I'm trying to make a lot of money next summer, and I know that some Cali banks pay hourly. This translates to 25-40k in a summer due to overtime. If you know of any banks that do this instead of paying prorated please let me know! Thanks!
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Know a guy who made ~45k in his summer at CS working 100-110 hour weeks every week.
Think ayoayo is right. However, don't pick your internship based on ~10-20k of pay unless your situation is such that its a big swing factor (i.e. you really need the $ now). All else equal, and I hate to get into prestige games, working at MS Tech in Menlo or GS TMT in SF will likely set you up better than CS TMT in SF. Of course, if we're talking about LA its a different story.
What do you think the best opportunities would be in Los Angeles?
Wf pays hourly. Hlhz 'interns' are hourly
It's California labor law. My bank (not mentioned here) does, as well. Pretty sure all of them do. Comp should be $40-$50k for a summer.
Can anyone confirm if this is true for GS/JP/MS? My offer letter didn't say anything about hourly pay or overtime.
I believe that all banks must pay like this, it is California State law that you must pay overtime with time and a half (vs. most other places they pay interns pro-rata plus half time for overtime, and since the majority of your hours are overtime it makes a big difference). I worked for one of the banks cogitoerognome mentioned and they definitely do this as well, the pay in California is significantly higher than for summer analysts across the rest of the firm (which our West Coast buddies reminded us all training and when we'd all meet up in the same city to hang out).
However, DaCarez is correct as well, you need to pick the best group for your long term (CA or not). People tend to be shortsighted on items such as long term prestige (short sighted or defensive if they themselves are not coming from the big name banks) but it is 100% true that getting into a better group and will give you an exponential leg up for a long time. I'm sure there are plenty of posts around here about that if you want to read more about what that is the case.
Definitely choose based on which group is best for you. But that being said, GS/JP do not pay overtime. I think MS tech does. CS/DB pay both 1.5 and 2x OT. I believe Citi/BAML pay some form of OT but not sure specifically what the rate is. Barcap does not pay OT.
@CashFlowInvestor
Yes, 100% sure in CA. If a firm has OT policies for summer analysts it does the same for its summer associates. You can use the annual base of a FT associate to determine regular hourly wage. With CA law and the OT policy some have touched on in this thread, you would receive regular hourly wage (based on annual salary) for first 8 hours, 1.5 for the next 4 hours, and 2.0 for any hours after that.
If anyone has any questions regarding banks' OT policy in CA, feel free to send me a PM.
archer is correct, most bulge brackets pay overtime, but not all of them. So we now know that IBPrepared worked at MS, because GS and JPM definitely do not pay overtime in California...
Thanks for the input, all. I'm still confused though - there seems to be conflicting beliefs that either all banks in CA must do this, and then some say that GS/JP do not... anyone know definitively? And if my bank did do it, wouldn't it be included in the offer letter (mine only mentions the pro-rated salary and housing stipend)?
My statement was very definitive as well...... I'm 100% sure about this. Honestly if you attend a California school and have interviewed with all of these banks and gotten multiple offers, this is pretty common knowledge.
You should just be aware that there's a lot of misinformation on this forum, people state their opinion as if it's a fact. This is a perfect example of that, partly due to the fact that there's not many west coast bankers on WSO
Noted, thank you. I'm not at a West Coast school, so wanted clarification. How is it that GS/JP can avoid paying overtime though, if it is a state regulation? Seems strange that the big banks have significantly different policies on this.
My statement was definitive...
Okay then. That's a little disappointing. Thanks for the information!
Honestly, I have no idea. And like burnincrab said, there's a lot of misinformation on WSO from random college kids who think they know what they're talking about. I can only definitively tell you that what I told you was true for myself and my friends during our summers. Obviously things could have changed. But if your offer letter does not mention OT pay and you have a West Coast group specific offer, then you'll be getting a prorated 70k.
That go for Associates as well?
Does anyone know for sure if all brokerages pay OT for SA in Cali? Seems there's a lot of conflicting information.
No not all. Depends on if you're categorized as exempt or not.
Anyway to tell if I'm exempt ahead of time without asking HR?
look at your offer letter. the exempt status doesn't depend on the candidate, it depends on the firm's policies regarding hiring.
WF CB pays $25 hourly
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