Although it is only August, top Wall Street firms are already in the process of recruiting interns for the summer of 2024. However, the salaries being offered remain similar to those of this year.
Internships at prestigious firms such as JPMorgan, Goldman Sachs, Citibank, Barclays, and Morgan Stanley have compensation ranging from $100,000 to $110,000. This falls within the average range of $52-$54 per hour that most interns are currently earning, as reported by levels.fyi.
“The tables have turned – a few years ago, everyone was enamored with tech startups and the possibility of quadrupling their options through equity grants,” says the anonymous founder of financial account Litquidity. “Now, with the bear market in venture capital, I would choose to stay in finance during times like these.”
Salaries for internships experienced a significant increase from 2022 to 2023, with a nearly 20% rise at top firms and an almost 30% surge at major hedge funds, according to data from levels.fyi. As a result, tens of thousands of applicants were attracted to these lucrative opportunities.
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