Top tier BB internship compensation
Hey guys, just curious how much do top tier BBs pay for their interns per month, i heard the number is around 1500 a week, but just wanna confirm
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a friend at goldman is earning 1200 i believe.
Ya, something like that. It's nothing to get too excited about.
I have a friend who is making 2000/wk, but that's highly, highly unusual.
You get $60,000 pro-rated for 10 weeks... It comes out to around $1152/wk
You also get a $2000 signing bonus of which 44% is taxed...
New York tax blows
damn..1152/k thats pretty dirt cheap considering the amount of hours you have to work...ummm
Ya, that sounds pretty low. I'm not sure what firm others work for, but I personally get $1250/wk over 10 weeks without tax {international banking benefits).
Ouch. That's even worse than London tax.
Do these internships also provide a place to live and food for the day?
signing bonus? I've never heard of a signing bonus for a summer intern. There's a housing stipend, but that's not a signing bonus. Also, different banks pay different rates. Some banks pro rate at 65k, some 60k, and maybe some other banks pro rate at different rates...though the highest I've heard is 65k.
Also, what does your friend do that he's making 2000 a wk?? I call BS unless proven otherwise...
And yes, I'm a summer intern at a BB so I'm not just KJing.
how does the tax work in hk (if i'm a US citizen)? i know that there's no withholding for my salary when i'm in hk. so when i return to the US after my summer internship do i still need to pay the tax on my summer wage in hk?
if you are a citizen, then yes you do otherwise no.
i agree with dan2k,...2000/week seems a bit off for me especially with this kind of market....1500 is the highest i have heard so far..
My roommate in BB Ops is compensated $25 per hour plus .5 overtime rate. Works about to about 1000-1500 depending on hours worked (60-80)
Just to clarify, that's every hour after 40 is only $12.5.
and these figures (1000-2000) are per week?
hm, I have a friend working at a BB in Singapore making 750/week, considerably less than 1500...
That is pretty low even for Singapore. It was US$60k thereabouts pro-rated on the old exchange rate, but with the depreciation of the USD it works out to be >US$1.5k a week. Non-tax residents are taxed at 15%, and tax residents are tax-free till $22k in a year is reached (which should mean a tax free internship). Very favorable tax treatment.
I've heard ML IBD interns in London make £850 p/w, which is pretty ridiculous Disclaimer: this could be hearsay
CS San Fran. pays hourly, so it'd be quite feasible for an intern to walk out with 20K.
$1200/wk plus a housing stipend for an intern who adds no value and has no real financial responsibilities sounds pretty good to me. Dunno what you guys are complaining about.
Don't get me wrong -- I want to make a shitload of money. But it's funny hearing people who aren't even in banking yet say things like "1152/wk is pretty dirt cheap" as if they have so many better options.
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