summer internship offered at Chicago -- need your advice
Hello,
I got an offer from a Chicago firm for a trader position. I got an offer of about a bit more than $20/hr and 50 hours per week. No mention of bonuses or overtime. I am really grateful of this opportunity, and I am sure I am going to learn a lot, but I would like to know how the figures compare to others.
Thanks.
Your making around a grand a week which is similar to what everyone makes during a BB internship. I am betting that you will receive overtime since you are obviously an hourly employee.
Just curious, what will you be trading? Congrats, many people wish they could be in your position.
i'm in a similar position: ~20/hr trading in NYC. I have friends that are making closer to $30/hr or are salaried, but in this market, I am not worried about the pay. I am more concerned with learning a lot and impressing my co-workers so that even if I do not receive a FT offer, I have built out a network which I can leverage to land on my feet after graduation.
I would not worry about overtime. In my previous experience, even when I worked it, it was up in the air whether I would be paid for it.
It seems from replies here and other threads as well that figures are comparable.
I think options will be traded among others. Just for my enlightenment, I see in other threads that overtime is calculated with "+1/2". What does this mean? How is it actually calculated? (Sorry, I am completely new to this world)
I'm not sure about trading, but what that generally refers to is salaried interns. It is based on the hourly rate their salary implies they are making for a 40/hr week, and they receive 1/2 that rate for their overtime pay, not 1.5x
That's exactly correct. Where I'm at this summer, I'm prorated salary, so overtime (over 40 hrs a week) is 1/2 of your hourly rate.
BTW, your comp this summer looks a lot like the Chicago MM/Prop firm that I was considering before I took BB FI S&T, so it seems about on par.
Pretty similar. Mine is 5k/mo.
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