INTERNS! What are you getting paid this summer?

Equity Research Internship
Size of Bank: Bulge Bracket
Location: SF
Salary: 15.00/hr
Did you bargain? if yes from what amount: No

edit: (landed FT IBD role in NYC.. hallelujah)

Comments (60)

May 1, 2016

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

May 31, 2016

While 15/hr does seem low, California has wage laws that require time and a half for hours over 40, and 2x for hours over 60. So if you're working 80 hours a week, your effective rate would be like 20.63/hr...which i still believe is below market. Are you doing PWM or something?

    • 1
May 1, 2016

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

May 1, 2016

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

May 1, 2016

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.

What concert costs 45 cents? 50 Cent feat. Nickelback.

Learn More

Side-by-side comparison of top modeling training courses + exclusive discount through WSO here.

May 4, 2016
ostrich:

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.

So is it FO or BO?

Oh and FYI, http://www.bloomberg.com/news/articles/2016-04-27/...

May 1, 2016

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

May 1, 2016
stormy54:

Size of Bank: Bulge BracketLocation: NYCSalary: 41.00/hrDid you bargain? if yes from what amount: Definitely not

Undergrad? or grad?

What concert costs 45 cents? 50 Cent feat. Nickelback.

May 1, 2016

Undergrad

May 18, 2016

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

Want to Lose the body fat, keep the muscles, I can help.

May 1, 2016
Winning related:

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

yea rejected the offer, got an m&a gig in nyc!

What concert costs 45 cents? 50 Cent feat. Nickelback.

May 18, 2016

Glad to read that, SF is way to expensive to survive the long hours and little pay.

Want to Lose the body fat, keep the muscles, I can help.

    • 2
May 31, 2016

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.

    • 1
May 31, 2016

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.

May 31, 2016

Just to clarify a little, banks will prorate the 85k over different amount of hours. Ex 85k over 80 hours a week would be $20.50 an hour on average. If they pay time and a half over time and pay 85k over 80 hours then the first 40 hours would be paid just ~$17 an hour and then overtime of ~$25 an hour for the next 40 hours.

Obviously, if you have a bank that prorates over anything less than 80 hours a week then you have a chance to make significantly more than a FT analyst.

    • 2
May 31, 2016

Yep - interns end up making more per hour than 1st year analysts at my bank with overtime. This relationship was even more amusing last year when 1st years were still working off the pre-bump $70k base salary, and the interns came in at $85k pro-rated.

Jun 3, 2016

Also, places usually pay bi-weekly. So pro-rated isn't counted by number of weeks - it's counted by periods. And for some reason, you calculate it with 24 periods instead of 26.

http://smallbusiness.chron.com/prorate-semimonthly...

"If you have a difficult task, give it to a lazy person; they will find an easier way to do it." - Hlade's Law

Learn More

Side-by-side comparison of top modeling training courses + exclusive discount through WSO here.

Jul 7, 2016

.

Best Response
May 31, 2016

0.00 usd/hour x 75 hours/a week x 12 weeks = 0.00 usd

It ain't what you know, it's who you know

    • 11
Jun 4, 2016

was that a prorated $0/year or an hourly wage?

    • 1
Jul 2, 2016

Why are you not getting paid?
I mean we got an intern an he does not get paid, but that is because he/she is only there because her parents know the boss.

May 31, 2016

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.

May 31, 2016

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

May 1, 2016

whats an EB bank?

What concert costs 45 cents? 50 Cent feat. Nickelback.

May 31, 2016

Elite Boutique

May 31, 2016

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

Jun 2, 2016

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.

    • 1
May 31, 2016

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.

May 31, 2016

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

May 31, 2016

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.

    • 1
    • 1
May 31, 2016

anybody not getting a relocation bonus as an intern?

    • 1
Jun 1, 2016

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

Jun 3, 2016

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

Jun 3, 2016

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.

    • 1
Jun 3, 2016

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.

    • 1
  • Anonymous Monkey
  •  Jun 3, 2016

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

Jun 3, 2016

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

Jun 3, 2016

Investment Banking - Coverage
Size: MM
Location: London
Salary: PS38k/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 PS58k/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".

Jun 3, 2016

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

Jun 3, 2016

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.

Jun 4, 2016

[deleted]

Jun 4, 2016

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

Jun 4, 2016

IBD Internship

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

John P. Mullin
Double Degree Msc in Management & Economics
EBS Business School & Tongji University
Shanghai, China

Jun 7, 2016

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.

Jun 12, 2016

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.

Jun 22, 2016

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

Jun 23, 2016

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

Jul 1, 2016

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

Jul 1, 2016

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

  • Anonymous Monkey
  •  Jul 1, 2016
Comment
Jul 1, 2016
Comment
  • Anonymous Monkey
  •  Jul 10, 2016
Comment