My guess is that 85k is equally distributed annually @ a 52 work week correct? So if I work more than 40 hours a week then will I actually be making more?
I guess what I'm saying is that is 85k pro rated a fixed cost no matter how many hours i work (less than 40 a week or more than 40 a week)
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Generally it would be for 40 hour work week (I think you're confusing 52 weeks/year). Depends on if the bank pays overtime. if yes, then you will be making more; if no, then anything over the 40 hours is free labor for the firm.
I'm a bit confused by you're phrasing but would like to help.
My initial thought is that its definitely not 52 hours per week. 2080 hours is the standard work year for calculations (i.e. 52 * 40) or (obviously) 52 weeks per year. Not sure how interns get paid in IB, but in consulting we are paid our annual salary divided by 52 weeks.
For IB this would imply you are getting paid either a) $40.87 / hour (i.e. $85K / 2080 hours) in up to 40 hours or b) $1,634 per week. These two numbers will come out exactly the same unless you get paid for OT (not a thing for MBA interns), which I can only see happening if your compensation is described hourly in your contract.
Hope this helps!
thanks for both your posts! I guess I should call HR and ask if i get OT
My two cents: Definitely don't ask HR if you're getting paid OT. Lol. This looks really bad on you from the get-go because the answer is most definitely not. This is engraved in stone especially if you're an intern.
The HR, Compliance, and Banking desks are fairly close in that they talk a lot during company events and these things tend to get out pretty fast.
Also, 85k pro-rated is decently high for a base starting salary as an intern. The street pays anywhere from 70k-80k so you're definitely in a good spot to begin with.
Cheers.
Alright will do, thank you!
85k is standard pay for the street (decently high compared to other professions I suppose). 70k was standard 2 years ago and now would probably be considered below average.
Don't know why everyone is saying no way to OT. 100% sure that there are still large banks that are giving OT and not necessarily at the expense of a signing/relocation stub bonus. No need to ask HR, though, it'll say directly in your offer docs with your regular pay. If it's not there, you're not getting it.
For what it's worth at my bank you get 85k divided by # of weeks you work basically, no overtime. I think it might vary by state.
I think that's the standard procedure in front office.
Basically it means for an intern summer you're getting paid 10/52 * $85,000 = ~ $16,300
$85,000 is standard base salary for a first-year IB analyst and therefore the going rate for interns.
You will not get overtime and do not ask - it reflects poorly. If you're working say 13 weeks over the summer on 85k pro-rated, you'll get 13/52 x 85 = 21,250.
I don't know why everyone is saying you absolutely will not get OT - that was not the case as recently as 2 years ago in some offices.
I do agree that you should absolutely not ask though.
I know some places (DB for one) pay OT to the interns in lieu of a stub bonus. Not sure how common it is though
LOL overtime! Hahahaha, sorry but that is too funny. Prorated means it's adjusted for days worked. If your banks bonus/promotion cycle is standard calendar year end and you start in July you will make 42.5 in base by year end. If you are an intern you will make $14,167 during the 2 months you're there. Please tell me you didn't ask HR if you got overtime. If they tell your group that's an awesome way to look like a jackass before you even start.
I know of at least one satellite location where several banks do in fact pay overtime for IB interns specifically. A close friend worked at a BB there and had to report overtime hours in, and if I recall correctly the wording of the contract was something along the lines of 80 or 85k prorated at 37.5 or 40h per week.
Told me a story how after his first week as an intern he had no idea whether he should actually be reporting late nights in, asked his FT associate mentor, and was told to be completely truthful: if you were in the office or at home working on something, make sure the hours are submitted. The OT rate wasn't at 100% of base salary, but in the end the annualized pay for an intern would have been about the same as an FT analyst's all-in comp.
Just my 0.02, pm if you're interested in the firm + location.
I got paid 85k prorated plus 1.5x the hourly rate as overtime last summer. Hell, we were probably getting paid better than the second years at that point when putting in 70-80 hours a week.
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