I got an offer from 2 banks for a S&T SA role. In one, the base pay is about 41 an hour for the first 40 hours then 61 for all overtime hours. In the other, the base pay is prorated at a full time salary of 85k on a 60 hour work week so the base pay is 23.35 and overtime is 35. Is this normal? I thought firms always prorated before overtime then paid 1.5x on overtime hours like in the first scenario. The lower pay bank is more prestigious than the first one but I don't know why there is such a large pay gap.
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Has to be Wells as first bank and BofA as 2nd
My firm just did 85k prorated. I think it’s pretty normal.
yea but prorating at a 40 hour work week vs 60 is the issue. The base pay and overtime pay is significantly lower.
My bank paid 1604 a week or whatever. We were instructed to put 40 hours into our timesheet no matter how much we worked since it’s salaried. If you considering banking long term, I would take the better bank, even if it pays less. However, if you don’t want to work in banking full time, take the higher paying bank.
The prorate for NYC is standard for BB banks. Take the better bank, this will mean more over the course of an career than the difference in comp
I know prorating is normal I am talking about how it was done. Prorating on 40 hours + over time vs 60 hours + overtime is a huge difference. It is almost twice the pay over thse course of the 10 weeks. I feel like 23 an hour base pay is pretty sucky.
Made $40/hour this summer with 1.5x OT. Next summer is 23/hour with $35 OT. Definitely see what you are saying but when in doubt take the best bank for your career goals. Still good money and you will likely be happy you chose based off of fit, group, location, etc vs a better hourly rate
Forget the fancy math HR sent you and many banks do not even pay overtime. What is the total weekly wage at each bank. Is the difference that big? As the other poster mentioned should look at what you get totally a week.
When I did SA we had the first option...41 and 1.5x OT. Honestly I made a lot of money as an SA since my team was cool with me logging at least a good chunk of my OT (still be prepared to underreport a bit so HR doesn't freak out). Not sure if the short term gain is worth it if the prestige gap is huge. However in my situation I really enjoyed having that money in my pocket senior year since I no longer needed to have part-time jobs to support myself and had some nice spending money.
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