I've had several friends intern as investment bankers and management consultants in the past couple years. The going rate in NYC is about $60k-80k prorated, I believe -- more than enough for a room in Manhattan (which is where they all lived). Even if that weren't the case, most in that career track come from relatively well-off families anyway.
I still agree it's an insanely unhealthy and stressful lifestyle, which is why I never even considered it, but these interns are certainly able to make it home rather quickly from the office. And judging from Facebook statuses and casual conversation, they often take pride in all the hours they put in. This is a very ambitious crowd.
More than enough for where in Manhattan is the real question. $60K a year isn't a great deal of money in NYC. It's very livable - but not if your criteria is "within 20 min of FiDi". You can probably get a decent room on the Upper West Side or Upper East Side, but then you're nowhere close to being within 20 min from work, especially in the middle of the night.
I still agree it's an insanely unhealthy and stressful lifestyle, which is why I never even considered it, but these interns are certainly able to make it home rather quickly from the office. And judging from Facebook statuses and casual conversation, they often take pride in all the hours they put in. This is a very ambitious crowd.