How much overtime can I get away with as an S and T intern?
To clear things up, yes I'm networking already for placements and studying for the role (equity derivatives books as that's my interest). And yes I understand I have my whole life to make money, but I want to live well in the present too.
So with that out of the way, how much over time can I get away with? My contract states any hour above 40 hours in a work week is at an over time rate of approximately $80 an hour. I'm not going to just sit at the desk to show face, I'll go to my boss when I've finished my work and ask if there's anything else to be done. But let's say I get to the office at 7:30 every morning and leave at 5:30pm, that's a 10 hour workday. For 5 days a week that's an extra 10 hours of overtime. Over 10 weeks that's 100 overtime hours, or $8,000.
So is this frowned upon? Should I just not report the over time hours? Is it common to report them?
This is a stupid question. also 7:30 start unrealistic, probably earlier but ig depends on desk. what bank allows you to file overtime m? do not do this it looks very dumb and will most likely be rejected. If anything ask hr about it, but ive never heard anything about interns getting overtime, youre just meant to work the hours you get and deal with it cause youre getting paid well.
Ok so I can probably make even more in overtime pay then. This a BB, and it says in my contract that I'm a "non-exempt" employee (meaning I am not exempted from protections under the FLSA which include overtime pay). I'll talk to HR when I start and people at the office such as Y1 Analysts to see how they dealt with this in their internship.
Overtime is not a strange concept though. One of my friends made an extra $20k in his IB summer and still got the return offer. It looks like you got an offer at a Canadian bank. In Canada, student interns legally cannot work more than 40 hours a week, so there is no reporting of overtime hours there. Obviously your days will be longer but you likely won't hear anything about overtime given it is illegal in Canada
Yeah you may be right. The concepts just seems foreign as for us our wage is salary prorated, so obviously hours doesn’t matter.
7:30 start in the office is actually pretty accurate, afaik. Maybe for Interns I'd expect earlier, like 7 or 6:30 AM, but afaik I think 7:30 start is on par with at least the commods desk and the equities desk.
OP is not getting overtime, though most probably. For interns, I think most banks frown on college students burning the midnight oil, mostly because firms have events scheduled for the interns that would serve them better, and also because wtf is an intern doing in at the office at 9:45 PM on a Tuesday.
Based on the most helpful WSO content, here's what you need to know:
While your enthusiasm and work ethic are commendable, there are a few things to consider when it comes to overtime as an S&T intern:
Cultural Norms on Overtime: Reporting overtime hours can be a sensitive topic. Some desks or teams may frown upon interns logging excessive overtime, especially if it appears you're doing so just to maximize pay. It's important to gauge the culture of your desk. If your team is more relaxed or "chill," they might not mind, but in other cases, it could raise eyebrows.
Focus on Value, Not Just Hours: As you mentioned, you're not planning to sit at your desk just to show face, which is the right approach. The key is to ensure that any overtime you log is tied to meaningful contributions. If you're consistently adding value and staying busy, it’s less likely to be frowned upon.
Transparency with Your Manager: If you're unsure about how overtime is perceived, consider having a conversation with your manager or mentor. Frame it as wanting to ensure you're aligned with team expectations and not overstepping any boundaries.
HR and Policy Compliance: If your contract explicitly states that overtime is paid, then it’s within your rights to report those hours. However, some firms may have unspoken norms about how much overtime is "acceptable" for interns. Be cautious and ensure you're not inadvertently creating friction.
Balance is Key: While the extra $8,000 sounds appealing, remember that internships are as much about learning and networking as they are about compensation. Overextending yourself just for the sake of overtime pay could detract from other valuable aspects of the experience.
In summary, while it's not uncommon to report overtime, the key is to ensure that your extra hours are justified by meaningful work and align with the culture of your desk. If in doubt, seek guidance from your manager or HR to avoid any potential issues.
Sources: Racism on Wall Street as a SA, Why do people not get return offers?, How to get treated like an analyst/grinded over the summer at a firm with "good culture", Summer Analyst Hours at BB/EB, Help! Not Getting more work as an Intern
I am so confused by your post/thread.
Seems your bigger issue won't be getting overtime approved; the bigger issue is your ineffective communication skills.
Apologies if it's unclear, what is confusing about what I said?
I had to reread your post several times. Use the BLUF format in the future - put the main issue at the top. Save all your hedging "and yes..." or "and no I wont..." for the bottom.
I am quite dubious about it. Though things might have changed from when I was an intern, I have never heard of S&T intern getting paid overtime
It is a result of the Fair Labor Standards Act which went into effect the summer of 2024. My summer would be the second to receive this over time treatment.It's all in my contract, though I won't be sharing that.
news flash this kids at MS and is about to get his offer rescinded like the moron from last summer in my class.
i think you're trolling. they prorate by week, not by hour
That is true, however, they turn the prorated weekly salary into a prorated hourly salary and multiply it by 1.5x for hours worked above 40 in a week.
i dont think this is standard. have seen 1 mm and 2 bb intern s&t contracts and none of them say that. you are paid a certain amount monthy/biweekly
No idea for S&T at a BB, but I can share my personal experience as an intern at an IB boutique where anything over 40 hours a week needs approval from HR. Long story short, HR will literally just fire you for sending in a timesheet with OT if you didn't let them know a month in advance, which is obviously impossible to do even though its borderline guaranteed that you'll be in the office long enough for OT. Its OD af imo, but it's whatever knowing that FT pay is good here. If you have a buddy who's interned there before I'd ask to see if people did it and if HR is good about it, but you wouldn't want HR to be the ones who screw you out of a ft offer, just my thought.
Yeah from what I've read that's probably my best move. Everyone will do it differently so I'll chat some Y1 analysts. I'm just curious if anyone else has been logging OT in their internships
I worked S&T BB last year (not in NYC, where it seems like some firms only pay 0.5x OT). I would get into work around 6/630AM and leave around 630/7PM, depending on which desk I was rotating on. From there, interns were expected to go to various events like dinners, bars, and networking about once a week (all paid). So in general, I was clocking 60HR work weeks.
HR frowned on excessive overtime, but in general, as long as it looked like you were working, nobody cared. I was oftentimes the first in and last out of the office by a comfortable margin. Some interns even milked hours by "practicing presentations" late into the afternoon/night. The traders and salespeople do not care if you work overtime at all, as it is expected when you are on the job. By no means do I recommend clocking hours just for the sake of it (I promise you will be working enough).
Clock every single overtime hour. Do not underreport or feign hours. Most interns and I clocked down to the minute, and many of us made close to $20,000 in overtime over the summer. It was also nice because trading allowed us to enjoy our nights more than our banker counterparts.
Working in NY lower BB upper MM, getting 1.5x OT
Damn, the firm I'm going to this summer doesn't treat me as nice as I had it last summer.
congrats on rbc
Thank you for validating me I felt like I was going crazy in these comments. I have some chats scheduled with Y1s next week and I'll speak to HR to gauge the culture but it looks like I'll be clocking these hours. I definitely won't milk it, I'm trying my best to get a return. Did you notice any correlation between interns clocking excessive overtime and not getting a return offer? Or perhaps the inverse?
Bro, no question about it, log the hours. Also, you'll learn the culture naturally on your own (no need to talk to HR). I found during my first internship that the HR "Beckys" and S&T people had different priorities as well as expectations for the interns. Remember that HR protects the company first and that S&T people care more about profitability and actually teaching interns.
There wasn't really a correlation between offers and hours worked. Practically everyone worked the same hours. Also, my group was what I would consider superstars in personality and had decent technical skills. I think it was +90% offer rate for FT, which is probably an outlier, but it goes to show that the seats can only really be lost.
Who do you think is paying you? The magic S&T piggy bank?
Any OT or expense you bill the firm, is automatically billed to your team. Would you want to hire someone who is milking their internship hours? I wouldn’t. You’re already likely very well compensated for your work.
I worked literally every hour I marked for payroll, and interns in my cohort were easily pushing 60+ hour weeks to meet deadlines, go to events, and shadow at their desks.
I was paid accordingly and I think other interns should do the same. For our teams, our salary expense was a drop in the bucket, and practically everyone was hired (which I think the investment paid off)
holy shit you have no idea what you are talking about
$8k is a rounding error for these desks
$80 OT is super high.. BB?
Not crazy if ur non overtime is slightly above 50
Yeah BB. My base is $110K, you get the base hour rate by dividing by 2,080 hours (40 hour work week multiplied by 52 weeks). 110,000/2,080 = 52.88
I can't believe a discussion like this generated so much engagement.
Why? This is literally what we’re here for
Yeah I'm BB. But $80 is not crazy. If you divide by 1.5 you get $53 an hour. 40 hours a week * 52 weeks a year yields 2,080 work hours. at $53 an hour that is $110,000, which is my base salary. Most people I know are at 110 or higher for analyst roles across IBD and S&T
don’t let the others scare you it’s bank dependent. when i interned i realistically got about 20-22 hours of overtime per week and that’s honestly was pushing it. you can expect realistically without looking suspicious about 10-15 anything over is crazy unless its final presentation week or desk project presentation.
I interned within the past 3 years (not to age myself)
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