On the heels of Monster's release about the robust hiring market for recent college grads, the NY Times cites a similar scenario this summer for college interns at investment banks, consulting firms and hedge funds. In fact, the article points out that there is even some competition out there for the best and brightest at schools like Stanford and Harvard among the hedge funds and investment banks. Interns on Wall Street are typically paid the weekly salary of a first-year analyst who make between $50,000 and $60,000 a year. In addition to salary, interms are likely to receive a living stipend as well as some transportation services. Not unlike the dot com days of the late 90s when the brightest college students were in great demand by leading the Internet companies, some of the intern-related perks will probably be heightened now that several hedge funds have jumped in the summer intern game as well. The competition among the banks, consulting firms and hedge funds means one thing for college students seeking an internship: more opportunity to actually land one, which should be welcome news.
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