I thought banking paid well??

Sounds like Opp, they didn't pay summers in the past

$12/hr is not bad.

12*90 hrs/wk *10 wks= 10800

You'll get $11k for the summer if you're worked moderately hard.

127010= 8400

You'll get $8.4k for the summer if you get an easy work load.

It should be a flat weekly rate. Some banks show you what the hourly rate is, but that usually doesn't mean much. I get paid $33 an hour, but they only count it for 8 hours so I could be in the office 60 or 80 hours and my pay won't change.

You're an intern, be thankful for the experience.

I agree with SHORTmyCDO the experience is worth way more! BUT my first finance internship I was getting 18/hr + time and half overtime. I would work 60hr weeks.

I understand that the experience is great and I am extremely thankful; however, all SA comp I ever read about is 60K or 70K prorated or $15-20/hr with a $1,000 housing/relocation bonus. So I was just curious and wondering if anybody else had compensation similar to this.

In my (nonbanking) sophomore internship I was getting 4250 monthly for 3 months, working 40 hrs a week, and had a 1300 relocation assistance. In my (nonbanking) junior internship I was getting 5100 monthly for a little over 3 months (started right after school), working 9/80 (every other Friday off) and also got a 1300 relocation assistance. IMO, experience from an internship that does not pay well is not likely to be very valuable; if it was an important project and they were looking for the most qualified, they would have paid a competitive salary.

Yeah for a BB not an MM. I personally wouldn't try to negotiate. But think about this way, if you don't have the internships on your resume once you apply for full time chances of you getting the job are pretty slim.

As an analyst or intern you are a price taker not really a price maker...take it or leave it. Many before you took unpaid internships to get a foot in the door.

Investopedia explains Price-Taker 1. In the context of the stock market, individual investors are price-takers.

1. Suppose you sell water, which of course is supplied by millions of other places, including the sky. If you decide to set the price of a gallon of your water at $10, you will likely sell nothing because this commodity is readily available elsewhere for a much cheaper price (insert analyst or intern).

Enjoy the city vist scores etc...

I took an unpaid internship the summer of my junior year. Suck it up- at least they are paying you. It's just an internship not a full-time job.

hahahhaa negotiate summer internship pay

jeff and opp are not considered bankers. they are just lozers

is this FO work or BO/MO? if FO i would say do it (if you have no other offers) because then you can leverage off of your experience to move laterally to another firm.. hell i would it right now if it meant getting valuable FO experience and contacts.. but.. if its BO/MO then there are MANY programs that pay 20-25 p/h with 1-2K in relocation bonus

That's low for front office, but if it's a small bank they could just shaft people like that. The important thing is that you are getting an internship and getting some experience... there are plenty of kids who would take that for free.

There isn't a possible way you can live off of solely that in NYC for a Summer. Hope your rents are helping you out or you have some cash saved up. NYC us expensive as hell. Your $ goes 3x as far in Houston. Literally.

OP, you're an intern. They don't pay you very much. Basically, you want this position so that you can get an analyst position after college. That pay will be much better (although still somewhat low hourly), and more importantly, you'll have great experience/exit-ops.

I beat everyone else out at the interview by offering to do my first internship for free, and some of them were MUCH more qualified than me. Now I'm FT and some of them are still looking for jobs. You need to cultivate the reputation as being a deranged motherfucker who gets shit done and gets paid.

How bad do you want it?

I haven't heard of a FO internship at a decent MM or BB bank that doesn't pay a first year analyst salary prorated, so I would have a hard time settling for less even though it is an internship. Yes, you are gaining very valuable experience, but in theory they are also gaining a valuable possible future FT analyst. Just because it's an internship doesn't mean you should have to settle for sub-par pay.

obviously it's not optimal pay but you're an intern--you take what you can. and if it's an easyish workload, then you might fare a little better/it would make more sense. still, it'd be hard or impossible to live in manhattan

If you really want it, go for it.

The money is just something temporary that you will have to deal with.

I did an unpaid internship at a regional M&A boutique during the fall quarter of my senior year (my summer internship wasn't in banking). Most of my work was mundane (database building), but I did get exposure to pitchbook work and some very limited modeling. This was my only option in banking at the time and well worth it IMO. I've later used my experience at the firm as a big selling point when interviewing for IB, financial advisory, and corporate finance roles.

Although it sucks that your buddies at Big 4 or BB fims may be raking in $20-$30 an hour, you should go with it if it's your only choice. I've been asked a lot of questions about my IB internship in interviews, and none of them were "how much did they pay you?".

Interns get paid $10/hr at my shop, with their pay maxing out at 40 hrs/week. Your situation could be way worse.

You want to talk about shitty pay? Try being a shoe salesman to fat women with a wife that steals from your wallet while you sleep, a social loser of a son and a whore of a daughter!

No but seriously, if you hate your pay that much, I'll take your internship off your hands for ya.

OP must be a low hanging fruit type. $12/hr for some bullet points is worth it - you're getting invaluable experience.

Get a lawyer, hit the gym, delete your facebook, etc

OP must be a low hanging fruit type. $12/hr for some bullet points is worth it - you're getting invaluable experience.

Get a lawyer, hit the gym, delete your facebook, etc

OP must be a low hanging fruit type. $12/hr for some bullet points is worth it - you're getting invaluable experience.

Get a lawyer, hit the gym, delete your facebook, etc

Its not a BB, so there is no reason for pay to be as good unless you are at one of the elite boutiques.

If they will pay you even straight time over 40 hours, be thankful- at least you will be getting paid every minute you are there.

I would love to go the consulting route- you get paid for what you work. This means that your employer has an incentive to not stop by at 4:00 on Friday and dump a shitload of work on you, and if he does, you are getting PAID to do it. The way I look at it, you win either way. After many years of late nights with the only hope for redemption being that the end of year number is going to be good... hourly work starts looking pretty sweet after awhile.

Not too many guys get rich on interning. Many do it for free.

Pssh if it meant an internship at an investment bank I would work for free. This sounds like whining to someone like me who is still scrambling for a summer position.

I get paid more as a CF intern...yet would take $12/hour doing your SA stint. Don't worry about the pay just yet.

I believe the experience is invaluable if you want to break into IB. I turned down a $24/hour plus $1500 living bonus for a back office internship at JPMorgan, and accepted a $14/hour SA position at a middle market bank. I believe I made the right decision especially knowing it is what I would like to do upon graduation.

What bank is this?