It pays to pick London over Paris for your investment banking internship.
The median salary for a financial internship in London is £41,865, around 116% higher than the going rate in Paris, according to a survey by salary benchmarking site Emolument.com.
That’s also 20% more than the median salary of all London workers.
According to data released by the Office for National Statistics (ONS), the median gross annual salary for all workers in inner London is £34,473. The median wage for the UK as a whole is £22,044.
While London is at risk of losing its financial services passport after the UK voted to leave the European Union, it’s still the most lucrative place to get a financial education.
Around 11% of London interns in banking and consulting departments come from outside the UK and 9% come from the EU, according to the survey of 1,793 intern salaries.
Alice Leguay, Co-Founder & COO at Emolument.com said an internship is “a chance to be critical and see if the job is as attractive from the inside as it seemed from the outside, and perhaps discard it as a career path.”
Here’s the chart comparison with Paris:
Financial services is also the best-paid sector for an internship, with successful applicants making almost double what their counterparts in tech and consulting make.
Here’s that chart:
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