SF/Bay Area IB Interns clock overtime hours?
I'm an incoming Investment Banking SA in the SanFran Bay Area. In a pre-employment packet I received recently from my BB it read that California labor laws require 1.5x pay for each hour above 40. Sounds way too good to be true, but I just wanted to check if anyone knew what the deal is with OT for California IB.
A senior at my school said they worked in NYC (S&T) and had to clock hours ($85k prorated at 40 hrs/wk: ~$41/hr). There was apaprently an unspoken rule that you should not clock more than 60 hours per week. Even so ... that is a lot of money for an intern (~$60/hr for the OT hours).
Has anyone interned in California for IB or knows someone who did and can shed some light on this?
Bump curious about this as well my friend told me he took home 20k from a winter internship at Deloitte for clocking all his hours
Interned in CA clocked over 80 hours every week and made like 50k+. There was no “unspoken rule” at my bank
Being an intern in CA is insanely lucrative because of the overtime. And FYI avoid calling San Francisco "San Fran" - just one of those weird local things.
Yea as a local please dont say "San Fran" or "Frisco" it just pisses everyone off
I haven't actually heard anyone say "Frisco" in a non ironic manner, but yeah that would be an even bigger no no.
Good to know thanks
I can't tell if people on this thread are trolling, or if they are serious.. If you clocked 80 hours per week at $40/hr ($60/hr OT), you would make $4,000 per week (40*40 + 40*60)... AKA $208K per year prorated... That's more than 2nd year FT analysts. Can someone please confirm this?
Can confirm at my bank (BB). People made even more actually cuz pay was 1.5x for anything above 40 hours but below 60, and 2x for anything above 60
That's a common misconception people have with prorated salaries. It seems high prorated, but that's because the employer knows they are only paying for a few months, and under no circumstances would they have to pay the full prorated salary. Let's say I have a bunch of baseball cards that I can make 1,000 a day, so I'm making more prorated than a lot of people, but my supply only lasts a month. Obviously I'm not going to say I make more than an IB analyst. Unless the prorated amount of time is unknown (which it rarely is), the fact that their rate is higher doesn't mean much because they aren't able to do that for nearly as much time as a FT analyst. So to your answer your question, no they aren't trolling. It's slightly higher prorated, but so was the baseball card example. You have to take into account the value of the extra work that the FT employees get
Friends who interned in SF sweatshops cleared well over $40K+. Working 7 days straight is also against labor law in CA.
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It’s true. Log your own hours, get paid 1.5x (=$60) for each OT. This is for anyone working remotely from CA. It doesn’t matter what office you’re working remotely for.
My offer said that I was to work 40 hours a week (with 1.5x for OT hours) and would need permission from the MD to exceed that. Obviously, I've worked over 40 hours every week and never even brought up permission for more hours. My advice would be to clock your hours accordingly and that no IB team member will have any visibility on your hours clocked and sincerely don't care. Your salary is less than a drop in the bucket for the bank and even that team.
My friends in ER/IB say that interns always earn more than the 1st years and sometimes the 2nd years because of the 1.5x overtime pay, especially in California, where overtime is defined as more than 8 hours a day instead of 40 hours a week. It's the same reason that Cali firefighters make bank because of their "24 hours on, 48 hours off" shifts. It just is what it is. Enjoy it.
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Interned at a top EB (EVR/CVP/Q) in California where pay was very competitive and can confirm this is true. Summer pay is great, but how many hours you actually log in will ultimately depend on the group culture/expectations and what other interns in your group are submitting. Experiences seem to vary based on that
I was at an NYC bank paid hourly and was paid OT at 1.5x. Made 25K+ in 9 weeks, that was a super light summer for the group too
By the hour sounds nice. My SF offer letter is a prorated monthly salary
So is mine, but I was under the impression that interns in SF got paid hourly. Does that mean I won't be able to clock juicy overtime if my offer letter doesn't specify the hourly rates?
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