Overtime approval

Based on the most helpful WSO content, overtime policies and expectations can vary significantly depending on the firm and department. In your case, working in the REPE acquisitions and development department, here’s what you should consider:

1. Hours Expectation:

   • In acquisitions, hours can be intense, especially when deals are live or in exclusivity. Expect long hours during these periods, potentially 60+ hours per week.
   • Development roles may have more consistent hours, but they can also spike during critical project phases or when portfolio projects are off business plans.

2. Overtime Compensation:

   • If your internship offer specifies that overtime requires manager approval, it’s likely that overtime pay is not guaranteed unless explicitly approved.
   • Some firms calculate overtime pay based on a fluctuating hourly rate formula. For example, if you work over 40 hours a week, your overtime pay might be calculated by dividing your weekly rate by total hours worked and applying a 0.5x premium for overtime hours.

3. Base vs. Extra Compensation:

   • While base compensation is standard, earning extra through overtime depends on your firm’s policy and whether your manager approves additional hours.
   • If your firm follows a fluctuating overtime pay model, the extra compensation might not be as significant as expected, as the hourly rate decreases with more hours worked.

To maximize your experience and potential compensation, communicate with your manager about expectations for hours and overtime approval early on. This will help you align your efforts with their expectations and clarify any opportunities for additional compensation.

Sources: BB SA Overtime Pay Confusion?, Work/Life Balance - Hours, Acquisitions Analyst Compensation