My friend recently received an IB internship from Wells Fargo and claimed he was going to make around 40K this summer. His logic was to work 80 hours a week for 10 weeks where he was going to earn $40 per hour and $60 per hour overtime. Can someone with past experience confirm this?
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LOL he is not going to get paid for overtime. If banks paid overtime to their analysts, they would be bankrupt.
actually BNP/HSBC pay OT for their SA class, my friend has made $40 hr, $60 for OT on 70-80 hours a week
So not all firms, but some do
Seriously? I mean I heard some banks pay OT during training but I doubt they would be willing to pay overtime during the entire program. Were they salaried or given hourly wage at $40 an hour?
Doesn't OT require approval from your superior? Good luck having that convo with your MD.
I think it would be illegal to say no. They might just start telling you to go home at 40 hours and not give a return offer
you’re 100% right. Can confirm that certain teams at top BBs (JP/MS/GS) have OT eligible intern positions but you need to get it approved and very rarely do they let you go above 45 hours.
One of my good friends worked at Wells as a sophomore and she got overtime, housing and a signing bonus when she signed to come back for a junior internship
These jobs really pay $40 an hour? I’m shook.
I thought interns get like $14-24
The marketing and sports management kids are probably getting $14-24 and hour, pays to study finance.
It's shocking to think of an intern making that much, but I guess it's possible. I had heard that Wells actually pays well, even considering the fact that they aren't one of those top IB banks you always hear of
True. I think with a place like Wells, they can't really afford to not pay well. Not enough preftige.
This has nothing to do with Wells or anywhere else wanting to pay an intern well. Interns make the same hourly as first year analysts. Some states require firms to pay more after 40 hours, which is why a few people end up making so much.
It is absolutely possible and I know people who have done it. In California at least, interns make at least 1.5x after 40 hours and it may even be 2.0x at some point.
Yeah definitely possible. I know people at Citi in San Francisco who were paid overtime during their internship.
I think there's a difference, however, in how much overtime you work vs. how much you actually record. I'd say it's probably more likely your friend will be recording a 60 hour work week on average. This will mean, for 10 weeks at 60 hours a week, your friend will make about $28k before tax. I can't see anyone paying interns, that are working 10 weeks, almost half of a 1st year analyst's base salary.
No way. You record every single hour. And they 100% want you to considering all of the legal issues with labor laws. I made over half of a first years salary (when it was $70k) as an intern being paid hourly in CA.
I mean, as someone with an hourly SA offer currently, I hope I'm wrong. It just seems unlikely that someone pulls in $40k for a summer. I do see what you're saying though, the issues they'd face if they got reported for suppressing hours would be quite a big issue.
It depends on which office he’s going to be in. It sounds though like he’s going to be in CA (although I believe NYC also has some overtime laws).
Assuming he’s getting paid $40/hour, this is how it breaks down in CA on any given day (based on CA labor laws for hourly workers): Hours 0-8: $40/hour Hours 8-12 (1.5x hourly pay): $60/hour Hours 12+ (2.0x hourly pay): $80/hour
I made a lot more than the full time analysts (per week) when I was an intern in CA.
It’s also funny because the interns in charlotte make considerably less then their CA counterparts for the reasons above.
I know Wells Fargo in NYC pays 1.5x for OT**, I had no idea anywhere had a 2.0x law. Thanks for the CA breakdown, definitely gives some good clarification.
NYC does not get paid 1.5x.....
you get paid .5x for overtime. I did my summer at MS
CA SAs make so much.
Use some logic here. 40k for 10 weeks is the equivalent of 208k base for the full year. No your summer analyst friend at Wells Fargo is not getting paid 40k for 10 weeks.
For his calculation to make sense he’d be paid 40 hours overtime and 40 hours regular pay each week. Never mind the fact that there is training week that’s just not how that works.
Ummmm yes it is. One of my best friends made 37k when he was an SAand he wasn’t even getting the 2x multiplier you can get in CA (“just” 1.5x after 40). That was averaging 85-90 hours a week for the 9 weeks after training.
Okay.
It depends on the bank or even the specific office. I know some banks with offices in California have to pay overtime (might just be foreign based banks). A buddy of mine at Credit Suisse in SF made over 35k for during his SA stint.
depends on the bank
french banks - SocGen, BNP, will pay overtime and you won't have an issue
not sure about Wells or other banks.
California interns may also be able to easily do overtime.
What about prorated CA interns?
Had a friend work in IB at Wells. He got paid $30/hr and OT at 1.5x.
Never had the pleasure of working overtime at any internship/ft role :(
had a friend who would work one hour of overtime everyday during his SA stint to justify buying a different xbox game every single day
.
Wells 2019 SA offers are $40/hr and $60/hr overtime.
this is accurate
I can confirm. Know a kid from WF and yeah he mad $60 for overtime.
WF is 30 per hour base.
It's gone up to $40 for SA 2019.
holy shit
ok, but how much does JP Morgan and Morgan Stanley pay for SA?
IIRC we were paid about 34 / hour and 1.5x OT. 2019 SA offers might have increased a little bit.
In SF this happens at many banks. Know someone who pulled $55k at a BB over a summer.
WF does this in all cities for IBD $40, then $60, then $80 an hours worked
As a benchmark, I made $25/hour as an internal audit intern in SF in summer 2006. $40/hr is on target for the year 2018 in IB. MBA interns make even more than $40/hr, more like $50-55.
It will depend on the bank and their policies. My SA stint we were paid hourly and 1.5x after 40 / week. Granted nobody abused it and purposely worked 80 hour weeks to cash in because 1) If and when your MD finds out you are going to have one hell of a conversation with him and 2) It looks bad if you piss away the day to stay in late and make money which means you likely won't get a return offer.
We had to get director approval for our hours though, so we would have an open dialogue with them and just mention that a task might throw us over the 40 hour threshold. Wasn't FO IB though so if you guys consistently work 80+ hour weeks it IS possible I suppose. One thing that was pretty obvious was they did NOT want you to lie about your hours at all. Opens them up to way more liability than just fucking paying you the extra money.
Message to you and your friend... If he is trying to abuse the system it is likely he will get caught and reprimanded or just simply not considered for a return offer. If he has the green light to work longer hours / declare OT then yeah he will be bringing in quite a bit.
Not IBD but I did S&T at BNP last summer and the pay was $40/hr and $60/hr for OT, so I know that it is possible and banks do pay out OT. Our hours were “limited” to 50 hours a week though, so although I did work longer hours at times the pay was limited to those 50 hours a week. Some managers would be open to approving the additional hours but it’s entirely up to them.
I think this thread took a diversion into talking about overtime rates. But the real question is can you get that much overtime? 80 hours weeks for an intern? On a consistent basis? Not going to happen.
Can confirm
Also can confirm - former WFS intern who made ~$50k over the summer.
where did u end up going? why did u decide not to stay at wfs
Nah I'm still here just not an intern any more
does Credit Suisse pay hourly?
The offer letter mentions pro-rated $85k but also says something about $40hr hourly plus 1.5x overtime rate so I honestly don’t know yet
Is this for SA 2021? I seriously hope they take the second one, if its hourly then that'll mean you get 30k but if it weekly, you'll only get like 15k (both before taxes ++).
Have they not mentioned anything else?
At that rate the yearly base salary would be $208k lol
have a friend who worked there last summer and can confirm that wells pays $40 per hour plus 1.5x OT over 40... he banked around $40k
Guess you need to pay above street comp when most of your IBD is in Charlotte
Yeah! I am an incoming sophomore intern at WF with a base pay of 40/hr and eligible for OT. Hahah glad your friend got 40k, hope to do the same ;)
Similar situation as Houston SA. 90k prorated + 1.5x OT.
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