<p>Finance isn’t engineering.</p>
<p>Oil places tend to pay a lot because you often get stuck out in the middle of nowhere.</p>
<p>“Finance isn’t engineering.”
ever heard of financial engineering?</p>
<p>"Oil places tend to pay a lot because you often get stuck out in the middle of nowhere. "
by middle of nowhere you include houston, TX?</p>
<p>I really doubt that ExxonMobil is laying people off. Most of the oil industry layoffs are at the service companies like Schlumberger, Halliburton, Baker Hughes, Diamond, etc. Not really at the big integrated companies. And even then, not really for engineers, but for roughnecks.</p>
<p>Working internationally you can definitely do very well…but for 95% of people who are not international students, working outside the US for an internship/co-op is not a very realistic option. bearcats, is your friend a US student or international?</p>
<p>Anyways, I work in oil as a co-op in the middle of nowhere. My best month out here was just a hair short of $8000. Houston jobs are typically corporate jobs for petroleum engineers, geologists, business, accounting, etc. Very good wages, especially for petroleum engineers, but can probably make more money as a student out in the field.</p>
<p>US citizen, applied through US, placed in hong kong</p>
<p>That’s very good…is the student Asian?</p>
<p>no… i know a bunch of people from here get placed in IBD hong kong every year by every BB.</p>
<p>Went overseas by choice? Or did they have to go there to work for the company?</p>
<p>by the way, tax in hong kong is ridiculously low, around 12% of the total internship income… i dont know if it is by choice or by placement. He told me he got an offer in hong kong… I assume it’s mutual interest</p>
<p>That makes things worse if anything…if he has to pay 12% tax in Hong Kong and also should still be paying USA taxes since he is a USA citizen.</p>
<p>you get $80000 exemption declared as foreign earned income. No tax for the first 80000 made overseas. My dad use this deduction every year.</p>
<p>whats IBD and BB???</p>
<p>Just an aside to bearcats, which does not have much to do with internship pay, but the maximum foreign income exclusion is actually $87.6k in 2008. Your dad would need to meet both the residency test and tax home test. For a US Citizen, he’d need to be abroad 330 days in a consecutive 12 month period. You also need to know if the foreign employment is ‘temporary’ or how long you ‘expect’ it to last. If the period is over a year, the IRS will consider him moved and he could not deduct living expenses. If he does not have any tax home, he would be itinerant and could not get the exclusion. See pub. 54 for all the details. He might also have to pay foreign income tax depending on the country and tax treaties.</p>
<p>dsmo, i could of swore you said you got a co-op in a refinery, no where near to up stream. And you must of been a genius to get an up-stream job in securing an up-stream internship from a Big 10 school; more like 3.6+ GPA in MechE. strange…</p>
<p>now no need for ignorance or being naive. those corporate PE’s wont see 100k until their 5th year, unless you go out into, “the middle of nowhere.” remember guys, in this world; if it sounds too good to be true; it is. work your ass off in the field for 5 years, and you may advance to an office position. you’ll probably never work your ass off so hard in your life. sometimes you may have to work 36-48 hours straight on occasion. but lol your young days are up after your initiation so-to-speak. in other words, all your friends will already be married, while you… hmmmm. in this industry, one must make a sacrifice to the oil industry, and you may earn a spot in the ranks.</p>
<p>I am in a refinery…I don’t think I ever said I was upstream. I would like to try upstream next summer…I should be able to swing it, I am at an integrated after all…</p>
<p>As far as getting an upstream internship from a Big 10 school…well, I am an electrical engineer at Michigan. My major is a much bigger handicap than my school. All of the big guys recruit here. Shell recruits here super heavily…in fact, at an info session I was invited to in the fall, they told us that they like Michigan engineering students more than Texas students because they seem to be better prepared (I assume this is for ChemE, ME, EE since we don’t have petroleum engineering.) Anyways, as far as companies recruiting here, off the top of my head, at the last career fair we had Exxon, Shell, Halliburton, Schlumberger, Chevron, BP, Conoco</p>
<p>well lol of course shell, and any corporation as a matter of fact, is going to say that. lol you seem like a good guy, but don’t get sucked into corporate BS. admittedly, there is one aspect oil companies love in hiring non-PE schools. They simply don’t have to pay their recruits as much. Since oil companies are so desirable, they can easily find a replacement for you for 10k lower, for you have no training in Petrol. It is litterally a “leave it or take it” mentaility, just to get your foot in the door. Now why pay a UT guy 45k more for something you can train a smart UMich student in months? Get the point… But yeah, Shell was *****<strong><em>ting, I hate to admit it; but I can’t stand UT. they think they’re better than everyone, and they can’t see the real world. “a true good 'ole boy system.” but if you go to UT you are golden, the most in-demand engineer for the oil industry period. for example, if you majored in EE at UT then you would most likely have a job offer already with 2 years left of schooling. haha, those sons of *</em></strong>*es. 25% of PEs worldwide are UT grads…</p>
<p>Now on the 8k in a month crap, I know you are lying. for upstream, you wont see more than 4500k in a month, and that is with a boom. For those with connections/4.0s can get 5.5k MAX. lol, there is now way… For a refinery, I would say 3500k plus benefits MAX. And they don’t want to pay anyone overtime, especially interns. For they are more of a liability to search for “potential” talent.</p>
<p>edit: yeah just hang in there, this is not the time to be looking for a petrol job, especially being in the midwest… just beg, ********, and sell yourself…</p>
<p>“but if you go to UT you are golden, the most in-demand engineer for the oil industry period. for example, if you majored in EE at UT then you would most likely have a job offer already with 2 years left of schooling”</p>
<p>lol is this serious?
Michigan EE > Texas EE
Michigan Engineering > Texas Engineering
Michigan Business > Texas Business
Michigan Alumni Base > Texas Alumni Base (except for specific industries)
U of M overall is also more prestigious than UT</p>
<p>and this is not based on USNEWS or any crappy rankings… Berkeley, Michigan and UVA (and UCLA to a lesser extent) forms a league of their own in the public university world</p>
<p>" yeah just hang in there, this is not the time to be looking for a petrol job, especially being in the midwest… just beg, ********, and sell yourself…“”
“And you must of been a genius to get an up-stream job in securing an up-stream internship from a Big 10 school”</p>
<p>big ten schools Northwestern and Michigan are much bigger target schools for most companies in most industries than Texas. (Northwestern to lesser extent in engineering but much bigger extent in everything else)</p>
<p>k, buddy, just stay out of this. you have no idea how big of an idiot you sounded with that last post. omg, kill me…</p>
<p>k, i kinda feel bad for calling someone lacking an attention span an idiot. friend, read through dsmo’s posts, and use that brain of yours… go to the constant, reoccuring theme. now hmmmmmm… get back to me. :)</p>
<p>with love,</p>
<p>houston</p>
<p>actually, the biggest idiot in this thread is you.
“constant, reocurring theme”? you are the one who brought EE in.</p>
<p>and what’s your point? EEs at Michigan get gobble up by the high finance jobs or high paying tech jobs in california. </p>
<p>Even being a non-EE I was able to land a tech job at a top bulge bracket ibank as a sophomore, and EEs have even better prospect than non-EEs in the tech field obviously.
A lot of EEs are interning at bulge brackets, DE Shaw, Citadel and quant funds, not to mention the typical industry giants like google and microsoft, and from a lot of people’s point of view, those jobs are more desirable than jobs in an oil field.</p>
<p>I dont see a reason someone need to “beg” from this “midwest Big 10” school with a top engineering program and better prestige/alumni base overall than UT, especially someone majoring in a read hot major like EE</p>
<p>EDIT: not to sound wierd, that oiler guy deleted his post before mine and this is a post in response to oiler’s</p>