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Goldman Sachs vs JP Morgan Intern Salary in Singapore: 2026 Comparison
Goldman Sachs and JP Morgan are two of the most coveted investment banking internship destinations in Singapore. This guide breaks down their 2026 intern salaries, signing bonuses, perks, and which offer is worth more in total compensation.
Goldman Sachs vs JP Morgan Intern Salary in Singapore: 2026 Comparison
For students targeting investment banking internships in Singapore, Goldman Sachs and JP Morgan consistently top the wish list. Both firms operate large regional hubs at Marina Bay Financial Centre and One Raffles Quay respectively, and both run competitive Summer Analyst programmes drawing hundreds of applicants for a handful of spots. The question students ask most often is simple: which pays more?
The answer depends on the division, the year's compensation adjustments, and what you count as total compensation. This guide provides a comprehensive, up-to-date breakdown.
Base Monthly Allowances: 2026
| Division | Goldman Sachs (SGD/month) | JP Morgan (SGD/month) |
|---|---|---|
| Investment Banking (IBD) | 5,500 – 6,500 | 5,000 – 6,000 |
| Global Markets / Sales & Trading | 5,000 – 6,000 | 4,800 – 5,800 |
| Asset & Wealth Management | 4,500 – 5,500 | 4,200 – 5,200 |
| Engineering / Technology | 4,800 – 5,800 | 4,500 – 5,500 |
| Operations / Risk | 3,800 – 4,500 | 3,600 – 4,400 |
| Finance / Controllers | 3,800 – 4,500 | 3,500 – 4,200 |
Note: These figures are reported ranges from intern cohorts, LinkedIn salary disclosures, and career forums. Actual offers may vary slightly based on candidate seniority (year of study), school, and negotiation.
Signing and Performance Bonuses
Neither Goldman Sachs nor JP Morgan typically offers a formal signing bonus for undergraduate Summer Analysts in Singapore. However, both firms run end-of-internship performance evaluations that can result in a discretionary completion bonus, usually SGD 500 – 1,500, paid on the final week.
For MBA Interns (Summer Associates), the picture differs significantly:
| Level | Goldman Sachs (SGD) | JP Morgan (SGD) |
|---|---|---|
| MBA Summer Associate signing bonus | 8,000 – 12,000 | 7,000 – 11,000 |
| MBA Summer Associate monthly allowance | 9,500 – 11,000 | 9,000 – 10,500 |
Perks and Benefits
Goldman Sachs Singapore perks:
- Free meals at the on-site cafeteria (subsidised, not fully free, but heavily discounted)
- Transport reimbursement for work past 9pm (cab or Grab home)
- Access to the firm's gym facility at MBFC
- Housing supplement of SGD 500 – 1,000/month for students relocating from outside Singapore
- Dedicated buddy and senior advisor assigned from day one
- Structured training week in the first week — some cohorts are flown to New York or Hong Kong for a global training programme
JP Morgan Singapore perks:
- Subsidised staff canteen at One Raffles Quay
- Transport allowance for late nights (similar policy)
- Access to the firm's wellness programme and on-site medical clinic
- Some divisions provide a relocation allowance comparable to GS
- Structured "JPM Academy" learning modules throughout the internship
Full-Time Conversion and Return Offers
The real value of either internship lies in conversion to a full-time Analyst offer. Both firms maintain conversion rates that vary by division and year. IBD and Global Markets at both firms have historically converted 50–80% of Summer Analysts to full-time offers, conditional on performance.
Full-time Analyst starting packages at both firms in Singapore range from SGD 8,500 – 11,000 base per month plus a signing bonus of SGD 20,000 – 40,000 and a year-one performance bonus that can add another 50–100% of base.
Which Offer Is Worth More?
On raw monthly allowance, Goldman Sachs edges out JP Morgan by SGD 200 – 500/month in most divisions. Over a ten-week internship, that translates to roughly SGD 500 – 1,250 in additional take-home pay — meaningful but not transformative.
The more important comparison is full-time trajectory. Goldman Sachs's brand carries slightly more prestige in ASEAN M&A markets, which can matter for future roles at private equity firms and hedge funds. JP Morgan has an equally strong Markets and Asset Management platform and tends to have a slightly more structured analyst development programme with dedicated rotations.
For engineering and technology roles, the gap narrows further — both firms pay competitively and both have robust internal mobility programmes.
How to Compare Offers if You Receive Both
If you are fortunate enough to hold offers from both firms simultaneously:
- Compare the division, not just the firm. A GS Operations offer versus a JPM IBD offer is not a fair comparison.
- Ask about desk culture and mentorship during the offer call — both firms will make time for this conversation.
- Consider geographic exposure. Some GS Singapore desks have closer ties to Hong Kong and New York deal flow; some JPM desks focus more on ASEAN credit markets.
- Look at the most recent league tables for M&A advisory and ECM in Southeast Asia to understand where each firm is winning mandates right now.
Application Tips
Both firms open applications in August–September for the following summer. Goldman Sachs uses HireVue for initial screening; JP Morgan uses a combination of online assessments and video screening questions. Both require a strong academic track record — a CAP/GPA of 3.8/4.0 or above from NUS, NTU, or SMU is competitive, though not a hard cutoff.
Attend campus events at both firms. Goldman's "Insight Series" and JPM's "Campus Connect" events are the fastest way to get your CV in front of the people who make offers.
Bottom Line
Goldman Sachs typically pays SGD 200 – 500/month more than JP Morgan for equivalent divisions. Both are exceptional internships that significantly outpay most other finance internships in Singapore. The choice, if you have it, should be driven by division fit, desk culture, and long-term career goals rather than the monthly allowance difference alone.
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