Shouldn't GS be paying its interns more?
I'm just curious as to why GS pays it's interns (for front office) 70k prorated + 1k stipend for housing. I keep hearing from friends who'll also be at BB's this summer that they either got a higher stipend, or even are getting paid overtime. From what I understand, GS has quite a bit of prestige on the street, so why would they be paying the lowest summer intern pay (for BB's), is it because they're saying prestige is compensating for the lower pay?
If you lump experience/exit ops/network with prestige, then yes that is exactly what they are saying.
If Goldman paid their interns minimum wage they would still attract top talent.
Man I'm getting a fraction of what GS pays their interns and I still feel like I'm stealing outta their pockets.
According to the U.S. Census Bureau, 2010, 70k would place you in the top 14% earners. Not bad at 20, for not even really working.
I wasn't saying the 70k prorated + 1k stipend was by any means bad, just was asking comparatively to other BB's, but okay, yeah I guess the exit ops reason makes sense.
Uhmm there is a fine line basically everyone matches the same salary and the perks outside is really dependent on the firm. No, goldman could not attract top talent if it paid minimum wage, which is why they pay the same as other firms.
At the same time intern/junior pay is so minimal in the scope of things as a trade shop this size that really no one cares, no one is going "oh XYZ is paying overtime, should we match, so joey from ABC school comes here". Seriously no one cares but the interns themselves, overtime/stipend/benefits policy could be totally random based on firm vs firm culture/hr/etc or maybe the MDs in charge at firm vs another think you need $$$ for housing and food while another MD toughed it out as a young'n and prefers you to eat ramen for now. It's all really random, no real strategy.
The Goldman discount strikes again!
GS pays less to turn off tools like you
You're getting shafted
You're making pro-rated 70k while adding 0 value to a desk (possibly even subtracting as it takes time to train you). Entitled much?
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