How to find pay for analyst positions at lesser known banks
I am an incoming intern in M&A for an investment bank and I am considering reclassing to get another internship with an even more reputable firm. The firm I am interning at, though, is relatively big in their niche.
My issue here is, I would like to know about the pay for analysts at this place before I accept an offer for 2026 summer, but I will have to accept an offer long before I even start my internship this summer.
Is it ok for me to ask the recruiter that is handling onboarding about this? I feel weird asking the guys who interviewed me.
Firstly I'd comment that the practical advice here is to accept regardless. You've no guarantee of finding another role, and it's better to accept this than be unemployed. You can always renege (which I don't love, but you need to look out for yourself).
Second, if this firm is truly strong in their niche and you see yourself staying in this industry and that niche long-term, keep that in mind. True industry knowledge and expertise is relatively hard to find, and you can get paid very comfortably at these types of firms longer term when you reach those senior levels. Don't make too many big decisions based on junior level pay alone - there are so many things which will impact you longer term.
Third, and on your specific question, if the recruiter is a 3rd party external recruiter, it's totally ok to ask them. If they work for the bank but in, say, HR, then I think it's ok to ask, but maybe try to do it verbally, in the context of a few other diligence questions (say, team size, that kind of thing), and frame it in a non-direct way (e.g. "would you be able to give me a sense of how much the pay of an intern is close to a full-time analyst?"). If they are in the team you'll be working for itself (e.g. a VP), I would avoid asking.
Appreciate the advice, but you are misunderstanding. I am interning this coming summer and I am recruiting for 2026 now. I will have to accept the 2026 internship offer, if I get one, before even interning this summer.
I believe you thought I was saying I am going to decline a return offer before receiving another offer, which is not the situation at all.
I did misunderstand but good grief I didn't know that applications were open for 2026 internship positions - that's nuts.
My thinking is the same though - I'd accept the 2026 internship offer regardless (what would be the downside?) I also think the 3rd point I made is still relevant, so hope that helps!
My worry is that I will accept a 2026 internship and then decide I would rather take a ft offer from my 2025 internship. Would I be able to renege the 2026 offer if this is the case?
Of course. I don't love it ethically (and professionally it hurts to see the juniors we recruited or interned with head to another bank), but this happens all the time. Our HR team even over-recruit with the expectation that we'll have some attrition from the offer pool we make. Look out for yoursel, because not many other people will.
From a social POV, delaying graduation sucks, not sure why you want to do it. That said ...
Feel free to re-recruit and accept the '26 offer if you really want to. You'll have that offer signed before your '25 internship.
Don't tell your firm this summer that you've re-classed. Complete your internship, see if you like it & if you get the return offer. If you get an offer you want to take, that's fine, you can always renege on the '26 firm. Tell them that you are graduating early and no longer want to do an internship in the Summer of 2026. If you decide you don't like your '25 firm / don't get a return offer, you always have the '26 firm waiting for you. Best of both worlds.
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