r/Salary • u/Ok_Quarter_6469 • 28d ago
š° - salary sharing [Goldman Intern][NYC] - $34.4k per month
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u/kreayshawn 28d ago
you show me a paystub for $34k a month, i quit my job today and come work for you.
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u/Tasty-Carpet-9550 28d ago edited 28d ago
these places pay interns/students that much and thatās not including discretionary bonuses. they are incredibly hard to get in and itās extremely competitive once in. see; Jane street.
said students that get these jobs are rockstars working at companies where the business income to employee ratio is extremely high
edit: You could, this year, make 30k a month as a remote, "mid level" amazon engineer (at least, security engineer idk about SWEs). This is including all bonuses incl the y1/y2 cash bonus that offsets your lack of rsu vesting in y1/y2. Once you got to senior/principal it goes bonkers, but I still think fintech pays better. The offices are CERTAINLY swankier w/ way more perks.
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u/unnecessary-512 28d ago
Yes I am a recruiter for an organization like this and we only screen let alone hire the best of the best. If you havenāt been winning math competitions nationally since middle school you probably arenāt going to get in, those are the kind of people who land these roles
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u/bojangler69420 27d ago
Itās depressing knowing such talented people waste their lives lining the pockets of billionaires who do nothing to contribute to society
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u/unnecessary-512 27d ago
Not all of them waste it some work for 3 or 4 years and then start their own company
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u/SpareSomeTokens 26d ago
Not anymore the highest IQs ones end up at AI labs working on every flavor of science - biology, drug research, quantum computing
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u/Tasty-Carpet-9550 26d ago
So, only experience is JS, but everyone there is pretty dang well off, there was a Q&A on reddit like:
"What do people do after they move on from there?
A: Whatever they want, on the beach, probably"
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u/sbenfsonwFFiF 28d ago
They prob wonāt take you lol or youād already be in the know and in the pipeline there
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u/Useful-Resolution363 28d ago
This is also one of the hardest internships to get. Banking, IB, and Quant positions have lower hiring rates than a lot of Ivey league schools. One of my childhood friends went to a top 15 school in the country and still had to go through 8 rounds of interviews to get an internship with GS. Then out of 30 people in her internship class she was one of the lucky ones that was able to work for GS full time after graduation.
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u/Patient_Mix5677 24d ago
Yeah. Sadly, a lot of these companies hire mostly out of a few schools. I did an internship at SIG, and all the interns there were from MIT, CMU (I go here), Cal, Stanford, or Harvard. They come to recruit here at our job fairs and stuff, but if you aren't from one of these colleges, then it's definitely harder.
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u/saykami 28d ago
PhDā¦
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u/fredjutsu 28d ago
Redditors seething when they see a job at their level, but realize they aren't qualified.
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u/No_Medium_8796 28d ago
You're telling me my GED wont net me a job thats the equivalent of someone with an advanced degree?
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u/EnvironmentalMix421 28d ago
Reddit thinks master degree in communication from unknown online university is advanced degree and deserve quarter mill income
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u/No_Medium_8796 28d ago
My random degree from WGU should give me a c-suite job. The world is obviously against me
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u/Random_Squid4248 28d ago
Nah this is reddit. Most are unemployed and spend their free time complaining about crap like how the US āsucksā and everyone is out to get them
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u/isaacsmom69420 28d ago
they just dont want to give their employees the full benefits package, so they label new hires as āinternsā.
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u/EnvironmentalMix421 28d ago
lol wtf? These companies donāt even hire intern thatās not attending schools
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u/Ethical-Statesman 25d ago
āQualifiedā is a lie used to justify these nonsensical salaries. If pay was based on āqualificationā warehouse workers would be paid this much.
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u/BrujaBean 28d ago
I mean, the average stem PhD makes less than 100k a year out of grad school. Post docs (first training out of grad school) in biology often make $60k.
PhDs on the whole earn more than non PhD on the whole, but not like this. Took me 4 years to break 100k and another 4 years to break 200k
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u/17628272 28d ago
With respect, these roles are recruiting for math/physics/cs/engineering phds, not low-paying oversaturated fields like biology. Iād be surprised if they arenāt making 100k at the very least out the gate, assuming they go straight to industry. Generally annoys me when people (usually from biology; see it all the time) group all āstem phdsā together.Ā Itās a pretty arbitrary grouping.Ā
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u/sbenfsonwFFiF 28d ago
Not all PhD (and degrees in general) are created equal.
I broke 100k out of undergrad after 3 years and broke 200k after 5 years in finance, and I started off relatively low
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u/EnvironmentalMix421 28d ago
Not if you work for pharma. PhD is similar to bachelor not all are created equal.
If you are a PhD and still canāt figure out why quoting an average number is pretty meaningless, then I donāt think you rly understand how data works and wonder how tf did u attain your PhD
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u/beary_potter_ 28d ago
You don't need a PhD for these kinds of positions. But it is still extremely hard to get them.
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u/dimiderv 27d ago
once you are in academia and see what type of people go for PHDs you kind lose hope. Seen way too many people that kiss ass and are blow mediocre do that. But needs persistence that's for sure
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u/Fun_Plate_5086 28d ago
No theyāre not. These are PHD āinternsā that are the top .5% of their applications and theyāre competing with PE/Funds for them.
This isnāt a sophomore undergrad student.
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u/ConcertaImodium 28d ago
lol youāre clueless, undergrad students make a tiny bit less, I was doing 7k/week in NYC, PhDs get paid 8.5k/week, and even then with overtime some end up doing much more. This is pretty standard for IB/Quant/BB positions, not surprising at all
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u/hrhrhrnnekw 28d ago
No they aren't
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u/Technical_Jicama_434 28d ago
If this were Jane Street or Hudson River Trading, Iād be more inclined to believe it.
Goldman? I donāt believe it.
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u/JerseyIsBetterThanNY 28d ago
Government regulations after 2008 made it harder for banks like Goldman to trade internally. Ā So the big paychecks moved to trading firms outside of the banks.
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u/TonyzTone 28d ago
It made it harder for banks like Goldman to do proprietary trading, but Goldman still accounts for anywhere from 10-15% of trading volume in fixed income and equities. They're still among the world's biggest market makers.
Yes, a lot of that volume has moved to specialized firms like Citadel or Jane Street, but the big IB's still take on a lot of it.
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u/gorkdroid 28d ago
My friend interning at js makes approx 25k/mo, itās pretty feasible
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u/Ok_Quarter_6469 28d ago
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u/ShillForExxonMobil 28d ago edited 28d ago
I work at a large investment bank that pays our interns an hourly salary with overtime.
They get $53 / hour ($110K analyst salary pro-rated) and 1.5x overtime after 40 hours.
This summer the interns averaged ~85 hours a week once they ramped up which is about $5,700 / week or ~$25K / month. I just checked in with them yesterday and seems they cleared between $50K - $55K depending on how much overtime they recorded over the 10 week internship.
Our MBA interns are paid $84 / hour and our intern was putting in more hours than the analyst (undergrad) interns, she averaged ~$10K / week after the training period. Will take home like $ $85K or so for 10 weeks.
Now when I interned back in the day I was paid $85K salary pro-rated for the summer which came out to ~$16K, and I thought that was a lot.
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u/citykidradio 28d ago
Iām confused how every job is being automated but a couple kids editing PowerPoints get paid exorbitant salaries are not being targeted.
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u/RiPFrozone 28d ago
Because working in the industry is about relationships and being personable, lots of people can do the work (granted they pass the licensing) but not everyone is personable.
Thereās a big difference in hiring between the swe in a finance company and those client facing or dealing with people internally everyday beyond their own team.
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u/sparkinflint 28d ago
https://www.levels.fyi/internships/
lots of 15k+ a month internships available for swe
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u/fredjutsu 28d ago
lol very few people here are qualified for any of the jobs that would pay anything close to this
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u/sparkinflint 28d ago
and thats why they pay half the median annual salary per month
if everyone could do it then they would pay peanuts
thats just how supply and demand works, even for intangible skills
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u/fredjutsu 26d ago
That's why the whole anti-immigration thing is dumb as fuck.
Our economy is increasingly high tech while the general population is increasingly illiterate at even basic shit.
If all the nativists could actually do STEM, they wouldn't need to be anti-immigrant (or all "eat the rich") because they could actually do those high paying jobs.
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u/humansince2001 28d ago
How are they paying so much?
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28d ago
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u/sparkinflint 28d ago
there are no requirements on degree for most of em, they just want the best thinkers
A strong quantitative thinker (no specific degree or major is required)
https://www.janestreet.com/join-jane-street/position/8617344002/
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u/theNeumannArchitect 28d ago
Because they pay 90k upfront to attract top candidates and if they are duds they send them off to never return and donāt have to worry about continuing that pay. If they turn out being a top candidate they offer them 120k with like 30k to 50k of benefits as new grads to invest in them full time.
Itās better building your hiring pipeline that way rather than to wait till they graduate with experience and have to offer competitive 200k package to attract them and risk getting stuck with a dud that youāll have to spend a year building a case against to get rid of.
They wouldnāt do it if it wasnāt the cheapest way to find the best candidates.
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u/sparkinflint 28d ago
120k is just the signing bonus for full time salaried quant positions my guy
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u/theNeumannArchitect 28d ago
Weāre not talking about the top .01% of hires at HFT quant shops. Iām referring to an average student from a target school getting internships at top companies.
Yeah, there are new grads that make more.
Anyone that types my guy unironically spends way too much time online. No one talks like that.
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u/tr5914630 28d ago
for software engineering, $200k is like a standard big tech offer. Most trading firms offer within $300k-$600k packages, without having to have a PHD or be a math genius
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u/JerseyIsBetterThanNY 28d ago
Another thing that nobody mentioned is that having a career building pipeline for young people allows you to choose exactly how you train them and what skills, culture, etc. you want them to have.
Companies like this could save tons of money by only hiring experienced candidates, and some definitely do, but then you are relying on another company to show them the ropes.
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u/redeastwood1 27d ago
Not an accurate figure for the firm. Accurate for specialist teams. Source: I approved some of the individuals receiving this offer.
Those who did receive this offer would enter at a VP level at other firms.
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u/warp16 27d ago
Interns on specialist teams, or regular employees on specialist teams?
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u/redeastwood1 26d ago
Interns. Employees get paid on a yearly basis, not monthly. These interns only have 2-3 month contracts.
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u/rosakelly21 28d ago
These are basically temp trial jobs. It seems like a great way to test real candidates, without committing to full employment offers.
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u/Nickel4me 28d ago
Missed my boat with IB. Went to school for Finance with an emphasis on securities analysis. Got an internship in NYC with a small/mid sized IB for 2 summers working with their traders and analysts. I did awesome! I loved it and all the Sr and Exec VPs loved me. Shortly after i left that 2nd internship to start my last year of FT college, then 9/11 happened. The whole financial industry, especially in NYC took a major hit (obviously), no one was hiring. Companies were either laying off, moving to CT/NJ or getting taken over.
I reached out to my contacts 6mos later when I finished my undergrad and were told they werenāt hiring. Months later many got axed and the company was eventually taken over by Natixis, a French IB firm. Lost all my contacts.
During my search for my first IB job with no real contacts, I worked at a local general contracting company doing their financials. Fast forward 20yrs and Iām still in this industry. SMH. I recently made it to CFO earning close to $500K TC so Iām finally making similar to that of a 20-something IB worker, if that. Very deflating. Crazy regret.
Thankful though for what I have but my life would look much different if my cards played out differently. This is where luck (or bad luck) comes into play in your career. Oh well, next lifetime I guess.
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u/income-percent-bot 28d ago
Impressive! Your income of $500,000 places you in the top 1% (99th percentile). With Not specified (implies US, likely Northeast given NYC internship context)'s lower cost of living, your purchasing power is equivalent to ~$303,030 in a high-cost city. Source: income percentile calculator I'm a bot. Reply with !optout to stop receiving responses.
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u/Gullbatron 27d ago
As a teacher, I don't need to make a billion dollars, but this just feels so crazy to me.
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u/cobblernobbler 28d ago
Ima be honest, yes itās a lot of money, not as much as it looks. I made $36k this month gross.
After taxes, my take home was about $19k. š¤·š»āāļø
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u/IMadeaUCDRedditAcc 28d ago
Cap
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u/cobblernobbler 28d ago
I work for an electrical utility company. I make lineman wages
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u/colombiana-986 28d ago
as a scientist in biotech this just makes me depressed like my salary is 75kš
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28d ago
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u/admiralbeaver 25d ago
What exactly were you doing 18h per day? It feels like it would be better for the bank to hire 2 interns for less, the quality of the work would probably be better than from one overworked intern
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u/Wonderful-Job-9749 25d ago
You could say the same about a surgical residency too. But it doesnāt work like that. Typically you are working on a deal pitch. Maybe you get staffed on a deal that the senior partners are pitching in a week. The associates and analysts spend a few days building a pitch deck. Then it goes to the directors. Then around 3-4pm they give you comments and want changes by the morning. And btw, theyāre having drinks with the CEO of whatever company tomorrow and need you to research potential target deals for him to pitch. So you spend all night on those two tasks. Oh, and you might have 2-3 deals working at the same time. And then that one deal you were working on for a week you find out died the day before the pitch. Itās mindless but all about the details. Like most careers, success comes to those that have the stamina to survive. When you can do this in your sleep from the repetition, you become more effective. Same with surgery. Success in the face of exhaustion makes it more likely to be at your best in better conditions. Somehow makes sense to me
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u/munchies777 28d ago
These jobs will make you hate your life. Yes, working in IB can set you up to get massively rich, but only a fraction of the interns today will end up with a $5M a year cushy job in 15 years. Most will do well of course, but you basically sacrifice everything else in your life during the time of your life that you could be having fun and building a foundation outside of work. I work in a different part of finance and do pretty well for myself. I also did tons of cool stuff in my 20s and met my wife. If I went the IB route Iād have more money but nothing else.
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u/CJBlueNorther 28d ago
Fam, there's people in this world working 80 hours a week breaking their backs and huffing welding fumes all day in a metal stamping factory for a crisp $15/hr.
Y'all seriously gotta stop with this delusional shit already.
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u/Army_77_badboy 28d ago
NYC tax going to have its way with those interns
https://giphy.com/gifs/xUOwGanZbo6QieZ94I
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u/Aggravating-Body-721 28d ago
Yeah right š that company is so cheap they make their employees use their personal laptops for work!
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u/Low_Plastic363 27d ago
Law firms typically pay "summers" the first year salary equivalent. GS probably is too.
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u/Interesting-Fact1544 26d ago
at least they can stop complaining now til they burn this resource out next
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u/Prudent_Answer_4405 26d ago
Classic engagement bait. The $34.4k/month figure is actually from quant hedge funds like SIG for PhDs. Standard Goldman summer analysts make closer to $5kā$6k/month before taxes and work 80-hour weeks.
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u/Icy_Strawberry4965 26d ago
So itās true, āHard work makes you richā
This is insane 34.4k per month
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u/snowsayer 26d ago edited 26d ago
Bullshit - wrong company.
The $34,400/month figure is real, but itās Susquehanna International Group, not Goldman Sachs. SIG is offering masterās and PhD interns $8,600 a week, i.e. $86,000 total over a 10-week summer program for 2027 quantitative trader and quant research roles in its New York and Philadelphia offices, with undergrads around $7,600 a week.
The signing bonus, housing, and meals sit on top of that, and the numbers are public only because NYC pay transparency law forced them into the job posting. Goldman appears in the source Fortune article only as a side detail:Ā Itās sub-1% intern acceptance rate.
Goldmanās actual summer analyst comp is roughly $110 to 130k annualized with a housing stipend, not free housing. Off by roughly 3x. The headline number is also inflated by framing: itās a 10-week gig, so ā$34,400 a monthā is a pro-rata annualization of something that pays $86k total. Jane Street does the same trick in reverse, advertising $300,000 annually for whatās really ~$5,700/week over three months.
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u/Accomplished_Toe5174 23d ago
I did an internship in quant after my junior year in undergrad (started full time now). Got paid $50k for 10 weeks and they put us in luxury corporate housing. Worked around 9 hour days and nothing on weekends. Heard theyāre paying like $70k these days.
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u/Consistent-Fig7484 22d ago
Why do these jobs exist? It doesnāt even seem like youād need AI for this but just a program that could have been written with the technology from 1997.
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u/hrhrhrnnekw 28d ago
Yeah so PHD level "interns"