Sounds insanely high to me but did anyone else get this? This is for Global Markets but I also want to hear from IB and other groups
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Global Markets SA getting 85 pro-rated+ overtime
This sounds crazy. 85 all in essentially or that means it pays a lot more potentially?
Do all firms on the street pay the same roughly speaking? For example, do banks like Mizuho, Nomura pay the same as GS, MS, JPM?
By SI do you mean summer intern, and 1.5 overtime?
If so this is somewhat common for interns, mostly in California where it's required by law. Wells Fargo pays 1.5x overtime at all locations. Some banks pay 0.5x to interns
I don't think Nomura or any other firm continues paying overtime once you start full time, enjoy it while it lasts
Are you sure this is required in CA? Will be interning in SF this summer and no mention on offer letter / elsewhere of overtime pay. Maybe it’s just not stated.
I think this is still the law, I went to school in California a few years back. Anything over 40/60 hours was 1.5/2x overtime for interns only. Maybe they've changed it now but CA IB interns used to make 30k+
My MM pays 75k+overtime for interns, but not for FT.
I interned there last summer - yes it is 85k pro-rated and OT. However if you're in New York (which I am guessing you are) the OT laws are weird and you don't actually end up getting 1.5x (ie, $60/hour) when you work overtime. I forget the exact numbers but essentially your marginal per hour rate goes down the more hours you work.
So you get $40 per hour base for your first 40 hours, then the next hour is something like 39, then something like 38, etc. etc. The marginal per hour rate for the 80th hour in a week was something around $20, if I remember correctly.
Bottom line is you do end up making proportionally more than the full-time analysts are making during those 10 weeks, with an additional nice tax refund (I got ~$2,500), but it's nothing TOO crazy. If you're in california, it's a different story as I have heard their OT laws are different. But I don't think Nomura has Markets in SF. If you're in Europe - also different story. Not sure how that works.
How much did you earn the whole summer after tax?
~$15,000
edit: ^that's not including the stipend, which was ~1,800 after taxes
This is not "insane" - $85K base is standard across almost all (at least, decent) I-Banks. The OT is surely a good add-on but given it's not flat 1.5x and is instead the fluctuating method under FLSA, not really a game-changer.
Apologies to hijack but has anyone heard anything about Nomura SA? Whether it is virtual this year or delayed or whatever? Been sent very little by HR...
With a virtual program, the OT is dead...
Yes, that's what I was told as well. 85 base pro rate + overtime + $3000 stipend. Did they ever send you the official offer letter? I accepted my offer over email but HR still hasn't sent me a letter
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