A Wharton I-Banking Intern Made $25K A Month!

RANGE OF INTERN PAY AT WHARTON: FROM $500 TO $25,000 A MONTH 

At Wharton and most highly ranked undergraduate programs, internship offers come early. Some 42.5% of the students reported getting their offers for summer jobs prior to December, while 25.5% received offers in January and February. Another 17.8% landed offers in March. Only little more than 14% had a summer internship option received in April, May or June.

The Wharton report notes that students seeking internships last summer “experienced a changing landscape for internship recruiting, particularly in financial services, as many firms decided to begin their recruiting earlier than in previous years and to conduct interviews outside of the traditional on-campus recruiting process.”

The upshot: A much larger percentage of juniors reported landing their internships before the semester break (42.5% for Summer 2016 as opposed to 20.7% for Summer 2015) and a much lower percentage reporting that they obtained their internship through the on-campus recruiting (33.9% in 2016 as opposed to 55.1% in 2015).

Average monthly compensation across all full-time positions at Wharton last year was $5,616, but it varied significantly across industries and jobs. In fact, the monthly salary range was all over the place, from as little as $500 to an eye-opening $25,000 to a student who was an investment banking analyst. The $500 a month job went to an undergrad who accepted a summer job in retail. Obviously, getting $25K a month as an undergrad is a total anomaly. But it’s certainly eye catching (see table below).

WHAT WHARTON UNDERGRADS MAKE AS SUMMER INTERNS

Source: Wharton internship employment report for 2016