I just received an offer for a FT analyst position at a commercial bank in NYC. The contract says the base is 75k and that the position is non-exempt, providing 1.5x my rate for anymore than 40 hours. It also describes an annual bonus based off of performance. I'm expecting to work around 60 hours a week.
My question is do I actually get paid overtime and a bonus? It seems extremely high. Assuming a 75k base and 20 "overtime" hours a week at around $50, my base goes up to nearly 130k — all before bonus. Am I missing something or do these banks just tell you to log 40 hours and nothing more? Thanks everyone!
You won't be allowed to log 20 hours overtime.
Mhm okay. Could you elaborate? If I can’t log overtime hours why do they explicitly say it on the offer?
you should be able to log it in, if you're working that much. good deal good deal
Better confirm it’s non-exempt as that is not only unusual but senseless for the bank.
What? Most roles at banks are non-exempt.
Depending on your team, your manager may try to curtail or put a limit on how much overtime your team can work and log.
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Worked in corporate banking, my contract was very similar. However, at xxxpm (whenever you would hit your overtime mark) you were strongly encouraged to go home. Even those who showed up hours early to get ahead did not count overtime hours.
Overtime hours appear to be in a lot of commercial bank contracts as a way of covering their a**'s, however, I have never seen anyone in the commerical division ever actually use overtime hours (even if they were to stay late).
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This is usually the case. Managers will observe your OT and if you are logging more than they expected, they will probably bring it up with you.
you can work overtime, but the catch could be that youll have a much smaller bonus at year end with respect to how much overtime you worked for the year. might not be the case, but very well could be
Have never heard of a non-exempt analyst position in FO at a bank. Better double check with current analysts that your assumptions are correct.
You should just double check OP's post. Pretty easy to see that it isn't FO.
Same exact situation except my base is 10k lower. I was given mixed information about bonus elgibility, but my offer describes a performance-based incentive plan available to all associates. I was also told that OT would only be around peak times, but still curious how I would log them.
I'm in BB Ops.
Friend has similar offer - Base + 1.5X + ≤ 10k bonus. MM Bank. He spoke to other analyst they put in about 2 hours a day in OT, more or less. Obviously depends on week with deal flow
Base + 1.5x + signing + annual
Most of the time you will work 40 and will be pinching yourself when you are leaving work before 5pm. When deal flow picks up you will do some OT. Not a bad place to be in.
Like others have said. Your OT hours will go through your manager and if you are logging unprecedented amounts of overtime you'll be pulled in to discuss that. (People that work / take forever to get shit done just to squeeze out OT hours on the record don't generally get far). Also your bonus wont be IB 25-35k bonuses you'll probably get like 5kish and maybe a 2% annual raise.
You'll most likely be at 75k, + signing +5k yearly and MAYBE a handful of OT hours a week. You'll likely be at all in comp 80-90k/year. Not bad but also not great for NYC.
In investment banking, do you get to log all of your overtime hours? Even if you work 80-90 hours a week at 1.5 overtime pay?
No, there's no such thing as OT in investment banking. Let's assume most analysts will average 80 hours per week throughout a year at a shop with decent deal flow. With time and a half OT, that adds 1.5x to their salary, pre-bonus. Doesn't make sense.
It seems the all-in comp would still exceed the 80-90k bracket using your assumptions. From another board I recall reading, someone had a friend at a commercial bank mentioned first year analysts hit between 90-110k depending on the group.
Even if you work 1 hour of overtime a day (45-hour week) and have a 5k bonus, you're still hitting 94k. Working 2 hours of overtime a day, as BankShot43 mentioned, brings you to 108k. That doesn't seem too far stretched.
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