How many hours a week do investment banking interns work?
Interns in investment banking work long hours and can often average anywhere between 70-80 working hours per week.
In the soul-searching that followed, banks like Goldman Sachs mandated that interns only worked between 7am and 12 midnight. Goldman declined to confirm whether this still applies today. Some 2023 interns tell us their hours are tolerable. "It depends on the team and it depends on the project," says an intern at UBS.
How Many Hours do Investment Bankers Work? Investment bankers work notoriously long hours, with the typical work week filling in 60-80 hours per week, and the occasional high-intensity work week that can push a banker to 100+ hours.
Most internship positions at JP Morgan are full-time. They require at least 40 working hours per week for up to 12 weeks. Long-term internships are also available. They can last for up to 12 months, depending on the specific program.
Average Hours
College interns who work in banks, brokerage houses, and other financial services firms should expect to devote a total of 200 to 400 hours to their internships. That's what hiring firms look for in terms of on-the-job interning experience, which typically spans several months or a semester.
During the academic year, internships are typically part-time, between 10-20 hours a week; not to exceed 20 hours a week (September-May). Summer internships, or those during a semester in which the student is not enrolled in courses, can require up to 40 hours a week.
The number of hours an intern works will depend on the particular role and organization. Generally speaking, an intern can expect to work between 20 and 40 hours per week.
Ways to make a lot of money in this world
Sure, anybody can make a good living being a doctor or a lawyer or an investment banker where you can make ~$200-500K per year a few years after you finish with your studies, but you hit a ceiling very quickly unless you start your own practice (aka start your own business).
Raw recruits expect six figures. Successful mid-career investment bankers can make tens of millions of dollars a year.
Key Takeaways. Investment bankers meet with clients, prepare offers, run financial projections, and work on pitchbooks, that help generate new clients. The work is lucrative but the days are long and stressful.
How much does J.P. Morgan pay interns?
The estimated total pay range for a Intern at J.P. Morgan is $57K–$94K per year, which includes base salary and additional pay. The average Intern base salary at J.P. Morgan is $68K per year. The average additional pay is $5K per year, which could include cash bonus, stock, commission, profit sharing or tips.
The estimated total pay range for a Intern at Goldman Sachs is $36–$51 per hour, which includes base salary and additional pay. The average Intern base salary at Goldman Sachs is $40 per hour. The average additional pay is $3 per hour, which could include cash bonus, stock, commission, profit sharing or tips.
Average number of hours slept by financial services professionals by age, 2024. Table with 2 columns and 7 rows. Bankers, generally speaking, are not sleeping well. Across all respondents to our survey, people working in finance got an average of 6.72 hours of sleep a night.
How much does an Intern Investment Banking Analyst make? As of Mar 16, 2024, the average hourly pay for an Intern Investment Banking Analyst in the United States is $22.50 an hour.
It's not a secret that if you get an internship at Goldman Sachs, you will be working incredibly long hours, which is why internship recruiters want someone with a great personality. Putting on your resume that you love football, working out, and road trips will help convey to the recruiter that you have a personality.
An investment banking intern's job is to work with analysts and associates and support them with industry and company research, putting together presentations, and collecting relevant information. The internship starts with a week of training, followed by the beginning of actual work to ensure technical proficiency.
Try to talk to your internship supervisor sooner rather than later about what is going to be required of you, and if taking time off is an option. If you let them know ahead of time, they're more likely to allow it, and, more importantly, you won't be leaving them in a bind. More often than not, the answer will be yes.
Generally speaking, interns have the same rights and benefits as full-time employees, including vacation days.
If an employer's interns are "employees," they are subject to the Fair Labor Standards Act (FLSA) and must be paid at least the minimum wage. Interns may be exempt from the requirements of the FLSA if they can be categorized as "trainees" as defined under the law.
Most internships require students to complete at least 150 hours of work over the course of a semester; approximately 10-15 hours per week during fall and spring semester and 15-20 hours per week during the shorter summer semester.
How long is too long to be an intern?
Unpaid internships that last too long (more than a few months) are a red flag for students and could potentially be illegal, according to U.S. Department of Labor (DOL) guidelines. The typical duration of an unpaid internship is about 10 to 12 weeks.
Internships vary in length based on the season, industry, and employer, but generally, most internships last about eight to 10 weeks. No one internship length is best or necessary — it all depends on what you get out of the internship and if it matches your personal resources and professional goals.
Hedge Fund Manager
To make this one of the jobs that pay $1 million dollars a month, you'll need to be one of the absolute best in the world at it.
Moelis (born 1958) is an American billionaire investment banker. He is also the founder, chairman and CEO of Moelis & Company, a global independent investment banking firm.
| Position Title | Typical Age Range | Total Compensation (USD) |
|---|---|---|
| Analyst | 22-27 | $140-$190K |
| Associate | 25-35 | $225-$425K |
| Vice President (VP) | 28-40 | $450-$650K |
| Director / Senior Vice President (SVP) | 32-45 | $550-$750K |
