firm (not BB), and the guy I'll be working with (a friendly alum) has asked me to have a compensation number ready for him when I see him next. I've searched through the forum, and know that BB firms typically give 10-15k to interns, but I can't find much on smaller places. Also, this internship's in a foreign country, and the firm's paying for all travel and housing expenses, so I'm guessing he'll be willing to dish slightly less...
I'm thinking of asking around 5k or 6k, but again, have very little experience with this thing. What do you guys think? Too high? Too low?
Thanks a bunch.
How many weeks? What will you be doing?
Well, first of all, you're a freshman. This means you probably won't be able to contribute too much due to lack of knowledge and i doubt they will be putting you through much training. Second of all, 10-15k is obviously the high end of the spectrum for mostly juniors. They are also paying for your travel and housing expenses, which can amount to quite a lot. If I were you, I'd ask for around $3000. That is pretty much what I made working a 40hr job as a freshman intern at $10/hr, and I didn't have any of the other perks.
In my very first internship (not finance) I made US$1000 per month (was in Hong Kong though). I thought that was gracious already.
It depends. As casual you may be paid hourly wage. I think US$12/hr is reasonable, which is what I made after my sophomor year in an engineering consultancy. This magically turns to be about $500/wk, which is a nice round number to give.
(mind you, if you work full 3 months, this is 12wk=6000, not bad! "$500/wk" sounds a lot easier than "$6000" outright. Maybe it's just me)
since it's not a major bank, gotta adjust for standard of living of this foreign country.
$12/hr - $15/hr is good. just multiply the hourly wage by 40 (total hours per week) and then multiply that by the amt of weeks u'll be there...i think that'll be reasonable.
How are you getting all that shit as a fuckin freshman
Thanks for the input, guys. I think I'll go for around 3 or 4k.
Part school prestige, part contacts, but mostly lots of luck.
I think you're going too low. Banks pay tellers $12/hr. If you're doing some real analyst duties, you deserve at least $15/hr. Besides, I don't think you'll lose the job asking for too much. I say ask for $15-17/hr. and go down from there.
Edit: Oops, missed that the firm is paying expenses. Ask for $15.
Maybe ask about 25-40% below whatever bulge brackets are paying....around $6k-$7,500? Of course, adjust depending on how well you know this alum.
Either that, or turn the tables on him and ask him how much the firm would be willing to pay you. Then negotiate up from there.
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