As many of you have already received or accepted offers, I was wondering which are the best/worst paying (hourly and signing bonus) firms on the street.
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For Summer Analysts, Evercore definitely has the best - 95K pro rated. However, I have heard that Evercore does not have a 401K match program for analysts or does not have one that's as generous as the bulges.
All other firms pay 85K pro rated for summer but differ in the housing stipend they give. DB does not provide a housing stipend, BAML does provide a housing stipend (not sure how much) and JPM provides a 2.5K housing stipend
Well the worst would obviously be working for free. I've read somewhere that FT Partners in SF have done unpaid internships, but I can't confirm that. Anyone else know of firms that pay "experience"?
Pretty much all the non-elite boutiques pay either minimum wage or "credit"
WTF is credit? Do they pay you for your SA time when you go FT? Also, anyone have more comments on regional boutique pay? That's what I'm looking at at this point, and want to know more about the benchmark for pay.
Paging my girl Justine TOBINCO.
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Based on the ones I received:
Best: JPM $85,000 pro rated ($40.87/hr, $61.30/overtime), housing stipend $1500
Worst: Wells Fargo IBD $30/hr ($62,400 pro rated), housing stipend $1400
my friend worked at WFS last summer and got $30/hr with 1.5x overtime which at 80hr/wk comes out to $3000/wk compared to ~$1600/wk at $85k prorated with no overtime
Everyone gets 1.5x overtime...its an NYC law
Also $85K prorated with no overtime for 80hrs/wk is ($40 x 80hrs) = $3200
I think overtime is 0.5x not 1.5x
That would cut your wage in half lol
Can confirm that my offer for this summer is $40.86/hr and $61.29/hr overtime, as well as a $2,000 housing stipend and the ability to participate in the firms 401k plan.
Wow which firm allowed you to participate in the 401k plan as a SA?
If you get a pro rated base, how does overtime work in SF? Does the prorated salary account for a 40 hour work week?
Pro rated salaries account for 40 hour work weeks, it should mention on your offer letter if you are subjected to overtime pay. I just know in NYC after 40 hours you get 1.5x your base hourly wage by law
There is no mention of overtime pay, however I was told California has strict overtime laws for interns, so do you think I am shit out of luck?
I'm not going to comment on the legality of pay in NY but from experience the salary argument MarthaStrewartsAFelon made is valid. I had a salary as a SA this summer that wasn't dependent on hours. Know my friend also at a BB had an hourly one though, obviously comes out a better deal than the fixed amount. Curious as to which firms do which more broadly though.
From what I know/have seen for interns:
GS is 85k prorated + overtime but the overtime is like 23 an hour so doesn't help that much. 1500 stipend.
PJT & Lazard are 85k prorated with no overtime. No stipend for PJT, but 2k for Lazard
Moelis & Evercore are both 95k base - however, the hourly rate will not be so great because you'll work so fucking much
BAML has amongst the worst. You have to work a fuck ton of hourly hours to make it to 85 pro-rated which is what everyone else makes. You only make a reasonable hourly rate on the OT. 2000 housing stipend.
For FT this is completely different though:
GS does not pay overtime. That is 100% wrong.
BAML definitely is not amongst the worst. Friends there definitely got over time, and did just fine ($30/hr base for 40 hours, and $45/hour after).
Deutsche has the same pay scheme as BAML, but sounded more liberal about overtime pay.
Barclays I'm not sure.
Your FT stuff sounds right as far as I know. MS bonuses are usually on the lower end. They are not big on retaining analysts, and make it known (they prefer you leave to get paid more elsewhere, and then come back as a client - or love MS enough to stick it out and get paid more later). Citi has solid bonuses for top performers but is not afraid to lowball everyone else.
Those numbers are blatantly wrong for GS and BAML - my little brother got SA offers from both this year and his GS offer says they pay overtime of 23.something per hour and his BAML offer is 26.something base plus 35.something overtime.
Yeah the MS stuff and Citi stuff sounds consistent with what I've heard. One of my friends works at MS in Capital Markets and bitched about his bonus forever lol
Why is no one talking about starting bonuses?
Why are you talking about everyone not talking about it instead of talking about it?
Because I already went through that process and am working.
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