I am 90% certain it is £35K pro rata which is £673 per week. It was this amount last year for people in ops/finance, and friend going into markets this summer says he is getting 670 a week this year. No accomodation allowance.

Reply 5

TheAP

9

Aimless2007

And how much do you actually keep in your pockets at the end of the week?

On the first 4895ish you will pay zero income tax, but around 11% NI contributions. after the 4895 threashold, you can expect to receive roughly your weekly wage less 22%.

Reply 6

achilleas999

TheAP

On the first 4895ish you will pay zero income tax, but around 11% NI contributions. after the 4895 threashold, you can expect to receive roughly your weekly wage less 22%.

i guess he meant net of living & transportation costs as well

Reply 7

szeles

4

achilleas999

i guess he meant net of living & transportation costs as well

The basic allowance in 2007 - unless you are over 65 - is 5,225 gross. You don't pay income tax up to that threshold. If your annual gross income exceeds 5,225 by 1 to 2,150 quid, i.e.: if your annual income is between 5226 and 7,375 pounds, then you'll pay 10% on anything over 5,225.
Of course, if this rip-off is not enough for you, then you've also got NI that will compound your agony, the calculation is along similar lines
So if you earn 700p.w. , I'd guess around 4-500/month will find their way to uncle gordon.

Reply 8

Aimless2007

So are you saying that with accommo and food and everything you need you'll have close to nothing in your pockets at the end of the week? Or ar you even making a net loss?

Reply 9

szeles

4

Aimless2007

So are you saying that with accommo and food and everything you need you'll have close to nothing in your pockets at the end of the week? Or ar you even making a net loss?

If you're paid 700p.w. i.e.: 2800 per month and if, say, 500quid are deducted as dues, you're left with more than 2grand...should be enough, agreed?
Btw. the monetary benefits should be the last of your considerations.

Reply 10

President_Ben

15

My estimate

Pay, pretty sure it is over 700. UBS was 2500+400 accomodation a month. So over 700 a week and UBS was among that group of banks who 'wage fixed'.

Over 10 weeks, you are 6250 wage and 1000 for accomodation. Paid 7250. 11% on NI, 800ish. Income tax on that above 5000ish, which is 20% now or something? Under the tax regime. So the 2250 over you pay 420ish.

Total tax - 1220ish
Rent - 140ish a week, so over the 10 weeks, 1400
(or you can live it up and easily spend more than double this)
The rest: food (20), phone (5), random expenditure (?), any travel (5), gym (8), other half (?!?!), booze (15) etc. 30- to 60+ a day.. Actually, to spend 30 2100- to 4200+

Total spend estimate, 4720- to 6820+
Total saved, 2500+ to f. all.

Which explains how some people saved a few grand pretty easily and other managed to finish with about nothing.

Figures are probably better looking for those in M&A. Could be significantly better/worse in trading if you have some flare. Try not to play too many trading games when drunk.

Reply 11

Aimless2007

If you're paid 700p.w. i.e.: 2800 per month and if, say, 500quid are deducted as dues, you're left with more than 2grand...should be enough, agreed?

Aha, but that's not the answer to my question.

My estimate

Pay, pretty sure it is over 700. UBS was 2500+400 accomodation a month. So over 700 a week and UBS was among that group of banks who 'wage fixed'.

Over 10 weeks, you are 6250 wage and 1000 for accomodation. Paid 7250. 11% on NI, 800ish. Income tax on that above 5000ish, which is 20% now or something? Under the tax regime. So the 2250 over you pay 420ish.

Total tax - 1220ish
Rent - 140ish a week, so over the 10 weeks, 1400
(or you can live it up and easily spend more than double this)
The rest: food (20), phone (5), random expenditure (?), any travel (5), gym (8), other half (?!?!), booze (15) etc. 30- to 60+ a day.. Actually, to spend 30 2100- to 4200+

Total spend estimate, 4720- to 6820+
Total saved, 2500+ to f. all.

Which explains how some people saved a few grand pretty easily and other managed to finish with about nothing.

Figures are probably better looking for those in M&A. Could be significantly better/worse in trading if you have some flare. Try not to play too many trading games when drunk.

Awesome post! Rep's on the way. Are the 700 for all the division or the average? I'm mostly interested in ECM sales. So in the FO, salesmen probably make the least amount of money right?

Reply 12

szeles

4

President_Ben

My estimate

Pay, pretty sure it is over 700. UBS was 2500+400 accomodation a month. So over 700 a week and UBS was among that group of banks who 'wage fixed'.

Over 10 weeks, you are 6250 wage and 1000 for accomodation. Paid 7250. 11% on NI, 800ish. Income tax on that above 5000ish, which is 20% now or something? Under the tax regime. So the 2250 over you pay 420ish.

Total tax - 1220ish
Rent - 140ish a week, so over the 10 weeks, 1400
(or you can live it up and easily spend more than double this)
The rest: food (20), phone (5), random expenditure (?), any travel (5), gym (8), other half (?!?!), booze (15) etc. 30- to 60+ a day.. Actually, to spend 30 2100- to 4200+

Total spend estimate, 4720- to 6820+
Total saved, 2500+ to f. all.

Which explains how some people saved a few grand pretty easily and other managed to finish with about nothing.

Figures are probably better looking for those in M&A. Could be significantly better/worse in trading if you have some flare. Try not to play too many trading games when drunk.

Needless to ask which group you belonged to? :smile:

Reply 13

President_Ben

15

In most banks, all divisions get paid the same. Though some banks do pay their BO interns £100 a week less (inc. Barcap I think?)

I saved a pretty healthy amount. My rent was cheaper, my tax bill was lower and I didn't spend too much on other things. Nor did I do something like play spoof with my desk to see who pays for everyone to go to the Gaucho. And then land a couple grand short. He got hired though (nothing much to actually do with that though).

Reply 14

john171

11

TheAP

I am 90% certain it is £35K pro rata which is £673 per week. It was this amount last year for people in ops/finance, and friend going into markets this summer says he is getting 670 a week this year. No accomodation allowance.

That's a big wad of cash for a summer job. :biggrin:

Reply 15

Crazster

16

How much does a London tube driver get paid again? :biggrin:

Deutsche Bank Internship pay:

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