Getting Interviewed at an Investment Bank (1 Viewer)

[Omnidragon]

I don't know why they do it. I'm sure it doesn't hurt them to pay an extra $800 gross per week. It's not just the American banks. Every global bank pays much more and puts people up... I'd say even HSBC would do it if they had an internship program.

In any case, Macq gets away with it. They hire so early and lock in candidates before other firms even start interviewing.

 

[velox]

Same with grad trading jobs. I have seen 100k max. Most decent traders could make more than that easy by sitting at home and trading.

 

[Rorix]

Macq IBG interns are actually paid less than interns in some other departments. Shrug. No-one does the internship for the money of course..but many students could earn > that in their jobs.

 

[flamearrows]

Some divisions are less as well. And I dunno - I'd think you'd be doing fairly well to be earning more than $1k per week over most of summer in slightly more typical student employment.

 

[velox]

Some divisions are less as well. And I dunno - I'd think you'd be doing fairly well to be earning more than $1k per week over most of summer in slightly more typical student employment.

the smart more entreprenurial students should be getting 1k a week in summer without too much trouble anyway.

 

[metalloido]

I had my reference check for summer vacation at Macquarie on Monday, and haven't heard back as yet :S Was just wondering if people knew how long it takes for Macquarie to get back to you after you've had a reference check?

Also, does anyone know how they make an offer? Is it over the phone, or via email?

 

[Rorix]

metal, you mean you had a "reference check" before you got an offer? Iono where you are applying for, but for pretty much every IB afaik in IBD they don't check your references until after you've accepted an offer, and some banks don't even check for summer interns I don't think.

Macq makes offers via phone.

 

[Turner]

macq pays 1k a week for ibd interns

what are peoples opinions on that

Some of the other banks try to pro-rata a graduate salary, which ends up being a fair bit more than that

 

[lizbon]

ye second wat rorix said, don't banks check references after they make an offer? that's what happened to me for grad recruitment....

i think 1k is probabaly undercutting the interns, but most are doing it for experience so i don't think it should put off anyone in accepting.

 

[Turner]

i think 1k is probabaly undercutting the interns, but most are doing it for experience so i don't think it should put off anyone in accepting.

I think some banks try to pay a bit extra as goodwill, as a few extra hundred per week over 10 weeks is a small price to encourage the interns to come back as grads or come back later in their careers... also to get interns hooked on earning good money as an incentive to get them to come back