This study analyses how different working hours arrangements influence the subjective job satisfaction. The paper contributes to the existing literature dealing with job satisfaction by including information on the flexibility of working hours arrangements and the compensation for working overtime. At first we describe the spread of flexible working hours arrangements over time in Germany. Based on data from the German Socio-economic Panel (SOEP) waves 2005 and 2007 we estimate a fixed-effects model and find a positive effect on job satisfaction of self-determined working hours of full time employees. Considering part time employees we find a clear preference of paid overtime over all other compensation options. Contrary to our expectations there is only little effect of the daily timing of working hours on job satisfaction.