Freddie Mac 1st yr analyst - 12hr days??

pb26518's picture
Rank: Chimp | 15

Hello this is my first post here I am starting a full time position with Freddie Mac in june in their securities issuance & admin. department. Spoke with my manager today and was told that a typical work day is 7:30 to sometimes 7 or 8 pm...probably sounds like cake to some of you on here but was not expecting this at all. Can I expect any sizable bonus for the extra hours worked? Im starting at 50K + 4500 in sign on bonuses, and know others that are starting at the same salary but working only 9-5. Any help/advice would be appreciated thanks!

Comments (48)

May 8, 2013

Grow a pair

May 8, 2013

http://store.sho.com/img/product/resized/700/00373...

Alternatively - sue Freddie Mac for not paying your accordingly

"Every man should lose a battle in his youth, so he does not lose a war when he is old"

May 8, 2013

    • 1
May 8, 2013

OP, do you mind telling us what you thought were reasonable hours? Were you expecting to get in at 9:30 and maybe leave by 5:00, with the occasional 4:45 exit to meet up with your buddies?

May 8, 2013
Kassad:

OP, do you mind telling us what you thought were reasonable hours? Were you expecting to get in at 9:30 and maybe leave by 5:00, with the occasional 4:45 exit to meet up with your buddies?

For $50k a year... yeah, I would want to be working exactly 8 hours a day and would want overtime for anything a smidge over that.

xoxo

Dirk Dirkenson:

Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.

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May 8, 2013
Louboutins and Leverage:
Kassad:

OP, do you mind telling us what you thought were reasonable hours? Were you expecting to get in at 9:30 and maybe leave by 5:00, with the occasional 4:45 exit to meet up with your buddies?

For $50k a year... yeah, I would want to be working exactly 8 hours a day and would want overtime for anything a smidge over that.

xoxo

I agree

May 8, 2013
Louboutins and Leverage:
Kassad:

OP, do you mind telling us what you thought were reasonable hours? Were you expecting to get in at 9:30 and maybe leave by 5:00, with the occasional 4:45 exit to meet up with your buddies?

For $50k a year... yeah, I would want to be working exactly 8 hours a day and would want overtime for anything a smidge over that.

xoxo

$50K/year isn't bad depending on location. In Chicago, you can get by with that. In DC (which isn't much cheaper than NYC), it's shit.

May 8, 2013

Clearly, the salaries on WSO has rotted your brain. You should be happy making $55K+ right out of college at a brand name company. People go into Big4 (let alone tons of other occupations) and make ~ the same amount (if not less in other jobs) of money and work much worse hours at many points throughout the year. Banking salaries =/= real world salaries. Need to get it out of your head... or, you need to figure out a way to get into banking.

May 8, 2013

I know a lot of people who work for Freddie. They definitely do not stay past 6. Interesting culture over there.

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May 8, 2013

That is more hours than I expected for a bloated, government-funded behemoth in DC, but one idea to keep in mind is that if you work in securities issuance, you could possibly jump to a firm in NY focused on MBS.

People on here do need to pull their heads out of their asses regarding entry-level pay, though.

May 9, 2013

I left Freddie Mac in 2009 after 1 year and still know some people in HR. I was in their multifamily group and was getting 35% bonuses on my $60,000 salary. My friend in HR told me at a party 2 weeks ago that all bonuses have been suspended or entirely ended at this point. Not sure if there are exceptions for certain roles, but she didn't seem to indicate that. Take it for what it's worth.

I mostly worked 40 hours per week but there would be times I'd put in 80 hours during really busy times. But you're gonna love Freddie Mac. Great, great, great culture and benefits and food and hot girls effing everywhere.

May 9, 2013
DCDepository:

Great, great, great culture and benefits and food and hot girls effing everywhere.

Bro food and hot girls, sold. Only thing better might be taking a giant crap and not having to wipe.

May 9, 2013

Great culture if you enjoy government...

May 9, 2013
peinvestor2012:

Great culture if you enjoy government...

Nah, it's totally different. Hard to define, but I'm from a family of federal employees--it's not the same. Freddie Mac is a more youthful atmosphere with an amazing campus, laid back, beautiful chicks, and actually Freddie Mac has people with transferrable skills.

May 10, 2013
DCDepository:
peinvestor2012:

Great culture if you enjoy government...

Nah, it's totally different. Hard to define, but I'm from a family of federal employees--it's not the same. Freddie Mac is a more youthful atmosphere with an amazing campus, laid back, beautiful chicks, and actually Freddie Mac has people with transferrable skills.

I would disagree. Wasn't impressed at all with the people at Freddie. Or Fannie for that matter.

But to each their own.

May 9, 2013

Sweatingequity, what do you mean by "interesting culture"? I've never wanted to work for FM but just curious as to your thoughts.

May 10, 2013

Can the same be said about Fannie Mae? I heard Mac is doing much better than Mae.

May 10, 2013

Well, since you can't read, you responded to this post by me:

"I would disagree. Wasn't impressed at all with the people at Freddie. Or Fannie for that matter."

with

"Well, I worked there for a year and half my current clients are federal employees, so I think I would probably know a thing or 2 about Freddie Mac vs. federal employees/federal government."

Maybe we are talking past each other, but I consider the quality of employees to be of significant value and part of what goes into culture.

May 10, 2013
peinvestor2012:

Well, since you can't read, you responded to this post by me:

"I would disagree. Wasn't impressed at all with the people at Freddie. Or Fannie for that matter."

with

"Well, I worked there for a year and half my current clients are federal employees, so I think I would probably know a thing or 2 about Freddie Mac vs. federal employees/federal government."

Maybe we are talking past each other, but I consider the quality of employees to be of significant value and part of what goes into culture.

Ok, you responded to me by saying you disagree with my post saying that Freddie Mac employees have transferrable skills...

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May 10, 2013
DCDepository:
peinvestor2012:

Well, since you can't read, you responded to this post by me:
"I would disagree. Wasn't impressed at all with the people at Freddie. Or Fannie for that matter."
with
"Well, I worked there for a year and half my current clients are federal employees, so I think I would probably know a thing or 2 about Freddie Mac vs. federal employees/federal government."
Maybe we are talking past each other, but I consider the quality of employees to be of significant value and part of what goes into culture.

Ok, you responded to me by saying you disagree with my post saying that Freddie Mac employees have transferrable skills...

I suppose it depends on what you intended they are transferable to.

May 20, 2013

-No bonuses except for very high level people
-You should get paid OT for anything over 38.75 hrs

May 20, 2013

peinvest and DCD: From what I gather you are speaking of slightly different points and are simply misunderstanding each other.

May 28, 2013

Low salaries, low bonuses and 60+ hour work weeks seems to be the norm for a lot of entry-level professional positions. I don't know how I feel about that...

On one hand, half of the world lives on $2/day and there are people out there so desperate they would suck a D to get that kind of salary no matter what hours just to feed themselves and their families. So part of me wants to tell you to be happy with what you've got and deal with it.

On the other hand, I feel bad for the younger generation entering the work-place after me. You guys are so screwed, and you're too young to even realize the historic implications of what is happening to labor markets. $50K/Yr could have supported a typical American family like maybe 10-15 years ago; nowadays, you may never be able to afford a family or even a house for yourself if you live in a high-demand metro. So part of me wants to pat you on the back and say "good luck, kiddo, you'll be needing it."

Strange times.

May 31, 2013

If I was a manager I sure wouldnt tell my incoming, fresh out of college analyst "O yeah its great you will only be working 40 hours a week", even if I thought they would be. You set the bar higher, not at par, if you're an effective manager. I wouldnt worry about it until you start working and find out what it really is. Also, its your first job, dont worry about what it pays (which at 50K is a respectable 1st yr salary anyways). Youre at a good company and it will probably present you with solid exits in a few years. Experience is everything in RE. More hours means more experience. And btw working till 8 or later everyday is not nearly as bad as you think.

Jun 4, 2013

Freddie Mac isn't nearly as bad as people in this thread are making it out to be. I think you'll enjoy your time there and you will learn a lot.

Aug 9, 2013

Within the RE community, Freddie (multifamily at least) has a great reputation. Exit opps are great if you put your head down and work hard, so don't worry about the hours vs comp. I know some analysts and associates there that converted 1-2 yrs into gigs at commercial brokers (i.e. CBRE, Berkeley Point, NorthMarq) and acquisition groups. You being in the securitizations group, especially when Freddie is spitting out $1bn worth of multifamily passthroughs a month, will give you great experience and you'll be well-positioned to leverage that into a role at a CMBS originations team or CMBS trading, buy or sell side.

Aug 11, 2013

I'm surprised by those hours at FM, too, frankly. How is it panning out for you? Interested to hear..

Aug 11, 2013

When I was an analyst (multifamily) in 2009 it was $55,000 + 25% bonus for hitting our production targets (it was basically guaranteed). From what I've heard bonuses no longer are part of underwriting comp. So I'd guess $60,-65,000 for an analyst. Extremely competitive (getting hired is like winning the lottery--incredible amount of dumb luck involved). I'm thinking $70,-90,000 for the next level up (underwriting associate).

Glassdoor.com should have a decent number of underwriting salaries reported. I'm too lazy to verify my associate comp numbers, but I'm almost certain glassdoor.com should have some comps reported.

Aug 11, 2013

Thanks. I have an interview coming up in multifamily uw. Anything I can expect?

Aug 11, 2013

It is really going to be situationally specific. My analyst interview was 100% fit but that's because they already knew I had the technical skills for the analyst position (it was affordable housing group and I had just spent a year in affordable housing appraisal).

I did a phone interview for the associate job maybe 2 or 3 years ago and it was more technical.

Keep in mind that FRE operates a lot like the federal government when it comes to hiring. HR has a lot to say about who gets interviews and who doesn't. When I interviewed for the associate job (I was working for another firm at the time) the hiring manager already basically knew who she wanted to hire. I basically was being interviewed because they have to interview x number of qualified candidates. The hiring manager basically couldn't wait to get off the phone with me. So it's hard to tell if you are coming in as a legit candidate or if you are a statistical interview that was selected by HR (not associated with affirmative action--just HR selected). If you were selected by HR the hiring manager will probably have less to say to you than if you are a candidate actually selected by the hiring manager.

Aug 11, 2013

I do have Freddie experience and multifamily. Any kind personality questions they asked? Or just sit here and let's talk to make sure you're a good fit!

Aug 11, 2013

Numb

Aug 11, 2013

Fannie Mae?

Aug 11, 2013

worked in Freddie Mac for just about a year or so and still know people who work there..pm me for any questions you might have

Aug 11, 2013

I know this is an old topic, but just in case someone uses the search function, I'll add to this:

I was just hired by Freddie Mac. I'm one year out of college (May 2007 finance graduate). I spent 8 months working in affordable housing real estate valuation. I was hired as an underwriting analyst. Base is $55,000 with a 25 percent year-end bonus (pro-rated), with a March 2009 base boost. So, basically, from June to June, $62,200 + (depends on the March 2009 boost) all-in. For 2009, about $70,000 all-in. Not bad for a guy one year out of school with a 38.75 hour work week and a 5 minute commute.

Edit:
Whoops, I forgot that this moves this topic to the top of the list. Meant for this to be a more clandestine post. Oh well.

Aug 11, 2013
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Aug 11, 2013
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