Comments (19)

 
  • Prospect in Other
Mar 13, 2020 - 8:43pm

Do all firms on the street pay the same roughly speaking? For example, do banks like Mizuho, Nomura pay the same as GS, MS, JPM?

 
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 - 2:16pm

Are you sure this is required in CA? Will be interning in SF this summer and no mention on offer letter / elsewhere of overtime pay. Maybe it's just not stated.

 
Mar 14, 2020 - 6:18pm

I think this is still the law, I went to school in California a few years back. Anything over 40/60 hours was 1.5/2x overtime for interns only. Maybe they've changed it now but CA IB interns used to make 30k+

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  • 1
 
  • 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.

 
  • Prospect in Other
Mar 16, 2020 - 11:20am

How do you calculate the taxes for your internship? Say if I make 6k a summer, how much do I get after taxes? Thanks.

 
Mar 16, 2020 - 11:34am

How do you calculate the taxes for your internship? Say if I make 6k a summer, how much do I get after taxes? This is for NYC. Thanks.

Array

 
  • Intern in IB-M&A
Mar 17, 2020 - 12:11pm

Not sure of the percentages. Just look up the social security/medicaid/federal tax rates in new york for your given level of income, I'm sure there's calculators out there.

Employers withhold usually the highest bracket percentage wise for intern taxes, I think. But it also differs.

 
  • 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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