How Much I ACTUALLY Made As an Investment Banking Summer Intern & How I Spent It

➫ Instagram:With investment banking summer internship season approaching, let’s talk about how much investment banking summer analysts are paid. In this video, I go over hourly salary, # of hours worked, total salary after an entire summer internship, how I spent it, etc. At the end, I speak to my own experiences working at a bulge bracket investment banking firm in NYC as an intern.

What’s up everyone welcome back to my channel i’m angela formerly an investment banking analyst working in new york city and now a corporate development associate working at a tech firm prior to doing my full-time job in investment banking i actually did an investment banking internship at that same firm in new york city with spring and summer internships creeping

By i wanted to touch on my own summer internship experience how much i was paid what i spent it on how much i was able to save and my overall takeaways and experience so please stay tuned if you are interested i’m just going to get straight into it let’s talk about the pay first i was offered to be paid 24 per hour for the first 40 hours per week and an additional

1.5 times that for every additional hours i work that meant i was getting paid 36 dollars for every additional hour i worked beyond 40 hours and as you might already know there is a lot of overtime investment banking and so i did work over 40 hours every single week the total length of the internship was nine weeks with one week of training and you get paid an

Additional two thousand dollars sign on bonus for the internship on average every week i would earn about two thousand and seven hundred dollars some weeks it would be more stomachs it would be less because this was based on how many hours i worked that week out of that two thousand seven hundred dollars for one week 960 dollars of it was based on the 24 for

The first 40 hours that also meant that 1740 of that total amount was being paid to me through overtime a thousand seven hundred forty divided by thirty six dollars per hour ends up being about close to fifty hours which meant that i was working on average close to ninety hours per week during my internship what this meant was that i was generally in the office

Around 8 30 a.m to 12 30 to 1 30 a.m from mondays through thursdays and on fridays i was generally in from 8 30 to 10 30 pm and on weekends on saturday and sundays i would generally work about four to five hours per day the difference between an internship and full-time is that when you’re full-time you get a fixed salary you do not get paid for overtime however

Analyze it ends up being similar because full-time analysts are paid an annual bonus next i want to talk about the perks and the benefits obviously you don’t get certain benefits like full-time analysts do such as dental and health insurance however you do get a lot of the other benefits and perks for example you get a 25 stipend to spend on seamless every night

Of monday through friday and you also get an additional 20 for lunch and 25 for dinner on both saturday and sunday as well in addition to that all uber is leaving the office after 10 p.m on weekdays and weekends are also expensed those perks and benefits are pretty cool for just an intern in a nine week internship now how did i spend this internship money and

What were my expenses so during my internship i stayed in a three bedroom apartment in manhattan with two other roommates i stayed in the smallest bedroom partially because i wasn’t really there and didn’t really feel like i needed that space and so i paid fifteen hundred dollars in rent overall in comparison with a lot of other people i actually thought that

Fifteen hundred dollars was a pretty good price for living in new york city and living relatively close to the office i usually took either an uberpool or a subway ride to the office in the morning uberpool was usually a little bit more expensive but my subway route to the office was just really inconvenient and involved probably about five minutes on the actual

Subway and 20 minutes of walking because the lines just didn’t match up so sometimes i just spend a little bit more and pay for an uber pool together as for my food i usually ate dinner at the office during the weekdays as well as for weekend lunches i really only ate out maybe friday nights and saturday nights and maybe for a sunday brunch so every weekend i would

Usually spend around 100 to 150 on meals eating out i did almost zero cooking that summer therefore my total monthly expenses would land somewhere around the 2 000 per month mark next taxes you have to account for taxes when it’s such a big portion of your take-home salary at the rate that i was making during my internship i really wasn’t being taxed that much

If you annualized how much i was being paid during the summer it would probably become around 140 to 150 000 per year but i wasn’t being taxed at that amount because i had only made about 25 to 27 000 during that summer and so i was taxed at a much lower tax bracket of about twenty percent the amount that i saved month month was about seven thousand dollars after

Tax resulting in about fifteen thousand dollars after my entire internship which i felt was quite a lot for about two months of my summer and lastly the internship experience i want to talk about it from a work and a social perspective you’re usually working with another analyst usually one who’s worked there for about a year or two years already and therefore

The work you’re given really isn’t that difficult so an intern will generally do some of the more tedious and easy to do work however since you’re an intern and you want to get an offer your hours sometimes end up being unnecessarily stretched out in comparison to the amount of work you have for example i would usually get there at 8 30 am every morning to get

There before all the full timers came in around 99 30 and i would usually not leave before the analyst who i was working with left so i ended up trying to be the first person to get there as well as the last person to leave also as an intern you don’t really have a big picture or a lot of ownership into the things that you’re doing you’re not as integrated into

The deal team as a full-time analyst is you’re usually given bits and pieces of a deck and told to work on a page or two for a couple of hours while the analyst is working on everything else as for the social aspect of the internship was probably my favorite part of it yes the hours were really bad and i was constantly stressed but looking back and comparing my

Internship to my full-time experience there were a lot of events that they did for interns that i got almost none of during my full-time experience as an intern you have events that hr plans for you such as cruises and ice cream socials and you have events that your group plans for you such as going bowling or going to rooftop bars so every single week there is

At least one event for interns and that really makes a big difference in your experience and usually for full-timers as well so finally obviously people don’t just do the internship for the pay i do think that the pay is good especially with the overtime component it makes it just a little bit more worthwhile working until 1am at night when you know that you’re

Being compensated for it however the internship itself is really a test to see if you have what it takes to be a full-time analyst at the end of all of these internships they extend full-time offers for you to return the following year and usually i’d say over half of interns if not most or all interns will get a return offer it really ranges from bank to bank and

Group to group but it can be incredibly stressful during those last two weeks or so when you know they’re really analyzing you and everything just feels like a test every little mistake you make feels like you are giving up on your offer i remember over analyzing every single thing of what people said to me and how they were reacting to me i would ask people

To go for coffee chats and network and just trying to confirm my offer so it was quite a stressful period i hope this was informative in learning a little bit about how much the internship pays and what is expected of interns and what they do and a little bit about how i spent some of that money and what i was able to say from it let me know if you guys have

Any questions down in the comment section below please remember to give this video a thumbs up it really helps a lot subscribe to my channel if you haven’t already and hit that bell to turn on notifications so you know whenever i post a new video if you’re interested in more content from me i also have a patreon the link is in the description box below it’s angelasunx3 i offer a lot more investment banking exclusive content on there a discord chat and a lot more personalized mentorship so i’d love to get to know you there if you’d like to support me on patreon i’ll see you guys in the next video bye

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How Much I ACTUALLY Made As an Investment Banking Summer Intern & How I Spent It By Angela