@2019 Summer Analysts:
Hey guys, I just accepted my offer for Morgan Stanley SA.
I just wanted to calculate my budget as a summer analyst! How much do we get monthly after tax and stuff for 85k prorated (with overtime pay)? Online sources that calculated take-home pay say that it is around 5,000 bucks a month (excluding overtime), but just wanted to be sure. Also, how badly is the signing bonus/housing stiped taxed if it is 2,000 bucks?
After OT/Monthly Pay, how much are you guys pooling in per month?
TIA guys!
With an $85k prorated + assuming NY taxes you will get a check around $2300-$2500 after tax (difference on your 401k contribution, etc).
The $2k will probably be taxed at a 35-40% rate so around $1.2k give or take. However you will get a couple hundred back in tax refunds later on.
Not sure about OT, depends on your firm policies/cultures/actual work hours. I’d probably estimate another $1k-$1.5k to your bi-weekly if your firm does pay OT.
hey thanks for the input. could be wrong but i think OT is 1.5x? Im assuming the check is biweekly (~ 2 checks a month) right?
Last summer receiving the same salary except ot, I got around 2,200 biweekly. Regarding your signing bonus, a friend of mine with a MS offer received 5k. Im not sure whats the average signing bonus for MS, but 2k is probably just a little on the low end.
heyy, i’ll be in the technology division so that probably is why haha. Probably not smart of me to negotiate either lmao
Does it say what your OT rate is? Some of my friends in NYC last summer received 0.5x hourly during OT
It’s the law, OT pays 1.5x. No exception.
False, I'm being prorated 85K and 0.5x for overtime next summer
The law is only for non-exempt employees. If you have a salary, they arn't required to give you anything. The 0.5x is a blessing so take it and run.
Doing my SA at a different BB - if my contract didn't state an OT rate, does that mean I won't get paid OT?
definitely check with HR just to clarify, but the OT stuff was stated in my offer.
My BB offer letter doesn't state anything for OT, so I'm assuming we won't be getting any.. I asked a friend and they said they made around $2500/paycheck on 85k prorated last summer
.
No. CS
I'll be getting paid hourly for the standard 40 hrs and also getting a higher hourly for OT.
Was the OT specified in your contract, or did you ask HR separately?
specified
BB nyc, 85k prorated with 2400 bonus - no mention of OT in my letter, is it typical for interns to not get any OT pay?
I accepted a BB IBD SA offer in Huston and is still 85k prorated but bonus is just 2k, is the bonus too low?
With 1.5x OT
if you accepted you have no room to negotiate, so it doesn't matter
BB NYC 85k but no bonuses or mention of OT in letter...I don’t think OT is common or the law as someone else said if it’s the prorated 85k but could be wrong.
OT laws differ from state to state. I know some SA's who did not get any form of OT.
BB NYC, 85k with 1.5k signing bonus and 1.5x for OT
OT is half the fulltime pay rate usually
BB, ~$40/hr for first 40 hours, ~$60/hr for OT. Signing bonus between $1.5k and $2.5k
non-OT guys mad huh
wtf, if you work 80 hrs/week, that's $40k over the summer or $208k pro-rated. Maybe Wells? I heard they a ton but wouldn't guess that much.
Yeah that's why people do banking lmao. This is at a BB.
Also congrats; you're working in a good job at a great firm so just spend and enjoy yourself.
What are you all talking about overtime? I thought 80 hours a week was expected. There is additional pay?
Lol agreed. I'm assuming most people talking about OT are in specific states like CA. But then again I also didn't get any signing or relocation bonus.
EBs and Rx don't pay interns as well- those numbers are for some of the BBs (not all). Whoever MSed me should find a friend who got an offer and read their letter closer lmfao
Sometimes hours can get capped for IB. Interned at a BB and pay was $85k pro rated + OT, $2k bonus. However, S&T interns weren’t allowed to work from home nor go to the office on weekends.
And IB interns had a soft cap at 75 hours. If you went above that, ie 80+, hr would contact your staffer to see what was going on. What ended up happening is many interns would just clock in 75 every week, even if they truly worked 80+. Anything to not piss off your staffer and get that return offer.
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