Signing Bonuses for 2020 Summer Internship
Which banks give undergraduate investment banking summer analysts signing bonuses? and how much are they worth? (New York)
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A MM and EB both offered me 3k signing bonus for SA 2020 - friend at another upper boutique said he got offered about the same
Do you know about BBs?
Unfortunately, no I'm not sure what the typical signing bonus is for BB. I assume it's around the same though
Do my free t-shirt and water bottle count?
Should I be concerned/annoyed if I didn't get one? Didn't realize this was common practice
From what I understand a lot of smaller banks do not do this.
do you mean a moving stipend by signing bonus?
Personally, Interns don't need signing bonuses.
I got an offer from a BB and was just given a prorated analyst's salary of 7083 a month, no mention of a sign on bonus. I know you get one when you sign on FT, but are SA sign ons a thing?
so you're making around 14k that summer?
It's typically a 10 week program so 2.5x.
Have 3 data points from this cycle. Some banks call it a sign-on, some call it a relocation bonus.
MM - None EB - 2k BB - 2k
EB-2.5k
London is usually 1K GBP for those across the ocean
EB 5k
EB 2.5k
Seems like I’ve had the opposite experience than most, didn’t even know relocation/signing bonus were a common thing for SA?
BB - None But an offer from an MM - 2k
BB 2k - they called it a "relocation bonus" but that's pretty common
I got 2k relocation, 85k prorated 40 hours, with .5 overtime pay from a MM- Am I being underpaid or is this in line?
Nah that's pretty in line I'd say. I got an EB offer that's also 85K prorated with no OT and a BB offer that 85K prorated with .5 OT.
.
Is OT paid only during the first week or for all of the 10 weeks?
Seems like a lot of people here are getting overtime? My offer just says 'x salary for the summer', which obviously means no overtime, and the salary is very in-line with what everyone else is posting. That being said, if everyone else is getting overtime, that seems like it would make a huge difference when working 80+ hour weeks. Anyone have thoughts on this? Is overtime standard?
I wouldn't say it's standard. Many of the BBs pay OT as far as I'm aware (at .5x), however a lot of MM firms do not pay it, not totally sure about EBs.
.
Are you at BB/EB/MM?
EB 2.5K signing bonus paid upon first paycheck. 85K prorated for 10 weeks = ~17.8K wages. 2.5K bonus + 17.8K wages = 20.3K for the summer.
I think this is just a little off, if I have my math correct, wages should be 16.3k + 2.5k signing = 18.8k all in
Edit, on second thought I suppose it depends on if if they are prorating by week or month. I know my offer was a weekly figure, comes out higher if you calculate monthly then multiply by 2.5
could you explain how this prorated math works? I don't get it how you go down from 85 to 17.8
85 is the yearly base, but adjusted for being only 10 weeks instead of the full 52
What about the amount after tax?
MM Analyst was $15k at my bank for 2019 starts
BB: 2.5K for SA 2020
Most BBs (even in capital markets) give a "relocation bonus" of $1.5k-$2.5k
I thought SBs for MM EB and BBs was standard and it was 5-10k?
We are discussing internship/Summer Analyst offers. So 5-10k is definitely not a standard signing bonus
The signing bonus is anywhere from 5-15K once the internship is over and part of the offer for the full time position.
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