A CL300 FLT CREW CLBED THROUGH CHARTED ALTITUDE ON THE TEB 5 DEP.

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I WAS THE PF; CONDUCTING OPERATING EXPERIENCE FOR A NEW HIRE FO. THE TAKEOFF WAS FROM RWY 24; ASSIGNED THE TEB 5 SID. THE PROC CALLS FOR RWY HEADING TO 1500 FT; THEN A R TURN TO 280 DEGS; AT 4.5 TEB DME; CLIMB TO 2000 FT. PRIOR TO TAKEOFF I BRIEFED THE PNF; AFTER FLAP RETRACTION; TO ENGAGE NAV; VS; AND AUTOPILOT. AT THE SAME TIME AS FLAP RETRACTION; TEB TOWER HANDED US OFF TO DEP CTL. THE PNF BECAME ENGROSSED IN CHANGING FREQUENCIES AND CALLING DEP CTL AND DID NOT ENGAGE THE FLT GUIDANCE PANEL AS BRIEFED. I BECAME DISTR BY HIS PREOCCUPATION WITH THE FREQUENCY CHANGE AND THEN NOTICED THE AIRPLANE WAS RAPIDLY APCHING THE INITIAL LEVEL OFF OF 1500 FT AND THE ALTITUDE WAS NOT BEING CAPTURED. I IMMEDIATELY APPLIED A CORRECTION BY LOWERING THE PITCH ATTITUDE AND ROLLING INTO A STEEP BANK TO STOP THE CLB AND RETURN TO 1500 FT. MAXIMUM ALTITUDE ATTAINED WAS 1700 FT; AND THEN ONLY FOR A FEW SECONDS. I RETURNED TO AND MAINTAINED 1500 FT. THE EVENT OCCURRED BECAUSE THE PNF DID NOT FOLLOW INSTRUCTIONS AS BRIEFED. THE CREW BECAME DISTR BY THE HANDOFF FROM TOWER TO DEP CTL DURING A HIGH WORKLOAD SITUATION. THE PNF'S LACK OF EXPERIENCE ADDED TO THE WORKLOAD AND CONTRIBUTED TO THE OCCURRENCE OF THE EVENT. THE CAPT COULD PERFORM THE DUTIES NORMALLY PERFORMED BY THE FO WHEN THE FO LACKS SUFFICIENT EXPERIENCE TO PERFORM THE REQUIRED TASKS IN A HIGH WORKLOAD ENVIRONMENT. OPERATING EXPERIENCE SHOULD NOT REQUIRE INTENSIVE TRAINING. NEW HIRE PLTS WHO LACK SUFFICIENT EXPERIENCE SHOULD RECEIVE ADDITIONAL TRAINING IN THE SIMULATOR AND CLASSROOM BEFORE BEING RELEASED TO FLY THE LINE DURING OPERATING EXPERIENCE.