The opportunity to network with top executives doesn’t exactly come with the job for the majority of interns seeking to make it in New York.
In-depth details about NYC Interns are Paid an Average of $20000 a Month by a Hedge Fund
However, the benefits for interns at investment management firm Citadel, such as a $5,000 weekly salary and free housing, can rival those of most full-time employees.
300 summer interns from Citadel started their 11-week internship with opulent welcomes at the Four Seasons in Palm Beach and Fort Lauderdale, where they’ll attend informational sessions, hear from top management (including CEO Ken Griffin), and “participate in a deep-dive quantitative trading simulation,” according to a report by Insider.
According to Citadel’s head of campus recruiting, Matt Mitro, “we give our interns really exceptional, difficult projects— ones that we would otherwise give to employees.” “Our teams test the solutions they develop with the same level of rigor as we test our own employees, and those projects frequently go into production.”
According to The New York Post, Citadel interns receive free company lodging wherever they are sent, even in pricey locations like New York, London, Hong Kong, or Miami.
In line with Levels.According to a wage tracking website, FYI, Citadel interns spending the summer in New York City can expect to make up to an average of $120 per hour ($20,800 per month, $5,200 per week), in addition to receiving free housing and meals while working.
According to eFinancialCareers, if interns decide to sign on full time at the conclusion of the summer, they can additionally receive a $20,000 signing bonus.
Contrastingly, RentHop revealed that the average rent for a studio apartment in New York City for June 2023 was $3,300 per month, which is about $2,000 less than the weekly salary of Citadel trainees. However, since their rent is covered for the 11-week internship program, it’s unlikely that they would notice.
Citadel, led by CEO Ken Griffin, is renowned for its extravagant retreats and lavish corporate culture.
Griffin paid for 10,000 of his employees to spend the holidays at Walt Disney World in Orlando, Florida, for three days last December while it was closed. The trip included a private Coldplay concert and was entirely free for everyone.
By the end of 2022, Citadel had a gigantic $16 billion gain, the biggest ever for a hedge fund in the United States.
According to Bloomberg, Griffin’s net worth is projected to be $36.9 billion.
