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    How much are the various banks paying to their summer interns?

    Pro rata + allowance?

    I know JPM are paying £45k pro rata
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    Vast majority pays 42-45k pro rata, with some giving reallocation allowance on top of that.
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    (Original post by spoli21)
    Vast majority pays 42-45k pro rata, with some giving reallocation allowance on top of that.
    Any specifics? What's a satisfactory relocation allowance?

    So that's approx £800-870/week
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    45k for front office seems to be the norm, 36k for other positions. Some banks will give you 1k relocation if I recall. Morgan Stanley did 45k + 1k. You will also accumulate approximately 100 quid a week in holiday pay assuming you don't take it.
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    Brand name > Pay, surely.

    Now is the time to worry about converting.
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    £45k + £1k reallocation.

    (Original post by fuuji)
    45k for front office seems to be the norm, 36k for other positions. Some banks will give you 1k relocation if I recall. Morgan Stanley did 45k + 1k. You will also accumulate approximately 100 quid a week in holiday pay assuming you don't take it.
    Yeah 5 days holiday on a 10-week internship (unsure how much holiday entitlement changes across the banks, I assume it's fairly standard).
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    (Original post by fuuji)
    45k for front office seems to be the norm, 36k for other positions. Some banks will give you 1k relocation if I recall. Morgan Stanley did 45k + 1k. You will also accumulate approximately 100 quid a week in holiday pay assuming you don't take it.

    What is holiday pay? Have worked at multiple banks now and 'holiday pay' was never a thing. You get paid a fixed salary whether you take all your holiday days or not.
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    (Original post by MAINE.)
    What is holiday pay? Have worked at multiple banks now and 'holiday pay' was never a thing. You get paid a fixed salary whether you take all your holiday days or not.
    I think it's different if you're on a permanent contract vs. a temporary one. By law (I think), if you're on a temporary contract and you don't use the holiday you're entitled to when the contract ends, the company has to pay you the equivalent time you didn't have off (which normally works out to be ~12.6% on top of your pay).
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    (Original post by Noble.)
    I think it's different if you're on a permanent contract vs. a temporary one. By law (I think), if you're on a temporary contract and you don't use the holiday you're entitled to when the contract ends, the company has to pay you the equivalent time you didn't have off (which normally works out to be ~12.6% on top of your pay).

    sweet. Is this a new thing?

    Now I feel bad for not knowing about this when I interned
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    (Original post by MAINE.)
    sweet. Is this a new thing?

    Now I feel bad for not knowing about this when I interned
    Depends how old you are

    It has certainly been a thing since 2011.
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    (Original post by MAINE.)
    What is holiday pay? Have worked at multiple banks now and 'holiday pay' was never a thing. You get paid a fixed salary whether you take all your holiday days or not.
    to quote my contract "for the purpose of calculating holiday pay, a day's pay shall be calculated at the rate of 1/262 x your annual salary"

    just paid leave basically thought every bank would give it to you. I guess some just don't pay if you don't take it, if i recall citi does that.
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    (Original post by fuuji)
    to quote my contract "for the purpose of calculating holiday pay, a day's pay shall be calculated at the rate of 1/262 x your annual salary"

    just paid leave basically thought every bank would give it to you. I guess some just don't pay if you don't take it, if i recall citi does that.
    If a friend of mine who's about to start in IBD is right, some banks also force you to take holiday :lol:
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    Three contracts I've seen so far for 2016 IBD Summer Analyst:

    50k + 2k relocation
    50k + 1k relocation
    45k
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    Most firms will give you a small payment at the end of your internship for the 3/4 days you were entitled to holiday pay. HR will communicate that to you but most people don't have a clue. Then again, I'm yet to hear of anyone actually take these days off.

    Also check if your firm upped analyst pay last year as that should be pro-rated. My bank was one of these and the new interns are getting 50k pro-rated..*******s.
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    (Original post by Beige101)
    Three contracts I've seen so far for 2016 IBD Summer Analyst:

    50k + 2k relocation
    50k + 1k relocation
    45k
    2016?
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    (Original post by Paul Allen)
    Most firms will give you a small payment at the end of your internship for the 3/4 days you were entitled to holiday pay. HR will communicate that to you but most people don't have a clue. Then again, I'm yet to hear of anyone actually take these days off.

    Also check if your firm upped analyst pay last year as that should be pro-rated. My bank was one of these and the new interns are getting 50k pro-rated..*******s.
    CS upped only IBD people to 50k, Securities are still on 45k - is that also the case at your bank, or was all front office upped to 50?
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    (Original post by spoli21)
    2016?
    I suppose it's based of the sw conversion contracts
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    (Original post by Noble.)
    CS upped only IBD people to 50k, Securities are still on 45k - is that also the case at your bank, or was all front office upped to 50?
    From people I've spoken to in S&T, they've also been increased. Standard across both lines of business + 2k relocation allowance.
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    (Original post by gr8wizard10)
    From people I've spoken to in S&T, they've also been increased. Standard across both lines of business + 2k relocation allowance.
    Wow, that works out as ~£1162/week
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    (Original post by James E Walker)
    Wow, that works out as ~£1162/week
    Or around £11.62/hour for IBD
 
 
 
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