Internship Pay
I'm just curious what the average pay for an internship is for an ibank. Also, how much does the pay go up if the internship becomes a full time position and whether the pay changes depending on the department/group you're in.
My assumption is that it's pretty much the same across the different ibanks much like associate pay across law firms. Please correct me if I'm wrong.
2k housing stipend, prorated 70k for the 10 weeks is pretty standard. Some of the foreign banks pay overtime which pays much more.
it's £40-45k pr in the UK, work that out in $ if you want.
70k prorated for 10 weeks (I didn't get a 2k housing stipend for a top tier BB).
Big difference between interns and FT is interns get no bonus pay, but for a college kid 70k prorated will still be a good chunk of change depending on your summer spending habits.
You don't get bonus pay, but quite a few BBs pay OT and that ends up making it more like making 90k prorated if you are working around 85 hours per week.
unpaid for freshmen, minimum wage for sophomores, prorated for anything more senior
I got an offer from a large BB and the pay is a 2000 dollar housing stipend which is taxed like a bonus so you only see like half of it. and its 70,000 pro rated per week plus overtime at some banks which is more like half time rather than time and a half.
So it is what I thought. It's pretty similar across the board, besides in England where it's about $10k more - probably to make up for London sucking so much ass :)
45000 GBP is about 73900 USD right? how did it add up to over $10k?
with 2k housing stipend, 70k prorated, and decent overtime, you should see $20k PRE-tax. after a couple of these i learned to play with your withholdings a bit so that the gov't doesn't take a ridiculous sum out of each paycheck (they assume you make 24 of these a year, in when fact you're only getting 5 or 6)
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