SA Compensation
What is SA compensation usually like for BBs? Hourly or Salary? I'd like to know both S&T and also IBD.
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Salary, prorated around 60k on average depending on the bank, around 2k signing bonus to help with moving/living expenses; no diff between IBD and S&T that I'm aware of.
For sophomores in BB its 50K prorated
It's not standardized. Just because you and your friends may have had 50K doesn't mean everyone else does.
I had 60k prorated and no housing stipend.
Which banks offer SA's a signing bonus and when do SA contracts go out. I mean I don't know much about the process, but I have an offer (got a call from HR) and I'm accepting but is there like an official contract and all that
It seems to me like most if not all offer some sort of signing incentive, whether it be a couple thousand dollars or direct reimbursement for relocation expenses.
Yeah, you'll get official paperwork to sign and read through, probably not for atleast a few weeks or so though.
This depends on the office, I think. I don't get a signing bonus but I get free housing and travel expenses are paid for.
Yeah pay varies by firm. And I've never heard of this signing bonus for SAs...or I should say, I never received any kind of signing bonus.
They do give housing stipends at some places, which works like a signing bonus.
Again, depends. However, my contact specifically tells me that while the official hours are from 8:00 - 5:00, we are expected to work beyond those hours as necessary. In short, no overtime compensation.
However, the fruit of the returning offer should compel everybody anyway.
No overtime.
I had overtime at my BB
That was phased out at all banks last summer.
Hong Kong and Singapore offices don't pay you a signing bonus but they pay for airfare and some pretty good housing which is definitely worth over 2000$.
no not ubs
$1152 a week and 2000 housing stipen(sp) (BB bank)
This thread is getting stupid; it's not the same at all banks as I said in my post before everyone started contradicting eachother.
Base Pay: Generally speaking, 60k +/-10k.
Overtime: Unlikely, some do it, most don't. I've heard it's more common in BO internships.
Additional Pay: Call it whatever you want, but if you're given 2k additional to do as you like with, it's essentially a sign on bonus. The banks that don't do that will usually just directly reimburse for your travel and in some cases, housing. Not all, but most do one if not both of these things.
For London:
Base pay: £500-800/week (most offer £700)
Relocation allowance: £1k-2k (can do whatever you want with it)
Overtime: None - atleast, none in FO.
Anything else?: Some banks pay for the airticket, and some provide subsidised accommodation. But I think it only goes for Non-UK interns.
Just my 2c.
HK pays airfares and accomodation. Given how expensive rent is around here, its actually quite good. Monthly salary is prorated based on grad sal.
From what I've heard from various friends who have gotten offers by now, the standard is 60K pro-rated + 1.5K - 2K housing/ relocation + overtime for some. I've heard that UBS and Credit Suisse are paying overtime as half hourly pay for anything over 40 hours/ week (NOTE: I thought this seemed unfathomable as well, but several people who got the offers insisted that was what they were told by HR...).
So CS and UBS SAs are compensated on an hourly basis? Is it like 30 bucks an hour?
After tax you're making roughly $1700 per paycheck (bi-monthly) in a BB SA position. I heard the international banks (CS, UBS, DB, etc.) have gotten rid of their hourly pay since interns could potentially make upwards of $30k just for a summer.
You guys know nothing. Those banks do not pay 1.5 for overtime. And I know for a fact at least one of those three banks IS doing overtime pay again this year.
The way they pay is so: For example, if your salary is 1150 per week and you worked 50 hours, your regular hourly rate is $23. SO you get payed 23/2 cuz its time and a half. Then that 11.5 is 10 for the 10 overtime hours. so you get 11.510 hours + 1150 salary.
No, that is not how time and a half works. It's 1.5 times hourly rate (1154/40) for anything over 40 at my bank.
60,000 prorated 2,000 stipend + overtime (1.5x)
I know for a fact that UBS and DB do not do this (not 100% about CS but I seriously doubt it--considering I know a lot of kids who summered there last year). In fact I don't know of any BB bank that does what you claim. And if you are going to be a summer at one of these firms, read the fine print because I am sure you're wrong. I know that banks USED to pay this way, and that's when kids ended up with 30-50k for the summer. But banks don't do this anymore. I'm only talking about BB banks in NY, fyi.
I don't know for sure when it comes to overtime work and am trying to figure out the same thing, but here's my take on it: By law if you're a non-exempt employee, they have to pay you 1.5x for overtime but I think they have to sign off that they agreed to let you work overtime - so I don't think you can just go ahead and work overtime and then demand that you get paid for it. If you ask them ahead of time, they might just send you home so they don't have to pay as much overtime.
wrong. employers don't have to pay you overtime unless you're an hourly employee.
this is the beauty of a salaried position. there are no hours. there is no hourly rate. you are their bitch, plain and simple.
(if you want to get technical, this isn't quite true, but it is in practice. Any front office role would qualify as exempt from FLSA under the professional exemption.)
hourly or not, if you're non-exempt you should be getting paid 1.5x overtime if your employer approves of it ahead of time. as an SA i don't think anyone wants to risk asking to be paid overtime and having them send you home early while the other SA is there not complaining about it.
by the way, i'm not arguing about the .5x for overtime for european banks. you guys know better than me on that
According to my European Bank offer (CS, DB, UBS, etc) time and a half actually means 1/2 the hourly rate for overtime, not 1.5x. It can be a bit deceiving but definitely double check the contact. Pretty sure no one offers 1.5x overtime rate.
BTW anonymous guy, pretty sure our offers are from the same bank so read it over again.
I've spoken to friends of mine who have gotten UBS (at least for trading) and CS (at least for IBD) and both are doing 60K pro-rated + 1.5K - 2K housing stipend + 1/2 hourly pay for anything over 40 hours.
CONCLUSION: 1) There IS overtime pay. 2) Overtime pay is (.5)(hourly pay), NOT (1.5)(hourly pay).
^^^^ I don't know why this discussion is still going. I already said that exact thing halfway through the thread and even gave an example of how it works...
buttercup, you also told everyone they knew nothing, but then proceeded to call the hourly rate divided by two (the actual overtime rate) time-and-a-half. So I think you confused everyone with that.
buttercup's retarded ass probably spent a summer at shitty or douche bank - that's how he knows. Sorry you're unemployed bud.
Yeah I said time and a half by mistake, but my example had half time on it. And humblethyself I'm not unemployed man, I'm only a junior in college.
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