Given that most street compensation for summer analysts seems to be 85K pro-rated (plus an additional housing/relocation bonus) hourly pay seems to work out to be around $41 (give or take) per hour. Overtime puts that at around $62/hour (1.5x) for hours worked over 40 hours a week. I know that most people state that they bring home around 16-20k a summer all in, but do those numbers include overtime pay?
I understand that interns are expected to work long work weeks but am curious as to how you log your hours. Even though overtime pay is required by federal law, do interns ever actually receive any overtime pay or are you supposed to 'limit' yourself to 40 a week. Does anyone know what happens if you log in more or will that net you a stern talking to by HR? I guess I'm confused if this would be illegal or just something that's an unspoken rule within the business. I feel that there's no way that they're actually sending their interns home at 5 P.M. every night so am curious to hear WSO's thoughts and experiences going through their summer analyst programs. Also curious to know how this works when your firm pays for your dinner if you work past 8. For example if you work from 9:00 A.M. - 9:00 P.M. a few times throughout the week and your firm offers you a $25 Seamless meal coupon couldn't you use that as 'proof' with H.R. that you were working more than 40 hours a week and should be compensated fairly?
I'm not complaining or trying to sound greedy just confused as to how it works administratively, thanks!
wtf? no, you don't "log your hours"; no one gets paid OT in IBD
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