Summer analyst salaries
I was wondering what the average hourly pay for summer analysts in IB/S&T in NYC. Also what is the typical signing bonus?
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I'm getting prorated 1st yr analyst salary. so 85000/52 = 1635 a week.
are you IB or S&T?
85k prorated. you could've searched this though as its asked everyday...
The standard, at least for BBs, is 85k salary pro rated for the summer. $2,000 housing stipend at the end of summer and $10k signining bonus for FT offer (EBs can be $15-20k signing bonus). No signing bonus for getting the SA gig, only for signing your return offer to come on full time
You can hit me with MS but I can confirm with offer letter lmao
I have heard of several people receiving a signing bonus for a summer analyst program
How much do you pay in taxes and do you get them back eventually?
So for everyone in this - my summer offer at BB was $85k prorated + 2k housing bonus - my intern summer I made about 22k total, take home was around 12k and then got a refund for about another 4k of it - roughly
Is this the same for all departments (IB, Legal, Operations, Risk)?
No. Back office is making much less.
top EB 95k prorated, 2.5k signing
Just another EB datapoint- 2k signing, 85k prorated, 15k FT signing
95k prorated, 2k relocation, 2.5k signing for internship
15k signing for FT
Lol this is either EVR or PJT right
what about Moelis?
centerview
90k pro-rated with 1.5x OT. 5k sign on bonus and 5k stipend at MFPE
This was 4 yrs ago at a European bank in NYC and they had an interesting pay structure:
$40/hr and then 1.5x OT after 40 hrs. Usually clocked 80 hrs a week. Had a lot of fun when I went back to college senior year...
WF was 40/hour and 1.5x OT after 40 hours a week for this past summer. There were interns making over 40k for the whole summer.
I’m Corporate banking SA this summer and at $25/hour. thought they’d be the same given they’re in CIB
A friend in Cali has something like $40/hours for the first 40, then 1.5x up to 60hours and above 60hours gets 2x OT. Needless to say he racked in more than FT analysts do in half a year
Made ~$38k pre-tax last summer w/ $2k housing stipend
That’s definitely OT pay right
Yes
Which bank, if you don’t mind me asking? I wonder because I thought the 1.5x overtime worked by lowering the base hourly rate based on the number of total hours worked.
It's going to be $0 this summer since banks about to cancel internships.
Mid tier BB - 35$ hourly with 1.5x over time. No signing bonus
Hourly pay seems much better if you are clocking in over 70 hours a week
What division?
M&A Generalist Industry Coverage
Confused about overtime. Do banks really pay straight up 1.5x? In my offer letter, the 1.5x isn’t nearly as nice as it seems. Since we have that 85k prorated salary, they lower our hourly rate the more hours we work, so working overtime gives diminishing returns.
For example, if you work 40 hours in a week, you get no overtime and your effective hourly rate is about $40, so you make a total of $1,600. If you work 80 hours, your effective hourly rate is about $20, so you make $20*40 as regular pay and 1.5x that for each of the 40 overtime hours, which gives a total of 800 + 1,200 = 2,000 for the week.
Boy do I wish overtime applied to the original 40 hour rate instead of the lower rate LOL
This is really generous, most banks give either no overtime or 0.5x diminishing overtime. Are you in CA?
No, NYC
What are you talking about? Most places in NYC have no overtime at all just the pro-rate 85k
I was just asking in response to the people saying they’d made close to 40k with overtime.
EB - $95,000 prorated, $2,000 housing stipend
BB in NYC - made $25k pretax with 1.5x OT
how many hours did this come out to per week on average ?
About 80 hours I'd say
MM in NYC - $32/hr with 1.5x OT.
ER at a BB. 85k prorated 2.5k signing bonus and 7.5k for diversity award.
Never heard of diversity award. Is this common?
It's a special program at a bank that I am a part of
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