Intern for Gensler? SEC’s college traineeships start at $15 an hour

The SEC is recruiting for college traineeships starting at $15.09 an hour, which is less than the minimum wage in Washington D.C., where the regulator is headquartered.

College students wishing to intern for the United States Securities and Exchange Commission (SEC) are in luck — the regulator has opened applications for its Scholars Program for Fall 2023.

The SEC is looking for “student trainees” for its business and legal programs, with the business program paying between $15.09 and $28.83 per hour for the traineeship at its Washington D.C. headquarters.

The job opportunity announcements for the Fall 2023 SEC Scholars Program are now live!

The announcements will close on Monday, April 3rd. The program targets currently enrolled students to participate in a paid 10-week internship.

For more info ⬇️⬇️https://t.co/q1a7saus9J

— U.S. Securities and Exchange Commission (@SECGov) March 16, 2023

The lowest range of the rate posted for the business program is lower than the current Washington D.C. minimum wage of $16.10.

Typically, however, most firms in the U.S. are not legally obligated to pay interns if the employment relationship satisfies the “primary beneficiary test” set out in the Fair Labor Standards Act.

The SEC’s legal program also pays more generously, with rates for both its regional and Washington D.C. office advertised between $23.47 and $35.27 per hour.

The programs target currently enrolled undergraduate and graduate students to participate in 10-week internships beginning on Aug. 28 and ending on Nov. 3.

Both programs are open in other U.S. states for the regulator’s regional offices in locations such as California, Colorado, Florida and Georgia, according to the job postings.

As part of the application, those interested are required to select the lowest pay grade they’re willing to accept for the position.

Related: Crypto developers should work with the SEC to find common ground

The posting said the SEC is looking for those who study blockchain, distributed ledger technology, computer science or cybersecurity — among a host of other fields of study.

In May last year, the SEC expanded its cyber unit by nearly 50%. The unit comprises “crypto assets” and “cyber” subdivisions, which overlook the sectors and assist in deciding where to pursue enforcement actions.

Those interested in the traineeship have until April 3 to submit their application.