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IB 2011/12 salarys for interns

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    Yeah i know the salary you get isn't the only thing you should consider when deciding which bank to work for but its still good to know what they all offer.

    I know for a fact that for Technology CS is offering 38k + 1.5K relocation for 2012 summer interns.

    So does anyone know what other banks are offering? + which roles? (assuming that IBs pay more/less for some roles)

    Edit:

    So far its...


    Division | Pay | Additional pay | Duration | IB


    Credit Risk: £39k pa + £1k relocation, 9 weeks, BoAML

    Global Markets/S&T: £45k pa + £1k relocation, ?, BoAML | £45k pa + £1k relocation, 10 weeks, MS | £45k pa + £1k relocation, 10 weeks, CS

    Technology: £40k pa + 2k relocation, 6 Weeks, Barcap | £38k pa + £1.5k relocation, 10 weeks, CS | 33k pa + 1k relocation, 10 weeks, GS | £37 pa + 5k sign on, Grad Scheme, Citi

    IBD: £42 pa + 1k relocation, 12 weeks, JPM | £45k pa + £1k relocation, ?, BoAML

    Operations: 34 pa + relocation?, 10 weeks, JPM
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    BoA Merill Lynch, Credit Risk is offering £39k +£1k relocation, for 9 weeks. This works out to around £7750 for 9 weeks.
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    apparently CS is reducing its internship from 10 weeks to 7-8 weeks, however they say that they will still be paying for the full 10 weeks.
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    (Original post by Fiat Punto)
    BoA Merill Lynch, Credit Risk is offering £39k +£1k relocation, for 9 weeks. This works out to around £7750 for 9 weeks.
    How did you get to 7750? After tax 40k is roughly 2000pcm so 9 weeks is $4200 roughly?
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    (Original post by Bill_Gates)
    How did you get to 7750? After tax 40k is roughly 2000pcm so 9 weeks is $4200 roughly?
    According to Tax man http://
    listentotaxman.com /index.php 39k Peryear
    equates to a weekly salary of £750 .00 (pre tax).
    After tax it becomes £555 . So for 9 weeks it is
    around £4995 after-tax and £6750 pre- tax.
    I assume fiat was estimating the pre-tax salary.
    Also remember that the yearly Tax free
    Allowance is £7 ,475. 00 and since your only
    contracted for 9 weeks you should I think get
    £6750 for your 9 weeks.
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    Yeah, I gave the pre-tax figure. The £1000 allocation is not annual, and then prorated. It's £39k pro rated for 9 weeks, (I get £6750), and then add £1000 on top.

    Tax is gonna be minimal (almost nothing) since it will be around the treshold. Got to take off 1% for National Insurance.
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    Guys I have a question, Im a uni student and
    have taken a year out as a placement student,
    ive been working since July 11 and will finish
    around June 2012. Im earning over the tax
    threshold and so am paying tax. However I will
    be starting a summer internship in june/july
    2012 and will be on a high pro rated salary but
    for the 10 weeks I will be there my gross salary
    will be below the tax threshold.

    So I wonder, tax wise will they consider my
    whole tax year income as one – therefore taxing
    me in my summer job or will they treat my
    summer income as separate and not tax me on
    that because as I said it is below the tax
    threshold.

    Thanks
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    They'll take the annual salary into account.
  9. Offline

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    (Original post by Fiat Punto)
    They'll take the annual salary into account.
    so they will tax me?

    ah bollacks
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    Tax runs Apr-Apr. So it's whatever you earn from Apr 2012 to Apr 2013 that gets taxed. I presume you'll get taxed during your internship and then HMRC will give it back to you the following year. (I haven't done an internship nor do I know the process for payments)
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    (Original post by Moa)
    I will be working in Technology at BarCap, they are offering a six week internship @40k pa with 2k relocation bonus, which results in a total pay of 6615GBP or 1102GBP per week


    EDIT: Say whaaat? If I earn 6615GBP in a year, I will have to pay tax on it? What the hell?
    wow thats alot, is this for a summer placement?

    nah m8 the tax free allowance is at £7,475 for 2011/12 and at £8,105 for 2012-13.
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    BarCap told me I would get an accommodation allowance (I am doing an off-cycle fwiw), is that a monthly or one time gig?
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    (Original post by Spurious)
    BarCap told me I would get an accommodation allowance (I am doing an off-cycle fwiw), is that a monthly or one time gig?
    Usually a one time payment.
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    Salary for Global Markets at BoAML is 45k per year
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    GS 33k Tech +1k relocation, 10 weeks
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    (Original post by Indique)
    GS 33k Tech +1k relocation, 10 weeks
    wow, im shocked its so low compared to other banks.
  17. Offline

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    (Original post by ali7861012)
    wow, im shocked its so low compared to other banks.
    Cause they can. Would it stop you?
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    OP could you split them up by divisions?

    I'd be interested to know CS S&T salary
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    (Original post by crustz)
    Cause they can. Would it stop you?
    Definitely not, I was just surprised since GS is a prestigious IB I thought they would pay more, having said that the pay especially for interns means diddly squat as its all about the experience your getting. If I was offered a place at GS id take it over any other bank.

    (Original post by Economister)
    OP could you split them up by divisions?

    I'd be interested to know CS S&T salary
    M8 no ones posted the S&T salary for CS so I haven’t added it, but taking an educated guess I would probably say between £39k-42

    Edit: u know what i am that bored that i will split it up by divisions
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    (Original post by ali7861012)
    wow, im shocked its so low compared to other banks.
    He posted for Tech, I'm sure FO positions would be more.

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