Your first wage.
Discussion
Jimmy Recard said:
brickwall said:
I also seem to remember it worked out at something like £7.50 per hour after tax, which wasn't so fantastic.
I've just done some quick calculations and I think that you must have been working around 80 hours a week for that to be accurate. £125/week would've been your tax allowance in 2010 I think. Someone let me know if my maths is right (I'm sure I've made an error or misunderstood something or completely overlooked somewhere):890-125=765
0.2*765=153
765-153=612=take home pay
612/7.5=81.6
So rough calculations were:
£8900 total gross over 10 weeks
£2400 taxable, so about £480 tax paid
NI contributions about £800
Total net ~£7600 = £760 per week
100 hours per week = £7.60 per hour
Remember this is the same environment in which an intern died a few years later, having worked for 72 hours straight. I never actually did an all-nighter, or indeed the 'magic roundabout', but an average week for me was 8am-1am Monday-Friday, plus 9-6 Saturday, plus Sunday morning (in reality it was all-day Sunday, every couple of weeks). Obviously substantial variation around that - some weeks it'd be 120+, others <80.
brickwall said:
It was a bit worse than that actually. The personal allowance was actually about £650 per week - because we were students so no other earnings in the year. It was based on a 100 hour week...
So rough calculations were:
£8900 total gross over 10 weeks
£2400 taxable, so about £480 tax paid
NI contributions about £800
Total net ~£7600 = £760 per week
100 hours per week = £7.60 per hour
Remember this is the same environment in which an intern died a few years later, having worked for 72 hours straight. I never actually did an all-nighter, or indeed the 'magic roundabout', but an average week for me was 8am-1am Monday-Friday, plus 9-6 Saturday, plus Sunday morning (in reality it was all-day Sunday, every couple of weeks). Obviously substantial variation around that - some weeks it'd be 120+, others <80.
I just read an interesting article on that with a few stories from interns. Sounds like they go through hell.So rough calculations were:
£8900 total gross over 10 weeks
£2400 taxable, so about £480 tax paid
NI contributions about £800
Total net ~£7600 = £760 per week
100 hours per week = £7.60 per hour
Remember this is the same environment in which an intern died a few years later, having worked for 72 hours straight. I never actually did an all-nighter, or indeed the 'magic roundabout', but an average week for me was 8am-1am Monday-Friday, plus 9-6 Saturday, plus Sunday morning (in reality it was all-day Sunday, every couple of weeks). Obviously substantial variation around that - some weeks it'd be 120+, others <80.
http://www.independent.co.uk/news/business/analysi...
I don't understand how they can be expected to work effectively with so little sleep and relaxation time away from work. I don't think I'd last the summer!
AlexC1981 said:
brickwall said:
It was a bit worse than that actually. The personal allowance was actually about £650 per week - because we were students so no other earnings in the year. It was based on a 100 hour week...
So rough calculations were:
£8900 total gross over 10 weeks
£2400 taxable, so about £480 tax paid
NI contributions about £800
Total net ~£7600 = £760 per week
100 hours per week = £7.60 per hour
Remember this is the same environment in which an intern died a few years later, having worked for 72 hours straight. I never actually did an all-nighter, or indeed the 'magic roundabout', but an average week for me was 8am-1am Monday-Friday, plus 9-6 Saturday, plus Sunday morning (in reality it was all-day Sunday, every couple of weeks). Obviously substantial variation around that - some weeks it'd be 120+, others <80.
I just read an interesting article on that with a few stories from interns. Sounds like they go through hell.So rough calculations were:
£8900 total gross over 10 weeks
£2400 taxable, so about £480 tax paid
NI contributions about £800
Total net ~£7600 = £760 per week
100 hours per week = £7.60 per hour
Remember this is the same environment in which an intern died a few years later, having worked for 72 hours straight. I never actually did an all-nighter, or indeed the 'magic roundabout', but an average week for me was 8am-1am Monday-Friday, plus 9-6 Saturday, plus Sunday morning (in reality it was all-day Sunday, every couple of weeks). Obviously substantial variation around that - some weeks it'd be 120+, others <80.
http://www.independent.co.uk/news/business/analysi...
I don't understand how they can be expected to work effectively with so little sleep and relaxation time away from work. I don't think I'd last the summer!
The article is relatively insightful. I got a (supposedly much-coveted) full-time offer at the end. I remember the signing bonus was £10,000 - on top of what I'd already been paid as an intern, and the starting salary £52,000. I turned it down - though not because of the hours, but because of the people and culture. The senior MDs tended to be very impressive, friendly, reasonable people.
The lower tiers (from other analysts up to VPs) were pretty awful. I don't mind working hard, I do mind face-time, complete lack of any human compassion, questionable values, and sexism. Bizarrely if you were good, you caught the attention of the senior people, which improved your work-life balance. You tended to do more stuff just direct to them, with much more reasonable expectations and timelines. They also wanted to cultivate you to join (them, rather than another desk/bank), so were more friendly.
It was interesting to see who was offered, accepted and refused offers. I'd say 70% of the interns got offers. Those that didn't tended to be not very clever and/or unable to deal with the hours. Others that refused offers included a lot of those who I regarded as the most impressive interns - ultra-smart, but also with exceptional leadership and people skills. Those people have gone a variety of ways - journalism, magic circle, the commercial bar, the top consultancies, politics.
I was struck by how many of those that accepted offers were interns who I felt had no intellectual interest in corporate finance or economics - they were fundamentally coin-operated, and ultimately much less impressive. Looking back 6-7 years on, it's interesting to note how many of them have been made redundant in the successive rounds of cuts.
When I started I got the princely sum of 2 1/2 guineas a week (£2 12s 6d for the youngsters who don't know real money!) of which we could only draw 10/-, certainly went further than today as I could take my girlfriend to the pub for a quick half, then off to the pictures for the 10 bob..... and be able to afford the "Something for the weekend sir?" as well....
My first paid job was working for a local shooting ground doing their fortnightly 100 bird clay shoot. Used to get £40 a day and fed at lunchtime, when I was 12/13 (2003/4) it seemed to last forever!
Started working at the local indoor kart track at 16 in 2007, getting paid £5p/h cash in hand. Used to do every Saturday, anywhere between 8 and 12hrs plus 2 or 3 nights during the week - probably averaging about 25hrs a week so £125 cash a week. I was still at school and only had a little 50cc bike to run... Life was good!
Started working at the local indoor kart track at 16 in 2007, getting paid £5p/h cash in hand. Used to do every Saturday, anywhere between 8 and 12hrs plus 2 or 3 nights during the week - probably averaging about 25hrs a week so £125 cash a week. I was still at school and only had a little 50cc bike to run... Life was good!
Industrious little b
d that I am, had a daily paper round, two sunday routes and would help out sorting the sunday papers for a bit more which was netting me £20 or so as a schoolboy.
Then got an apprentiship with the leccy board on leaving school in '94, £3,399pa, which works out £60/week, after £20 in bus fares and £20 in keep I was left with £20!
d that I am, had a daily paper round, two sunday routes and would help out sorting the sunday papers for a bit more which was netting me £20 or so as a schoolboy.Then got an apprentiship with the leccy board on leaving school in '94, £3,399pa, which works out £60/week, after £20 in bus fares and £20 in keep I was left with £20!
JMGS4 said:
When I started I got the princely sum of 2 1/2 guineas a week (£2 12s 6d for the youngsters who don't know real money!) of which we could only draw 10/-, certainly went further than today as I could take my girlfriend to the pub for a quick half, then off to the pictures for the 10 bob..... and be able to afford the "Something for the weekend sir?" as well....
I'm guessing that was '76?As in 1876.
1994 , Chef at a Beefeater pub/restauarant thing.
Take home was £110 per week and my rent was £55 per week. I had a MK1 GTI that absorbed alot of my wages too. I took all the OT that was going to make ends meet, you got fed and watered at work which made quite a difference when every pound counted.
After a year or so i made it to head chef , £180 + £30 bonus if i managed to balance the books for the food in/out.
Take home was £110 per week and my rent was £55 per week. I had a MK1 GTI that absorbed alot of my wages too. I took all the OT that was going to make ends meet, you got fed and watered at work which made quite a difference when every pound counted.
After a year or so i made it to head chef , £180 + £30 bonus if i managed to balance the books for the food in/out.
75 quid per week back in 2009 thought that was amazing when I was 17 then got my license and soon relised cars are expensive and that soon went. Lucky enough the same time Tories introduced the national Minimum wage for apprenterships and jumped too 180 quid per week. 8 years on I'm on 320 quid per week with extra for working sat morning.
One word of advice don't own a race car and deffenetly don't become a mechanic.
One word of advice don't own a race car and deffenetly don't become a mechanic.
brickwall said:
I suppose it is pretty hellish, but it's only 10 weeks. You're not expected or meant to be productive. In fact you're counter-productive, because someone else will have to check every number you produce, which'll probably take longer than if they just did it themselves. The internship is an assessment of whether you have the raw material to make a good banking analyst.
The article is relatively insightful. I got a (supposedly much-coveted) full-time offer at the end. I remember the signing bonus was £10,000 - on top of what I'd already been paid as an intern, and the starting salary £52,000. I turned it down - though not because of the hours, but because of the people and culture. The senior MDs tended to be very impressive, friendly, reasonable people.
The lower tiers (from other analysts up to VPs) were pretty awful. I don't mind working hard, I do mind face-time, complete lack of any human compassion, questionable values, and sexism. Bizarrely if you were good, you caught the attention of the senior people, which improved your work-life balance. You tended to do more stuff just direct to them, with much more reasonable expectations and timelines. They also wanted to cultivate you to join (them, rather than another desk/bank), so were more friendly.
It was interesting to see who was offered, accepted and refused offers. I'd say 70% of the interns got offers. Those that didn't tended to be not very clever and/or unable to deal with the hours. Others that refused offers included a lot of those who I regarded as the most impressive interns - ultra-smart, but also with exceptional leadership and people skills. Those people have gone a variety of ways - journalism, magic circle, the commercial bar, the top consultancies, politics.
I was struck by how many of those that accepted offers were interns who I felt had no intellectual interest in corporate finance or economics - they were fundamentally coin-operated, and ultimately much less impressive. Looking back 6-7 years on, it's interesting to note how many of them have been made redundant in the successive rounds of cuts.
That's an interesting insight, thanks. On my degree course one of my fellow students was an investment banker in his mid-twenties. I wondered why he quit such a lucrative field to study construction and quantity surveying. I suppose it isn't for everyone, even if you are clever enough.The article is relatively insightful. I got a (supposedly much-coveted) full-time offer at the end. I remember the signing bonus was £10,000 - on top of what I'd already been paid as an intern, and the starting salary £52,000. I turned it down - though not because of the hours, but because of the people and culture. The senior MDs tended to be very impressive, friendly, reasonable people.
The lower tiers (from other analysts up to VPs) were pretty awful. I don't mind working hard, I do mind face-time, complete lack of any human compassion, questionable values, and sexism. Bizarrely if you were good, you caught the attention of the senior people, which improved your work-life balance. You tended to do more stuff just direct to them, with much more reasonable expectations and timelines. They also wanted to cultivate you to join (them, rather than another desk/bank), so were more friendly.
It was interesting to see who was offered, accepted and refused offers. I'd say 70% of the interns got offers. Those that didn't tended to be not very clever and/or unable to deal with the hours. Others that refused offers included a lot of those who I regarded as the most impressive interns - ultra-smart, but also with exceptional leadership and people skills. Those people have gone a variety of ways - journalism, magic circle, the commercial bar, the top consultancies, politics.
I was struck by how many of those that accepted offers were interns who I felt had no intellectual interest in corporate finance or economics - they were fundamentally coin-operated, and ultimately much less impressive. Looking back 6-7 years on, it's interesting to note how many of them have been made redundant in the successive rounds of cuts.
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