What's a good salary for internship as an analyst in an asset management firm
Hi all,
I interviewed for a internship as a financial analyst with an asset management firm in New York. However, the salary I am offered is 20000 USD for a 12 week period. The portfolio manager who interviewed me told me that I will interact with everyone in the team. I was concerned about the salary. Is that a standard pay? Please let me know. Thanks.
Regards
It's an internship you should be happy with anything let alone 20,000...
Thank you. My concern is that low salary reflects poor firm performance? Though this firm has over 150 billion AUM. I am not sure what to make of a low internship salary.
The salary reflects that they expect you to come in as unskilled and not very productive, and they want to give you a several month interview, but don't want to miss out on candidates because summer camp or a fast food restaurant would better help pay college tuition. We are monstrously profitable, manage more than that, and I don't think we even paid the Wharton grad school intern with a decade industry experience that we had in my department that much last summer.
$20k for three months is $80k/yr. That is more than the average american family makes, and more than I made in my first job out of college. Consider yourself lucky.
It's even higher it is 85k a year prorated
20,000/12= 1,666
1,666*52 = 86,632
You're one of those guys aren't you? Whatever1984 just assumed 12 weeks was 3 months like every normal person would... 3x4=12 months so 20kx4 is 80k.
Thank you for your insight. I understand your point. It's just that someone told me that they pay interns for desk strategist position in BB about 30k for 3 month internship, so the inferred that probably this firm is not good. May be portfolio management has different hiring standards. Does portfolio management firms hire specifically from interns? Do you have any suggestions for me how to ace this opportunity? Thanks.
I think you're missing the point - JSC pays better than banks - does that mean BB interns are also being underpaid? No.. your market value is what you're able to get an offer for. If you're good enough to get into JSC, and they give you an offer, then yeah, this one is under your value. I don't mean this personally, but since it sounds like you haven't gotten other/better offers, I assume you aren't good enough - which means your value is not what those firms pay.
That said, especially at the intern level, money should be your last concern.. Would you prefer a $40k summer cleaning toilets or an unpaid internship at D.E.Shaw?
Anyways, as others have said, you really just need to appreciate the opportunity and make the most of it.
Best of luck -
Thank you for the insightful thought.
A valuable life lesson - you cannot compare Desk Strategist (whatever that means) at a BB to a Portfolio Management role at an Asset Manager.
Yes - they're both in 'finance,' but two entirely different roles in firms that serve two completely different purposes (Asset Managers operate much different than a Bank). You cannot compare apples and oranges.
Hi Bateman*3,
Thank you for answering my question. What differences do they have in general? I know people in BB as a desk strat and hence I am aware of their experience. I am relatively new to asset management. Also, I was told that people who join bonds rather than equity tend to become portfolio manager at an early stage. However, the people who join quantitative based equity long-short strategies tend to take a longer time period to become a portfolio manager. Could you please explain this? Thank you.
Regards
Edit
Go shoot yourself
Internships are all about exposure and experience.
I've had unpaid internships at no name firms, only so I can leverage my time there for similar internships at more structured companies.
$20,000 is fantastic, when you consider the limited benefits that you will bring to the firm (sorry, it's just part of being an intern).
Thats almost $42 per hour assuming a 40h work week, quite good for an undergraduate internship.
Haha I’d actually cancel the internship if I knew the kid was asking if 20k for a summer internship was fair.
It seems like a silly question to me. 80k a year rate for an internship. The only thing paying better than than is ibanking internship but that might be at a lower per hour rate.
Lotta tough guy talk from 25 year olds. Just answer the question or don't. Bunch of triggered peeps you are
What I'm gonna tell you is that I did my summer internship last year with 18.5/hour. It's a great asset management company, and the portfolio manager whom I worked for ended up with 14% yield in 2017, which is a quite remarkable result for fixed income portfolio.
Just keep in mind that summer internship is not about money, but about gaining experience. You will make much more than that in you FT. So be humble and say thanks to the manager who offered you 20k for just 12 weeks.
Thank you for a response. It's great to hear about your experience. Could you please describe what kind of work you did? What kind of an asset management firm is it (long-short, bonds etc.)? Thank you.
I am going to refrain from ripping into you personally - telling you how blind you are to how the world works, what an incredible opportunity you have and how selfish/unaware you come off as by asking "oh am I underpaid at $20k even though in reality - I am an intern and will likely take up other's people time, therefore, costing the firm MORE than just my salary."
So, in short...yes $20k is very good pay for an intern
I was paid $7k for the same period for one of my first internships. Hope that makes you feel better.
Oh, and by the way, just in case you're wondering, I couldn't be happier to receive and accept that offer.
Dude...like others have said, that's the equivalent of an $80k annual salary. Many internships are unpaid, and most don't come anywhere close to an $80k/year equivalent. Not sure if you're trolling or just extremely detached from reality.
I hope this kid is a troll. I would've cancelled your offer with that first response. There's plenty of people that would've taken that internship if it was unpaid. It's an internship.... you want stock options too?
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