Investment banking interns earn a prorated version of the first-year analyst base, so at bulge brackets that works out to roughly $8,300 to $9,200 per month, about $100,000 to $110,000 annualized, for a 10-week summer. Most add a housing stipend, pay no year-end bonus, and treat the return offer as the real prize.
Key takeaways
- Summer analysts are paid a prorated slice of the standard first-year analyst base, not a separate "intern wage." At bulge brackets that base is about $100,000 to $110,000 as of 2024 to 2026 (self-reported, approximate).
- That translates to roughly $8,300 to $9,200 per month, or about $19,000 to $21,000 for a typical 10-week program.
- Elite boutiques such as Evercore, Centerview, and Moelis tend to start their analyst base at or slightly above the bulge brackets, so their interns can land near the top of the range.
- A housing stipend or corporate housing is common, often around $2,000 or subsidized lodging in expensive cities.
- Interns get no year-end bonus. The economics that matter are the return offer, which converts into a full analyst package worth roughly $170,000 to $190,000 all-in plus a signing bonus of about $10,000 to $15,000.
What an investment banking intern actually gets paid
The confusing part of intern pay is that banks quote it two ways. Some state an hourly rate, some state a prorated annual base, and forums annualize the weekly checks into eye-watering headline numbers. Strip that away and the mechanic is simple: a summer analyst is paid the same base rate as a first-year full-time analyst, just for the weeks they are actually there.
So the anchor is the first-year analyst base. Wall Street Prep and Mergers & Inquisitions both put that base at about $100,000 across most bulge brackets, with Goldman Sachs and several elite boutiques starting closer to $110,000. Divide that by twelve and you get the monthly rate an intern actually sees on a paycheck, roughly $8,300 to $9,200. Run it across a 10-week summer and the cash from the internship itself lands around $19,000 to $21,000.
If you want the fuller picture of where that base goes after the internship converts, our investment banking analyst salary in NYC breakdown walks through the full-time numbers.
Base salary to monthly intern rate, by bank tier
The table below maps the first-year analyst base to the monthly rate an intern is prorated from, and the annualized equivalent that base represents. All figures are self-reported and approximate, drawn from Wall Street Oasis, Mergers & Inquisitions, and Wall Street Prep for the 2024 to 2026 cycles.
| Bank tier | First-year analyst base | Monthly intern rate (prorated) | Annualized equivalent |
|---|---|---|---|
| Bulge bracket (JPMorgan, Goldman, Morgan Stanley, BofA) | $100,000 to $110,000 | ~$8,300 to $9,200 | $100,000 to $110,000 |
| Elite boutique (Evercore, Centerview, Moelis) | $110,000 to $120,000 | ~$9,200 to $10,000 | $110,000 to $120,000 |
| Middle market | $85,000 to $100,000 | ~$7,100 to $8,300 | $85,000 to $100,000 |
The annualized equivalent is not what an intern takes home over the summer. It is the yardstick the monthly rate is cut from, and it is why a 10-week gig can be described as a six-figure job.
Why interns take home less than the headline, and why that misses the point
Two things pull the summer number below the annualized figure, and one thing makes the number almost beside the point.
First, interns are there for about 10 to 12 weeks, not 52, so the actual cash is a fraction of the annualized base. Second, interns do not receive the year-end bonus that makes up half or more of a full analyst's pay. Bonuses are paid on the calendar year to people still employed in January, and a summer analyst is long gone by then. What some banks do add is a housing stipend, commonly around $2,000, or subsidized corporate housing in New York and San Francisco, which offsets the biggest cost of a summer in an expensive city.
Now the part that actually matters. The internship is a 10-week interview for a full-time seat, and the return offer is the payoff. Convert, and you step into a first-year analyst package worth roughly $170,000 to $190,000 all-in at a bulge bracket, often with a signing bonus around $10,000 to $15,000 attached to the offer. Elite boutiques can push total first-year comp toward $250,000 for top-ranked analysts. Measured against that, the difference between a $19,000 and a $21,000 summer is noise. The interns who understand this optimize for the offer, not the paycheck.
If your interest runs toward the buy side and support functions rather than deal execution, our guides on investment banking operations and the high net worth associate salary at Fidelity cover adjacent paths with very different pay and lifestyle math. For the wider map of finance roles and where they lead, start with the career and compensation hub.
The bottom line
An investment banking internship pays a prorated first-year analyst base, roughly $8,300 to $9,200 per month at a bulge bracket, plus housing help and no bonus. The cash is real but secondary. The reason the seat is worth competing for is the return offer, which turns a good summer into a six-figure first year and the front door to the rest of a finance career.
Frequently asked questions
How is an investment banking intern's salary calculated?
An investment banking intern is paid a prorated slice of the standard first-year analyst base, not a separate intern wage. Banks take the first-year base, roughly $100,000 to $110,000 at bulge brackets, and divide by twelve to get the monthly rate an intern sees, about $8,300 to $9,200. Run across a 10-week summer, the internship itself pays roughly $19,000 to $21,000.
Do investment banking interns get a year-end bonus?
No, investment banking interns get no year-end bonus. Bonuses are paid on the calendar year to people still employed in January, and a summer analyst is long gone by then. What some banks add is a housing stipend, commonly around $2,000, or subsidized corporate housing in expensive cities like New York and San Francisco to offset the biggest cost of a summer there.
Why does the internship return offer matter more than the summer pay?
The return offer matters more because the internship is essentially a 10-week interview for a full-time seat. Converting turns a good summer into a first-year analyst package worth roughly $170,000 to $190,000 all-in at a bulge bracket, often with a signing bonus around $10,000 to $15,000. Elite boutiques can push total first-year comp toward $250,000, which makes the difference between a $19,000 and $21,000 summer noise by comparison.
Do elite boutiques pay interns more than bulge bracket banks?
Elite boutiques such as Evercore, Centerview, and Moelis tend to start their analyst base at or slightly above the bulge brackets, so their interns can land near the top of the range. Their first-year analyst base runs about $110,000 to $120,000, translating to roughly $9,200 to $10,000 per month for an intern, compared with $8,300 to $9,200 at bulge brackets.