It’s been a hectic summer on Wall Street, and nowhere is this more apparent than among the industry’s newest recruits: interns. Hundreds of talented college students are going through a rigorous and lucrative season—many of them are working in New York for the first time. But it’s not only the market volatility creating ripples; everyone is raving about the incredible salary, changing work culture, and after-hours lifestyle, as reported by The New York Post.
Getting an internship at major firms like Goldman Sachs or JP Morgan has always been difficult, but this year appears to be more competitive than ever. With admission rates less than 1%, applicants who are accepted into the program find themselves in a very desirable position. Nowadays the hourly wage for interns ranges from $50 to $150, which adds up to monthly earnings that can surpass $20,000 – more than most full-time employees make.
But the big bucks aren’t the only story this summer. Wall Street’s notorious grind is again in the spotlight, especially in the wake of the tragic death of a Bank of America trader earlier this year. His passing, which was linked to weeks of 100-hour work schedules, has prompted firms to take a hard look at how much they’re asking from their interns. The result? Strict limits on working hours, with no intern putting in more than 12 hours a day.
With their nights free, interns are diving headfirst into the city’s nightlife. Unlike in past years, when a couple of nights out was the norm, today’s interns are hitting the town four or five nights a week. One insider from a boutique firm noted that the amount they spend on nights out—whether on Ubers, drinks, or club entry fees—is eye-popping, especially on the Lower East Side.
The price of New York nightlife still comes as a shock to many. Some interns like the more affluent experience of places like The Blond, where a night out may easily cost hundreds or even thousands of dollars, while others stick to moderately priced establishments like Phebe’s, where a drink could cost $16. After a night of bottle service, one intern remembered being shocked to wake up to a $500 Venmo request—a sobering reminder that having fun may come at a high cost.
But it’s not just about the money; this generation of interns is acutely aware of the need to act with caution since the stakes are higher than ever. Although some may dabble in the party culture of the city or flirt with drugs, it’s evident that they’re treading carefully.
This prudence also applies to their private life. Some interns are avoiding sexual relationships inside their ranks in favor of liaisons outside the office since there is so much competition in the air. And then there’s the allure of dating a full-time worker, who probably has a nicer place to live. It might be tempting to spend time in a more opulent residence, given that the majority of interns are housed in temporary Airbnb rentals or NYU dormitories.
