Comments (19)

 
Mar 13, 2020 - 10:10pm

By SI do you mean summer intern, and 1.5 overtime?

If so this is somewhat common for interns, mostly in California where it's required by law. Wells Fargo pays 1.5x overtime at all locations. Some banks pay 0.5x to interns

I don't think Nomura or any other firm continues paying overtime once you start full time, enjoy it while it lasts

Array

 
  • Intern in IB-M&A
Mar 14, 2020 - 11:54pm

I interned there last summer - yes it is 85k pro-rated and OT. However if you're in New York (which I am guessing you are) the OT laws are weird and you don't actually end up getting 1.5x (ie, $60/hour) when you work overtime. I forget the exact numbers but essentially your marginal per hour rate goes down the more hours you work.

So you get $40 per hour base for your first 40 hours, then the next hour is something like 39, then something like 38, etc. etc. The marginal per hour rate for the 80th hour in a week was something around $20, if I remember correctly.

Bottom line is you do end up making proportionally more than the full-time analysts are making during those 10 weeks, with an additional nice tax refund (I got ~$2,500), but it's nothing TOO crazy. If you're in california, it's a different story as I have heard their OT laws are different. But I don't think Nomura has Markets in SF. If you're in Europe - also different story. Not sure how that works.

 
Apr 15, 2020 - 8:24am

This is not "insane" - $85K base is standard across almost all (at least, decent) I-Banks. The OT is surely a good add-on but given it's not flat 1.5x and is instead the fluctuating method under FLSA, not really a game-changer.

 
  • Intern in IB - Gen
Apr 15, 2020 - 8:27am

Apologies to hijack but has anyone heard anything about Nomura SA? Whether it is virtual this year or delayed or whatever? Been sent very little by HR...

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