2024 banking tech internship pay: JPMorgan leads with $150k
It's that time. Summer analyst internships are opening for applications as the newest wave of plucky young bankers, quants and software engineers look for their first big break.
This time there's a twist, the salaries are public. 😱
Well... not for everyone. Pay transparency laws in a number of US states (most notably New York and San Francisco) mean that employers are obligated to let applicants know the exact salary, or at least a range, they can expect if they're hired. Based on the banks that have begun taking applications already, the results are interesting to say the least.
Of the US banks, only Morgan Stanley, JPMorgan and Citi are so far hiring 2024 interns for their technology and quant divisions. At face value, JPMorgan interns have the potential to earn the most, up to $150k in the bank's quantitative research program. However, this applies to both analysts and associates. Masters in Financial Engineering (MFE) and PhD students will likely be earning the top figure; bachelors interns will likely be at the lower range, $110k.
JPMorgan's pay may even have fallen. Based on Levels.fyi's figures from 2023, the average engineering intern at the bank used to earn a salary of $156.2k.
It could be worse, however. Cit's technology interns in Dallas are earning $90k. Morgan Stanley's New York quant analysts earn a much better $110k and its tech interns can earn that too, but their lower salary range is a mere $70k.
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