I will be working at a BB this summer, and I was wondering if SAs get overtime or get a bonus. I am trying to figure out my finances for next year, so knowing how much I could save this summer would really help. The offer letter just says the compensation will be pro-rated from $70k, but no mention of anything else.
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All BBs pay a relocation stipend (bonus).
A few used to pay OT, I'm not sure if any still do.
A few banks paid end-of-summer bonuses last year as well, but I don't think any BBs did.
yep. either the bank pays you a relocation stipend or they give you OT (cs and db). however, i've never heard of anything else in comp apart from that (ie bonus). also your salary at the bb will be 70k prorated
I don't understand why people comment if they don't know what they are talking about. I know for a fact that there are BB's that pay 70K prorated along with 2k housing/moving stipend and overtime on top of that.
Use the search function amigo...
yeah, they gave a $2k relocation stipend. Didn't know that was the "bonus".
That is the same thing as the "signing bonus." It is usually $1k so you got lucky.
Then I'm just unaware of a bank that pays both a relocation bonus for interns and overtime. To my knowledge, only DB and CS pay overtime and I know DB doesn't give relocation bonus. By process of elimination it must by CS, if you're correct.
Also, be nice to your elders. You just joined the forums :)
But he's right, you're misinforming people. For last year's summer IBD: CS paid 2k relocation, 60k prorated, overtime (+40, .5x) and transportation. Goldman was 1k relocation, 60k prorated, transportation but no OT, and JPM the same but with 2k relocation. The other BB's I only know from hearsay.
BNP also pays overtime (no idea if they pay relo)...
CS pays both relocation (2K) and overtime. so does Citi. Goldman is only 1K relocation, but I suppose people won't complain.
BAML pays 70k + 2k + overtime 1.5x normal
Let me get this straight.. If you work 10 weeks at baml averaging 80 hrs a week, prorated at 70k with a 2k relocation and 1.5 overtime, your total summer comp will be: 2000+70000/52 x 10 + (80- 40)x 70000/52/40 x 1.5?
This would mean total pretax SA comp for 10 weeks is 35k... Seems a little high for a 21 year old. Would love some input from someone who experienced this...
overtime figures are calculated by how much you work for that week. for example, if your weekly salary is about 1340 and you work 100 hours, your hourly rate is $13.40 and your OT is 60 * 1.5 * 13.40... not as great as everybody makes it out to be but def. better than nothing
Wrong. Let me explain how the OT works so we can just settle this and move on. BAML pays 70k prorated and a 2k housing stipend. In addition to that base salary and stipend, for every hour per week over 65 hours you are paid $50 per hour.
In other words, you are making 2k + 1,340 per week if you work 65 hours or less. If you work more than 65 hours you make 2k + 1,340 per week + 50 times however many hours over 65 you worked that week.
Lemme get this straight.
Lets say you average 85 hrs per week 1340+1000 per week
so you make 23K+2K=25K for a 10 week stint?
Nice that you'll be making more than me this summer, but I'm looking at three different offer letters that say exactly what I explained above. Granted, I dont have BAML, but nonetheless, don't be so sure others are wrong just because your OT works differently.
Do you get paid each week? each month or at the very end of the summer? The salary is not the same in different divisions I guess? What about Sales?? or pwm??
salaries are normally paid semi-monthly. as for sales, a lot of juniors in securities at BBs are getting 75k prorated + 2k signing bonus.
oh wow, this is so helpful. I just got an offer from DB IBD. no signing bonus but they promise OT. The HR person couldn't tell me exactly what it was. Go big or go home, did u get an offer from DB? Is that how OT hours really calculated? So if we work 80 hrs a week, we should expect something like 2300$/week?
Please let me know :D thanks (I was upset about not getting the signing bonus before I read this)
can anyone clarify this overtime? i wish barcap paid OT...
Uh WTF are y'all talking about? When I interned (or any of my b-school friends) no overtime was paid period. I doubt this has changed.
Depends where you worked. Last summer, to my knowledge only DB and CS paid analysts overtime. It was 60k prorated weekly salary plus half of the hourly wage in any hours worked beyond 40 (based on the 60k weekly salary)
For example: You worked 96 hours one week. You get paid for that week:
$1,154 (60k prorated weekly salary) + $808 (56hrs(.5)$28.85)
Total for that week: ~$1,962
Obviously you don't get paid overtime once FT
I believe at least one of the top 3 BBs (GS/MS/JPM) will be paying overtime (+40, X.5).
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