Landing Investment Banking Summer Gig (and early signing bonus) from non top 10
I am finishing apps for MBA this fall. Im shooting for IB, hopefully a diversity fellowship like the one GS offers. I have no finance exp, BA in political science undergrad from Pepperdine University and 8 years of work experience (running my own business and paralegal). Since I want Goldman Sachs, I am applying to Columbia (top choice), Cornell, UCLA, USC, Georgetown. I was wondering tho if u guys think anything below Columbia is worth it. When I look at goldman sachs fellow recipients , they were all top 6 (lowest was haas). I know some guy that alithough he didnt get a fellowship, he got a IB summer gig that paid him signing bonus from UCLA so it sounded sweet and I included a few mid 10s and 20s schools on my list. However, are the odds at getting something from these schools too low and should I even go as far as to go for fordham?? I want to live in NYC but I figured Fordham would not offer anything respectable. Please let me know and if boutique IB is obtainable from Fordham and if I will get summer associate position and early signing bonus to cover school from boutique. Thank you!
you will get a signing bonus (~$60k) regardless of which school you go to if you receive a return offer after your summer internship. many banks have diversity fellowships which offer additional compensation, but are not necessarily tied to any individual school. you can land an investment banking associate position from any of the 5 schools you mentioned (declining likelihood as you move down the rankings) and i would probably rank them in the order you proposed, except switching USC and Georgetown. i would also personally skip USC and apply to Stern and Darden if you are going to apply to Columbia/Johnson/Anderson (and think you are competitive) and are specifically focused on banking. no to fordham.
Agreed with all that @AKBOS said.
If you are diversity and work hard, you will get an IB job going to Columbia, Cornell, UCLA, Stern and Darden. If you want to live in NYC then Anderson is a tougher pick; although around 1/3 of the Anderson banking recruiting class ends up in NYC, it's harder to recruit when you have to fly across the country and the network is smaller.
Everyone gets a hefty Associate signing bonus as @AKBOS mentioned. You also get a modest relocation bonus and the summer pay is a valuable 10 weeks.
are the signing bonuses paid in full at the end of the internship?
I think in general it depends on the banks, but most banks will pay you fairly reasonably quick after you sign. So for example, I don't remember exactly but I signed as soon as I received a return offer at the end of the summer, and I got paid the signing bonus something like within a few months later.
were taxes taken out of it? if so what %? thanks
Yes, at the maximum marginal rate I believe. Lots of topics about bonus taxation out there.
can you just explain it here to me please? im new to this site and I dont know how to research it. I just wanna see what I should expect. thanks man
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