Guide
Investment banking internship salary: what summer analysts earn
Updated November 2, 2026
An investment banking summer analyst in the US earns about $19,200 to $21,200 before tax for a 10-week internship. Banks pay interns at roughly the first-year analyst base rate: Wells Fargo's 2028 summer analyst posting lists $2,115 a week and Morgan Stanley's 2027 posting listed $52.89 an hour, both about $110,000 a year, or about $21,150 for 10 weeks.
How much does an investment banking intern make?
About $21,150 for a 10-week summer at the bank postings we found, and about $19,200 to $21,200 across published first-year base salaries of $100,000 to $110,000. By bank type:
| Bank type | Published figure | About a year | 10-week summer |
|---|---|---|---|
| Bulge bracket: Wells Fargo | $2,115 a week, Houston, 2028 summer analyst program (posting, October 29, 2026) | $109,980 | $21,150 |
| Bulge bracket: Morgan Stanley | $52.89 an hour, US program (New York, Houston, Menlo Park, San Francisco), 2027 class (posting, applications January–February 2026) | $110,011 at 40 hours a week | $21,156 at 40 hours a week |
| Bulge bracket and top middle market | Standard first-year analyst base of $100,000 (Wall Street Prep) | $100,000 | $19,231 |
| Elite boutique | Some, but not all, start analysts at a $110,000 base (Wall Street Prep) | $110,000 | $21,154 |
| Large banks, all analyst years | Analyst base, first year to third year, of $100,000 to $125,000, roughly the 25th to 75th percentile (Mergers & Inquisitions, 2026) | $100,000–$125,000 | $19,231–$24,038 |
| Regional middle market | “Lower end of the comp scale”, with no figure given (Wall Street Prep) | Not published | Not published |
The Wells Fargo and Morgan Stanley rows are what the banks posted for summer analysts. The other rows are full-time analyst base salaries, pro-rated to 10 weeks on the assumption that interns are paid at the first-year base rate, which both postings match. Mergers & Inquisitions' range covers all analyst years, so its top end is above what a first-year rate gives.
How much do bulge-bracket banks pay summer analysts?
About $2,100 a week, or roughly $110,000 a year, in the two postings we found. Wells Fargo lists $2,115 a week for its Houston summer analysts, posted October 29, 2026 (Wells Fargo). Morgan Stanley listed $52.89 an hour for its 2027 US summer analyst program and says base pay is set individually and is only part of total compensation (Morgan Stanley posting). Wall Street Prep, in a guide updated November 2024, gives a $100,000 standard first-year base at bulge brackets, which the 2026 postings run above (Wall Street Prep).
Do elite boutiques and middle-market banks pay interns differently?
Only a little at the top, and less at smaller banks, based on full-time analyst pay. Wall Street Prep says some elite boutiques start analysts at $110,000 instead of $100,000, that bulge brackets and top middle-market banks cluster around the same base, and that regional middle-market banks tend to pay at the lower end (Wall Street Prep). We didn't find a current posting with an intern pay rate from an elite boutique or a middle-market bank, so those rows are pro-rated analyst figures.
How long is an investment banking internship?
Usually about 10 weeks over the summer. Wells Fargo describes its program as a 10-week internship (Wells Fargo), and Mergers & Inquisitions describes internships lasting 8 to 10 weeks (Mergers & Inquisitions). An 8-week summer at a $110,000 rate would be about $16,923 instead of $21,154.
Do interns get a housing stipend or a bonus?
Some get a housing stipend; the postings we read list base pay only. Extern reports that Wells Fargo's investment banking interns get a $2,500 housing stipend (Extern); Wells Fargo's posting itself doesn't list one. Neither posting gives a bonus amount for summer analysts. Check the offer letter for stipends, relocation and overtime rules, which vary by bank.
How does intern pay compare with a full-time analyst's?
The weekly rate is about the same, but a full-time analyst also earns a year-end bonus. First-year analysts in New York make about $170,000 to $195,000 in total with the bonus, according to Wall Street Prep and Mergers & Inquisitions. Investment banking salary by year, with sources →
How were these figures calculated?
From bank job postings and published salary reports only, read on November 2, 2026. We converted each figure the same way and didn't average sources or add estimates of our own:
- Weekly rates are multiplied by 52 for a year and by 10 for a summer: $2,115 × 10 = $21,150.
- Hourly rates assume a 40-hour paid week: $52.89 × 40 × 10 = $21,156. Actual pay depends on the hours a bank pays for.
- Annual base salaries are pro-rated to a 10-week summer: annual ÷ 52 × 10. A $110,000 base becomes $21,154.
- Before tax, in US dollars, rounded to the dollar. Housing, relocation and signing payments are left out.
Postings come down when applications close, so a link may stop working; the Morgan Stanley figure is from its posting as listed on AnitaB.org's job board.
How do you get an investment banking internship?
Apply early, network, and have the technicals ready before the first round. Some banks opened summer 2028 applications in September 2026, and most bulge brackets are expected to open in December 2026 and January 2027; see the recruiting timeline, the 53 common interview questions, and the IB Readiness Check to see where you stand.
Frequently asked questions
- How much do investment banking interns make?
- About $19,200 to $21,200 before tax for a 10-week summer in the US, at the first-year analyst base rate pro-rated. Wells Fargo's 2028 posting pays $2,115 a week, or $21,150 for 10 weeks.
- Do investment banking interns get paid the same as analysts?
- Their base pay rate is about the same: the 2026 postings we read work out to about $110,000 a year, in line with first-year analyst base salaries of $100,000 to $110,000. Interns are paid only for the weeks they work, and the postings list base pay only.
- How long is an investment banking summer internship?
- Usually about 10 weeks. Wells Fargo describes its summer analyst program as a 10-week internship, and Mergers & Inquisitions puts internships at 8 to 10 weeks.
- Is investment banking intern pay hourly or salaried?
- Postings show both. Wells Fargo lists a weekly rate ($2,115 a week) and Morgan Stanley an hourly one ($52.89 an hour); both come to about $110,000 a year.
Pay figures are the published rates and estimates of the sources named, not offers or promises, and they vary by bank, office, group and year. Superday Room isn't affiliated with any bank or with these publishers.
Sources
- Wells Fargo, “2028 Investment Banking Summer Internship – Early Careers (Houston)”, job posting dated October 29, 2026; read November 2, 2026.
- Morgan Stanley (job posting as listed on AnitaB.org's job board), “2027 Investment Banking Summer Analyst Program (United States)”, applications open January 1 to February 15, 2026; now closed; read November 2, 2026.
- Wall Street Prep, “Investment Banking Analyst Salary Guide”, updated November 19, 2024; read November 2, 2026.
- Mergers & Inquisitions, “2026 Investment Banker Salary and Bonus Report”, 2026 report, based on end-of-2025 bonuses; read November 2, 2026.
- Mergers & Inquisitions, “Investment Banking Internships: The Ultimate Guide”, undated page; read November 2, 2026.
- Extern, “Wells Fargo Internship 2027–2028: Pay, Deadlines & How to Apply”, updated November 2026; read November 2, 2026.