Internship Pay by Field: Madrid vs London — What Each Sector Actually Pays (2026)

London pays far more on paper — a typical intern earns around £2,300 a month (roughly £28,000 a year) versus €800–€1,200 in Madrid — but the sector you pick matters more than the city. In London, finance and tech interns can earn £2,000–£5,000+ a month while creative roles are often unpaid; in Madrid the whole range is narrower (€600–€1,200) and living costs are far lower, so the real-world gap is smaller than the headline numbers suggest.

Below is the full breakdown by field, then an honest look at what the money is actually worth once rent is paid.

Internship pay by field, at a glance

All figures are typical market ranges for paid internships, drawn from public salary data; individual offers vary by company, seniority and duration.

Internships Comparisom

As the table shows, the pattern across fields is consistent: the sector you choose shapes your pay far more than the city does. Finance and tech sit at the top of the range in both cities, but London stretches much further at the high end where a Madrid finance or tech intern earns €800–€1,200 a month, a London intern at a bulge-bracket bank, elite quant fund or FAANG-scale firm can earn anywhere from £4,000 to well over £10,000. Engineering is the steadiest field in either city, paying €800–€1,000 in Madrid and £1,600–£2,000 in London, with little top-end spread but also almost no risk of going unpaid. Marketing sits in the middle — €600–€900 in Madrid, £1,700–£2,200 in London — and in both markets it’s demonstrable output, not grades, that pushes an offer up the range. Creative, media and fashion is the field to watch: often stipend-only or unpaid in Madrid, and the sector most frequently advertised as unpaid or “expenses only” in London, despite anyone classed as a worker being legally entitled to at least the £12.21 minimum wage. So the takeaway is simple — in every field London pays more on paper, but the gap is widest at the top of finance and tech and narrowest in engineering, and the more creative the role, the more carefully you need to read the terms before signing.

The cost-of-living reality check

Higher pay does not automatically mean more money in your pocket. London is one of Europe’s most expensive cities; Madrid is one of its more affordable capitals. Here is how the two stack up:

The practical effect: a London finance or tech intern on £2,500+ a month is genuinely better off, but a Madrid intern on €1,000 with a €600 room can end up with similar — sometimes better — disposable income than a London marketing intern on £1,900 paying £1,300 for a room. Compare pay against local rent, not against the other city’s headline number.

Why the gap exists

Three forces explain most of the difference. London concentrates entire high-paying sectors — investment banking, quant trading, Magic Circle law — that barely exist elsewhere, pulling its top end sky-high. Spain’s internships run through the regulated convenio de prácticas system with more modest, standardised pay. And the UK’s higher wage floor and living costs push nominal numbers up across the board, which is part of why the pounds look so much bigger than the euros.

So which city should you choose?

Choose London if you’re targeting finance, quant tech or big-name firms and want the highest absolute pay and post-study work options — and you can absorb the rent. Choose Madrid if you want strong real-world value for your money, a lower cost of living, and a friendlier entry process, especially in marketing, general tech or engineering. And in every field, weigh the offer against local rent before comparing cities.

FAQ

• Which pays more for interns, Madrid or London? London pays significantly more in absolute terms a typical intern earns around £2,300 a month versus €800–€1,200 in Madrid. However, London’s much higher rent and living costs narrow the real difference, and the field you choose affects pay more than the city does.
• Which field pays interns the most in London? Finance and tech pay the most. Investment banking interns can earn £4,000–£5,000 a month, and software engineering interns at elite quant funds or big tech firms can exceed £10,000 a month. Most other sectors sit closer to the £1,700–£2,500 range, and creative roles are frequently unpaid.
• Are creative and marketing internships paid in Madrid and London? Marketing internships are usually paid in both cities — around €600–€900 a month in Madrid and £1,700–£2,200 in London. Creative, media and fashion roles are the least reliably paid: often stipend-only in Madrid and frequently advertised as unpaid in London, despite UK minimum-wage rules applying to anyone classed as a worker.
• Does a higher London salary mean more money after rent? Not always. A room in London can cost £900–£1,500 a month versus €400–€800 in Madrid. A well-paid London intern still comes out ahead, but a mid-range London role can leave you with similar or less disposable income than a Madrid internship once rent is paid.