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tons of comp data on this in our company database across most of the BBs: http://www.wallstreetoasis.com/wso-company-database
Thanks man.
Around ~70k prorated to the 10 week period, plus a housing allowance. So most likely 70,000/52(weeks) x 8-10 (depending on length of the program) + 1-2k housing. All in all, maybe 14-16k total (assuming your bank doesn't pay overtime, which most don't). If the bank pays overtime, then possibly much higher (I think this is more common on the west coast).
So, it depends on specific bank policies regarding overtime and bonuses, but for all bulge brackets, you'll get $70,000 prorated (about $13,500). Some firms will give you a relocation bonus (generally $3,000) and some firms will give you overtime (often on a declining scale, so that the more you work, the less your overtime pay per hour is). Apparently, SAs in California have it best due to their overtime labor laws.
Summer Analyst Pay:
14-17k without overtime 17-25k with overtime 40-50k california w/ overtime
is that a joke? the california w/ overtime?
Does CA require 1.5x overtime pay?
Even if they do, someone working at $20/hour normal, $30/hour OT would make $2,600 gross for a 100 hour week. That's $26K max gross. No way CA SA pay is anywhere near what that post quoted.
If it's 1.5x, normal hourly is low 30s/hr (from 70k annual based on 40 hour work week), making OT around 50/hr. For 10 weeks, it'll be in the 30-40k range.
There's no way. If that's true I want to be switched over to LA asap.
Unrelated, but could use the advice from you guys:
Could anyone here pls look over my resume and comment back on this post with critques or advice? Junior looking to find a MM/boutique IB SA position in case the MM bank I am at now doesnt offer me..:(
thanks!:
http://www.razume.com/documents/24345
California w/ overtime:
70,000 prorated = 1346/wk / 40 hrs = 33/hr all hours up to 40 are paid at 33/hr between 40-60 hrs is 1.5 x 33 = ~50/hr 60+ is 2x 33/hr = ~66/hr
This is all BB in California that pay OT.
I know for sure at CS/Citi/MS/BAML
BAML pays OT in California, but not on this scale. It uses a different equation that is more similar to 0.5x.
hours 1-40 @ $19 hours 40-60 @ $28.50 hours 60+ @ $38
At 10 weeks averaging 85 hours per week you'd take home $22,800 salary + $2-3k housing bonus, so about $25,000 pre-tax.
Actually, it depends on the bank. First off all, I think BB's are the only banks that pay OT (Maybe with the exception of some of the other larger banks). Second of all, each bank has their own way of calculating SA's pro rated salary. ie) One bank might pro rate it at 65 hours and another might pro rate it at 40 hours. Either way, the difference turns out to be almost negligible if you end up working 90 hours or so.
Nonetheless, Rupert's estimates are a little more realistic. 40-50k? wtf?
I interned at CS/Citi/DB last summer in their bay area office and I can confirm that these numbers are accurate. However I'm pretty sure BAML has a different way of calculating the starting rate and it turns out to be much lower.
In California, DB pays overtime too. Barclays does not.
Did not realize that the salary was prorated hourly as well - good to know. I thought it was just 70K/52.
I've heard of SAs at CS, Citi and MS west coast that collected over 40k each.
I can confirm as well that SAs in CS regional offices on the west coast can gross $40k over their 10-weeks. It's ridiculous.
West Coast here I come for SA lol.
v
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I can confirm 35-40k California SA take home salaries at both Citi and MS due to overtime pay law.
Talk about getting to ball out for your remaining year in college...
That's absolutely ridiculous, and enough incentive to change from NY to LA in my opinion.
I can also confirm that CS on the west coast takes in $40-45k for SA.
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40k to 50k is probably bs. but if you're doing banking i can see how you can get 30k to 40k. I know that most european banks pay 1.5 for OT...when I did my SA stint in NY i was in S&T and worked about 50-60 a week and came out with a gross of 22k...if you add another 30 hours a week to then its very possible.
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