<p>What is a typical rate for summer freshman internship at IB banks or hedge funds? Do these companies pay or expect most of the people to work for free? </p>
<p>If someone receives an offer for an internship to work right in a prestigious company right at Wall Street, how many hours are typical for working? </p>
<p>By the way apart from summer housing in New York City, how much a person need for expanses such as food and other items everyday if they eat at moderate places. Thanks</p>
<p>the chances of your son/daughter actually getting a job on wall street is miniscule...worry about this stuff after they have an offer</p>
<p>I do believe large institution pays market rate so if you can get in, you will be payed pretty well. You can anywhere from 500-2000 a week, basically a portion of your time spent will equal a portion of the salary.</p>
<p>Hedge funds are a different field. I am not positive on the pay rate there but it all depends on how big the company is and their policies regarding interns. Some pay and some don't.</p>
<p>Usually, they expect you to work anywhere from 20-40 hours per week during the summer.</p>
<p>I can not comment on expenses for living in NY.</p>
<p>Once they take out City, State and Fed. taxes, you would be lucky to cover expenses living and eating in NYC. But there's always Jersey City and Hoboken across the Hudson river with trains, buses and ferries.</p>
<p>Freshman Internships at investment banks?</p>
<p>Can't comment on that.</p>
<p>But I can speak on IBD and S&T internships at BBs. They will pay 60,000 prorated to roughly 2300 bi-weekly (pre-tax) and roughly 1500 biweekly (post-tax).</p>
<p>Additionally, many will pay summer analysts a housing stipend ranging from $1k to $4k.</p>
<p>Hedge Funds. I don't know. I'd imagine there could be a wide range in compensation for them.</p>
<p>Getting a freshman internship at a BB bank (or hedge fund) is quite difficult. I would imagine they pay you similar to a sophomore or junior, which will be fairly good, until you realize that you have to pay taxes and live in New York.</p>
<p>Honestly, the pay is quite good, even when considering you'll be living in NYC.</p>
<p>If you are working in IBD, you will be spending quite some time in the office, and they will pay for your dinners (typically $25 worth)</p>
<p>Additionally, the banks typically reserve housing for their SAs at NYU dorms, costing the interns roughly $1800 for those months in NYC.</p>
<p>Additionally, you will be attending many SA events at restaurants and entertainment areas, such as the Hard Rock Cafe for free.</p>
<p>Basicallly, what I am saying is SAs can save quite a bit of money and still enjoy their time in NYC.</p>
<p>Unfortunately both hedge funds who have offering a potential internship are offering $10.50 rate per hour. Student currently attends Harvard. While working for an economics professor as research assistance, he is getting around similar rate per hour. However as a student this money is a work study and his living expanses are not part of it. Looks like without any potential connection this is the best he can get to get the foot in the door. Oh well…….</p>
<p>I have a great shot at getting an internship with someone who has plenty of experience in investing this summer, for his hedge fund. I'm going to have dinner with him soon, to discuss an internship over the summer. Man it's great to have good contacts, :).</p>
<p>This is making my $3000 before tax for the whole summer research positions while working 45-50 hour weeks feel pretty bad. :(</p>
<p>yep bpk1, isnt it?
i have a meeting with a hedge fund CFO to discuss internships in like 1 week, only i'm going to have lunch with him instead of dinner lol.</p>
<p>You'll likely be in the negative once you take out your expenses (clothing and such) and taxes.</p>
<p>Majayiduke09, $2300 bi weekley is quite low for a BB! Here in london I'm getting paid $3600 at a non-BB and $3200 at a top BB, if you convert and calculate it bi-weekly</p>