Do JPM/GS pay overtime pay for summer analysts? I know Citi pays 1.5x above 40, but someone mentioned JPM/GS just pay for 40h/week. Obviously, value the internship experience more than the money, but am trying to figure out $ for savings etc.
This is for New York City, Investment Banking.
| +330 | Which Offer to Accept: UBS Analyst Role or Part Time Cashier at the Local Taco Bell | 42 | 15m |
| +276 | Roku-Fox Deal - UBS Misses Out on yet another deals after years chasing this deal | 26 | 46m |
| +262 | AI is insane | 33 | 1h |
| +243 | I Snuck Into UBS Office And Took A Shit On The Floor | 23 | 39m |
| +200 | Useless associates | 34 | 49m |
| +181 | Differences in Restructuring Teams? | 32 | 46m |
| +174 | How do you manage nerves in IB technical interviews? | 16 | 10h |
| +154 | TPH V.S. Mizuho [HOU] | 24 | 47m |
| +149 | GF is an IB Analyst at a top BB, hates it, what exit options does she have? | 26 | 13h |
| +148 | Shame on you Evercore - SA 28 | 39 | 1h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Going to JP/GS as well. Wondering the same. The wording on overtime pay was confusing. Legally tho, I think all these places need to pay overtime.
Did you over know the answer to this lol?
The way it works is your hourly salary is calculated based on 40hr/wk, dividing your base salary of 110,000 by (40*52) to get that 52.88 number. After 40 hrs a week you are paid 50% of that base, or $26.44/hr.
Rationale for this is analyst base is 110,000 and it doesn't increase based on hours so why should interns. You could also think of this as a 50% bonus if you're working around 80 hrs/wk, as if your TC was 160,000.
Obviously interns don't get the fat year end bonus so still a penny pinching move, but still no one is going to take citi over GS/JPM just because of intern OT.
JPM pays 52x40 each week. After that u get no more money, no matter how much u work. Hours also aren’t capped. Idk what these other people are saying. I worked multiple 18+ hour days
Source: interned at JPM NYC M&A last summer
I meant capped in the sense of pay. Definitely not working 40h/wk lol, thanks for sharing though. Pretty tuff getting enslaved by your employer like that (top group btw!)
Should I log overtime pay completely? i.e., if I'm working 80 h/w, logging 40 OT hours. Is there an unwritten rule against logging it?
Bump
I’ve heard JPM caps hours, from former SA
Voluptatem quia ea id pariatur molestias praesentium aut totam. Voluptatibus non libero enim non et quo. Ut sed dolores nulla eius. Quia consequuntur culpa necessitatibus.
Nemo ut nesciunt nobis saepe amet inventore sit. Laboriosam ad quis et sequi provident voluptatum sit. Consequuntur assumenda non qui non sunt qui.
Nihil nisi nostrum laudantium et. Nam hic est reiciendis sit. Adipisci delectus culpa quia quo omnis nobis. Perspiciatis quisquam dolores commodi non excepturi.
Sed similique rerum assumenda laudantium quod id quia. Omnis rerum quidem sed aut. Ipsam laborum reiciendis quia aspernatur dignissimos. Laboriosam amet commodi reprehenderit voluptas rem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...