<p>Hi
How much is reasonable to ask for or to expect if one gets a internship with a bank as a rising college junior? (w/ previous work/sales experience)? I am referring to hourly wage. </p>
<p>For those who have had internships with goldman sachs or fed reserve or etc? What were u typically paid? </p>
<p>Thanks.</p>
<p>most banks pay 1st year base salary (usually 60k) prorated to however long your internship is. most also include a small housing stipend on top of this.</p>
<p>First hand offers:</p>
<p>one of GS/MS - 60k prorated (1154 a week)
1k housing stipend
free cab rides after 9:00pm, $25 meals after 7:00pm</p>
<p>one of JPM/MER/BOA- same as above, but stipend varies from 2-3k</p>
<p>No bonuses for interns? I read about a guy who interned at a BB and earned around 25K for the whole summer. </p>
<p>Is the housing stipend a monthly grant by any chance?</p>
<p>The term "bonus" is rather arbitrary. Generally, for summer analysts, it's more like a bonus package that consists of a signing bonus, a relocation bonus, and a housing stipend - all of which totals around 2-3k, as mentioned by dpa38d2u. Additionally, Lazard pays discretionary end of summer bonuses to top summer analysts (not sure if they have discontinued this in light of the recent financial turmoil).</p>
<p>I would not count on bonuses this year, but traditionally, exceptional analysts that are wanted full time upon graduation are remembered at bonus time.</p>
<p>Question on what the average hours are for summer analysts? I am considering trying to interview with some banks for a summer, but I am already making slightly more than the above $1150/week on a 40-hour schedule. I also should have the opportunity to work a lot of paid overtime for a period of a few weeks, which would put my earnings through the roof.</p>
<p>I know if you want to do banking as a career, you really need the internships, but I just want to consider time spent at work as well. Also, is the housing stipend monthly or for the entire summer? $1k for housing for an entire summer in NYC sounds like it would be a big drain on your earnings.</p>
<p>the 1k is meant more as a relocation bonus than a housing stipend. Its point is really just to give you some money at the beginning to pay for security deposit, etc.</p>
<p>its going to be next to impossible to get banking full time without an internship this year</p>
<p>dsmo, there's no overtime pay if we're talking about a FO internship. Should you be one of the fortunate ones to get one of the few internships this year, the objective will be to work longer, harder and smarter than the formidable competition in hopes of landing a full time job. If you even have to consider if this is worth your summer monetarily, this is probably not the industry for you and you probably won't show the hunger it takes to get the job.</p>
<p>
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If you even have to consider if this is worth your summer monetarily, this is probably not the industry for you and you probably won't show the hunger it takes to get the job.
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<p>This should be printed out and tacked onto every prospective banker's refrigerator. Right now, everyone (myself included) should learn to value experience over compensation. If the end game is seven figures, a couple thousand in the short run means very little. Go where you will have the best opportunity to learn.</p>
<p>I'm already committed for the upcoming summer. As I stated, I know what I am making for 40 hours/week, and I have the opportunity for a lot of overtime pay on top of that. (I know that banks will not pay overtime.) I just thought this would be a good place to start getting ideas for summer 2010. That's why I am interested in average hours. Would additional money in the future be worth the additional hours and stress, or would I be happier staying the course?</p>
<p>"That's why I am interested in average hours."
i banking is a no-no</p>
<p>"Would additional money in the future be worth the additional hours and stress, or would I be happier staying the course?"
and you're asking us what you prefer?</p>
<p>No. What I need to consider as I move forward.</p>
<p>I don't get the point of your posts, dsmo. Either you're lying about making more than a banker or you're overcompensating for your insecurities on an internet forum by boasting about how much you make. Neither of which adds any value to this thread.</p>
<p>If you have found work that pays a salary you like and only requires 40 hours per week, don't even consider ibanking. You will work at least double that for many years, travel constantly, eat behind your desk or in a cubical or hotel room, give up most any social life that doesn't happen at the bank and that's just for starters.</p>
<p>If banks like GS cover your cab rides after 9 PM, do you have to pay to use the cab to get to work?</p>
<p>I know it is trivial in the long run as experience as an intern counts way more than cab rides; however, if someone could answer my question I would appreciate it.</p>
<p>they pay for your cab ride home after work, why would you need one to go to work?</p>
<p>You're going to really need to rely on self initiative in these jobs. Getting to work is on you.</p>
<p>I wouldn't be surprised if this perk "paying for cab rides after 9 PM and $25 meals after 7 PM"will be rescinded in this economy.</p>
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</p>
<p>You've never worked at a bank, huh? Don't discount the relative significance of employee morale.</p>