After a year of constant hard work networking I just got a call today from a EB Wall Street Bank giving me an offer for next summer.
I was very excited until I realized how am I gonna be able to live in NYC. I have very little money and my $22 an hour ER Internship Won’t be able to pay for an apartment .
I am wondering do summer internships at NY EB Banks pay for housing or anything?
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Is there any overtime at all? you'll probably work closer to 75-80 hours a week for 9 weeks (plus one week of training). So:
assuming no overtime: 20*9*77.5 + 20*1*40 = 13950 + 800 = 14750
Assuming 1.5x overtime (1.5x is usually the norm): 20*9*40 + 30*9*37.5 + 20*1*40 = 7200 + 10125 + 800 = 18125
So you should be making anywhere between 14-18k over the summer, not including any housing stipend.
Try to borrow money from someone if you don't have any but please, please don't turn down an offer for the lack of the money. Talk to relatives, friends etc. about it and say you'll return the money once you get paid or get a signing bonus or something. Try to work between now and the offer to save some money up as well.
Edit: would also be really surprised if you don't get overtime because all of my friends that had offers where they were paid hourly, are getting paid for overtime as well.
Thank you for this. I probably would not turn away this offer but I am just kind of concerned. But yes you are very right I certainly would not turn away any offers. This is my dream and I’ll live anywhere to get this experience
Thank you
congrats on the hard work btw man! It's paid off for you! I am from a non-target as well and know the work it takes to make it, so congrats!
If you don't mind me asking, which bank was it?
My friend was from Kenya and didn’t have money for his housing. “someone” anonymously told the prof that we were close with and it got worked out. People will lend you the money if they have it.
im from NYC, do not rent an apartment at manhattan- look at other boroughs its way cheaper.
Thank you, I certainly will!
You sure it will be in person?
They said it will be in person unless any drastic new elements come up.
This is the least expensive option I found.
http://www.kolpingny.org/hostel.cfm
Wow that was very helpful. Thank you!!!
I think you can pay them weekly. No in advance accept for 75.00 application fee. They also provide dinners ( I think). I did not get to stay because everything went virtual past summer. A friend of mine stayed a prior summer and liked it
Am I missing something? Let's say 15k pre tax, 10k tax paid. You can pay 400$ per week nyu housing, $400 week food, and you still have 2k left for other expenses
Yea it’s an 8 week program.
20 x 40 = 800 x 8 = 6400 pre tax.
So 4,000 to 5000 post tax
This is before any OT
But I can’t buy an apt/Air BnB/ hotel off 4-5K with the “hope” that I will get lots of OT later on
Got it, are meals paid?
I think you should be fine, you can do nyu housing 400 per week times 8 equals 3200 and you can definitely stay below your post tax income. Really hope it works out!
I appreciate it! Thanks for your help
I would try to make as much money as you can during winter break, so you can cover your expenses for the first two weeks until you get your paycheck. Congrats on the offer. I am a non-target myself and we do not get many opportunities, so please don't turn it down.
Thanks I certainly will do that.
I made a bit from stocks that I saved from my summer job so I won’t be on the street but yea I definitely gotta find some way to save/make money now
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