Here’s how much you should probably be paid as a summer intern
18 April 2011
Rumour has it that weekly pay for financial services interns will reach £1k this summer.
Unfortunately, this may be an exaggeration: it will reach £865 a week.
This is because most banks pro-rate intern pay based on first year salaries and the standard first year salary is now £45k.
“Intern pay isn’t far off £1k a week now,” says the head of graduate recruitment at one international investment bank. “But it’s not at £1k, because that would make intern salaries higher than analysts’ salaries, which would be dangerous.”
However, someone has passed us some research suggesting intern pay varies substantially from bank to bank and role to role. Below are some alleged figures from 2010. We can’t vouch for their accuracy, or for the sample sizes, but they should give you an idea of what you could be earning if you’ve got an internship this summer.
If you have any additional information to add, let us know in the comment box at the bottom of the page.
Deutsche, trading position: £950 a week
Macquarie M&A: £850 a week
Morgan Stanley investment management: £700 a week
Nomura IBD: £850 a week, plus £100 living allowance
HSBC fixed income research: £700 a week, plus £75 accommodation allowance
UBS trade support/operations: £700 a week