What's the norm salary for Ibank interns, either at a BB or MM? I was thinking around 10 g's for the summer maybe more. If you have been a past intern would you mind posting how much you made for the summer
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its generally the normal yearly rate (no bonus) pro-rated for the time that you're working there (so approx 5k/month if normal yearly rate is 60k)
It is not anything "for the summer." It's based on how many weeks you work, because your comp is weekly.
Well for the BB the salaries are all basically the same. Most are 10 week/60k pro-rated and approx a 1k "housing stipend." Some, like Lehman, are only 8 weeks but compensate with a larger housing stipend. It all works out to about $13k pre-taxes.
sounds about right
What about these 'overtimers' that we keep hearing about?
Going rate for college juniors is $25/hr
I believe that deutche paid overtime and possibly CS.
but from what i understand that only for OPS
Wachovia pays overtime, 1.5 of normal hourly pay for anything past 40 hrs/week.
wachovia interns only work 8 weeks, though. salaries, or so i'm told, typically come out to the ~13k that people will earn at other banks working 10 weeks.
is Wachovia even worth mentioning here?
STFU. Wachovia is a decent mid-market player.
If I were you, i wouldn't be worrying about salaries at this stage. But about learning a lot and making the right impression to get a full-time offer
haha, people are so obnoxious.
the poster did ask about MMs, which I would put Wachovia into...
sorry that all people can't go to schools that GS/MS recruit like crazy at :)
I'd rather hang with a cool well rounded person from Wachovia than some dickbag ivy league GS prick
Regardless of a debate over which banks/schools are "worthy." I think the real issue is that most college kids get way too hung up on compensation. My approach to my summer was that if I can land FT offer(s), enjoy myself and build a good network while not having to take a penny out of my own pocket and only using what the bank paid me, then it was successful. I think missing out on opportunities so you can squirrel away 1.5k or w/e is just stupid and hurts you in the long run.
60K prorated, $1K housing stipend at my BB
CS pays pro-rated 60k norm. So 2k housing, 12k salary and .5 time after 40 hours. So basically amounts to 20k pre-tax. take home is another story.
Should i bother trying to save?
Does any other bank pay for hours worked after 40?
CS rate is 14.42/hour after 40. So it's not time and 1/2?
??? what do you mean? in my letter said .5 time after 40 5
Yeah, it's def half in my letter too
some CS offices pay time and a half OT (SF/LA)
30/hr regular | 45/hr OT (3040hr+4540hr)*10weeks =30k
Prorated 60k and 2k signing.
30k a summer? are interns going into CS that naive?
naive?
with overtime calc included i heard that DB interns came out of the summer with around 20 all in....i wouldn't expect 30k from anywhere
friend's offer letter: regular wage based on 60k yearly salary divided into 40 hour weeks ~ 30/hr OT wage based on 1.5x regular ~ 45/hr assuming 80 hour weeks for 10 weeks results in 30k they also provide 2k for relocation
and DB summer interns also get paid OT
any info if lehman (london) pays overtime to summer interns? basic salary at lehman goes along with what has been said here already (700 gbp/week plus 1000 gbp one off housing allowance; 10 week program)
lev
The banks may say they'll pay you overtime, but they won't. You guys are naive if you think an analyst will be taking home 30K for the summer.
I just finished my MBA. MBAs at all banks in any role (IB, S&T, etc.) all got there prorated salary, which is 95K, which is a little under 8K per month. Work 10 weeks, make about $20K for the summer. Then get $5-10K for summer bonus. No one made more, and that was last summer.
There's no friggin way an summer analyst is making more than a summer associate. Those "overtime" numbers some of the banks claim to pay you are bs, because they just screw you somewhere else.
How would they "screw you somewhere else"?
As an example, the associate stub bonuses this year were 45K pretty much across the street for IB, S&T, etc. All the same. Well, Citi came in and gave 40K. From my buddies there I heard the rationale given was that the other 5K they essentially already got because Citi actually tries to abide by the overtime rule in New York (most of the banks don't abide by it). So if Citi did in fact give them overtime, then they just took the difference out of the stub. Pay packages the first year or two out of school are remarkably similary from one sell-side bank to another.
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