I interviewed for a summer accounting internship over Christmas and then again over spring break. I just received an offer and the hourly rate is really low. Classmates are seeing offers $8-$10/hr higher. I need the experience but getting paid less than what I can make at bucees seems odd. Should I atleast ask about it? It was never brought up in the interview so it's possible they are unaware what A&M interns are being paid.
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Internship salary negotiation?
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Last: 5 yr ago by 500,000ags
Is this a public accounting firm? When I was in a big firm we paid interns just under the same amounts we paid first year associates. Also all of our competitors paid around the same.
While not ideal, I'd caution pressing too hard on this. Many internships are gateways into full time positions. It's hard to put a value on the knowledge and experience you'll gain in an internship vs. some clerical summer job. I'm not saying this to be that guy, but companies look for reasons to not hire people if the numbers aren't there. Don't give them a reason to not hire you when a time comes. They remember stuff like this.
While I can understand the temptation to negotiate, I have to agree with the above poster. A few things I would add:
1. Negotiating from a position of weakness (such as yours) is rarely going to dramatically improve your deal. Let's say they offered you $15/hr and you think you should be at $24/hr. If you provide a convincing case, maybe they go up to $20/hr. So what good is $5/hr? That might be worth $2-3k. And you're hoping to make $50k a year after graduation. So when I'm in a position of weakness in a negotiation, before I make an ask that I know I have no leverage on, I evaluate the risk of losing the deal and the reward of them saying yes to my proposed terms (or meeting in the middle). Is the risk worth the reward?
2. Adding onto the above point, what is the reward you are seeking? An unpaid internship at PWC or even Grant Thornton or any other public accounting firm is better than a $5k summer job at buccees. If you have to have the money, find a way to work 2 jobs. My internship at Deloitte was critical to my ultimately getting an investment banking job that shaped my career.
All that said, if you're going to negotiate, I think you tell them you are prepared to accept regardless, but you believe the going rate for this job is $x/hr and you would appreciate any increase they are able to offer you and if they want to wait and see how you perform first that is fine with you.
1. Negotiating from a position of weakness (such as yours) is rarely going to dramatically improve your deal. Let's say they offered you $15/hr and you think you should be at $24/hr. If you provide a convincing case, maybe they go up to $20/hr. So what good is $5/hr? That might be worth $2-3k. And you're hoping to make $50k a year after graduation. So when I'm in a position of weakness in a negotiation, before I make an ask that I know I have no leverage on, I evaluate the risk of losing the deal and the reward of them saying yes to my proposed terms (or meeting in the middle). Is the risk worth the reward?
2. Adding onto the above point, what is the reward you are seeking? An unpaid internship at PWC or even Grant Thornton or any other public accounting firm is better than a $5k summer job at buccees. If you have to have the money, find a way to work 2 jobs. My internship at Deloitte was critical to my ultimately getting an investment banking job that shaped my career.
All that said, if you're going to negotiate, I think you tell them you are prepared to accept regardless, but you believe the going rate for this job is $x/hr and you would appreciate any increase they are able to offer you and if they want to wait and see how you perform first that is fine with you.
$10 per hour x 40 hours a week = $400 per week
$400 per week x 10 weeks = $4,000
Whatever you do, don't screw up the internship for $4,000. Come full-time recruiting, it's essentially a deal breaker for good accounting positions if you didn't have an internship.
If you want to get crazy, ask for a small living stipend or something. My internship paid $15/hr, but I got them to pay for my housing for the summer which was an additional $2,500 or $3,500. Good luck.
$400 per week x 10 weeks = $4,000
Whatever you do, don't screw up the internship for $4,000. Come full-time recruiting, it's essentially a deal breaker for good accounting positions if you didn't have an internship.
If you want to get crazy, ask for a small living stipend or something. My internship paid $15/hr, but I got them to pay for my housing for the summer which was an additional $2,500 or $3,500. Good luck.
This isn't intended to be mean. You are an intern. You add almost no immediate value, You are one of many.
This will change when you progress through your career. You currently have no leverage and are replaceable with a 5 minute phone call to the next guy or girl on the list.
Many would kill for the opportunity you have and it will give you an advantage when you are looking for full time work. Take the job.
This will change when you progress through your career. You currently have no leverage and are replaceable with a 5 minute phone call to the next guy or girl on the list.
Many would kill for the opportunity you have and it will give you an advantage when you are looking for full time work. Take the job.
Thanks all for the advice.
This is not with a public accounting firm, it is with a smaller energy company. I am currently a Jr enrolled in the PPA program. Next year I will have a spring internship with one of the big 4 so this year is more about gaining any experience.
In talking with classmates, for example, one was paid $10,000 for the summer ($25/hr) in addition to a 3K stipend for living expenses.I'm torn whether to even bring it up but I have to admit I am disappointed in where in the offer came in at.
This is not with a public accounting firm, it is with a smaller energy company. I am currently a Jr enrolled in the PPA program. Next year I will have a spring internship with one of the big 4 so this year is more about gaining any experience.
In talking with classmates, for example, one was paid $10,000 for the summer ($25/hr) in addition to a 3K stipend for living expenses.I'm torn whether to even bring it up but I have to admit I am disappointed in where in the offer came in at.
classof2019 said:
Thanks all for the advice.
This is not with a public accounting firm, it is with a smaller energy company. I am currently a Jr enrolled in the PPA program. Next year I will have a spring internship with one of the big 4 so this year is more about gaining any experience.
In talking with classmates, for example, one was paid $10,000 for the summer ($25/hr) in addition to a 3K stipend for living expenses.I'm torn whether to even bring it up but I have to admit I am disappointed in where in the offer came in at.
Definitely do that. You will make solid money on your ppa internship, this internship will all but guarantee that you get offers from multiple firms in the ppa process. Could also open doors to do something different from accounting if you decide you don't like it (like I did). Then you might have say an accounting and a finance internship and be able to go through a recruiting process the fall of your 5th year for either management consulting or investment banking (both of which are superior career paths, in my opinion, depending on your particular interests).
The biggest thing that you need to remember is that you are going to struggle enjoying what you have if you're constantly comparing yourself against your classmates. Great for them, but I remember being jealous of friends coming out to big signing bonuses and salaries.... over time, things have more than evened out.
Sounds like a good opportunity - work your butt off and built relationships with people who can be advocates for you later on.
Sounds like a good opportunity - work your butt off and built relationships with people who can be advocates for you later on.
classof2019 said:
Thanks all for the advice.
This is not with a public accounting firm, it is with a smaller energy company. I am currently a Jr enrolled in the PPA program. Next year I will have a spring internship with one of the big 4 so this year is more about gaining any experience.
In talking with classmates, for example, one was paid $10,000 for the summer ($25/hr) in addition to a 3K stipend for living expenses.I'm torn whether to even bring it up but I have to admit I am disappointed in where in the offer came in at.
Is his internship with a larger company, or a smaller one like yours?
I would enthusiastically accept their internship unless you're able to get a better one on short notice. However, at some point before your internship is finished they will likely ask you for feedback on how everything went. That is when I would bring up that your classmates had $10/hour higher offers and that is pretty standard. Mention they may have trouble attracting future interns paying below market rate.
I have been on intern committees for several companies and we looked for feedback on pay. We didn't want to be behind the curve and lose out on interns because of salary.
I have been on intern committees for several companies and we looked for feedback on pay. We didn't want to be behind the curve and lose out on interns because of salary.
It's an internship, don't ruin a great opportunity for a couple dollars. Chances are they have a stack of resumes of students with your same qualifications that would accept their internship offer in a minute.
If you really like the company, feel they have something great to offer, and can learn a lot, accept it and don't look back. It's only a few months of work, the difference in the amount of money you'll make isn't really life changing.
If you really like the company, feel they have something great to offer, and can learn a lot, accept it and don't look back. It's only a few months of work, the difference in the amount of money you'll make isn't really life changing.
Don't let a great internship opportunity go because of money. The knowledge you gain is what you should be focusing on.
Plus it could be worse. I was required to take a semester long unpaid internship. I made exactly $0 for 3.5 months. But the knowledge I gained and the connections I made were worth it
Plus it could be worse. I was required to take a semester long unpaid internship. I made exactly $0 for 3.5 months. But the knowledge I gained and the connections I made were worth it
My advice: don't write off that opportunity at Buccee's. Bucceee's is a unique, innovative company disrupting the trillion dollar c-store and wholesale fuel distribution industry. You might find more medium term career success working for them vs. a stodgy accounting firm. And let's be honest, those accounting firm's business models are a scandal away from having to say goodbye to those consulting revenues (which have grown to 60% of big 4 revenues per a recent journal article) for good.
I would ask to see his pay stub.
What company in their right mind is going to pay interns $25/hr?
Folks in my field don't typically make $25/hr until 2-3 years into it.
What company in their right mind is going to pay interns $25/hr?
Folks in my field don't typically make $25/hr until 2-3 years into it.
Large oil company..the shop I will be at is a smaller energy company. PPA interns are usually well paid. From what I gather, compensation at shell and Halliburton were similar with 3k in living expenses added to offer.
That's likely the reason his pay is higher then. I came out in banking. You quickly realize an internship and full-time job with JPMorgan pays more than an internship and full-time offer with a small community bank.
Man, I am in the wrong field. I was happy with $750/month amd living in a tent. 8 years later I had people lining up to be my intern for free.
Small o&g =/= shell & halliburton.
From a hiring manager perspective there is a good chance I might withdrawal the offer (especially if I had any other doubts about you from the interview).
You went to a smaller shop so you will most likely see a smaller salary.
I look at internships as more beneficial for the employee rather than company in most cases due to the experience you will gain.
Think of the big picture....how much will it cost you on your first job if don't have this experience on your resume.
You went to a smaller shop so you will most likely see a smaller salary.
I look at internships as more beneficial for the employee rather than company in most cases due to the experience you will gain.
Think of the big picture....how much will it cost you on your first job if don't have this experience on your resume.
I brought it up and the hiring manger basically said no this is the offer. Before I asked I made it clear how excited I was about the opportunity so hopefully I asked in a sensitive way. He answered clearly and I said ok.....so it is what it is. Like everyone has said, it will be great experience regardless.
How can I contact you? May have something better (or additional).
Ok great, thank you. I will send you a private message.GE said:
How can I contact you? May have something better (or additional).
Goose06 said:classof2019 said:
Thanks all for the advice.
This is not with a public accounting firm, it is with a smaller energy company. I am currently a Jr enrolled in the PPA program. Next year I will have a spring internship with one of the big 4 so this year is more about gaining any experience.
In talking with classmates, for example, one was paid $10,000 for the summer ($25/hr) in addition to a 3K stipend for living expenses.I'm torn whether to even bring it up but I have to admit I am disappointed in where in the offer came in at.
Definitely do that. You will make solid money on your ppa internship, this internship will all but guarantee that you get offers from multiple firms in the ppa process. Could also open doors to do something different from accounting if you decide you don't like it (like I did). Then you might have say an accounting and a finance internship and be able to go through a recruiting process the fall of your 5th year for either management consulting or investment banking (both of which are superior career paths, in my opinion, depending on your particular interests).
^^Some of the best advice you can get as a PPA student. Definitely consider leveraging your PPA public accounting internship for recruiting into a full time career outside of auditing or tax-related services. Unless you really like audit or tax, or your goal is to be a CFO, I'd recommend scouting around for other full time opportunities.
This isn't necessarily a bad thing, but I remember the majority of PPA students not even considering other opportunities because the Big 4 recruit so heavily at Mays and public accounting is the "safer" option.
Elite consulting firms and IB hire a handful of Mays undergrads and PPA students each year. No reason not to look into that if you're the least bit interested.
Thanks. I am interested in investment banking for sure and will be keeping my options open.
I was paid $20,000 for a summer internship by ConocoPhillips 13 years ago. Granted, it was an MBA internship, but the point is some companies will still pay very good money to see how you perform.OnlyForNow said:
I would ask to see his pay stub.
What company in their right mind is going to pay interns $25/hr?
Folks in my field don't typically make $25/hr until 2-3 years into it.
How long was the summer internship?
And what were your expected duties?
And what were your expected duties?
My big 4 internship paid about $25/hr and that was over 10 years ago.
My gf's relative was in the PPA program, and all three of us graduated at the same time. She got her MS in Finance, but was only interested in the Big 4. Smfh, she could have had way better options in banking, consulting, or a development program with a F500. It's like you're speaking Cantonese when you tell PPA kids that. Then some that don't make the cut for the Big 4 end up pigeonholing themselves into a government accounting or corporate accounting job.
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