Goldman Sachs Intern Pay and Benefits Breakdown: Updated 2023

One of the questions that often arises during the internship season is, 'How much does Goldman Sachs pay college interns?' To help answer this, we will detail the compensation package, including both salaries and benefits, provided to interns at one of the world's leading investment banks.

Summer Intern Compensation: 2023 Update

As of 2023, Goldman Sachs typically offers a competitive salary to its summer college interns that can vary based on multiple factors such as location and the specific role. For the 2023 summer interns, the typical salary range is approximately $15,000 to $20,000 for a 10-week internship. This translates to an annualized salary of about $150,000 to $200,000. It is important to note that compensation can vary by division; investment banking roles generally offer higher compensation than other areas.

Along with the base salary, interns may also receive bonuses and benefits, such as health insurance, a stipend for housing (also known as House Rent Allowance - HRA), and travel allowances. These additional perks help to enhance the overall compensation package and make the Goldman Sachs internship a highly sought-after opportunity for many college students.

Internship Locations and Compensation Variations

Intern positions at Goldman Sachs are available in both New York Headquarters and an Annex branch in Mumbai, India. The payment structure varies slightly based on the location of the intern, with in-state interns generally receiving a slightly higher stipend. For instance, summer interns hired for New York placements typically receive a base salary in the range of $50,000 to $75,000, plus an additional Housing Rent Allowance (HRA) of $2,000 to $3,000. This allowance is designed to cover housing costs for the duration of the internship.

For those recruited to work at the Mumbai annex, the compensation package includes a monthly stipend and housing allowance, but the exact figures can vary. For example:

MMP (Monthly Pocket Pay) - 50,000 to 75,000 INR HRA (House Rent Allowance) - 2,000 to 3,000 INR Flight ITN (Return Itinerary) - Included in the package for international students

It is worth noting that the compensation for in-state interns in the U.S. might include a return flight to and from New York, whereas out-of-state interns might receive additional travel support as well.

Compensation for 2017 and 2018 Interns

For graduates from 2012 to 2016, the compensation for interns varied somewhat. As an example, in 2017, interns were paid on a semi-monthly basis, with a base salary of $85,000, prorated across the 10-week period. This included a housing stipend of $1,500 and an additional $1,000 for a flight ticket. It is important to note that in-state interns did not receive a flight stipend.

In 2018, the compensation package remained similar but with slight adjustments. Interns were again paid on a semi-monthly basis, with a base salary of $100,000, prorated over the 10-week internship, plus a $1,500 housing stipend and $1,000 for a flight ticket.

Source: The information provided is based on personal experience. An individual who interned at Goldman Sachs in New York during the summer of 2017 and received a summer internship offer for 2018 provides the data.

Note: All Figures are subject to change and may vary based on economic conditions and company policies.