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Summer Internship Pay

Who?

1

People who obtained contracts for summer internships. What is the pay per week for IBD/Trading listed in your contract?

Reply 1

Gauss

11

Alexey

People who obtained contracts for summer internships. What is the pay per week for IBD/Trading listed in your contract?

Depends which bank!

Reply 2

love2learn

4

For goodness sake, have you ever read a contract? IBs forbid any employee to discuss or mention pay. And they're deadly serious about it too. You shouldn't hear a peep.

Reply 3

Econ4m1t

1

LOL...here it is:

Goldman Sachs Trading FICC/equities 36k+1k signing on
Merril Lynch Trading 37k+1k signing on

these figures are annum/pro rata figures so wrk it out..

Citigroup (Mid Office) around 820 per week

not too sure about the rest...these figures are from friends contracts who'v been offered internships

Reply 4

Drogue

19

love2learn

For goodness sake, have you ever read a contract? IBs forbid any employee to discuss or mention pay. And they're deadly serious about it too. You shouldn't hear a peep.

No they don't! I know the intern pay for quite a few banks last year, and I wasn't working at any of them!

Reply 5

HoodTrader

love2learn

For goodness sake, have you ever read a contract? IBs forbid any employee to discuss or mention pay. And they're deadly serious about it too. You shouldn't hear a peep.

No no no its completely the opposite to that... they are always boasting about there large pay packets, its to compensate for deficiencies in other areas :wink:

Reply 6

fuglyduckling

2

Well, this year for summer IBD interns I've heard the following:

HSBC £700 per week with a £1000 'relocation allowance'
ROTHSCHILD £500 per week with no extras

Reply 7

Morbo

17

Don't forget IBs don't really give you a salary. It's more like a sale. Of your soul.

Reply 8

Drogue

19

Hardly. It's a sale of your time. In any job you're selling yourself to the company, you're selling that amount of your time. It's just in IB they're a bit more up front about it. And you tend to sell a lot more of your time.

Reply 9

Stubo

No sh it...
I dont think he was being serious.

Reply 10

Drogue

19

He may be, but there are a lot of people who think he's right. Including me, to some extent. But more the extent that people who would sell their souls to banking (ie. are in it purely for the money) probably don't have much of a soul to sell, it already being replaced by dollar signs. It's not banking that's the problem, but bankers :wink:

Reply 11

CityMonkey

11

Don't hate the player, hate the game.

Reply 12

Scuttle

Drogue

He may be, but there are a lot of people who think he's right. Including me, to some extent. But more the extent that people who would sell their souls to banking (ie. are in it purely for the money) probably don't have much of a soul to sell, it already being replaced by dollar signs. It's not banking that's the problem, but bankers :wink:

I certainly think there are a lot of people (particularly on here) who have sold out very early.
Everyone sells out as they get older, but for your dream to be to sell out straight away is.......well, it brings a tear to the eye.

Reply 13

Drogue

19

MonteCristo

Don't hate the player, hate the game.

I don't think the game's bad. There are many bankers who are in it because they enjoy it or want to learn from it. It's those who are in it primarily for the money that might be considered to have sold their souls.

It's like playing a game where everybody is there to enjoy the game except for a few people who are there solely to win. I don't hate the game, but some of the players are *******s.

Reply 14

Who?

OP

1

This topic is becoming rather fun. Thanks to fuglyduckling especially.

Just to clear my question: I was talking about SUMMER INTERN pay, and I know for a fact that there is no non-disclosure agreement as part of the contract at least for most banks. :wink:

Reply 15

Who?

OP

1

Econ4m1t

LOL...here it is:

Goldman Sachs Trading FICC/equities 36k+1k signing on
Merril Lynch Trading 37k+1k signing on

these figures are annum/pro rata figures so wrk it out..

Citigroup (Mid Office) around 820 per week

not too sure about the rest...these figures are from friends contracts who'v been offered internships

The Goldman and Merrill figures are slightly off, I am sure - a friend is doing Goldman FICC Summer intern and she is only getting 1000 per week afaik (not including income tax, so even less). Citigroup is only approx. 560 without income tax as well :wink:

Reply 16

micrar

1

Morgan Stanley £700/week plus £1k signing on

Reply 17

Drogue

19

Without VAT? You don't pay VAT on your salary. And £1000 a week is more than £37k pro rata. Also, Goldman's don't pay the same salary to everyone, this year. Or at least I've heard.

Reply 18

Who?

OP

1

Drogue

Without VAT? You don't pay VAT on your salary. And £1000 a week is more than £37k pro rata. Also, Goldman's don't pay the same salary to everyone, this year. Or at least I've heard.

****, what am I talking about VAT, that was stupid, sorry. What I meant was tax.

An internship is 10 weeks, so 1000 per week is a lot less. Fair enough about the Goldman thing.

Reply 19

tenjon

8

Alexey

The Goldman and Merrill figures are slightly off, I am sure - a friend is doing Goldman FICC Summer intern and she is only getting 1000 per week afaik (not including VAT, so even less). Citigroup is only approx. 560 without VAT as well :wink:

£1000 per week pro rata works out at £52k, unless I'm missing something, so your friend is doing rather better than that post suggested. And VAT is paid on goods, not salaries. Again, unless I'm missing something.

Edit - drogue beat me to it.

Summer Internship Pay

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