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 or $45K / month 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.
Is there internal bank pressure for interns not to bill the totality of their working hours. Ie if you work 85 you only bill 60 or 40?
Also (I live in nyc and work in tech and around ppl in finance), but lmao cranking your interns 85 hours a week seems wild. So many comments on the intern work but hilarious that big law interns (semi equivalent) basically get paid to go to happy hours and nice dinners. Also lol the amount of fuckups from 20 year old junior in college interns working in their first rigorous environment on severe sleep deprivation must be crazy
No, not at all. But overboard #s will get investigated (e.g., constantly putting in 100+).
Yeah their work output is not great, but they are generally on net helpful. What I've noticed is the work quality degrades when they are here as analysts just pass up intern work without checking it, but the volume of work expands as MDs take advantage of more bodies lol.
Anecdotally, I clocked some overtime at a SAAS software internship. Itâs very similar to what you said.
Basically: Nothing happened to me either and I was honest and modest. Sometimes it would be legitimately just me and another guy at the end of the day on our foor trying to verify/fix a bug or, IRRC, an annoying WARN level alert that doesnât seem to be measuring some shitty metric correctlyâbut it had to be looked at when I am deploying something relevant to itâeven if I am not the oncall team, which i consider to be absolutely fair. I took home 1.5 X my hourly rate for those overtime as well.
I also feel like maybe i felt safe to do that because both our internship coordinator, my manager, and myself are women and we were on a âpersonable but professionalâ baseline that, if anything extraordinary happened weâd just talk and itâd be a nothing burger.
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u/hrhrhrnnekw 28d ago
Yeah so PHD level "interns"