Asked on 10 Jun 2020
Previously had intern in JPM in year2 of uni, and intern in BAML (under IB) in New York during my overseas exchange. Was expecting for a role in investment banking instead of asset management, for at least starting $9k for all my internships experience. Grad with FCH. Still pending offer from BAML but feel it's possible to nego for $9k because i made good connections and met helpful colleagues back during intern which could help me, +my intern pay at BAML was arnd $8k alrdy. Are girls paid less?
Congrats on landing a job offer during the current state of the economy. Is there a deadline to confirm your acceptance of the AM offer? I'd wait for BAML to get back to me, but if IB is what you really want to do, you need to to see if a AM role will result in skillsets that allow you to move over to IB in the event that A) BAML doesn't offer you B) You need to reply to the AM role.
Salary differences gender wise are more apparent during the early stages of your career, but as you rise up the ladder, it is more a function of your skill set and experience. However (and unfortunately), there is still evidence that even at CEO level, males are compensated more than females.
Go for the offer you have now. I think this is one opportunity that doesn't come to a lot of fresh grads this year. Firstly, fresh grads are having problems finding jobs, so the fact that you're offered one from the Big 4 investment banks suggest you have something more valuable to the company compared to the rest. Take the offer, and slowly build your way up.
You're 22, which means you're still very young. You still have lots of time for career progression, which i don't think u need to be particulary worried about now. Also, whether your starting pay is $8.6k or $9k per month, you shouldn't be too bothered by it. Analysts at investment banks generally see increment in pay every year with benefits. Moreover that's a high salary to hold for a female 22yo fresh grad!
I think you should ask yourself whether that company's environment and culture is a workplace you want to be in, as most starting investment analysts spent over 15hours a day in the bank.
All the best in your career.
Woah, i'd say accept and go for the offer u have currently at $8.6k/mth! Imho that's a good pay for a female analyst and during this covid-19 economy where more people are seen being laid off than being offered jobs. I do believe that regardless of sector/industry, females are always paid less than male counterparts. A high intern pay may not necessarily means your starting pay will be higher than that, and of course it'll depend on which bank is offering you. Indeed, JPM and BAML are good internship experiences but i think it's unlikely you'll be able to nego from $8.6k to $9k, realistically speaking.