What comp would you require to agree to work an extra x hours per week?
How much additional comp would you require before agreeing to work an extra 10 hours per week? How about an extra 20, 30, 40?
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As for me, I'm a guy who values my time. I'd need at least 100k to work 10 more hours per week.
Bruh, I'm not the one who threw the MS - but aren't you the intern here at WSO working for free? Are you trying to negotiate with Patrick lol
Yes I'm trying to negotiate. I'm a very good negotiator, and this is a very good negotiation tactic. I definitely was not just trolling in the post above
amazing, truly insightful
I highly doubt Patrick is paying an unpaid intern $100k to work 10 more hours
Salary, so if I have to work an extra 10 hours per week my additional comp is $0
I mean if we took last year and on average you worked 10 more hours per week, but it was your choice, how much more would you need to be compensated
You seem to have misunderstood the question
Not really. There is no "agreeing" to work an extra 10 hours a week. If you have to, you do it.
Reminds me of Office Space when Peter asks what you'd do if you had a million dollars and Samir is like "I'd put half of it in mutual funds and give the other half to my friend who works in securities."
How about the total amount, across an entire year? $10k extra? $100k?
I'm salaried but if negotiated, it'd have to be 2.5x what my rate is on an hourly basis.
For every minute past 10 hour mark, make it 5x.
Damn
Interesting question and I think it’s heavily context specific:
I generally work right now about 50-55hr/week which comes out to about 9-8 M-Th, 9-5 F.
If you brought me to 40hrs/week but made me do a 9-5, my lifestyle doesn’t meaningfully improve or change (I’d pay nearly nothing to make that change). You move me to 40/hrs a week but only M-Th and that is a game changer - constant weekend trips, can train more, more late night drinks and dinners each week. I’d probably value that at 100K a year. On the other hand, my life doesn’t really change much between 50-60hrs a week in which case I’m pretty ambivalent. When I start working enough that it starts interrupting my continuous free-time by either 1) running sleep deficits that requires me to catch up on the weekends or 2) working on the weekends, that’s when my cost curve starts increasing very quickly (think 50-100K every 5-10hrs after 65hr/week at an exponentially increasing rate).
It really depends on which hours are getting cut and how reliably. For me, in your example, cutting out 4 hours per week to 9-7 PM would allow me to have dinner with my wife and toddler and put her to sleep on a daily basis. I'd pay a lot of money (probably $10k per hour) for those specific hours if rock solid reliable. I'd also just move hours around by starting at 8 AM if possible.
Be my own boss / having my own P&L, and I'd be willing to work whatever hour.
How does this thread, made by a bold (being nice with word selection here) INTERN make the front page?
I hate to be the old guy who thinks everything was better back in my day, but this is a sad day for WSO.
thank you for being nice with word selection, you would have truly hurt my feelings if you did not choose to show so much mercy
bold? +1 SB
Depends on the nature of the work entirely. Love doing things like structuring deals, raising capital, etc... but want to blow my brains out when I have to help rebuild books/review QofE/blah blah blah.
good thought, let's assume same percentage is spent on each task as the percentage spent now now
Somewhat of a tough question given fluctuations in banking hours. Average about 65-70 hours a week which probably shakes out to:
M-F: 10am - 10pm S-S: 5-10 hours total
Taking a slightly different approach vs. OP: Assuming I can't start earlier (you can start as early as you want but you won't end any earlier in banking generally), the 2 hours between 8pm and 10pm are pretty valuable. Getting out at 8pm you could take like a guitar class, go to dinner, get drinks with friends, dates, kickball league, etc. but most of those activities aren't available after 10pm.
Thus assuming normal associate comp of $300-$400k I would probably take a $75K haircut to guarantee two additional two hours every night. If I could also guarantee key weekends/vacations don't get blown up too then it would honestly probably be even more.
This makes sense. I think salaries / hours worked in broader finance are generally on market. Manager at F100 Corp Dev or Corp Fin is around 150-200k all in and is 9-5 or 9-6 with no weekend work. That's a roughly $150k discount for 20-30 hours fewer per week or valuing incremental hours at between $5k-10k/hour.
There's no number. I don't need more money, I have no use for a larger condo, I don't need a bigger boat (my pre-owned bass boat is holding up just fine!), I don't need another watch, etc. In fact, I would probably give away a clean $50K a year if it meant I could take Fridays off and spend more time fishing at the lake house (which my parents bought for pennies ages ago).
with 3 kids under 4 years old, it would have to be a lot because we already do fine and the marginal utility of any additional $ is very low. now, if it meant being able to set up my family for years by working a few tough years at 70+hrs/week, no problem (would just need buyin from my wife) ...so would be something like this:
10 more hrs/week = +$1.0m/yr 20 more hrs/week = +$3.0m/yr 30 more hrs/week = +$7.0m/yr
This question reminds me when I told my VP I was leaving IB after 2 years to jump to PE. He brought me in my office and asked me "Give me a number." Basically asking me how much would it take for me not to jump ship.
The problem at that point is that I was SO burnt out, I would literally have needed at least $500,000+ to continue (and I was only 24 at the time)... the 90+hr weeks had just beat me down over 2 years and I needed to get out. So instead of answering, I just told him "Sorry, I just need a change and want to get back to Boston near family..."
Nowadays, I work ~35-40hrs/week, have a flex schedule and I'm about to go take my 2yo son to the park to play some soccer... At 10am on a Thursday. I'm sorry, but that is ******* awesome :-)
$5K for every additional average work week hour worked with a hard cap of 60 hours per week.
Honestly for how much more I work than 40 hrs/week, just maybe an occasional "thank you" (not a thx or tx) or some sort of compliment would probably do it for me.
Like thatll ever happen.
Thank you. (may not be from your boss, but appreciate you on WSO)
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