I am an exempt employee. Am I allowed to be compensated for overtime?

Exempt employees are not allowed to be compensated for overtime. According to Personnel Policies for Staff Members (PPSM) Policy 31, "Hours of Work":
EXEMPT EMPLOYEES
The workweek for full-time exempt employees is normally considered to be 40 hours, and for part-time employees the proportion of 40 hours equivalent to the appointment percentage; however, greater emphasis is placed on meeting the responsibilities assigned to the position than on working a specified number of hours. Exempt employees do not receive overtime compensation or compensatory time off, or additional compensation beyond the established salary for the position except as provided in Staff Policy 30.I, Administrative Stipend for Temporary Assignments.

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Payroll/UCPath