Full Time Analyst Overtime Pay question - to good to be true?
I have just received an analyst offer at a capital markets firm and wondering if this is too good to be true. I was told I get a base ($60k) + overtime (1.5x) + certain % of all fees my team brings in.
Assuming I work 55 hours every week, which is what other analysts there typically work, that would be an extra $33k pre tax for just OT alone. Assuming I work 50 weeks a year, to get hourly rate pre-OT -- $60,000 / 2,000 hrs worked per year (50 weeks * 40 hrs a week) = $30/hr. 30 * 1.5 = $45 OT pay rate. 15 (hrs of OT/week) * $45 = $675 * 50 = $33,750 in additional overtime pay.
Can any other analysts in CM confirm this? $93k pre-tax before any bonus/commission fees seems pretty high. would mean I would likely clear 100 - 110k all in first year if true. Or are analysts, who are technically non-exempt and qualify for OT, just expected to not log OT hours?
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I’m incoming FT at a mm bank in capital markets. My offer is for 85k + 10k signing bonus. I think clearing 100k in your first year is normal.
it's at a brokerage shop not a bank, but still helpful +1sb
Clearing $100k in your first year at a top capital markets team is not out of the ordinary. Working 55 hours is however.
I have seen (first hand experience and several people in my network) make well over $100k but they worked a lot more than 55 hours each week. I have never seen an analyst have overtime pay though. Typically base + bonus and you just know you're working long hours for the bonus at the end of the year.
Been a CM analyst on an IS team in a major metro for the last two years and I can tell you from experience that no one is going to actually pay you any overtime. Overtime is required to be included in any offer letter due to state and fed requirements but it's an unspoken rule that you won't actually be filing for any overtime. Plus it sounds like you're salaried and in a salaried position you won't be logging any hours to begin with. You'll definitely be working at a minimum 50-60 hours per week (70-80 during grind time) but I was in the 100K ballpark my first year so it's worth it. What really matters is how much deal flow your team has, that'll be the determining factor in whether you hit 100K.
Just a suggestion - I'd focus a little less on trying to calculate exactly how much money you'll be making and instead focus on what this job is - an amazing learning opportunity to jumpstart your career and get you a 6 figure base a few years down the line. Just my two cents.
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