Summer Internship Pay
Hey guys, I'm currently working at Siemens in the Tax Department, and have the opportunity to get to Smith Barneys. Not for IB, but perhaps Portfolio management...only problem is, they pay $8/$9. Why is this? This is significantly lower than what I expected and am paid now. Do you think it's worth it to go to SB in the long run?
I hope to land a summer internship at a BB, most likely IB analyst or in a finance dept. BTW, whats the average intern summer analyst pay for the BBs? (if you don't mind) I'm particularly curious about GS and LB. I know the ranges for JPM and MS.
Thanks
At Lehman IBD and S&T:
Its 2300 bi-monthly pre-tax (60k pro-rated)
With a $4250 stipend
That is typically the standard package at most BBs
What are the ranges for thos BBs?
typically they all pay base for a first year analyst prorated for your duration...i.e. exactly what devils advocate said...i can't really think of any reason an intern would earn something that significantly deviates from that
Any idea why Smith Barney pays significantly lower? I was offered $8/$9 per hour to work PT during school. Compared to $13.5 I'm earning here at Siemens Tax Department.
I know SB is far from the BBs, but is it not still respectable?
Cause its Smith Barney PWM. It's not a high demand job, and any peon could probably do the work, and I am guessing this is not in New York.
You're right. It's in New Brunswick near my school.
I figured it would fare better for be because it's more "Finance" related than being in a Tax Department. BTW, I'm an Economics major w/ Minor in stats...so you agree...no smith barneys?
If you can transition into a different part of Siemens, that may be more finance related, the would help you more than PWM at Barneys.
Most banks pay $60k pro rated which works out to about $12,000 and also pay $2k for relocation (basically a housing stipend). You also get $25 a night for dinner. So all in for 10 weeks you get $14k plus free dinners.
Some banks also pay their summer analysts overtime and with this, I know people who have made between $30 - $40k in 10 weeks.
Stupid question, what does pro-rated mean?
I would LOVE to make $12K a summer. I know, I do not sound like a banker at all. :P
Pro-rated just means you're being paid on a biweekly salary basis of a 60k employee.
So while you will not be there for a year in order to make a 60k salary, your 10 weeks there will be paid as if you were a 60k annual earner which works out to roughly 2300 biweekly pretax.
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