IB Internship Pay?
Hi guys. I’m wondering if your IB internships were paid hourly at all, and if so, how much per hour/any cap on hours per week? Thanks!
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Normally around 1600/week this year for NYC. Some pay weekly, others biweekly etc Source: Accepted offer at Canadian for next summer, have friends that accepted for MM and BB being paid pretty much the same
Headed to a BB, 1600 is about what I was offered for this coming summer plus OT
weekly
The offer I received was 40 an hour
This means you’ll probably work 40-50 hours then right? Unless they’re going to pay up big. My friend is in the same situation and he was a bit confused because the hours are known to be long. They wouldn’t want to pay 80 hours at $40 per hour.
If it's a reputable/decent sized bank, they will. Plus overtime multipliers based off location once you cross the 40 hour threshold. Limiting hours would be counterproductive - so hourly paid internships in IB almost always end up making way more than the pro-rated ones. I did a summer at a shop that paid hourly and made close to 40k all in over 10 weeks, and I was paid less than 40/hr. Yes, it is ridiculous pay for college kids who are mostly clueless/have limited value-add, but thats the nature of the industry generally and why so many people aim to work in IB.
I was offered 40 an hour plus overtime
See my comment above^
I expect to work about the same as they do at other banks.
My friend was also paid overtime last summer at an MM bank( BNP/WF/RBC)and he didn't really see the light of day with the hours he was working. He did say that he made about $25k though.
$36.08/hour up to 40 hours, $54.12/hour up to 60 hours, $72.16/hour anything over 60 hours for the week
Is pay normally hourly or a stipend?
Is it normal to be paid an a per hour basis? Some of my friends are making 85k prorated, with no overtime either.
I don't think hourly is the norm. Prorated at 85k is the most common one I have seen
It varies dramatically (both by firm and by state). Most banks seem to prorate it at $85k. That said, you could potentially make more if you're paid hourly and work in a state with generous overtime laws. Lastly, you'll obviously make more if you're paid hourly at a sweatshop).
It is interesting the comments about overtime pay. Does all bank pay extra for overtime? I imagine $1600/week or $40 an hour is just for 40 hours but is it more if adding overtime?
Base: 85000/52x10 (assuming 85000 Ft base) Some banks pay OT some doesn’t EG. CS Barclays paid OT while EVR didn’t
My offer letter is prorated salary at 85k for 0-40 hours but after that I get over time pay but not 1.5x, won’t get further into details for privacy
$14/hr kill me
.
where
probably citi
$34.41/hr ($85k salary prorated), plus time-and-a-half overtime ($51.62/hr) for every hour over 40. Overtime means you actually get paid more than first-year analysts.
$40/hour plus 1.5x OT
Usually in NYC it's right around $16k for the whole summer. I'm geting paid $7k a month plus a $2k relocation bonus. In LA/SF it is different though, because they have to pay you hourly. I heard of a guy making over $30k in his summer stint because he worked so much, and the hourly rate (+OT) was so much. So your mileage will vary. Either way, you will be making more money than you have probably ever made before.
Wow so when interns are paid by the hour, they make more money than their Analysts guiding them? That's pretty messed up
I know this is for the analyst level but for those wondering: the summer associate level generally gets prorated pay at full base level (125-150/year) with a small intern signing bonus.
Do summer S&T analysts get paid the same as summer IBD analysts? Have a buddy who interned at the same BB I'm at this summer, wanted to see how comparable his compensation will be to what I will get
$40/hour plus $60/hour OT (after 40 hours)
How much can ppl usually book for OT? Does it look bad if you book too much? How much do people usually make pre-tax at the end of the summer?
Thanks!
I dont get why people say you can get the tax back eventually during tax return. Don't you have to pay taxes on your income?
The taxes are withheld initially and then when tax season rolls around you should get your taxes back in the return due to that being your only income.
For OT, it will depend on your group culture! In my group, if there was work to be done, you could log all the overtime you wanted but they didn't want you hanging around for facetime.
Pleas use good judgement!! If you look beyond the return offer, how you log OT says a lot about your character. Yes, you need to offer to help your team. If one of the other interns is bogged down with something, help them!! But if people don't need you/actually tell you to go home, don't make up work just for the cash. People will notice and it's not a good look.
Also, side note, when it comes to helping other interns, be altruistic. If some guy is gonna be in the office until 4am, help them, but recognize that it can reflect badly on the other person if they repeatedly can't handle a heavy workload. Don't push someone to let you help & let them prove themselves/get better.
would 20-30 hours of OT be average per week? so 40x40=1600 20x60=1200 2800/week*10 weeks= 28K for the summer? This is without signing bonus.
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