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Some Wall Street Interns Are Making $120 an Hour This Summer
Posted
June 30, 2023
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June 30, 2023
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0:51Now PlayingInterns at Wall Street firms are getting bigger paychecks this year, as the finance industry seeks to attract more young people disillusioned by layoffs in tech.
For finance jobs across the US, median intern pay jumped 19% at 16 top firms studied by Levels.fyi, which analyzes compensation data submitted by users. The bump was even higher at hedge funds and prop-trading firms, where hourly pay surged 29% year-over-year to $111, or $4,400 before taxes for a 40-hour week, according to the company.
At Citadel and Citadel Securities, the median wage for interns jumped roughly 25% to $120 an hour this year. For a standard month with 40-hour weeks that’s $19,200 before taxes. Not shockingly, the bigger paychecks got the attention of job seekers: Ken Griffin’s firms received more than 69,000 applications for their 2023 internship program, a more than 65% increase year-over-year, according to a spokesperson.
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