Good Point Jay Bilas

[Tugg Speedman]

Care to provide a link for your story?  I've seen where some interns get an ANNUAL salary of $95,000 as an intern...annual...12 months....if it is annualized, which of course almost always it isn't.  So some wisecrack says a guy made $25K over the Summer, therefore that extrapolates to $100K.  Of course, this is also for an internship with a Masters for Financial Engineering.  An bachelor's  internship (not yet graduated from school) from Sachs are for $29.50 an hour.  Still, a great gig if you can get it.  These are high caliber candidates that they put through the ringer...I deal with these type of people at McKinsey, etc, all the time...we're talking Yale, Harvard, Tufts, Cal, MIT, type pedigree.  Same types that fill those types of internships.

So let's get serious.  The reason I know your claim sounds wildly UNTRUE (despite your "true story claim") is an analyst at Goldman Sachs makes about $70K while an associate makes about $100K. An intern doesn't.

http://www.businessinsider.com/wall-street-interns-are-now-making-100000-per-year-quants-2011-5


http://www.glassdoor.com/Salary/Goldman-Sachs-San-Francisco-Salaries-EI_IE2800.0,13_IL.14,27_IM759.htm

Remember these are averages ... the top interns can make several times these averages.  The top interns are paid the big bucks because the firms are recruiting them. (also note that Goldman is not on the list.  I'll guess it is not because they do not pay in the top 25 but their interns did not participate in the survey.)


The 25 Companies With the Highest-Paying Internships
http://www.businessweek.com/articles/2013-02-14/the-25-companies-with-the-highest-paying-internships

For all the hand-wringing over the plight of the unpaid intern, let us turn our attention to the small group of lucky young professionals who find internships that pay more than many full-time positions.

Interns at the 25 best-paying companies earn an average monthly wage of between $4,604 and $6,704, according to a list provided by jobs site Glassdoor.com. For context, the average U.S. household pulls in about $4,400 monthly, based on U.S. Census Bureau data.

While no sensible person complains about getting paid a lot, money doesn't, as the saying goes, buy happiness. For instance, Scottrade, one of the highest-rated companies in terms of interns' satisfaction, only has an average base pay of about $1,800. Only five of the 20 best-rated companies also ranked among the highest-paying. "Compensation does not equate to 100 percent employee satisfaction," says Scott Dobroski, a spokesman for Glassdoor. "Company culture is a strong piece, as is commute, how they feel about co-workers, and feeling like their work matters." Surely, though, one can find some meaning for $6,700 a month.

So who's paying up? "In tech and finance, the war for talent continues to be fierce, and it's not so surprising that the war for talent is fierce at the intern level," says Dobroski. "Why not tap the best young minds right out of the gate?"

Here's the list, lowest to highest:

25. Qualcomm: $4,604
24. Bank of America: $4,605
23. SAP: $4,615
22. BP: $4,631
21. BlackRock: $4,698
20. Intel: $4,836
19. Tagged: $4,909
18. Capital One: $4,930
17. Deutsche Bank: $4,943
16. Shell Oil US: $4,975
15. Chevron: $4,999
14. PayPal: $5,060
13. Yahoo: $5,063
12. Apple: $5,277
11. Nvidia: $5,286
10. Amazon: $5,436
9. ConocoPhillips: $5,607
8. Microsoft: $5,847
7. Adobe: $5,861
6. LinkedIn: $5,866
5. Google: $5,891
4. Facebook: $6,084
3. ExxonMobil: $6,268
2. EBay: $6,500
1. VMware: $6,704

The figures are based on 13,500 intern reviews of 6,600 companies between January 2011 and January 2013. Reviews can be submitted by anyone who works as an intern at the company, from college students to grad school graduates and professionals making a career change. Only companies with 10 or more intern salary reports from that period were included. The average monthly base pay among surveyed interns was $4,200.

[ChicosBailBonds]

Wadesworld will be very disappointed to see you brought a thread back alive from more than three weeks ago...apparently no one does that...ahem.


On the internships...how long are these for..3 months...6 months?  Let's also remember that some of these are for MBA students, Masters in Engineering, etc.  If I recall, the original content of this argument was about interns making $100K or whatever while still in college, without even a bachelor's degree...that's where I was calling no joy.

[Tugg Speedman]

Wadesworld will be very disappointed to see you brought a thread back alive from more than three weeks ago...apparently no one does that...ahem.


On the internships...how long are these for..3 months...6 months?  Let's also remember that some of these are for MBA students, Masters in Engineering, etc.  If I recall, the original content of this argument was about interns making $100K or whatever while still in college, without even a bachelor's degree...that's where I was calling no joy.

Of my many flaws ... I stumbled upon the intern story (which was dated Feb 14) and remember this thread and revived it.

[keefe]

I can speak from personal experience on MBA internships. Companies like PepsiCo will pay aggressive monthly salaries for  summer interns from the best B Schools. In today's dollars that would approximate $12-15K/month for three months. But the real kicker is not the monthly salary - when an intern is ready to walk out the door for his second year Pepsi offers to pay the tuition for both years if the intern will sign a tender before leaving. That exceeds $100K. Not bad for a summer job. Competition for top talent is fierce and even MBAs who sign don't always honor the deal.

We had a young woman who was getting her MBA at Penn. She did her undergrad at UVA, spoke Japanese fluently. She did her internship with the PepsiCo Foods International Strat Planning team in Tokyo. She worked with me on the California Pizza Kitchen acquisition, sizing and scaling the economics of the CPK opportunity in Japan. Her work was first rate and I recommended her for the tuition reimbursement program with a guaranteed spot in PFI Tokyo Strat Planning. She signed on the dotted line and we cut her a check to pay off her first year's tuition and had Wharton send her second year bill to Purchase, NY. She went through the second year interview cycle at Penn and got an offer from BCG that was more attractive to her. I got a call from her telling me she was going with BCG and how was she to repay PepsiCo for the tuition deal we gave her. This happens all the time so we had our MBA Relations contact BCG who paid us back with interest. The only downside was we had planned on her being in Japan but we easily replaced her with another Wharton grad who also spoke Japanese. For some reason he had interned at Taco Bell in Irvine but jumped when Tokyo was dangled before him.

Internships can be lucrative but you have to have the creds and prove it within 3 months. Not everyone gets a great deal.

[Tugg Speedman]

I can speak from personal experience on MBA internships. Companies like PepsiCo will pay aggressive monthly salaries for  summer interns from the best B Schools. In today's dollars that would approximate $12-15K/month for three months. But the real kicker is not the monthly salary - when an intern is ready to walk out the door for his second year Pepsi offers to pay the tuition for both years if the intern will sign a tender before leaving. That exceeds $100K. Not bad for a summer job. Competition for top talent is fierce and even MBAs who sign don't always honor the deal.

We had a young woman who was getting her MBA at Penn. She did her undergrad at UVA, spoke Japanese fluently. She did her internship with the PepsiCo Foods International Strat Planning team in Tokyo. She worked with me on the California Pizza Kitchen acquisition, sizing and scaling the economics of the CPK opportunity in Japan. Her work was first rate and I recommended her for the tuition reimbursement program with a guaranteed spot in PFI Tokyo Strat Planning. She signed on the dotted line and we cut her a check to pay off her first year's tuition and had Wharton send her second year bill to Purchase, NY. She went through the second year interview cycle at Penn and got an offer from BCG that was more attractive to her. I got a call from her telling me she was going with BCG and how was she to repay PepsiCo for the tuition deal we gave her. This happens all the time so we had our MBA Relations contact BCG who paid us back with interest. The only downside was we had planned on her being in Japan but we easily replaced her with another Wharton grad who also spoke Japanese. For some reason he had interned at Taco Bell in Irvine but jumped when Tokyo was dangled before him.

Internships can be lucrative but you have to have the creds and prove it within 3 months. Not everyone gets a great deal.

+1  This is consistent with my sateen that TOP interns at Goldman Sachs can make $30k/month (again, only the top interns).

The reason this came up is Bball players can hold summer jobs (established a few pages earlier).  I'm surprised we have not seen/heard more stories if them getting summer "interns" for big bucks like these numbers and why this would not be a problem for the NCAA, no matter then salary.

[muwarrior69]

What I object to are that the rules are too strict. I believe a college athlete on scholarship should be allowed to go to a baseball game with a fellow student if that fellow student has tickets to a game. I went to the Green Bay Packer Championship game against Dallas back in 1967 when a fellow student invited me because a family member was sick with the flu. Since I was not an athlete no big deal. I believe an assistant coach should be able to give a potential recruit a ride to the airport or bus station. As long as these things are documented what is the harm?

[Tugg Speedman]

What I object to are that the rules are too strict. I believe a college athlete on scholarship should be allowed to go to a baseball game with a fellow student if that fellow student has tickets to a game. I went to the Green Bay Packer Championship game against Dallas back in 1967 when a fellow student invited me because a family member was sick with the flu. Since I was not an athlete no big deal. I believe an assistant coach should be able to give a potential recruit a ride to the airport or bus station. As long as these things are documented what is the harm?

Are you're asking if the NCAA should act rational????  How dare you!