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do it
Ask your boss. 500 isnt something that he's really gonna care about. Im a little surprised that the pay isnt standard though. It is is very uncommon, unless the place you work at is a chop shop.
Talk to your boss first.
Don't ask, DEMAND it!!
cool. the place i'm interning with is in fact a top bb (major satellite office).i guess its because we're both off cycle intern (6 months). the probably thought they could get away with paying me less since my expectations were pretty low... I've spent every penny of my savings, couldn't think of a better investment.
"raise"
Position this from the perspective that you are struggling to get by and have wiped out your savings. Don't go about it that Johnny has a bigger ball than me, and I'm jealous.
"raise"- sorry
... so you're going to risk damaging your internship and career for how much again? Try to have some long-term perspective.
from my perspective I'm not risking anything... the desk head is like a second mum to me. and I get along perfectly with everyone else and I know that they would approve of it. I've already secured some great offers for next summer and after graduation so there really isn't any downside.
You're one ill mofo.
eg 'I think I deserve a raise because....I sunk 4 heinies in 4 minutes on satters through a straw blocked by a wasabi pea'
(retract this point if you've bossed out some legit revs by developing a new strat etc during intern)
You work at a BB and you're saying you can't afford basic living expenses? Maybe your maid could ask the tough question for you, bitch.
As everyone said, long term career perspective. Don't feed 'em bitter jizz dude. Pineapples. Google it. Solid reference>[500euros*(insignificant amount of weeks)]
Your desk head is a woman. Either that or some dude is like a second mum to you. Either way, gross.
"Do not ask for anything you cannot seize." - Klingon proverb.
dabanobo said it perfectly. risk vs. reward.
Let's see here. Thousands upon thousands of people are being laid off on Wall Street. And the intern wants a raise? HAHAHAHAHAHAHAHAHAHAHAHA thanks for the laugh dude.
Yeah I know right? If I was his boss I'd probably say, "Sorry kido...but no. Btw...need you to come in this weekend."
Ask your boss.
Let him know that you are in a tight financial spot and you would really appreciate some help. Also let him know why you deserve a raise and what it is you bring to the team.
It is a bit cocky asking for a raise as an intern, but if you need it then you need it. And if they're paying other interns that amount, they can definitely afford it.
don't forget to ask for a % of PnL too.
Not to be a dick... but... you are an intern. My 2c, Interns shouldn't even be paid in the first place- why? To train them, have them perform menial tasks that aren't really that helpful or important anyway (otherwise we wouldn't be giving the work to an intern to do) - only to have them leave and take their newfound talents elsewhere next year? I dont see the upside in paying them. Firms are doing interns a favor - giving them work experience for little-to-no tangible upside to the firm.
So- I guess my point is no, you shouldn't ask for a raise. I've been interviewing dozens of interns the last month or so, and if the person we pick asks for a raise- my jaw would hit the floor. We'd probably let them finish out the summer, but they would stand zero chance of employment after college.
You also need to think about the first thing that your employer will think when you ask for a raise. If you were unhappy with the offer, why didnt you negotiate at the outset? Oh, I know why- because you and the other interns are talking about pay - which is a cardinal sin in banking. You do NOT talk number with your colleagues. At least not at my firm.
That's fuckin bullshit, firms are not doing interns a favor by giving them an internship. This isn't a one sided relationship. It is just as much to show them the culture of the firm and lure them in as it is to see whether they would be a good fit and provide value in the future.
Also, anyone who performs work for a firm should be paid.
Ps: the reason we pay interns at my firm is for liability reasons- if they trip down the stairs and break their neck, our liability policy only covers them if they are paid "employees". That same logic may hold at other banks, I don't know. All I can say is we don't pay them for the value they add- we don't look back and think "damn, that intern really made my life easier last summer". That ain't how it works mate.
€500 more a day, week, month, whole internship? Unless he is making €500 more a day it really isn't a lot of money or worth it. Though you do seem to have your mind made up.
You also said "At this bank I know that I can ask for more and they won't say no." You seem to have your answer, so go ask.
btw, if an intern every asked me for a raise I'd laugh
I agree that it may seem cocky and all that but my case is a bit different since its not a summer internship in the traditional sense. It is a 6 month internship. I was basically hired to fill in for someone else that they had fired. Since I already did pretty much the same stuff at the other bank I didn't need to be trained. Started working within the first 30 min of my first day. Just to make this clear, we are not talking about M&A here. Believe it or not but they do actually need me since the desk is understaffed. Just to give you an idea of what I do: talk to clients / answer their questions (over the phone), develop new structures in collaboration with structurers, trade with clients, write term sheets... I understand where you guys are coming from but I get the feeling that many of you have only read the title of the thread. I just want to have a little cash buffer in case of emergencies and be able to go out network every not and then.
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