Why intern comp sucks in Paris
Hi everyone, I have an offer at a to BB in Paris. I'm paid 24k pro-rated, which I think is really low. I just want to know if it's the same for other banks and how it improves at analyst level. Forgot to mention I'm in S&T
EU or US BB?
French country coverage (off cycle internship) or summer internship programme in Paris due to Brexit?
US BB (MS/JP/GS), summer intern due to Brexit.
I can't edit the post, just to add, if US BB summer internship with one of the many teams that transferred to Paris due to Brexit, you will basically get London package.
Ok thanks, so basically if I understood correctly at analyst level is the same as being based in London from comp perspective
I can tell you that there are US BBs in Paris that pay London comp for interns too (therefore A1 salary pro rated, much more than the salary you stated). Regarding your question, I am also looking for that answer. The rumor that the comp in Paris is much lower than in London comes from the French country coverage staff, lets see if anything will change post Brexit with EMEA teams moving to France.
Tip: check expatriate exemption scheme eligibility, could be a nice benefit.
In some other southern europe countries you can see interns at BBs getting as low as 1k eur per month (both SA and OC)
Parisian here, I can confirm that except Bank of America that pays like in London, almost all big banks in Paris pay their interns 2k€ per month. (MS in S&T even pays only 1600€/month)
At analyst level total comp is comparable to London (with base generally higher, but lower bonus)
Do you have any info/estimation regarding the comp for BofA Paris S&T Analysts (base + bonus)?
Heard about ~70k base, but not sure about this. What I can affirm is that people I know there are happy about their comp
Still, it is way better than Milan. In Paris, MM boutiques even pay 2k euros whereas in Milan it sucks even more sadly
Milan intern offers are a joke.
Did you intern there? Just because the pay is low doesn't mean it is a joke. By the way, BBs/EBs pay 2k euros to interns which is the same as Paris. I was specifying about better pay at MM Boutiques/Big 4 in Paris with the same easy working hours that you will pull off in Milan.
I want to bump this thread because I'm doing an internship in Paris with the contract saying 2K per month for 40 hours a week. That's already low at $12.50/hr. Will I be expected to work over 40 hours? Would be crazy to work 80 hour/wk and then I'd make $6.25/hr pre-tax lmao.
Can anyone provide insight into this? How many hours were you expected to work?
Paris 2k is good enough. Live near La Defense and you'll save a considerable amount of money.
Max is given by Bain if I'm not mistaken around 2.1k.
I definitely would not live near La Defense, there is nothing to do there outside work (and a shopping center), and if you like to go out at night it will be a nightmare to hangout with your friends. Moreover Société Générale is the only bank in La Défense, all others are in the city itself (8th arrondissement especially)
Bain is not the highest payer for interns, I think BofA definitely is, the pay is around 4.2k per month (50k prorated + 1k signing)
Which taxes are applicable for interns in France, what to deduct to get the net amount received on the bank account each month?
At La Defense the rent is low and you have Metro 1 which is a good line to get into Paris. Other places like Chatlet, Notre Dame is quite expensive.
Are you sure BfoA pays 4.2k to interns in Paris cause that would be more than what a lot of FT people get in Paris. I know consulting pays about 60k first year which after taxes would come to something like 40k per year.
I want to bump this thread because I'm doing an internship in Paris with the contract saying 2K per month for 40 hours a week. That's already low at $12.50/hr. Will I be expected to work over 40 hours? Would be crazy to work 80 hour/wk and then I'd make $6.25/hr pre-tax lmao.
Can anyone provide insight into this? How many hours were you expected to work?
I think that's in line with what interns are paid at Paris. The bank that I interned at the M&A intern was working crazy hours. So I would think that does not change for IB. S&T you'd be working much less hours.
Daily reminder to thank god for not working in European finance
American here. I keep hearing about how shitty finance pay is in Europe. Why is this the case, and if finance doesn’t pay well, then what does?
Like, if you want a high-paying career in Europe, are you limited to tech/law/medicine? Apologies in advance for my ignorance
Well this post only concerns interns, full-time analysts in Paris are paid approximately as much as in London (which is still lower than US we agree)
Then even if it pays less than US it is still one of the highest paying careerpath. The ones you quoted are not better.
And compared to US we have more vacations and lower cost of life
Finance pays as well as the US in Europe once you account for cost of life and the fact that our education is free (no student loans). At the senior level especially, it’s the same. As for other fields, tech isn’t a thing, law pays less, and medicine also pays less
*delete*
I want to bump this thread because I'm doing an internship in Paris with the contract saying 2K per month for 40 hours a week. That's already low at $12.50/hr. Will I be expected to work over 40 hours? Would be crazy to work 80 hour/wk and then I'd make $6.25/hr pre-tax lmao.
Can anyone provide insight into this? How many hours were you expected to work?
You're definitely expected to work over 40 hours unfortunately
I'm an M&A intern in Paris and I'm paid €2k/month (gross), it's honestly horrible hahahahaha
I'll be making the same - starting my internship in September. Going to shoot you a message in case you want to connect.
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