How much do Investment Banks pay?

[Quant Trader]

I have accepted a job (summer internship) at an investment bank as a trader.
I was very happy with the offer at first (£600 per week) but after doing a bit of research, I think my pay is a lot below average. Could any interns or recent grads say what you guys are on?

Even if you not an intern or grad, please feel free to contribute to this thread.

Many thanks

 

[A Dashing Blade]

UBS were paying around £500 per week about 3 years ago for front office equity interns so that sounds about right.

 

[fifty2aces]

A lot of people would do an IB internship for free, just because it's such a great opportunity to secure a very competitive job.

That said, £600 per week is probably lower than you'd get as a fulltime offer (assuming we're talking front office) - that's about £31k per year, and fulltime you might be looking at £36-40k. Don't complain though, as I said, it's a great opportunity, and you're lucky to be getting paid as much as you are.

 

[Jack o'Clubs]

When my bank used to hand round the intern lists and ask if we wanted anyone for the summer, our team would always say 'no'. Basically by the time you'd trained them to do anything useful other than get lunch or coffee for the team, they'd be off again. With all the time that had to be put into managing/teaching them, they were without doubt a net negative in terms of contribution. Get paid £600/wk? They should have bloody well paid us for the priviledge of the experience...

 

[prop]

yep i agree i dont know what you are moaning about, 600 a week ! sold
if i was trying to break into this business i would do it for nothing !

 

[shadowninja]

Indeedy!

 

[anley]

Agree, a lot of them would do it for free.

But then the smart ones would PAY £600 a week for a few months work. Think of the networking and experience potential and how that could be parlayed when finished University.

Good luck QT and as the others have said stop whining

 

[dermotc79]

Yeah mate get on with it, try to learn some useful stuff and make some good contacts....lucky you're getting paid at all!

 

[sneo]

getting paid on internship in front office + learning and absorbing what they have to offer = priceless. its pretty common for front office NOT to hire freshies as training them is a pain.

i remember my internship back in one of the IBs, buying coffee/food and distributing news tearouts from reuters printers; but heck, i learnt more there than i did for my paper certificate from school. now, we have immature interns around, and they are paid like a full time staff. what is the trading world coming to?

 

[vyass]

Dude, where are you doing your internship?

 

[arabianights]

one gets the feeling he's already done it mate

 

[gooseman]

Yeah. What he said!!!

And mars bars were cheaper then

twix at AMT is 60p!

as an aside th quality of grads/interns is noticeably sh1tter than 5 years ago. I blame NuLab. And immigrants.

 

[GammaJammer]

That's fine - the quality of the shops they're interning at is also noticeably sh1tter Goose imho.....

But I wholeheartedly agree. I reckon it peaked the year I hit town. But I would say that........

 

[tommac]

" I was very happy with the offer at first (£600 per week) but after doing a bit of research, I think my pay is a lot below average."

Jeez--kids--need a reality check sometimes.

 

[Technically Fundamental]

£600 a week. where do you work? Spit at them.

 

[tpearl]

I have accepted a job (summer internship) at an investment bank as a trader.
I was very happy with the offer at first (£600 per week) but after doing a bit of research, I think my pay is a lot below average. Could any interns or recent grads say what you guys are on?

Even if you not an intern or grad, please feel free to contribute to this thread.

Many thanks

If you are going to do an internship and you are worried about the pay, you are missing the point. It's about proving you can work hard, fast and have the right aptitude. Who cares what they pay you as an intern. It's what they pay you when you have a few years experience that matters. You are getting access to people who can help you get your feet on the ladder. Just make sure you use your time wisely and really see if this industry is for you. It is seriously hard work, yes it pays well but it can also make you in to a complete self absorbed idiot too