How's everyone's internship hunt going?

I've found the reverse is true.... typically its higher for internships than for FT.

Are you specifically speaking about consulting internships or across the board. My understanding was that interns received between 70-90% of their actually salary if they were to have an offer extended, then prorated based on length of internship. Any others have information on this?

woooow that is so nice I cannot wait to be an MBA intern

when I was in undergrad I got paid 3K for my internships for the entire summer! ) I had to really live on a budget to be able to do the internships

At banks, summer salary is exactly the same as full-time salary for most firms (95k annually right now). Of course, IB compensation is all about the bonus, and summer associates are not paid bonuses in the same way. Many banks offer summer-end bonuses of about 50% of the summer salary for people that earn full-time offers (and accept I guess). This is a summer bonus and people also receive a separate signing bonus.

I've also heard that a few investment banks (Citi and BofA) pay their summer associates at an hourly rate based on the normal annual salary. Of course, bankers work a whole lot of hours and some people make $50-60k for the summer. Summer compensation isn't a primary consideration for most, but that's a pretty nice haul.

pelihu, what area of i-banking are you interested in?

I have recently become interested in sales&trading, and I was wondering how hard it is to break into s&t? Is prior work experience important?

An SY I know who summered in IB told me he made $95k (!!) this summer. We were at a bar and my quantitative analysis skills were perhaps subpar, but that's what I think he said.

holy smokes that's a lot for one summer!!

yeah, no wonder i kept letting him buy me drinks. should have upped the vodka brand, eh?

Well, I haven't heard that about summer compensation, but if you throw in the signing bonus then that sounds about right. Maybe he was talking about his total take before coming back to school. I think signing bonuses were generally $40-60k last year, and if he worked at one of the places that paid hourly he'd be at $95k comfortably for the summer.

IB Summers get signing bonuses? That's the first I've ever heard of this. Sometimes a housing subsidy of a few thousand is thrown in for New York hires, but I doubt if summer associates even make $40k - $60k during the entire internship!

I think Pelihu was talking about a signing bonus for the offer he was extended at the end of the internship for a full time position. I have also heard that for bankers the compensation for the internship is equal to what you would receive as a FT employee. I wouldnt expect anything less for the hours they work. I think the going package his year for the summer seems to be right about $30K from what I have been hearing. It also seems to be consistent between the interns going to NYC or staying in Houston. However, some banks do pay better than others (Goldman I hear does pay significantly better, but they work you extra hours to make sure they are getting their $$ worth). Also, I heard of a summer associate last year who received a bonus because a deal that he was working on closed that summer. This summer associate probably pulled in ~ $75K for the summer, but this is an extreme case. I guess comp, in terms of representation of FT pay, is strictly related to the function/industry you are going into.

Actually, there is a signing bonus, but there's also an end of summer bonus that's paid to people who receive and accept offers. I agree that people are paid the same regardless of which office they are in, though after starting full-time this may not necessarily be true for all firms.

Also, Goldman is typically the best paying bank for full-time compensation, but my friends tell me that they aren't necessarily all that generous over the summer. Other firms also like to point at Goldman as a firm that likes to do a little weeding out after the summer (as opposed to making offers to substantially everyone) but I sense that this is sour grapes because Goldman has been kicking everyone's butts.

Darden 2010 - I recruited for S+T through this absolute carnage of a fall. Fire away on questions, I can happily discuss the ins and outs and chances for you. It really depends on who you are - you can switch, but you have to go about it very well to manage it. Well, at least when the market is having a disaster like this fall.

So even with the economy in a recession, everyone is finding internships rather well. Or is this only true for the top (20) business schools?

Not in a top 20 program, but my class is having a fairly successful internship season. All major BB banks have extended offers to students, a few tier 2 consulting firms (not the major 3), some major corporations for marketing and general management and I think two VC firms and a few PE firms. All in all recruiting is strong across the board.

Any thots on whether MBB have reduced the number of summer intake this year?

My friends here tell me that MBB hired about twice as many people as last year. I believe this is related to the fact that Darden put in an interview week before classes started in January. I allowed people to focus just on recruiting for that week and people really nailed their interviews. I don't know how their recruiting was at other schools.