As the Wall Street banks throw millions at their feet best talentsat a time when the war for workers is erupting, even the apprentices see their rewards skyrocket.
The world’s leading investment banks have increased their fees in this year’s internship season by 37.2% compared to last yearaccording to data from the Wall Street Oasis site, cited by Bloomberg.
Wall Street is having a hard time recruiting, at a time when workers are hard to find in most industries. Especially in finance, however, there is high rate of resignations but also dissatisfactionmainly among junior bankers, who are known to work endless hours, often reaching 100 per week.
Most, banks have to compete with technology companies in their quest to attract talent, with the latter offering more relaxed and flexible workplaces. At the same time, other areas of finance like private equity companies offer better pay.
Thus, in their quest to hire apprentices for their summer programs, Wall Street companies are offering increased salaries even for those who have not graduated from university.
The trading company Jane Street, for example, offers apprentices an average salary of $ 16,356 a month (about 15,000 euros) or almost $ 200,000 a year. Salaries for interns in hedge funds are even higher.
Typically, the apprenticeship lasts from 10 to 12 weeks during the summerwhile some companies offer more extensive training programs.
At Citadel, where only 0.8% of applicants secure a place in the apprenticeship program, the average monthly salary is $ 14,000 or more, depending on the tasks.
A record number of 236,000 people applied this year for Goldman Sachs’s highly competitive internship program, while Morgan Stanley also saw an increase in applications.
As market participants say, the increase in the salaries of apprentices and junior bankers manages to attract students who would otherwise look to Silicon Valley companies.
This month, UBS raised the salary of the first year analyst for the second time in a yearto compete with Citigroup and JPMorgan Chase, which set the standard salary for junior bankers at $ 110,000 a year.
Money Review
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