If you're a student with an interest in finance who wants to make some serious money this summer, it seems you should have been interning at a hedge fund. So says Wall Street Oasis's updated report on hedge fund intern pay.
While Wall Street banks pay a 'mere' $82k max (pro-rated) for a couple of months over the summer, some of the best known hedge funds are paying six figures, and more.
The most generous of them all appears to be D.E. Shaw, which runs a 10-12 week internship program and pays its summer analysts a pro-rated salary of $114k according to WSO. It's closely followed by Two Sigma, which offers graduate internships across software engineering, quantitative research, business development, strategy, human resources, and its legal teams, and seemingly pays an average of $113k. Citadel's interns are on an average of $101k.
Wall Street Oasis' figures suggest Point72 is kind of stingy, with intern pay of $87k, although this is better than what's allegedly on offer to interns at Bridgewater ($79k).
We asked D.E. Shaw, Citadel, Two Sigma, Point 72 and AQR to comment on WSO's figures, but they didn't respond to our requests. (Update: Point72 has since provided detailed salary info for interns. Click here for details).
Hedge funds are increasingly running their own graduate programs as they seek to grow talent in-house rather than poaching from banks. Although hedge funds pay their interns higher salaries than Wall Street banks, they pay less than big technology firms. Facebook, for example, hiked intern pay to $8k a month this year.
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