As competition to secure talent on Wall Street in the U.S. intensifies, intern ransom is also soaring.
According to Wall Street Oasis, a financial information site, on the 14th (local time), Wall Street’s top investment banks (IB) increased their salaries for interns this year by 37.2% from last year.
In the case of Jane Street, an equity investment company, an intern is paid a salary of 16,356 dollars, which amounts to 200,000 dollars (per year.
Hedge fund Citadel also showed an average intern salary of 15,000 dollars.
Bloomberg explained that interns in the financial sector usually work for eight to 10 weeks in summer.
Glassdoor, a job search site, introduced that software engineering and investment bank analyst jobs usually receive the highest wages among interns.
He also said that intern pay varies depending on the location of the company and the applicant’s educational background.
Bloomberg analyzed that Wall Street had an emergency light on securing talent as complaints grew and turnover rates increased due to harsh working conditions, including 100 hours a week. This means that intern treatment has improved.
The financial sector analyzes that the treatment of interns on Wall Street will be even better as even IT companies such as Silicon Valley, which offers a better working environment, are seeking talent.
While the popularity of IT companies has fallen somewhat recently due to falling stock prices, the financial sector has expanded its compensation, raising interns’ interest in Wall Street, Glassdoor explained.
In fact, according to Business Insider, 236,000 people applied for Goldman Sachs’ internship recruitment this year, up 17% from last year.
Morgan Stanley also did not release specific numbers, but said the number of intern applicants has increased recently.
