Hi Everyone,
My IBD SA Contract says that I am paid for overtime hours at 1.5x but must get approval from the manager/staffer for working overtime and to log them into the system. I was wondering if anybody could explain how this works? Do you think they will try to limit my hours or encourage me to enter in fewer? For Investment Banking, of course I will work more than the 40 hour/week base. I am just wondering if anybody could speak to their experiences and what they contract says?
Thanks in advance.
I could have sworn that it was only 0.5x for incremental hours over 40 when I was a SA, but maybe I'm just forgetting. It's a pretty attractive deal if you do get the dollar for dollar 1.5x for each hour worked.
I think ultimately your mileage may vary, but I've seen folks enter in their hours and get paid the commensurate overtime for each hour worked. It might make sense to check in with the staffer on this just to confirm.
NY is usually 0.5, California has some weird law where you get paid insane overtime.
Just put whatever hours you actually work in your sheet, nobody will care if you're actually working a lot
Not true, working at an EB in NYC this summer OT pay will be 1.5x
Yes, my offer is 85k base prorated, which comes out to around $40/hr. This base applies to a 40 hour work week, while the overtime is around $60/hr. The overtime part is super nice. I'm just afraid to ask them specifically about this so I wanted to see if anybody else had experiences with logging in overtime.
I'm OT eligible at a BB in AM for 0.5x. No mention about checking in with a manager or anything. I'll definitely be over 40hrs. What are the odds I actually get paid the OT? Would it look bad if i was consistently logging in the 65-70hrs?
No intern should be logging 65-70hrs / week, so yeah it would.
No disrespect, but what could you possibly be doing for that long? You don't know enough yet...
65-70 In banking? That'd be a minimum in most places disregarding banks that have caps on hours interns can work. You don't need to know much to have to put in a pile of hours, there is a never-ending backlog of mundane tasks which require little knowledge that analysts will look to offload.
are you exempt or non-exempt?
Ask boss for overtime for summer internship? (Originally Posted: 07/22/2010)
So, when I got my job offer, I was told I would be getting half time for any overtime hours I put in. However, even though I add in overtime hours into my timesheet, my payroll never credits me for any overtime hours. Should I talk to HR about this, talk to my manager about this(who approves my hours) or just keep my mouth shut?
2 questions:
1) how important is the money to you? Do you really need the money? If your IBD at a BB then they are probably paying you well.
2) how important is your job to you? If you're planning on sticking around or turning it into FT, I'd say not worth risking a bad rec when you are worrying about a couple bucks. It's about the experience isn't it?
Could just be an HR mistake, but I personally wouldn't bring it up.
I interned at a BB last summer, and we were paid overtime based on the fluctuating work week method. Basically, the more hours we worked the lower the overtime rate was. I think it was calculated as pro rated salary/hours * 1.5 * overtime hours worked.
HR wanted us to leave by 10:00 PM on weekdays and we were discouraged from working weekends unless we got staffer approval. This seemed to be just an HR thing since we would work past 10 and on weekends fairly regularly. We just had to log hours online every week.
You make a lot of money over the summer when you get the overtime deal. Congrats sir.
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