Pay
Summer Internship Pay in Banking, Consulting and Trading (2027)
What summer analysts and interns are paid at Piper Sandler, Deutsche Bank, Blackstone, Bain, Two Sigma, Citadel and D. E. Shaw, from the pay the firms post on their own Summer 2027 listings.
Banking
| Firm | Internship | Posted pay | Where |
|---|---|---|---|
| Piper Sandler | Investment banking summer analyst (Financial Sponsors; Restructuring) | $110,000 a year | New York |
| Deutsche Bank | Investment Bank and Capital Markets summer analyst (capital markets desks) | $110,000 a year | New York |
| PJT Partners | PJT Camberview summer analyst (shareholder activism and governance advisory) | $120,000 a year | San Francisco |
| Citi | Wealth summer analyst | $100,000 a year | New York |
| Truist | Structured Credit summer analyst | $48 an hour | Atlanta |
Investing and trading
| Firm | Internship | Posted pay | Where |
|---|---|---|---|
| Blackstone | Real Estate Asset Management summer analyst | $110,000 a year | New York |
| Blackstone | Finance, Portfolio Management summer analyst | $90,000 a year | Miami |
| Point72 | Investment Services intern | $90,000 a year | New York |
| Two Sigma | Quantitative researcher intern (bachelor's degree rate) | $4,900 a week | New York |
| Citadel | Fixed Income and Macro rotational trader intern | $4,000 to $4,500 a week | New York, Miami, Greenwich |
| D. E. Shaw | Proprietary trading intern | $25,000 a month | New York |
Consulting
| Firm | Internship | Posted pay | Where |
|---|---|---|---|
| Bain | Associate Consultant intern | $9,000 a month | United States |
| Deloitte | Summer Scholar, Functional and Operations Strategy | $50 an hour | 16 US offices |
| Oliver Wyman | Actuarial consulting intern (property and casualty) | $1,350 to $1,600 a week | Atlanta, Charlotte and more |
MBA summer associates
The banks that state a yearly rate for MBA and law school summer associates all post the same one: $175,000 a year, paid for the weeks worked. That is the rate on the Summer 2027 listings at Morgan Stanley, Wells Fargo, Guggenheim, Piper Sandler and Truist Securities.
What schools report
Internship pay that schools publish for their own undergraduates. These cover every student who reported pay, not one firm.
| School | Field | Pay | Students |
|---|---|---|---|
| Texas McCombs (BBA) Summer 2024 to Spring 2025 | Investment banking, sales and trading | Median $8,877 a month | 104 |
| Texas McCombs (BBA) Summer 2024 to Spring 2025 | Strategy, operations and management consulting | Median $7,167 a month | 79 |
| Texas McCombs (BBA) Summer 2024 to Spring 2025 | Investment management and research | Median $5,200 a month | 42 |
| Texas McCombs (BBA) Summer 2024 to Spring 2025 | Venture capital and private equity | Median $3,467 a month | 24 |
| Indiana Kelley Class of 2026 | Finance majors | Average $36 an hour | Not stated |
| Emory Goizueta (BBA) Class of 2026 | All internships | Median $36 an hour | Not stated |
| UVA McIntire Class of 2026 | All internships | Average $34 an hour | Not stated |
| Minnesota Carlson 2024 to 2025 | Consulting | Average $30.21 an hour | Not stated |
| Minnesota Carlson 2024 to 2025 | Finance | Average $26.66 an hour | Not stated |
How we got these numbers
We read the Summer 2027 internship listings on the career sites of 45 banks, investment firms, hedge funds and consulting firms on October 13, 2026, and the internship pay reports of 15 business schools. A firm is listed only when its own listing states a pay figure and what it is per. Goldman Sachs, Evercore, Houlihan Lokey and Raymond James post figures without saying whether they are yearly, so we left them out rather than guess. J.P. Morgan, Moelis, Centerview, McKinsey and BCG had no figure on the pages we could load. Pay can differ by group, office and year, so treat these as the posted rate, and check your own offer letter.
Questions
How much do investment banking summer analysts make?
A yearly rate of about $110,000, paid for the weeks of the internship. Piper Sandler posts $110,000 for its Financial Sponsors and Restructuring summer analysts and Deutsche Bank $110,000 for its capital markets summer analysts, both for Summer 2027 in New York. Texas McCombs reports a $8,877 monthly median across 104 of its banking, sales and trading interns (Summer 2024 to Spring 2025).
Is the yearly figure what I get for the summer?
No. Most banks state the base as a yearly rate and pay it only for the weeks you work, usually about ten. The postings say so (Deutsche Bank calls it an annualized salary, Point72 says it is prorated). Bonuses, housing and overtime are not in these figures.
What do consulting interns make?
Bain posts $9,000 a month for Associate Consultant interns in the US. Deloitte estimates $50 an hour for its Functional and Operations Strategy Summer Scholars. Texas McCombs reports a $7,167 monthly median for its strategy, operations and management consulting interns. McKinsey and BCG do not post a number on the listings we checked.
What do hedge fund and trading interns make?
The most of any internship here. Two Sigma posts $4,900 a week for quantitative research interns with a bachelor's degree, Citadel $4,000 to $4,500 a week for rotational trader interns, and D. E. Shaw $25,000 a month for proprietary trading interns, plus a sign-on bonus.
What do MBA summer associates make?
$175,000 a year at Morgan Stanley, Wells Fargo, Guggenheim, Piper Sandler and Truist Securities, on their Summer 2027 listings.
Where do these numbers come from?
From the pay ranges firms post on their own Summer 2027 internship listings, which pay transparency laws in New York, California, Colorado and Illinois require, and from internship pay that business schools publish for their own students. We only include a figure when the source says what it is per (hour, week, month or year). We never convert one unit into another.
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