<p>What is a typical rate for summer freshman internship at IB banks or hedge funds? Do these companies pay or expect most of the people to work for free? </p>
<p>If someone receives an offer for an internship to work right in a prestigious company right at Wall Street, how many hours are typical one is working as they are paying by number of hours? </p>
<p>By the way apart from summer housing in New York City, how much a person need for expanses such as food and other items everyday if they eat at moderate places. Thanks</p>
<p>What is the summer internship pay rate for summer at hedge funds?</p>
<p>Prestigious finance firms pay interns extremely well. See the table here for some sample pay rates: <a href=“Businessweek - Bloomberg”>Businessweek - Bloomberg. It lists JP Morgan and Goldman Sachs’ average intern wage at $28.85/hour. Having said that, most of these finance firms hire very few, if any, students below their third year in college, and the competition is extreme, particularly for younger students. It doesn’t sound as if you’re talking about either of the companies I mentioned. For some intern positions at some firms, $10.50 may be the going rate. </p>
<p>Living somewhere with a kitchen and cooking at home can save lots of money. </p>
<p>It’s best to ask whoever is hiring about number of hours.</p>
<p>As corranged said, the prestigious financial firms will pay extremely well but these positions are very selective. The son of a friend was hired by Morgan Stanley for the summer prior to his senior year at an Ivy, one of the few who were granted an interview at his school. His salary for the summer was $15,000 and he also got an additional few thousand dollars for a housing allowance. He got summer housing at a NYC college which is cost-effective and has the added benefit of not requiring furniture. One thing to keep in mind, though, as attractive as the $$ looks and sounds, be prepared to work ridiculously long hours. He and his fellow interns routinely worked from 7:30 or 8 a.m. til 10 or 11 p.m., sometimes later, and often 7 days a week. He worked for six weeks before being able to manage one weekend day off.</p>
<p>Unfortunately big banks told him that they do not take anyone at Harvard as a freshman. Maybe if someone has some connection, they could get back entry job. I think with all benefits inclusive this come out to be around $6000. Looks like kid has to apply to Harvard for additional assistance ship that they told him would be available if he can get a summer internship in any I-Banks or hedge funds. </p>
<p>So to get the foot in the investment banking door business it is better than not having any money at all. Without connection it is so hard. Unfortunately we also do not live in or near city. Thanks for your help.</p>
<p>$10 an hour is the going rate at Harvard for undergraduates although some get $12 for some jobs. He’d be better off staying at Harvard for the summer, proctoring and getting free housing!</p>
<p>D1 will be doing an internship at one of those iBanks this summer. She is a junior, so this will lead to a full time position when she graduates. What she will be getting is prorated amount of what a first year analyst would be getting, which is a good salary. They also give some money for housing, but it doesn’t cover all the costs. I looked at the table from Newsweek (it is outdated), but I am surprised that those iBanks had different salaries. D1’s offers from each bank was identical, to the penny.</p>
<p>What really helped her in getting the job was her non paying internships from previous summer/fall. She did one last summer at a no name equity research firm, and through connection she got one at a BB firm this past fall abroad. It was a pain in the neck for her to do those non-paying internships. She was at work this summer every morning around 7am, while commuting for 1.5 hour in the morning. The other one she did while she was studying abroad. She was carrying a full load while working from 7am-1pm everyday. But those experience really paid off when she was looking for junior year internship.</p>
<p>Just side note, most firms do not like to offer non-paying internship because it’s borderline illegal. They need tie it to some sort of “learning” and it can’t take work away from regular employees.</p>
<p>I have been taking 2 interns in my department. I am in financial technology, and we pay $25+/hr. I usually take sophomore and junior. It seem to be the going rate for CS/engineering students. To be frank, this year I am not seeing as many resumes, so the job market must be better.</p>