Let him count on it - but know it’s difficult. He already has experience. He’s a stud!! Confidence!!! But yes, he’ll need many and should be open outside his desired field…at least once January hits if he has nothing.
Good luck to him.
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The good thing as an Econ major is that he is open to a lot of possibilities. While he’d love an analyst internship or investment banking or consulting he has applied very widely. He’s open to many things which is the way to be in our current environment. Thanks for the kind words.
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S18 interned for (and now works at) a real estate economics consultancy in DC. He earned $25/hour in summer 2021, I think they now pay interns a little more ($30?). It’s the same in major cities (eg DC, LA) as cheaper places because it is based on their billing rate for interns: it is not atypical in consulting for your nominal hourly pay to be about a quarter of your hourly billing rate.
FWIW their minimum GPA cutoff to get an interview in recent years was 3.9. Most hires are from places like Duke, Cornell, USC, UCLA, UVA, Georgetown etc but there’s a smattering of less highly ranked schools. They generally haven’t hired interns until the New Year as it depends on how busy things are looking.
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Thanks for the info. S24 is at UVA. His gpa is only a 3.8 so below what some might be looking for - he’s probably hurt by being a sophomore in that regard (but a junior in credits). Pay wide $30 per hour seems reasonable.
If you are a junior in credits, you are a junior. Plus you said he’s on pace to graduate. My kid was a year ahead but as an engineer you cant really jump but your son can and potentially will .
In other words, if he interns over the summer and gets an offer, he would be good.
That he’s in his second year doesn’t matter. Nothing technical about it - nothing to explain. He’s a junior and that opens more roles as some only want those they can hire the next year.
My 2025 grad got paid $32/hr for her real estate finance internship at a large bank. Friends of hers who interned in CIB at the same bank were paid slightly more. Luckily the internship was in our city so she could live at home and put everything in her bank account.
She was also offered a similar internship at a NYC RE firm, but the hourly pay was mid-$20’s with no housing stipend. I know there are some parents who would happily pay for the housing, we are not one of them, especially NYC prices.
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Although IB pays very well, don’t believe everything you hear… unless you mean $60k annualized.
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There are a handful of quant/prop trading shops that pay $60-65k for summer internships (not annualized). But since this is off topic I’ll leave it at that. Feel free to PM me if you’d like to discuss further.
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possible, but those are not IB. GS, BS pay $15k-$20k for the summer.
I just gave myself a 5 minute primer in terminology. It is not technically IB, I guess. The company is Citadel.
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If it’s possible to leave it blank, my son does. Otherwise, he puts $20/hour as long as the housing is reasonable - either near someone or included or a stipend. If it’s in an expensive location, he’s increased it. He has made more than that every summer, so it’s just a floor because he doesn’t want to price himself out of an otherwise good fit.
Rising Junior, NYC niche corporate consulting, high $28/hr. Navigating NYC summer real estate world was no picnic but DC had incredible overall experience.
Thanks everyone. I’ve passed along your feedback to S24.
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Hope you come back with an update when your son lands an internship and let us know how the process went!
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I will! Hope he gets something but you never know. He’s submitted quite a few applications but there are more to come.
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