I have a summer analyst offer at a BB and was wondering what the deal with California overtime law was. My offer only states one dollar amount as the hourly wage. I still have not indicated my preference yet, but if I can make more in Cali then I may do that.
Can someone please provide a breakdown of the hourly wage i.e. 1.5X for hours between 40 and 60 and whatever else it may be.
Thanks
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Absolutely do not base your summer analyst decision based on salary - the monetary differences are trivial in the scheme of things.
With that said, I'm not sure about this, I imagine it depends on bank. I've heard some of my friends making 30k+ in Cali, but an easy fix to overtime laws would be to just reduce the hourly.
https://www.google.com/search?q=overtime+in+california&rlz=1C1CHNQ_enUS…
It's literally the first thing there, is this a joke?
http://www.dir.ca.gov/dlse/faq_overtime.htm
How do you know you are a capitalist?.....reading CA overtime laws makes you die a little inside.
There have been pretty big threads on here about it, look at the related content at the bottom of the thread.
And yeah some summer analysts can pocket up to $40k, pretty good deal...
CA SA overtime (Originally Posted: 04/04/2012)
Are summer analysts in IBD required to be paid overtime by california state law? Applicable wage laws here: http://www.dir.ca.gov/IWC/WageOrderIndustries.htm, and exemptions from overtime laws are specified here: http://www.dir.ca.gov/dlse/FAQ_OvertimeExemptions.htm.
The only exemption that I see that might cover IB is if it counts as a "Learned or artistic profession" and "Whose work is predominantly intellectual and varied in character (as opposed to routine mental, manual, mechanical, or physical work) and is of such character that the output produced or the result accomplished cannot be standardized in relation to a given period of time."
Doesn't sound like IB... so should all CA SA be paid overtime by law? Are there any banks that don't?
All I've ever heard about SAs in Cal was that they were all making like $40,000 over the summer...
Overtime pay doesn't happen very often. Welcome to exempt pay status.
As someone who SA'd in California, I'll say that it depends on the bank's decision to prorate the analyst base ($70k) per week or per hour. If you get prorated hourly, it's significantly more lucrative, literally $40k + in many cases.
some banks in CA do hourly, others do prorated by 70K
i know that MS and CS do hourly as they try to attract top talent away from GS/JPM/Moelis....rumored also that Citi might pay hourly too (hourly equates in 40K+ and prorated around 13-14K), but heard that all other bulges besides MS CS and MAYBE Citi (could be wrong w/citi) pay prorated amount.
get the offers first and then worry about the pay :)
Citi prorates, my buddy made like 30K one summer... fuckin' joke.
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