Which firms have the best/worst compensation for summer analysts?
As many of you have already received or accepted offers, I was wondering which are the best/worst paying (hourly and signing bonus) firms on the street.
Paging my girl Justine TOBINCO.
Based on the ones I received:
Best: JPM $85,000 pro rated ($40.87/hr, $61.30/overtime), housing stipend $1500
Worst: Wells Fargo IBD $30/hr ($62,400 pro rated), housing stipend $1400
my friend worked at WFS last summer and got $30/hr with 1.5x overtime which at 80hr/wk comes out to $3000/wk compared to ~$1600/wk at $85k prorated with no overtime
Everyone gets 1.5x overtime...its an NYC law
Also $85K prorated with no overtime for 80hrs/wk is ($40 x 80hrs) = $3200
That is definitely not true. A lot of banks have interns that are exempt employees.
Take home after tax in NYC is $2080 every two weeks.
$1500 housing stipend is subject to bonus tax.
Total takehome from a GS summer is a bit over $11,000 before housing expenses ($5,000-$6,000).
I spent about another $600 on transport/commuting.
Add in the cost of going out on Friday nights/activities on Saturdays + non-work-dinner meals, and it's pretty realistic to save about $3,000-$4,000 after a summer at a standard bank with no overtime.
I think overtime is 0.5x not 1.5x
That would cut your wage in half lol
From what I know/have seen for interns:
GS is 85k prorated + overtime but the overtime is like 23 an hour so doesn't help that much. 1500 stipend.
PJT & Lazard are 85k prorated with no overtime. No stipend for PJT, but 2k for Lazard
Moelis & Evercore are both 95k base - however, the hourly rate will not be so great because you'll work so fucking much
BAML has amongst the worst. You have to work a fuck ton of hourly hours to make it to 85 pro-rated which is what everyone else makes. You only make a reasonable hourly rate on the OT. 2000 housing stipend.
For FT this is completely different though: