I was admitted into Northeastern and just wanted to learn more about their co-op. If I go there, I’ll be majoring in finance. What kinds of jobs do finance majors get during their sophomore year co-ops? And how much do students really make during these time periods?
A friend’s son is a sophomore finance major on coop now. He’s working at John Hancock, living on campus, making somewhere around $20/hour.
@NJWrestlingmom Do you know what he does at John Hancock and how many hours a week he works?
@bleh1234 it’s a full time job, all day, 5 days a week. He started at the beginning of Spring semester (January) and will finish up this summer. Not sure exactly what he does day to day.
@bleh1234 This comment has some good information on co-op:
http://talk.qa.collegeconfidential.com/discussion/comment/22202166/#Comment_22202166
@NJWrestlingmom 's post is a pretty typical to above average experience. Every co-op is full time and the pay for finance will range mostly from $15-$35 with some high-end outliers.
https://damore-mckim.northeastern.edu/wp-content/uploads/2019/02/dmsb-coop-overview0317.pdf
Page 4 of those numbers specifically expands on Finance and there are some interesting top-level numbers on the first page.
@NJWrestlingmom Is it possible if you can find out what he does?
@NJWrestlingmom Does he also have to pay 1/3 of what he is making in taxes?
Anybody employed in Boston on a co-op will need to pay the appropriate federal and MA state taxes (along with Social security, etc.). However, co-op earnings do not count against any financial aid when completing the FAFSA.
@bleh1234 All jobs have to pay taxes. Even for high paying co-op’s though the maximum net effective tax rate tends to be between 25%-30% though since co-op is six months but tax brackets are based on yearly income.
@bleh1234 yes, he pays taxes just as anyone with a job does. They don’t pay for tuition while on co-op, just the room and board. He had to pass a background check first as well.
As for the day to day, I don’t have a lot of details, but he moves from department to department, learning different things. A lot of spreadsheets, now he’s learning about the stock market. Some he’s liked, some not so much. But a great way to learn what he likes before he’s got to decide on a full time path.
My son did his fist coop in boston last year. I believe he worked on reconciling trades. He was paid 15 an hour I believe. He enjoyed it and felt like he was doing real work. His second coop begins in july. He will be doing some type of analytics. I think analyzing competitor’s sale trends or something. He is very excited to start this coop. This coop is also in boston so he will continue to live off campus with his friends. He is making 18 an our here I believe.
@bleh1234 everyone who works has to pay taxes lol. If you work at an ice cream shop all summer, you will earn money and perhaps have taxable income (depending on what you make and where that puts in on the tax brackets). That said, there is no way a 6 month coop, no matter how high paid, will result in 30% of federal taxes. Google federal tax brackets 2018 to see how much you pay for how much you earn.
@suzyQ7 I think high state taxes in common co-op states (MA, CA, NY) contribute to higher effective tax rates some higher paying co-op’s but yes I did overestimate checking my math now lols
@chai1vhh Most programs at Northeastern can be completed in four years with two 6 month coop programs.
^^ The comment I was referencing in my post #13 has been removed, as well as the poster.