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IB Summer Internship Pay

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Original post by Nimiza

Barcap is usually the highest, averaging out at around £1000 a week (if you straight-line the sign on over the 10 weeks.)


It would be so much more easily comparable if everyone would talk numbers this way, on a weekly basis (including relocation). It doesn't make any sense to talk pro rata numbers for short term internships.
Reply 21
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Heritage Oil
OP
Original post by cybergrad
Oh, bless them, they are really generous with the taxpayers' money.


Haha I think the taxpayer is making a profit on RBS now though :biggrin:.
Reply 22
Avatar for fizzles81
fizzles81
I know Credit Suisse offer £45k (+£1k relocation) in Fixed Income. They also offer 8 holiday days for the 10 week period (generous!) and assuming - like most interns - you don't take them, you'll walk away with ~£1100 per week before tax. BarCap and BoAML are pretty much the same and JPM and Citi are a bit lower (more like ~£1000). Goldman pay a competitive base but offer fewer holiday days so for a 10 week intership it will probably work out somewhere just above the middle of the pack.

This is all for Sales and Trading - the same should apply to IB. Everything else (middle office, ops, tech, etc.) is lower and can vary quite a lot.
Original post by fizzles81
I know Credit Suisse offer £45k (+£1k relocation) in Fixed Income. They also offer 8 holiday days for the 10 week period (generous!) and assuming - like most interns - you don't take them, you'll walk away with ~£1100 per week before tax. BarCap and BoAML are pretty much the same and JPM and Citi are a bit lower (more like ~£1000). Goldman pay a competitive base but offer fewer holiday days so for a 10 week intership it will probably work out somewhere just above the middle of the pack.

This is all for Sales and Trading - the same should apply to IB. Everything else (middle office, ops, tech, etc.) is lower and can vary quite a lot.


Same for UBS IBD...but the holiday for UBS is 5 days...
Original post by fizzles81
I know Credit Suisse offer £45k (+£1k relocation) in Fixed Income. They also offer 8 holiday days for the 10 week period (generous!) and assuming - like most interns - you don't take them, you'll walk away with ~£1100 per week before tax. BarCap and BoAML are pretty much the same and JPM and Citi are a bit lower (more like ~£1000). Goldman pay a competitive base but offer fewer holiday days so for a 10 week intership it will probably work out somewhere just above the middle of the pack.

This is all for Sales and Trading - the same should apply to IB. Everything else (middle office, ops, tech, etc.) is lower and can vary quite a lot.


Are you sure you get paid extra if you don't take any days off?
Original post by cybergrad
Oh, bless them, they are really generous with the taxpayers' money.


More of an investment, since that one employee has the potential to make 1000's times that amount for the company. Moreover, for a return to the tax payer.
Original post by Zürich
Are you sure you get paid extra if you don't take any days off?


Yes.
Reply 27
Avatar for Nimiza
Nimiza
Original post by Zweihander
Sign-on for an internship? Dont you mean relocation.


It may be called relocation, but they pay it whether you live in France and are actually relocating, or live in Angel and actually have to travel less distance than to uni. Hence, it's a sign-on bonus.
Reply 28
Avatar for Nimiza
Nimiza
Original post by fizzles81
I know Credit Suisse offer £45k (+£1k relocation) in Fixed Income. They also offer 8 holiday days for the 10 week period (generous!) and assuming - like most interns - you don't take them, you'll walk away with ~£1100 per week before tax.


Actually this is a good point. Most banks offer about 5 days paid holiday (pro-rate the standard 25). So if you don't take those days, it counts as if you worked 11 weeks, hence get a cheeky extra £900 or whatever.

Most interns need one or two of these days though for things such as graduation, close family weddings etc. Though one kid on my internship took off the full 5 days for a holiday in Portugal in the middle of the internship...
Reply 29
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epc
Original post by Nimiza
Actually this is a good point. Most banks offer about 5 days paid holiday (pro-rate the standard 25). So if you don't take those days, it counts as if you worked 11 weeks, hence get a cheeky extra £900 or whatever.

Most interns need one or two of these days though for things such as graduation, close family weddings etc. Though one kid on my internship took off the full 5 days for a holiday in Portugal in the middle of the internship...


Did he get an offer?
Reply 30
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Nimiza
Original post by epc
Did he get an offer?


A few large wagers were placed that he wouldn't, but ironically, he did. Obviously it wasn't on the desk that he sacked off for a week, but he should count his lucky stars it was a rotational program.
Reply 31
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epc
Original post by Nimiza
A few large wagers were placed that he wouldn't, but ironically, he did. Obviously it wasn't on the desk that he sacked off for a week, but he should count his lucky stars it was a rotational program.


Good on him.
Original post by Nimiza
Actually this is a good point. Most banks offer about 5 days paid holiday (pro-rate the standard 25). So if you don't take those days, it counts as if you worked 11 weeks, hence get a cheeky extra £900 or whatever.

Most interns need one or two of these days though for things such as graduation, close family weddings etc. Though one kid on my internship took off the full 5 days for a holiday in Portugal in the middle of the internship...



Sounds like a moron.
For £900, just reschedule
Reply 33
Avatar for Nimiza
Nimiza
Original post by Zürich
Sounds like a moron.
For £900, just reschedule


Well you can't reschedule Summer/the Sun.

Also the £900 isn't really the point, and is irrelevant in the grand scheme of things. The point was that he skipped an entire week of work during a 10-week internship when the objective is to impress the employer enough to want to take you on full time...That's why he was a moron. Not becuse of the money.
Reply 34
Avatar for epc
epc
Original post by Nimiza
Well you can't reschedule Summer/the Sun.

Also the £900 isn't really the point, and is irrelevant in the grand scheme of things. The point was that he skipped an entire week of work during a 10-week internship when the objective is to impress the employer enough to want to take you on full time...That's why he was a moron. Not becuse of the money.


Maybe that is one of the things that impressed them. It does take balls to take a week off to go on holiday when everyone else is willing to work overtime.
Original post by epc
Maybe that is one of the things that impressed them. It does take balls to take a week off to go on holiday when everyone else is willing to work overtime.


Haha I think that might be stretching it a bit - yeah it takes balls but it also demonstrates a considerable lack of common sense.

I don't get why he'd have to take the holiday mid-summer anyway. If it was me, I'd just finish the internship at the beginning of September then head to Ibiza for end of season. A week of Ibiza closing parties is gonna smash a poxy mid-season week in the Algarve out of the park...
I took a week off of an internship. Was to go on holiday with family, Dad had cancer so could have been the last chance to go away with him.
Original post by DBazza
Haha I think that might be stretching it a bit - yeah it takes balls but it also demonstrates a considerable lack of common sense.

I don't get why he'd have to take the holiday mid-summer anyway. If it was me, I'd just finish the internship at the beginning of September then head to Ibiza for end of season. A week of Ibiza closing parties is gonna smash a poxy mid-season week in the Algarve out of the park...



Exactly what i'm doing this summer after my internship mate !
Original post by DBazza
I think Industrial Placements/12mth internships are again paying pretty much 1st year analyst salary for the year. Mine is £42k for the year at BarCap, I guess it's around the same everywhere else (although I know Nomura is £35k, and only £28k(!) for Ops).


which position at barcap did you apply for/get?

EDIT: did a bit of digging and you applied for tech roles right? btw nomura ops is 49k-38k (depending on how long the placement is) not 28k, ****ing ridiculous
(edited 13 years ago)
You're all better off going on holiday before rather than after. After, you might actually want to get hired and deal with issues around that.

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