Should I accept this offer?
I am currently an analyst at a small credit rating agency making $77,000 all-in per year and working 45 hours per week. I got an offer to join a one-year-long investment banking analyst program at one of the top Spanish banks. I am unsure exactly how many hours I will be working in this program, but the hourly rate is $38.46 per hour, with the overtime hourly rate being $57 per hour. I will NOT be eligible for a bonus in this program. No automatic offers will be extended after this program finishes, but I will be considered for permanent positions within the company. For benefits purposes, my annualized base salary is calculated to be $80,000 per year. I should also note that, in my current role at the credit rating agency, I have not been exposed to any financial modeling or deep-dive analysis. So this program will allow me to gain further relevant skills. Should I take the offer?
First of all, never calculate out your hourly- it's always depressing lol.
The credit agency job will probably be available after a year- that IB offer won't. If you don't like IB after a year or they don't give you an extension, there will be other jobs available to you. But, if you need to move and/or want the stability, 77k in Spain is really good money. In terms of working hours, you can expect 70-80 in southern Europe.
I should clarify that I am not in Spain. I am in New York, and this offer that was extended to me is for the bank’s New York office
Does the hourly kick in after 40 hours, and is it unlimited hours?
If so, this is a pretty good gig. If you average 70 hours a week, you're at ~170k a year. And your lateral opportunities will be better than at a credit rating place. I'd clarify the overtime structure in writing, but otherwise I'd definitely take the offer.
The overtime kicks in after 40 hours, and in the offer letter, there is no statement saying that my hours are capped. So I assume this means I can work unlimited hours
Is it a non-exempt position? Just curious
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