I’m planning to stay in an extended stay place but it’s in a city, I’ll have to buy my own food, drive on my own etc. and by the time I factor in taxes and gas money I feel as if I’ll be lucky to have a few thousand in the bank. I know there are ways I could save on housing but with Covid etc. and a fairly small group of interns an apartment with a roommate doesn’t really seem like it’ll happen. Is this normal to not bring much SA money home and if not, any other tips or recommendations for saving?
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depends on the firm obviously, banks tend to pay around 40 per hour for FO, from there it matters if you're on west coast or east coast and whether or not you get paid overtime. Range can be anywhere from 12k pretax to 30k pretax. With east coast, overtime, MM, I made roughly 15k after tax from SA.
what was your effective tax rate? I have a prorated salary (no overtime) of $85,000 which means it'll come to $16,300 pre-tax. Was wondering how much I would get in hand after taxes.
Its hard to answer this without providing the state and maybe even the city that you'll be in. Those taxes need to be accounted for to give you the best estimate.
I had the same thing while interning in a PB of a top BB. Including the 2500 from the housing stipend (comes out to 1500 after tax), I got around 13k for the summer if I remember correctly. There is a little flexibility cause first week training was hourly so that gave it a bit of a boost. From NYC so got hit pretty hard with taxes
How much do middle/back office summer analyst get paid?
18k after tax, give or take, incl 0.5x OT and signing
BBIB NY
The goal of any SA shouldn't be to maximize your money, the goal should be to do your best and get the return offer or the FT offer. Isn't that why you applied in the first place? Any amount that you can go home with now would pale in comparison to the FT work and experience you will gain. Focus on doing your best, not on the money.
You're probably gonna get downvoted as people will make the argument that we're in a recession/people need money to pay off loans/etc... but I agree. You're going to be making around ~40/hr so you're going to be fine as long as you aren't over stretching yourself and spending 2k a month on rent, ordering takeout for every meal, etc... Most SAs in the past blew their money on social things such as going out to bars, eat, and other attractions which probably isn't going to be that big of a thing even if COVID restrictions get lifted in the next few months.
I don't mind the downvotes. I've done an insane number of SA interviews (screens and super days), I've supervised them and now a couple of them even work for me on a FT basis. I'm merely sharing what I see as the common traits in SAs that have gone on to have careers. The ones that downvote me and just go after the money are the same ones that will be back after summer posting about why they didn't get a return offer :) Everything just seems to have a way of working out exactly as it should in this world.
https://smartasset.com/taxes/paycheck-calculator
I got 85k prorated (~1635/week) and think my direct deposit was about 1100 each week post tax. I was remote though.
Oh, do you get the post tax money on your account?
Yes, I did
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