Rising Value in Talent Competition... Wall Street 'Interns' Earning 20 Million Won Per Month

[Asia Economy Reporter Kim Hyunjung] Bloomberg reported on the 14th (local time) that intern salaries on Wall Street, where the competition for talent is fierce, exceed 20 million won per month.

The news agency cited data from Wall Street Oasis, a job site for the financial industry, stating that this season's intern salaries at top global investment banks have increased by 37.2% compared to a year ago. Intern salaries at other major banks also rose by 36.9% during the same period.

In the financial industry, Jane Street, the world's largest market maker, recorded the highest average monthly intern salary from 2021 to 2022 at $16,356 (approximately 20.12 million won), followed by Citadel at $13,933, Bridgewater at $11,750, and Aqua Capital at $11,458.

Other well-known investment banks such as Credit Suisse (CS) recorded $9,450, Citigroup $8,695, Deutsche Bank $8,439, Goldman Sachs $8,333, and Morgan Stanley $8,005, following closely behind.

The news agency explained, "Traditional financial sectors are competing for talent with high-profit industries such as cutting-edge technology companies and private equity firms that offer a more casual and flexible work atmosphere," adding, "As a result, intern salaries are also rising sharply." It further noted, "Wall Street, notorious for difficulties in hiring due to COVID-19 employment challenges, high turnover rates, and work intensity exceeding 100 hours per week, has found recruitment even more difficult."

Patrick Curtis, founder of Wall Street Oasis, said, "The increase in compensation for prospective bankers (interns) over the past year is the largest since the company's establishment in 2006," calling it a "record-breaking figure."

The pace of salary increases in the IT sector is also steep. According to Glassdoor's annual 'Top 25 Highest Paying Internships' report, the company with the highest median monthly intern salary is the online gaming platform company Roblox ($9,667). Uber ($8,333), Amazon ($8,000), Meta ($8,000), and Nvidia ($8,000) also ranked high.

This report analyzed internship reports nationwide released from February 14 last year to February 13 this year and compiled a list of companies with the highest median monthly base salaries. In cases of equal pay, companies with more salary reports were ranked higher.

The news agency assessed, "While the IT industry has been popular for some time due to high pay, looking at recent salaries, college students will once again turn their attention to Wall Street." According to Business Insider, applications for Goldman Sachs' internship program this year reached 236,000, a 17% increase from last year.