2020 Summer Intern Salaries
Hello Everyone,
Last summer interned in Sales & Trading intern in NYC and am curious as to how others are being paid at other Investment Banks. In order for us junior monkeys to have a chance at negotiating with HR, it's important to know how our peers are comparably being paid.
To accomplish this, I ask those reading this forum to share:
Firm name, Position
Salary Weekly or Hourly Rate
Year Internship Completed
BMO Capital Markets, Trading Products Intern
$1635 weekly
2019
What did you get last summer on your S&T Internship in terms of comp?
Ill be doing an Equity S&T internship this summer, not at a BB or in NY, SF or Chicago, but still a decently big name, solid firm and will be at $19/hr with no weekly limits in terms of hours.
It’s listed above!
Okay it's fine to compare but please do not try negotiating a summer intern salary with HR...
Who says hr has to have all the power? If I were to have 4 offers of similar stature firms, comp is what it’s going to come down to on where I’ll sign. Intern comp is an indicator of how they pay you full time. It’s never the wrong time to negotiate. Think back to college scholarships those are a negotiation as well. There’s some people who seek to grasp what they deserve and others who are complacent with what’s on their plate. That’s your choice to make and not for others
I wouldn’t recommend this for a few reasons:
1) As others have said intern comp at large banks is mostly hard set. Paying one intern more makes little to no sense as that can be disruptive to the class. For the person getting the slight bump, it is usually such a small amount of money that it doesn’t matter
2) I also don’t recommend choosing a firm (of similar “stature”) based on comp. Entry level comp is mostly similar (basically exactly the same across large banks) and the differentiator is in the bonus, which you won’t know about. You are going to do much better (read: get a higher bonus) working for people you like who will develop you, working on problems you enjoy. So it would be pretty short sighted to focus on the entry level comp
3) with that, your best route to a full time offer is through an internship, so be thoughtful about the company and teams you choose, you state that what firms pay you up front is an indicator of what they’ll pay you going forward, that’s only partially true, and if you have to negotiate with the firm anyway what do you think the next few years will be like (having the negotiate for every raise).
4) finally, depending on where you see yourself in a few years (hard to do out of college) you should be looking at the career trajectory (including comp) instead of the first number. I have seen this happen to many people (trying to get $20k extra now and losing out on $100k+ later).
I understand that this is a lot of money for new grads and that it is harder to look at the culture, the people, etc, but I would just warn against ignoring all these components for comp.
I've seen an intern negotiate a $2-3hr raise before. But that was at a position that paid $600 weekly, not $1600. Asking for more when you're in the top 1% of interns is asking for trouble.
Barclays, S&T Summer Analyst Salary, $1770 weekly ($85K prorated); $2500 signing/relo/housing bonus on top of first paycheck 2019
You're an idiot if you think you can negotiate salary as an intern (big or established firms like BB/EB/MM). They'll tell you to piss off and sign elsewhere. Comp is hard set. It doesn't change. This isn't like FAANG where you can leverage comp.. or anything like gettin 2sigma to match Citadel
Is S&T intern paid approximately the same to IB intern?
How much do you really get after tax?
My paychecks were $2300-$2500 after tax (biweeky). Yes, that is the same base as IB.
You have a 3.2 GPA from Wake Forest Univeristy - frankly, you're lucky to even have a job. HR isn't going to negotiate with you as they don't set comp, so if you really think you're worth more than they're offering (hint: you are NOT), go talk directly to the desk head and give him your pitch. I don't need to tell you how that's going to end up.
You literally have no leverage as an "incoming analyst" - if you try to play cute they'll just hire another kid who's just as good as you are, and believe me there are plenty of those waiting in line who aren't going to be a pain in the ass over starting comp.
I am greatful for my oppertunity and more than happy with comp but the time to negotiate has passed months ago on my end. I simply am interested in how other banks pay S&T with all the downsizing going on in the industry.
The idea of negotiating stuck out with me after several less qualified co-interns at the F500 company I was at negotiated upwards to an additonal $10 an hour. My university doesn't have a database like Indiana's where students share salaries so I'm in the dark.
Interned at a MMPE firm at $20/ hour + 1.5x OT Junior Year. Kinda low for high COL city but good opportunity at decent firm long term.
How much do boutique firms usually pay interns on a hourly basis? Specifically referring to hundreds of small boutique shops in NYC.
Varies significantly. I worked at a small media boutique in NYC Summer 2015. They paid $11 (!!!) fucking dollars per hour. Literally McDonald's employees in Manhattan were making more than me. Fortunately my university had a need-based internship scholarship program, which gave me a $4,000 scholarship to cover NYC rent for three months. I have to imagine most those scholarships are not designed for fucking investment bankers.
Experience was great though and helped me secure a full-time at another firm.
Canadian BB, S&T, 85k prorated, 2019
Canadian BB, 90K Prorated, Summer 2019.
Can someone confirm that SA get most of their taxes paid back in their tax return or just how that works? I saw that posted on another thread and was curious how that works or if that is just because SA salary is the only comp for the whole the year? If so, it would be a pretty big tax return of around ~$6k going from 11k post-tax back to the ~17k base salary.
It is just how taxes in the USA work, nothing to do with being an SA or not (other than for most SA’s this is their only comp).
Taxes will normally be withheld as regular pay (assuming your monthly pay will continue for 12 months). If you want to see what your refund will be, plug in what you made over the summer + any other compensation into a tax calculator. It’s that simple (just follow the tax code).
Would love to know how you got the internship and what was the process like!?
BB in London, Sales & Trading 962 per week (50k per annum + 1000 signing bonus) Summer 2020
Do not try to negotiate.
Are S&T internships generally 10 weeks or 12 weeks?
In the UK they have the same length as IB internships, which are 9/10 weeks at all major banks.
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