Hey Monkeys,
I am currently a full time student interning within the portfolio management division of a mid-market elite boutique investment bank (Think Guggenheim, Cowen, Stifel). The portfolio management team itself has between 8-15 billion in AUM. At the same time I am undergoing recruiting for internships for the summer.
I like the firm and team I am at. And they want me to stay throughout the summer until "as long as I'd like". However, the pay is ridiculously low. Annualized it is around 25k and after taxes that translates to about $17750. I live in New York. My rent alone is $15000 a year.
I recently asked my super if I could potentially get a pay increase, something to match the other summer analysts at the "street rate" of roughly $25-30 an hour. My super tells me that he's doubtful they can get me this pay. That HR sets rates and that this is the "standard" rate they pay to all interns. Additionally, he says that because they took me in thinking I would stay past summer and be happy with scraping by, it might anger the MD if I ask for more money as they spent a lot of time going through interviewees to arrive at me. He says that I need to bring this subject up with the MD myself. Additionally, he says that there's a high chance I won't get the rate I'm seeking and that if the MD does give me a pay increase, it'll look even worse if I end up leaving anyways for another summer internship.
Question, finally - Should I ask knowing I probably won't get the rate and my MD might hate me for the rest of this semester and should I leave when summer comes by accepting another offer?
TL;DR - I like my group and work, but I get paid too little.
Any advice is welcome but Ivalue the input of professionals already working the field.
-AZmonkey
What year are you in college? If you will be graduating next year, its worth sticking it out, how is their pay for analyst? If this is at market, I would stick it out because you are guaranteed a decent job with a decent company. I don't think savings are important when interning, this is the time you should be focused on securing a job.
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