Not getting paid OT at BB
Verbatim from offer letter:
“in addition to your base salary, you will receive an overtime premium payment equal to one-half (1/2) your regular hourly rate for the hours you work in excess of forty (40) in a workweek.”
What is this ? I was under the impression when I started my internship that I would be getting a 0.5x premium for all hours worked above 40
Suppose my hourly rate is $40, I assumed I’d be getting paid $60 an hour OT.
Does this mean that I’m only gonna get paid $20/hour for overtime ?
I compared my offer letter to my roommates and friends. Their OLs all say you will be paid 1.5x your hourly, while mine is the only one that says a 0.5x premium payment.
The wording is very weird, because again, this gave me the impression that I would be getting paid my regular rate ($40) + 0.5x premium ($40 * 0.5) = $60.
This is how you know the IB bubble is popping soon
You will only be paid for half of your normal $/hr wage. I have the same statement in my offer letter and am currently interning this summer. It sucks, but there's nothing you can do about it.
If it helps, I hadn't heard of ANYONE getting any overtime outside of Cali interns until this summer and I've been at this for a while. And it used to be just $85 base prorated, so you are still coming off far and away better than the last few years of interns...
My DB internship a couple years ago had 1.5x OT
Welcome to Morgan Stanley
my MS was 1.5x lol
What? What division lol, because my MS is 0.5x OT
OP here: Turns out my OT is $20 an hour. Wow! Don’t wanna sound ungrateful, but isn’t minimum wage $25 in Florida now ? (Passed legislature that by 2025 minimum wage will be $25)
Bummer
From the offer letter snippet, isn’t that $20 a premium to your normal base salary? As in, an additional amount above what you are normally paid?
If so, yes you are being ungrateful.
Well that’s what I thought. I thought it was a $20 premium to my regular pay making my OT hourly $60.
Hasn’t been reflected in my paycheck yet so idk
Overtime is usually delayed with when it is paid out. So the overtime you are acrueing now will probably be added onto the next paycheck. That's how it worked for me last summer.
Since when do bankers get paid overtime? Been at it for 3 years and have never seen this before…
Summer Analyst
I don't know anybody that actually booked OT. Not sure if I'm missing out or has time changed
Idk I'm at a MM and it says I get 1.5x my hourly for overtime not 0.5x.
What does the word premium mean especially in finance? Literally the 2nd definition on Google...
"a sum added to an ordinary price or charge"
I'm pretty sure in most states it's law that overtime for hourly workers is 1.5x normal rate.
Pipe down BAML
Pipe Down MS
Be thankful you get to book OT. Many groups don’t let you book it (even as an SA).
The better the pay the better but you’re not there for OT pay it’s for the experience and return offer
Get fucked bud
The premium payment should be in addition to your hourly pay for the OT hours. “Time and a half” is a pretty common convention. We just got the prorated analyst base during my SA so you guys are lucky to get hourly. I’ve had friends who ended up with almost 10k more in a summer than if they got the prorated analyst base.
Just ping HR to confirm you understand the OT mechanism - provide a brief mathematical example. Problem solved.
In Sweden we get no OT-payments and our salary is roughly 2.8k USD as an intern.
You guys are lucky
2.8k biweekly? Bro that’s more than what I get paid 😂
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