INTERNS! What are you getting paid this summer?

15/hr for BB? That's insanely low... Re-reading your post, I just assumed you were FO. Is this a BO position?

I wasn't aware it was appropriate as an intern to haggle your hourly wage.

I would've worked for free. You have absolutely no leverage as an intern to negotiate.

I was surprised too. I was expecting atleast 25/hr and yes it is bulge bracket.. Didnt want to argue because i'm from a non-target, but last year i was making much more at a vc firm.

Size of Bank: Bulge Bracket Location: NYC Salary: 41.00/hr Did you bargain? if yes from what amount: Definitely not

$15 in SF OMG, how are you going to coupe financially?

Size of the bank: MM Location: Chicago Salary: $6000/month *not sure why people are breaking down their monthly into a 40hr/week hourly. If you're FO & expect to only be working 40/wk, don't even bother showing up on day 1. Did you bargain? If yes, what amount?: No.

Every BB/EB/established MM will pay at a pro-rated salary of 1st year analyst + small relocation bonus at start. So that should equate to ~$85k/52 weeks/40 hours = $41/hr. Obviously, your actual hours are likely to be twice that and only some banks pay overtime (at 0.5x regular rate) so you'll be making closer to $30/hr pre-tax.

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People at FO BBs should make around $40 an hour as the salaries are always based off of the base salary for a full time IBD analyst. Outside of that it will vary. There is little to no negotiating for intern positions There isn't a whole lot else to be said here.

Size of Bank: EB Location: NY Salary: $85k pro-rated Did you bargain? if yes from what amount: No

Anyway to tell how many hours per week you're prorated on? I'm interning in IBD but my offer letter just stated that it was prorated on the $85k salary. No mention of any hourly amount

Not banking but associate level and I'm at $40/hr plus overtime for the summer +$3000 relocation. Couldn't imaging working double the hours for half the pay PLUS affording SF.

Size of Bank: Bulge Bracket - IBD (MBA Summer Associate) Location: London Salary: 1730GBP / 2500$ pw (90,000 GBP pa pro-rated). Not eligible for overtime. Did you bargain? if yes from what amount: No, everyone at my MBA got the same.

BB FO New York prorated 85k/2,000 relocation bonus. No overtime that I am aware of.

This made me feel bad about my 7100 per month salary until i realized these stupid douchebags were dividing monthly by 40.

Then i wrote this and remembered how extremely fucking lucky i am to make this much and have this job in the first place.

anybody not getting a relocation bonus as an intern?

Made a throwaway to mask identity. Size of Bank: EB Location: NY Salary: 95k pro rated + $4500 bonus

Sales & Trading Internship Size of Bank: Bulge Bracket Location: SG Salary: 41 Did you bargain? if yes from what amount: No

A few banks break it up so you have the 85k base broken into 40 hours / week ($41 / hour) and then you get overtime over that. Someone mentioned in California you get 2x overtime over a certain number of hours so that would mean people who get hourly rates (only a small number of banks do this) would be making $41 - $61.5 - $82 / hour. I know a couple EBs that have this set up but with a $95k base... and yes, I know banks that honor this system and have paid interns $50 - 70k for 8 - 9 weeks.

Interns getting paid like VPs is a little excessive IMO, but good on them.

if they prorated your rate over 80 hours, in a 40 hour week your $15/hr amounts to about $30/hour. while SF is great for tech, NYC is hub for IB so you cannot expect SF to pay same as NYC which is around 35-40/hr over 40 hour work week (still shit for BB though if I am honest).

if they offered you $15/hr over 40 hours then that was late night greasy kebab diarrhea shit unless they really only expected you to work 40 hours in which case could have been worth the trade off (you could always work as a gigolo after your 40 hours to make rent).

All that being said, internship is supposed to be the gateway to the FT offer so given how competitive that market is, i am sure most people would go even if it was free because they know if they do good work and get FT then they will be rolling in it in a couple of years (by it i mean eastern EU hookers and cocaine).

Good luck dude.

Investment Banking Internship Size of Bank: Bulge Bracket Location: SF Salary: 43.00/hr + overtime Did you bargain? if yes from what amount: No

Capital Finance Intern Size of Bank: MM/Bulge Bracket Location: Boston Salary: $23.00/hour Did you bargain? if yes from what amount: No

Investment Banking - Coverage Size: MM Location: London Salary: £38k/yr ($55k/yr). No overtime. Did you bargain? if yes from what amount: I attempted to, because I knew interns on other teams at the same bank getting £58k/yr ($85k/yr) pro-rata before overtime, and was very confused why I was being offered so much less. However, as people have said - interns have no leverage. Bargaining was pretty much "why am I making less than everyone else?" "because that is how much we pay you".

Leveraged Finance Size of Bank: Middle Market Location: NYC Salary: 26 Did you bargain? if yes from what amount: No

Wealth Management Internship

Size of bank: Large insurance subsidiary

Location: NYC

Salary: 0/hr

Did you bargain? If yes what amount: No - I just finished my freshman year, I don't exactly have many bargaining chips.

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corporate finance Internship Size: BB Location: NYC Salary: $30/hr + 1500 sign on Bargain?: nope

IBD Internship

Size: BB Location: Shanghai Salary: ￥100/Day + accomodation + 3 meals/Day Bargain?: Not a chance. Doing it for the experience.

Financial Operations Internship

Size: Broker-Dealer Location: NY, NY Salary: 16/hr Bargain?: I did try to negotiate but to no avail.

I worked at least an extra 2hrs of overtime on a daily basis, and was paid bi-weekly so my check usually came out with about 20-30hrs of overtime pay.

Quant firm/hedge fund internship Size of Bank: N/a Location: NYC Salary: 125k annualized plus 2100/month housing stipend (paid in same way as salary, so basically it's like 150k annualized) Did you bargain? if yes from what amount: No Hours aren't clocked but I would estimate we work 50 hours/week.

Interviewed with HSBC (MO) and BAML (BO) and chose the latter. 22/hour + OT

Commercial Bank Size of Bank: Bulge Bracket Location: NYC Salary: $30/hr Did you bargain? if yes from what amount: No

Why do people think they're getting overtime? You're not working at McDonalds anymore bud

Interns don't get to negotiate, especially at a BB.

MBA summer associate: investment banking Size of bank: BB Location: California Salary: $60/hour + 1.5 time ($90/hour) for every hour over 40 per week Did you bargain? n

Investment Banking Internship Boutique Location: NYC Salary: $500/week Did not bargain

i interned at a bulge bracket in CA last summer. pay was structured as $85k prorated + overtime (at a reduced hourly rate - 1.5x for 40-60 hrs, 2x for 60+ hrs). IIRC my total comp for the summer came out to ~$25k, much of which was taxed