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.
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.
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.
Yes exactly. This is a legal issue and it gets into even more detail than that. I forgot the exact metric, but I think that it's related to whether you are contributing to a business enterprise versus carrying out a repetitive task.
That's also the reason why a McDonald's employee is not paid a salaried position. I bet that the legal department at Wells has determined that interns fall under this classification and as result have decided to pay by the hour to avoid any potential future litigation over the job role. And since you pay hourly, you then necessarily also have to pay overtime by law.
I'm not a legal scholar but that is the gist of some of these decisions as I have heard.
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.
Why is this so hard for people to wrap their heads around? Yeah it’s a lot but it happens every single summer, at least for CA. And no one in any way encourages people not to record their real hours.
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.
.5x? Why would you ever be paid half your hourly rate for working overtime?
Here's the NY labor law: https://labor.ny.gov/legal/counsel/pdf/overtime-frequently-asked-questi…