Hi everyoneI recently got an internship offer located in Philadelphia. The hourly rate is $27/hour (for any extra hours exceeding 40 per week, adjusted by 1.5 factor). Housing included. I am wondering whether this salary level is reasonable? By the way, I am expecting my phd degree next summer and I have no previous experience in Finance. Thanks.Best,Jack

Seems pretty reasonable. Keep in mind that if the job is good you will be working at least 60 hour weeks.Quoting the salary in terms of an hourly rate is a negative signal, however.

QuoteOriginally posted by: JackShengHi everyone I recently got an internship offer located in Philadelphia. The hourly rate is $27/hour Let's see....Here's how much your salary is equivalent to for a full time worker: $27/hr x 8 hrs x 250 days/year = $27 x $2000/yr = $54,000/year. So you're being paid the equivalentof $54,000/year, no vacations, no fringe, no medical, no 401K. Are you a cook?

QuoteOriginally posted by: KackToodlesQuoteOriginally posted by: JackShengHi everyone I recently got an internship offer located in Philadelphia. The hourly rate is $27/hour Let's see....Here's how much your salary is equivalent to for a full time worker: $27/hr x 8 hrs x 250 days/year = $27 x $2000/yr = $54,000/year. So you're being paid the equivalentof $54,000/year, no vacations, no fringe, no medical, no 401K. Are you a cook? In what strange alternate universe does an intern work 8 hour days?

QuoteOriginally posted by: MrMartingaleSeems pretty reasonable. Keep in mind that if the job is good you will be working at least 60 hour weeks.Quoting the salary in terms of an hourly rate is a negative signal, however.Thanks. By the way, why do you think it is a negative signal if they quote the salary in hourly rate?

QuoteOriginally posted by: KackToodlesQuoteOriginally posted by: JackShengHi everyone I recently got an internship offer located in Philadelphia. The hourly rate is $27/hour Let's see....Here's how much your salary is equivalent to for a full time worker: $27/hr x 8 hrs x 250 days/year = $27 x $2000/yr = $54,000/year. So you're being paid the equivalentof $54,000/year, no vacations, no fringe, no medical, no 401K. Are you a cook? Thanks for the information, man. The HR person mentioned that the employee (intern included) need to report weekly working hours, for salary hours, I guess. She mentioned that 40 hours per week is required, but 45-50 hours is the common number. Then that means around 10 hours working time per day and the equivalent salary per year is around $67,500. I also checked the company's website for employee benefits. It seems that they do provide paid holidays, medical insurance and 401K for full-time employees. However, in my offer, then mentioned none of these. Is this normal or do they really treat me as a temporary "slave" over the summer?

QuoteOriginally posted by: zarnywhoopQuoteOriginally posted by: KackToodlesQuoteOriginally posted by: JackShengHi everyone I recently got an internship offer located in Philadelphia. The hourly rate is $27/hour Let's see....Here's how much your salary is equivalent to for a full time worker: $27/hr x 8 hrs x 250 days/year = $27 x $2000/yr = $54,000/year. So you're being paid the equivalentof $54,000/year, no vacations, no fringe, no medical, no 401K. Are you a cook? In what strange alternate universe does an intern work 8 hour days?I agree. I think interns work far more than 8 hours per day, at least according to my previous internship experience. The question is whether an intern should report mush longer working hours than a full-time employee. Would the mentor authorize it? Would that generate nagative impression?

QuoteOriginally posted by: KackToodlesQuoteOriginally posted by: JackShengHi everyone I recently got an internship offer located in Philadelphia. The hourly rate is $27/hour Let's see....Here's how much your salary is equivalent to for a full time worker: $27/hr x 8 hrs x 250 days/year = $27 x $2000/yr = $54,000/year. So you're being paid the equivalentof $54,000/year, no vacations, no fringe, no medical, no 401K. Are you a cook? By the way, for summer interns, the company provides housing. How much would that be worth?

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QuoteOriginally posted by: JackShengI also checked the company's website for employee benefits. It seems that they do provide paid holidays, medical insurance and 401K for full-time employees. However, in my offer, then mentioned none of these. Is this normal or do they really treat me as a temporary "slave" over the summer? Only full time workers qualify for those benefits. If they pay you hourly, you are paid only for the hours on your time card. when there is a holiday, you don't get paid. that's why they want you to be hourly!

QuoteOriginally posted by: JackShengBy the way, for summer interns, the company provides housing. How much would that be worth? if you can't put the money into the bank, it's worth the equivalent of no money.

I must say, I've never heard of an intern being paid by the hour, though the aggregate apy does not look that unusual.

QuoteOriginally posted by: DominicConnorI must say, I've never heard of an intern being paid by the hour, though the aggregate apy does not look that unusual.Sorry for the confusion. This is what the offer letter states: "Your salary will be $27.00 per hour paid semi-monthly, net of applicable withholding requirements." Is this common or it is unusual? Thanks.

The level of pay is mainstream, it is the that you ar not being paid by the month or day.

In my experience, hourly pay was common for interns.