I'll be interning at a BB this summer as a summer associate and noticed my contract says we're eligible for overtime beyond 40 hours a week. Just wondering if banks actually pay overtime to interns? Seems like you would make a bunch over the summer.
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yes
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Actually thought this was the case with myself, but upon asking the other intern in my group during my internship, he was logging all the hours he worked and there were no problems. I proceeded to do the same and cashed in almost every hour I worked.
Little caveat I would say is that I was a Summer Analyst in Corporate Banking, so take my experience with a grain of salt
May I ask what kind of bank this is? I’m assuming it’s a corporate banking role integrated with IB. Citi/ JPM CCSBI/ BAML? What are your hours like normally on average since you work with IB so much? This forum is full of “corporate banking is 50-60 hours” - is this true?
You will get overtime, and since you will work overtime, you will get paid $$$
Worked at a top BB this past summer. You get paid .5x what your annualized hourly salary is ($41 an hour) so about $20.50 for overtime hours. This was for a summer analyst position firm-wide
Lol that's a raw deal. WTF
At a top BB this summer and was confused with the overtime language in my offer letter, but it makes sense now given what you said. Essentially you’re being paid 50% less for all overtime hours? Doesn’t seem to make sense.
Have you considered moving to the north pole and trying to tame a polar bear?
You're going to get the base pay (pro-rated 85k salary) and then on top of that, for every hour over 40 hours a week, you will get an additional $20-21 per hour
It's actually money that they don't have to give you but are willing to, believe me you will make 5-8k more than your friends at banks not paying this
I thought overtime was 1.5x Your base Hourly
That is if they are required to pay you overtime. Yes that applies on the west coast for all overtime hours. I can tell you first hand that my entire SA class was paid .5x on top of our prorated annual salary
Yes, some banks have begun to salary their IB interns (sucks), but if yours does not then you will get 1st-year analyst base salary pro-rated hourly for up to 40 hours in the week, and 1.5x that hourly pay for every overtime hour. Don't spend it all in one place
There are certain banks that pay 1.5x from 40-60 hours and 2x over 80 hours. If you're about to be a summer associate at one of those banks then congratulations, you're about to make 50K+ for one summer.
Was at a top BB this summer. Summer Analysts got OT, Summer Associates did not.
What was the pay structure for your overtime/ where were you located?
Not sure if same BB, but Summer Associates were paid a prorated salary, still a hefty number, but Analysts were paid hourly with overtime in accordance with CLL.
That being said, a summer associates signing bonus is massive and well worth the salaried summer, imo.
Will be interning at a top BB this summer in Corporate banking. Can confirm 1.5x pay for overtime (~$54/hr). My buddy who will be in IBD at the same bank does not have OT.
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