I am at a BB, and it turns out we got our first overtime pay this week.
We were initially told overtime would be 1.5x our hourly rate, but it turns out overtime is .5x our hourly rate. I have asked friends at other BB and they said they received the.5x ot as well and every is confused. OT is suppose to be the same of not more than your reg rate. Doesn't it defeat the purpose of getting paid less for more hours? Anyone else seeing this issue?
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Stop fucking complaining, at least you get OT pay
This.
I read on another thread here that SA do get OT while FT get bonuses that cover for OT. I think all SA get overtime. It is just the concept of getting less for more hours makes no sense, it was 1.5x last summer. I am not complainging just trying to see if its the same trand for SA at other banks.
Wrong.
1) You're not getting less for more hours. SAs who do not get overtime (who definitely exist) would be getting paid NOTHING for any hours worked overtime. Just be glad you're getting something.
2) This should be in your contract, which you should have read thoroughly and kept a copy of.
3) Be grateful that you are an SA at a BB at all. Tons of kids would kill to take your spot and be paid nothing at all. At this stage you shouldn't be concerned about how much you're making, it's so minimal compared to the path a gig like yours will set you up for throughout your lifetime. So shut the fuck up and don't worry about it
Holy shit dude what crawled up your ass? Chill the fuck out. Not once in his post was he bitching. This is a perfectly legitimate question.
OP: Idk how the BB's do it but BNP Paribas IBD SA's get 1.5x overtime
I get 1.5x and im not even at a BB...
gr8
.5x is pretty standard, did you not read your contract...?
Its 1.5x but your hourly rate is determined by salary/hours worked. So you only see the .5x because the 1x is included in your salary. Longer you work the less you get paid "hourly," but technically you are still receiving time and a half for overtime. Pretty standard for summer analysts now since they have done away with end of summer bonuses (for the most part).
What is your hourly rate like?
thanks Tropicalfruit, I am in no way complaining just trying to see what other SA are getting. I read the contract and the way its phrased it means 1.5x but then HR explained another detail which made it clearer and confirmed it was .5x.
Fling my hourly is $31, it is based on a 65k annual salary that analyst receive.
Also I am not in IB, I am in risk management. After speaking to my fellow SA in IB they are receiving the same .5x overtime. The same goes 2 other BB where my friends are SA.
Like I said in my op, I am just trying to see what other SA in BB are receiving.
My BB pays no overtime
I get $70k prorated, no overtime. The top BBs (GS/MS/JPM) don't pay OT for their Summers, at least in the U.S.... why would they? I doubt anyone would choose UBS (which does pay OT, time-and-a-half I believe) over those three just to make an extra couple hundo over the summer.
Some of the divisions / desks at these banks do pay overtime. Beyond that, that salary that is pro-rated can vary by SA (again, varies by desk) within the same bank.
Your division at your bank may not but there are some that do. Also, if UBS pays time and a half, that's a hell of a lot more than a few hundred.
70k prorated works out to around 33.65/hour 33.651.5 = roughly $50/hour if you're doing 100 hour work weeks which is pretty common for ubs, 6050 is an extra 3,000 a week and roughly 30,000 for the summer.
There are most definitely people who would take ubs + 30,000 over goldman
I get 2.5x hourly wage overtime. Beat that suckas.
How do you even calculate overtime for a banker? I mean, basing it on a 40-hour week would be ridiculous, there isn't a single front-office employee who works that little (okay, okay, I've heard Sales & Trading MDs work pretty close to market hours, but still).
Is overtime really that commonplace for SAs? I mean, I'm pulling 80-100 hour weeks here, same as everyone else--I just assumed no one was getting OT except at shops that want to attract top talent away from those banks perceived as "better."
I'm assuming no bank pays FT analysts overtime....right?
Pretty sure all the non-US banks pay overtime
What Banks Pay Overtime to Interns? (Originally Posted: 04/09/2007)
Does Morgan, Merrill, Lehman, or Credit Suisse pay overtime to their summer interns or no one does?
ML does not, I dont think Morgan does...Lehman may..Bear does...not sure about CS.
GS/MS/ML/LEH/Citi/JPM- no CS - yes UBS - don't know
DB
UBS - no
Lehman definitely doesn't, unfortunately. FUCK... CS pays overtime? I should have waited to get the offer letter before turning them down. That would have been sweet.
CS westcoast (SF/LA) pays 1.5 OT and CS NY pays 0.5 OT
it seems worth it to get overtime pay at DB or CS, but this stops once you are a full time analyst and a better bank far outweighs a few extra thousand dollars
DB and CS are not worse banks by any means
In general, the European banks do.
well i would think CS LA would be a solid choice for the summer. good bank and great pay.
You would have to be an idiot to factor money into your internship decision, how shortsighted are you? Are you doing it for money or experience/prospects/networking etc?
I already accepted an offer, I was just wondering if my competitors were getting OT, that is all
DB and CS do. DB 1.5x overtime rate, CS .5x overtime rate.
what kind of hours do interns work?
The people on this board said IBD SA worked like 100hrs and the mid-office Finance guys and back-office Ops guys like 60 hours. Is that right?
They pay overtime for IBD SA working late? Or just other interns?
DB does not pay 1.5x ot. They did last summer but now its the .5x.
From what I have heard from a buddy who worked at CS NY this summer and was paid at 0.5x, they actually take this money out of your next year's full time bonus if you accept your full time offer. Has anyone heard this as well?
ive heard of that as well, but doubt that is true
Etiquette for "overtime eligible" s&t interns (Originally Posted: 06/02/2015)
This summer I'm interning at a different bank than I did last year. The program is rotational at a BB. I know at least two of my rotations, FX options trading and structured credit derivative sales (I like the mathy stuff). Anyway, the bank I worked at last year was European and very relaxed, and I'm expecting this summer to be far more structured and intense. Interns are paid an analyst salary that is pro-rated for the 10-week program, but we are also overtime eligible if we work over 40 hours per week, which we obviously will. Now, I've heard rumors (not particularly reliable ones though) of HR telling interns who enter >40 hours in their timesheet that they really shouldn't be doing that to make overtime in addition to the salary, even though the bank I worked at last summer encouraged us to do so. I'm worried that, if I take that approach right away, my manager etc will think I'm leaving a lot earlier than I am. Is it generally considered improper for interns to claim their overtime hours?
I wouldn't leave before your manager, if he/she is still here, then there is probably work you can help out with. I wouldn't worry about HR.
if u OT, just clock it.
your manager is not going to care
Ask one of the analysts or your manager what the expectations are for time sheets. It's easier to just be direct.
Reality of SA Overtime Pay (Originally Posted: 02/18/2011)
If a BB offers OT pay for SA IBD position (1/2 hourly base for every hour after 40), do they actually pay you that much in reality for all the overtime hours you work? It seems a little bit too good to be true, esp. if you work 80+ hours per week.
Anyone who had experience with this?
Do they make you log less hours?
Surely not...
they do. its great pay and the checks are typically more than the first year guy in the next cube over (until their bonus hits)
Very nice, I think I might be getting OT pay. Didn't believe it at first, still waiting on the contract.
thats how my internship last summer was. time and a half for 40 hours plus 40 hours of regular hours is nice. but then you feel like shit cuz taxes rape you
It's very real. Credit Suisse interns make some serious bank.
Yeah it makes you feel really pumped to be working FT should you get the offer. Then once you show up as a FT banker, it's off to pound town for you.
So help me, God!
Between the overtime you get as an SA and the bonus you get as a FT first year, it should actually end up being relatively equal. Actually, I think if you figure 80 hrs/week you would still get less for hourly plus OT than you would if you were top or middle bucket FT. Of course once you get to 90 hrs it is probably about even, but either way it's good.
I know of one bank that makes their hourly based off the base of a 1st year assuming 65 hours a week (OT built in). anything over 65 and you are pulling more than the base of the guy next to you
Yeah, I read my contract for the summer and it's time and half for anything over 40, a bit unreal.
Overtime for SA? (Originally Posted: 02/20/2010)
There's a clause about overtime in my offer letter. But OT pay isn't ever given, correct?
This is at a BB, btw.
Thanks, S
Some BB offices do pay overtime for SA.
There have been SAs who have grossed over 40k in 10 weeks because of this.
Congrats!
Thanks
So is this typical for NYC offices?
Not really - mostly foreign banks do it (excluding UBS).
Hahaha played w my heartstrings there for a second
Alright thanks guys
On a slightly unrelated note, when firms say you will work for 10 weeks, does this include the training week or is it training week + 10 weeks of work?
My bank is paying me overtime this summer. The HR lady called to tell that they will be. Although my hourly is $20 rather than $35.
Includes the training week.
10 weeks total, and yes some foreign banks pay overtime... it's niiiiiccce.
Anyone know if "Premium Pay" is always in contracts each year? If so, does this mean that I won't actually be getting any overtime? This is for a BB that isn't CS, DB, BAML, or Citi.
will be getting "premium pay" this summer at a BB not listed above, and hr has told me it's equivalent to OT (as in i will be getting paid for it)
hope that helps
BB will pay about $1,000 - 1,200 per week for 10 weeks. They will ask you to work 80-100 hours/week. Not a cent for overtime pay. Unless they pay you $10-15 per hour and you are interning in opertaions.
http://www.glassdoor.com/Salaries/summer-intern-salary-SRCH_KO0,13.htm
@artmonkey,
That's incorrect. Some BB's (CS, BAML) do pay overtime.
ibdhopeful:
I do not know anything about CS, BAML. I could be wrong. Look at this
http://www.glassdoor.com/Intern-Salary/Credit-Suisse-Internship-Salary-…
Maybe it is differnt in GS, MS and PE & Hedge funds.
BAML and CS definitely do pay overtime in Houston
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