Source: Fortune
Summary
Susquehanna International Group is offering master’s and PhD interns $8,600 a week, or $86,000 total, for a 10-week summer program. The pay is significantly higher than the median U.S. worker’s weekly earnings of $1,235. The company is also providing free housing, meals, and social events to attract top talent. This is part of a larger trend of Wall Street firms offering high salaries to compete for elite quantitative talent. Landing an internship at these firms is highly competitive, with acceptance rates below 1%.
Our Reading
The numbers tell one story. Susquehanna International Group’s intern salaries are eye-catching, but lavish pay has become standard across the industry’s top trading firms. Jane Street and Citadel are also offering high salaries, with interns earning around $5,700 and $4,300-$5,800 per week, respectively. The escalating pay highlights a growing divide in the AI labor market, with companies spending unprecedented sums to recruit top engineers and researchers.
The announcement sounds familiar. Wall Street firms are willing to stretch their pocketbooks further than before to secure top talent, but landing an internship is highly competitive. The selection rate speaks to the strength of the opportunity and the caliber of talent being attracted globally.
Author: Evan Null
