Internships are now the number one route into a finance job. This is not just in investment banking – where anything up to 90% of front office graduate hires are intern conversions – but increasingly private equity firms, hedge funds and asset managers are creating internships to feed into their (relatively new) graduate programmes.
But these internships are not a happy summer holiday. Interns are worked as hard as full-time analysts and, in the investment banking division (IBD), this means working 70+ hours every week or even indulging in the ‘magic roundabout’ – pulling an all nighter, showering in your halls of residence and heading straight back into the office.
Understandably, therefore, financial services organisations pay well to attract students into these roles. But which firms pay the best?
Glassdoor data on specific firms shows that in London Swiss bank UBS, Citigroup and HSBC are the biggest payers for interns. Big U.S bulge brackets like Goldman Sachs, Morgan Stanley and J.P. Morgan all pay pretty much the same, while Nomura and BNP Paribas come at the tail end of the pack.
In New York, Morgan Stanley pays the most, but banks with less sway sell-side – Deutsche Bank, Barclays, RBS and Lazard – all pay their interns more than the big local players.
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