SA 40 Hours a week?
Recently recieved and accepted an offer at a BB for next summer. I noticed that on the offer letter it said "regular 40 hours a week."
Is this just a formality and 40 hours is not close to how much you'll work? Or do they try and keep intern hours <40 to save on overtime pay?
New to this so would love to hear experiences.
Double that
They can’t justify working you for 80 hours a week without handsomely paying you for overtime.
You will work at least 60— don’t even think about logging OT hours.
Do you end up getting compensated for the 60+ hours? Or do interns usually don't register the OT?
Your compensation is a return offer.
How it normally flows is you’re ~supposed~ to have weekends completely off and only work 9-5, but the projects you’ll be assigned will take longer than those 8 hours in a day to complete. So you’ll find yourself working late to reach a deadline but you don’t log those hours anywhere. It’s just common knowledge that you’re working more than 8 hours daily
Formality but some banks cap the hours for interns since it's hourly pay
i worked 80-90 hours as SA w/ prorated pay no OT. This is pretty standard among the BBs although a few banks offer OT. I know at least UBS and GS do 1.5x OT.
gs does .5x
citi, wells, Gs, MS, BoFa, UBS, and MS pay ot based on what was written on offer letters. Range from weird calculation to 2x for every hour after 40.
Wells does 1.5x and 2x on weekends. Friend make $50k in a summer
can confirm
That's like $30K more than my BB. I'm jealous
Wells does everything they can to retain top talent. You could take that 50k summer but good luck FT lateraling to a top BB with a WF internship.
It’s a solid bank tho if you’re looking to stay in the middle market and /or the south
Was interning at a mid-tier BB this summer. Our bank's policy was all OT must be reported to HR, and if approved then 1.5x pay. Didn't want to risk getting on HR's bad side/impacting performance review, so I just worked but didn't log OT. My managers were of course aware & impressed that I worked really hard, so I got return offer in the end.
Maybe I could've logged my extra hours for that $$ without impacting my offer, but I didn't want to risk it at the time.
How would it work for international students on a visa which allows only 40h/week?
You can work as many hours as you want on your CPT. The 20 hour limit is only during the semester
I had OT above 40 hours for my SA gig but underreporting hours was definitely an unspoken expectation among interns. We would throw in like 10 OT hours a week but obviously in reality it was a lot more. As others have said your compensation is really the return offer...I hear about people logging hours and making 30k or whatever as an SA but this seems like a totally pointless risk as I could easily see HR freaking out over an insane timesheet and being a summer analyst is basically an extended interview for FT
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