IB SA Pay Across Street - Question

Hey guys

I got an offer which is $1700 a week, $1 K signing, so 18K for the summer all in. I was told explicitly I would be working 80 hours a week on average, maybe more.

Two Questions:
- Is 18K for summer, or at least 1700 a week, typical street for a Summer Analyst? There isn't any bonus or anything involved.
- Is 80 hours a week average for a summer analyst? Isn't this on the high end...

Thanks a bunch guys, you guys have been awesome.

 
  • 1700 is well above street. Typically it's 60k prorated over the weeks you work.

  • 80 Hours a week is on the high end, I would say.

Banking > VC > Tech PE; PM me if you would like any advice I'm happy to help
 

DaniNo, this offer is at an MM (top 30 Vault) so keep your options open - AND, the best thing about MM's, is that they place you into the group you want if they really like you.

Arcanne, what is the ave. working hours per week for an SA in a BB M&A Group based on people you know/what you've heard? That is the group I am in, I thought it was weird when they told me I would be working 80 a week...who tells a potential incoming intern that...

 

80 hours is probably right for an intern. It takes you 30 hours a week just to figure out how to order dinner on Seamless Web.

Don't forget, the first years will try to start pawning work off on you as you become capable. The weird thing about being a summer analyst is that is most cases, you have more leverage with the staffer then the first year (They still want you to not hate your life enough to sign up full time)

 
Best Response

Public Equity - do you think my ending up in an M&A group (first choice) is the reason why I may work 80 hours a week - or are SA's expected to take the same amount of hours across all groups?

Btw, I'm not pre-emptively bitching about working 80 hours a week, since 1700 / week is wthin the Street standard for that many hours. I am just wanting to baseline the MM offer with a BB offer (ECM) and fully understand my options. I want to learn as much as possible, so my offers range from MM M&A, to MM PE, to BB ECM...definetely leaning towards the former most.

 

I really think 80 Hours were just to kind of prepare you for the worst (but yes, maybe M&A jis a little more intense) They don't want to hire you if you would be scared off by the hours. Internships are filled with events and even a little of them sucking up to you in order to get you to sign up full time, so the hours won't all be spent at your computer. Yes, 80 hours sounds bad... but its one summer, and you are getting paid a shit ton according to your information. Even assuming worst case 80 hours, you would still be making ~$21 / hour.

 

so wait, summer analysts usually work 80 hours or less? This is a big surprise, I thought they would have to work the same as first years.

I've had boutique firms tell me that I can expect 18 hours a day if working there as an intern.

 

Wait, when you get paid overtime, that means there is a base hourly rate? Weird. What sort of hourly rate do most banks have? For example, if I do average 80 hours a week, make 1700 a week, that ends up being 17-18 an hour (40 norm, 40 OT) not counting signing bonus. That doesn't seem like all that much if you think about it.

Also, re: Lehman, the summer program is 1150 a week with a 4K signing? For 8 weeks, thats 13K, plus can't you ask for your stay to be extended in the middle of the SA program? Btw, I got cut from Lehman 2nd round so don't have any vested interest in the info.

 

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