The product manager interns in investment banking making $8k per month
Young people in finance looking to be a 'PM' likely have their eyes set on portfolio manager roles at hedge funds, but there's a different kind of PM growing in prominence: product managers.
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Banks are continuing to grow their product teams as technological advancements necessitate innovation. Generally, product management isn't something you start your career in (after all, manager is in the name), but there are a number of opportunities for PMs with their heart set on a job in product to get started straight away.
In banking, pay can vary, but the place to be is Capital One, according to data from Levels.fyi, which states that product interns there can earn almost $9k per month.
For a ten-week internship, Capital One interns earn about $22.1k. Based on ShortSqueez data, that places them above the average investment banking intern, but below the average equity research intern.
At the lower end, BNY Mellon's product interns in New York earned around $10.8k as of 2022. That places them above the average... commercial banking intern.
Interns in product management (sometimes called product development), don't seem to be as New York-centric as traditional banking internships, with some of the top paying roles being advertised in Texas, Virginia and New Jersey.
But what will you actually do in a product internship? Product roles have been described as the middle man between software engineers and product designers, ensuring a product is both functional and intuitive.
Culturally, product managers seem to do things a little differently: at JPMorgan, for example multiple MDs have been hired in remote roles; Good luck if you expect the same in M&A. Much like M&A, however, you can expect to find yourself working on endless PowerPoints.
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