Top global investment banks boosted intern pay by 37.2 per cent for the current internship season from a year earlier and other large banks are paying 36.9 per cent more, according to finance career siteIt has been a particularly tough recruitment year for Wall Street.
For the 0.8 per cent of applicants who successfully secure an internship at top hedge fund Citadel, the median monthly pay is $US14,000 or greater depending on the role – usually a software engineer, trader or quantitative researcher, according to a spokesperson for the firm. Point72 Asset Management confirmed that the $US10,750 monthly compensation was accurate for its 10-month investment analyst training program for upcoming graduates.
The crowdsourced data from Glassdoor and Wall Street Oasis are based on user submissions from undergraduate and graduate students from last year to this year. Wall Street Oasis primarily collects data on compensation in the finance sector, while Glassdoor collects data from big companies across several industries.For years, Wall Street was the place to be for young and hungry new grads hoping to forge successful careers.
Video-game platform Roblox topped Glassdoor’s list of the top-paying internships with a monthly salary of $US9,667 a month. A representative for Roblox said the company paid its interns $US58 to $US60 an hour.
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