BEECH JET 400 FLT CREW HAS ALT DEV DURING THE TEB 5 RWY 24 DEP.

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ALT DEV: AFTER DEPARTING RWY 24 AT TEB VIA THE TEB 5 DEP; THE INITIAL ALT OF 1500 FT WAS EXCEEDED BY AT LEAST 300 FT BEFORE CORRECTION WAS TAKEN. NOTIFICATION OF THE DEV WAS ALSO RECEIVED FROM NY DEP AT APPROX THE SAME TIME. FACTORS INVOLVED: PLT FLYING (SIC) LOW CORPORATE FLT EXPERIENCE. PLT FLYING LACK OF FAMILIARITY WITH PROC (FIRST DEP AT TEB). MISINTERPRETATION OF THE SID BY PF (CREW BRIEFED PROC PRIOR TO START-UP AND DEP; THERE WERE NO QUESTIONS FROM THE PLT FLYING). CONTINUING THE CLB WHEN FLT COMMAND BARS HAD CAPTURED ALT (PRESELECT WAS SET FOR 1500 FT AND PNF MADE VERBAL CALL-OUT AT 500 FT (500 FOR 1500 FT)). PLT FLYING DELAY IN RETARDING TKOF PWR AND TAKING CORRECTIVE ACTION. PNF DELAY IN TAKING CORRECTIVE ACTION/ACFT CTL. PIC DECISION TO ALLOW SIC TO FLY THE DEP. THE PNF MADE AT LEAST TWO ALT DEV CALL-OUTS UPON EXCEEDING THE PRESELECTED ALT AT WHICH TIME ALSO MADE INITIAL MOVEMENTS TO TAKE CTL OF THE YOKE IN ORDER TO DESCEND BACK TO THE CORRECT ALT AT WHICH TIME PF INITIATED CORRECTIVE ACTION. UPON RECEIVING NOTIFICATION OF DEV FROM NY DEP; WE THEN RECEIVED CLRNC FOR A CONTINUED CLB TO 3000 FT. SUMMARY: AS PIC; TAKE IMMEDIATE ACTION FOR ALT DEVS; NEVER ASSUME A PLT (IN PARTICULAR ONE NEW TO A PROC SUCH AS CLOSE-IN DEPS) KNOWS WHAT THE HECK THEY ARE DOING NO MATTER HOW WELL THEY BLUFF! AS PIC CAREFULLY CHOOSE WHEN AND WHEN NOT TO ALLOW A NEW PLT SIC OR PIC RATED WHEN THEY MAY EXERCISE THE PRIVILEGE OF PLT FLYING!