<p>I've heard some people complain and then I've heard some people exclaim about internship pay. Can people who have gone through this process tell me what exactly one can expect to get paid?</p>
<p>I've heard that places like JPMorgan will give a kid a signing bonus plus pay. The bonus is suppose to help with securing an apartment and acquiring business attire. But once again how much is the bonus and what do you get paid over the course of the internship. </p>
<p>This seems to be such a mystery and I'm not sure why. I would think that people like myself would like to plan for this. </p>
<p>It would mean a lot to me to get specifics because I really need to plan ahead for S. Money is tight so I just want to be prepared. </p>
<p>Thank you to anyone will to divulge this information. PM me if you feel this is too personal in nature.</p>
<p>Generally, most places pay a prorated version of what first year employees get straight out of undergrad (excluding any sort of end of the year bonus).</p>
<p>If you’re at an investment bank, you will get 70,000 prorated (which works out to $13,461.54 for the 10 weeks) plus a $2,000 relocation bonus. Some banks will also pay 1/2 overtime.</p>
<p>Tech firms (google, amazon, facebook) pay more. They also pay for housing.</p>
<p>Accounting firms pay a little bit less, though they may be more generous with their overtime.</p>
<p>Thnk you. That seems like a lot of money. I’m not sure why so many people feel thats some kind of break even. The majority of people who have spoken to me have always made it out to be some kind of break even. Even people who have exclaimed, “Wow! You should see what they are paying my kid!” Have always concluded their statements by saying, “Its great money but at the end they just break even. They don’t get to pocket any money.” It seemed to be a wash for most people.</p>
<p>I guess it depends on the internship, employer, etc. I have two sons doing engineering internships this summer, one is a rising junior getting $18.50/hour - 40 hours/week for 11 weeks and the other a rising sophomore getting $16/hour - 40 hours/week for 12 weeks. I thought that was pretty good considering they are local and don’t have to travel much. They don’t have any friends making more than that. Although I realize if you get in with a big investment bank/accounting firm you can make much more. Then again, many internships are unpaid.</p>
<p>Housing in NYC could be expensive - $400-500/week, for 10 weeks that’s 5000, then transportation, food… A lot of kids end up going out a lot in NYC. My daughter did end up saving up quite a bit of it. She is cheap when it comes to buying drinks. We bought all of her clothing, so she didn’t have to spend any money on that.</p>
<p>@NYProspect, I should have added that these are all for rising seniors. </p>
<p>Internships for freshman and sophomores are much less readily available. If you’re getting $16/hour as a rising sophomore, that is fantastic.</p>
<p>@oldfort, As an intern, housing in NYC can be obtained relatively cheaply. Housing in NYU dorms is readily available in Lower East Side for relatively cheap. I paid just a hair over $200/week. Transportation is $100/month for a subway card.</p>
<p>angryelf: So do you think its nearly impossible to get an internship as a rising sophomore or junior? If if you do, do they automatically pay you less? Or are you saying that the internships available for the younger kids just pay less?</p>
<p>I don’t really know enough to say anything definite, but here’s my view/observation on the matter:</p>
<p>Interns by and large do not contribute enough to make up for their costs (all things considered). The reason why major corporations take so many interns and treat them well is that for them, it is essentially a 10 week interview process. They truly only get back the resources they put in should the intern come back and work there full time. </p>
<p>If a company takes on a sophomore, the odds of them coming back full time are much smaller than if they take a junior. Unless you’re an absolute superstar, in which case they want to lock you in as early as possible, you’re simply not valuable until just before you’re about to graduate. </p>
<p>Many companies simply don’t take rising sophomores/juniors. Those that do don’t get the same benefits and therefore can’t pay as much.</p>
<p>I can share my son’s internship pay here for the past three summers (he just graduated yesterday). He was a Supply Chain Management major at ASU. First year: $17/hr. in Los Angeles, 2nd year: $17.5/hr. in Chicago, last year: $18.5/hr. in Seattle. In addition, each company has its own living/travel allowance or subsidy for summer interns, not enough to cover the whole cost in all cases but help quite a bit.</p>
<p>sophomore: 20/hr
junior: 27/hr</p>
<p>both @ f500 or equivalents</p>
<p>My rising senior D at the time (Boston College- Accounting) was making $26/Hr. at a Big 4firm in San Jose, CA last summer.</p>
<p>My soon-to-be rising sophomore S (UCBerkeley- MechE) will be making $18/Hr at a BME company in Irvine, CA this summer.</p>
<p>I’m receiving a $2,400 stipend for my summer internship–but I figured that’s pretty good since 1. I’m a freshman and 2. The internship is at an education-related nonprofit. Since I’ll live in on-campus internship housing at a university near the company, $2,400 will cover most of my costs.</p>
<p>varies a lot by industry… 0 to 5 figures for the summer</p>
<p>I made about $20 a day - but it was an AmeriCorps position in a federal land management agency, and included housing, a transportation subsidy and airfare to and from the internship site in Alaska. Plus, I earned a $2,700 college award to pay off student loans.</p>
<p>@Dungareedoll Hopefully these multiple data points give you a better picture.</p>
<p>DD is working toward a CS degree.</p>
<p>Rising sophomore:
1 offer:
Type of company: research program
Location: Baltimore/DC
Pay: mid teens/hr
Perk: free campus housing</p>
<p>Rising junior:
5 offers:
Type of company: tech, startup, fed gov contractor
Locations: Baltimore/DC, Silicon Valley, NYC
Pay: low to high $20s/hr
Perk: free corporate/campus housing, air fare, nominal stock option</p>
<p>Rising senior:
5 offers:
Type of company: tech, big 4 consulting, hedge fund, IB
Locations: Chicago, Silicon Valley, NYC, Seattle, Pittsburg
Pay: low $30s to low $40s/hr
Perk: Free fully furnished corporate apartment, free cater meals, air fare, signing bonus, a couple weekends free car rental (companies are getting more creative) and etc.</p>
<p>Note: Company type, location, pay and perk in random orders.</p>
<p>@angryelf is right regarding the prorated pay, so the rising senior interns pay is the most predictable one, which is about 80% of the full time pay of somebody straight out of college. Big 4 pay the least, tech like Google and Amazon type pay more, but there are firms that out pay and out perk them nowadays.</p>
<p>Icylava:</p>
<p>Thanks for all your insight. Those are great paying internships at great places, you must be very proud of your DD.</p>
<p>ICYLAVA, Wow, that is amazing. Congrats. I cannot imagine though that those high wages and benefits are common. I mean, available to most. What school does your daughter go to and is her GPA really high??? Both my sons (rising soph. and junior) are engineering majors and both have internships (16 and 18.50) My rising soph. is at a school where they do 3 six month coops. He has many friends on their first and second coop in engineering and none make that most. It sounds like the average is $18-$20/hour. I think they would freak out if they got an offer like your daughters!!!</p>
<p>Like icylava, my DD is majoring in comp sci. She actually had a great summer internship opportunity right out of high school last year. She worked for a local university research facility making $16/hr doing programming. She has been invited to come back again this summer. I anticipate she will probably make around $18.50/hr this summer. She knows several other comp sci majors at her college who have interned at Google. They make between $33-50/hr.</p>
<p>Just to give an idea for anyone who isn’t in a engineering/tech/finance, I’ll be an intern at a major non-profit this summer in DC. For the 3 internships I considered, I was offered between $11/hour and $20/hour. No other benefits, relocation costs, or bonuses. I’m very grateful that I have a paid internship in the first place, but I certainly won’t be making money this summer. By the way, I’m a grad student.</p>
<p>Is it very common to get an unpaid internship in Venture Capital companies?</p>