Intern Salary - Norm salary for ibank?

MandA_Junkie's picture
Rank: Orangutan | banana points 283

What's the norm salary for Ibank interns, either at a BB or MM?
I was thinking around 10 g's for the summer maybe more. If you have been a past intern would you mind posting how much you made for the summer

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Comments (33)

Apr 1, 2007

its generally the normal yearly rate (no bonus) pro-rated for the time that you're working there (so approx 5k/month if normal yearly rate is 60k)

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Apr 1, 2007

It is not anything "for the summer." It's based on how many weeks you work, because your comp is weekly.

Apr 1, 2007

Well for the BB the salaries are all basically the same. Most are 10 week/60k pro-rated and approx a 1k "housing stipend." Some, like Lehman, are only 8 weeks but compensate with a larger housing stipend. It all works out to about $13k pre-taxes.

Apr 1, 2007

sounds about right

Apr 1, 2007

What about these 'overtimers' that we keep hearing about?

Apr 1, 2007

Going rate for college juniors is $25/hr

Apr 1, 2007

I believe that deutche paid overtime and possibly CS.

Apr 20, 2007

but from what i understand that only for OPS

Apr 1, 2007

Wachovia pays overtime, 1.5 of normal hourly pay for anything past 40 hrs/week.

wachovia interns only work 8 weeks, though. salaries, or so i'm told, typically come out to the ~13k that people will earn at other banks working 10 weeks.

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Apr 1, 2007

is Wachovia even worth mentioning here?

Apr 1, 2007
gsmsml:

is Wachovia even worth mentioning here?

STFU. Wachovia is a decent mid-market player.

Apr 1, 2007

If I were you, i wouldn't be worrying about salaries at this stage. But about learning a lot and making the right impression to get a full-time offer

Apr 1, 2007

haha, people are so obnoxious.

the poster did ask about MMs, which I would put Wachovia into...

sorry that all people can't go to schools that GS/MS recruit like crazy at :)

Apr 1, 2007

I'd rather hang with a cool well rounded person from Wachovia than some dickbag ivy league GS prick

Apr 1, 2007

Regardless of a debate over which banks/schools are "worthy." I think the real issue is that most college kids get way too hung up on compensation. My approach to my summer was that if I can land FT offer(s), enjoy myself and build a good network while not having to take a penny out of my own pocket and only using what the bank paid me, then it was successful. I think missing out on opportunities so you can squirrel away 1.5k or w/e is just stupid and hurts you in the long run.

Apr 1, 2007

60K prorated, $1K housing stipend at my BB

Apr 1, 2007

CS pays pro-rated 60k norm. So 2k housing, 12k salary and .5 time after 40 hours. So basically amounts to 20k pre-tax. take home is another story.

Should i bother trying to save?

Apr 1, 2007

Does any other bank pay for hours worked after 40?

CS rate is 14.42/hour after 40. So it's not time and 1/2?

Apr 2, 2007
coltsreign:

Does any other bank pay for hours worked after 40?

CS rate is 14.42/hour after 40. So it's not time and 1/2?

??? what do you mean? in my letter said .5 time after 40 5

Apr 2, 2007

Yeah, it's def half in my letter too

Apr 2, 2007

some CS offices pay time and a half OT (SF/LA)

Apr 2, 2007

30/hr regular | 45/hr OT
(3040hr+4540hr)*10weeks
=30k

Apr 2, 2007

Prorated 60k and 2k signing.

Apr 3, 2007

30k a summer? are interns going into CS that naive?

Apr 3, 2007

naive?

Apr 3, 2007

with overtime calc included i heard that DB interns came out of the summer with around 20 all in....i wouldn't expect 30k from anywhere

Apr 4, 2007

friend's offer letter:
regular wage based on 60k yearly salary divided into 40 hour weeks ~ 30/hr
OT wage based on 1.5x regular ~ 45/hr
assuming 80 hour weeks for 10 weeks results in 30k
they also provide 2k for relocation

and DB summer interns also get paid OT

Apr 20, 2007

any info if lehman (london) pays overtime to summer interns?
basic salary at lehman goes along with what has been said here already (700 gbp/week plus 1000 gbp one off housing allowance; 10 week program)

lev

Apr 20, 2007

The banks may say they'll pay you overtime, but they won't. You guys are naive if you think an analyst will be taking home 30K for the summer.

I just finished my MBA. MBAs at all banks in any role (IB, S&T, etc.) all got there prorated salary, which is 95K, which is a little under 8K per month. Work 10 weeks, make about $20K for the summer. Then get $5-10K for summer bonus. No one made more, and that was last summer.

There's no friggin way an summer analyst is making more than a summer associate. Those "overtime" numbers some of the banks claim to pay you are bs, because they just screw you somewhere else.

Apr 20, 2007

How would they "screw you somewhere else"?

Apr 20, 2007

As an example, the associate stub bonuses this year were 45K pretty much across the street for IB, S&T, etc. All the same. Well, Citi came in and gave 40K. From my buddies there I heard the rationale given was that the other 5K they essentially already got because Citi actually tries to abide by the overtime rule in New York (most of the banks don't abide by it).
So if Citi did in fact give them overtime, then they just took the difference out of the stub. Pay packages the first year or two out of school are remarkably similary from one sell-side bank to another.

Apr 20, 2007