BB SA Internship NYC
This question is directed to anyone who interned in a BB. I am about to intern in one of these firms for the summer. In my offer letter, it says that interns are to receive overtime pay if they are in overtime-eligible position. My question is did you guys receive overtime pay of 1.5x pay while working as an intern? Does the intern position fall into the overtime-eligible classification? Does it clash with the office culture to log overtime hours?
What are all my fellow interns doing to get ready for this internship? Brushing up on Excel? Brushing up on accounting or financial terms? How are you guys preparing for your internships?
Your OT rate depends on the firm, but I think BAML is the only BB that pays 1.5x OT. I know most BB's pay half-time for overtime if they even pay for overtime at all.
this is tricky - I interned at a MM my sophomore summer which had this clause in all intern contracts. Every single MO/BO intern was told not to work over 40 hours. S&T and IB interns were spared, and made bank by working for $60/hr overtime. DO NOT abuse this, as I heard that some S&T interns were reprimanded for sitting idle at their desks in the evenings. WSO is obsessed by intern comp, even though it's essentially meaningless. I made more that summer at the MM than during my junior internship at a top BB (fixed monthly rate).
$60/hr overtime!?!? Was your intern pay prorated over 40 hours a week? That's so crazy.
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