I got this as well. I also remember the original I_heart_math
I got it. This is not my first name either
I forget what was his screen name before jtld… The dude used to get banned like every other week!
You can get a good blast from the past by googling the old “it’s Friday prople” threads.
Can’t link for some reason. Google “it’s friday people site:analystforum.com” for best results.
Edit: Classic
Talking of blast from the past: daviskr and PT. Damn!
Lol
Thanks for this
Like I said above, if you’ve been in this business for 5-6 years, ie in your late 20s, and even just moderately successful, then you should be easily clearing 350-500k (http://www.wallstreetoasis.com/salary/investment-banking-compensation). Otherwise not sure why you would be in this business.
Oh! If it’s on WSO, then it must be accurate. It is certainly known for its veracity.
LOL right on
Actually, AF’s own esteemed members concur with me too:
http://www.analystforum.com/comment/91560855#comment-91560855http://www.analystforum.com/comment/91576003#comment-91576003http://www.analystforum.com/comment/91119733#comment-91119733http://www.analystforum.com/comment/91429743#comment-91429743
Damn, some of you guys/gals are killing it. Well done.
I avg $3K in spending and around $2.5K in savings a month. Bonuses go right into savings too. Saving for B-school is a pain in the ass…
http://www.analystforum.com/forums/water-cooler/91318913
Don’t forget this gem. $123k = so much money. LMAO.
What I indicated was far less than $300-500k after 4 years. But I’m hacksaw, so what can I say.
However, most of the good vacation hotspots are priced for the people who on the coasts. A trip to Disney World costs proportionately less of a NYC-er’s budget than it would of mine, simply because they get paid more.
I have never been more aware of this that when I went to Vegas, and for my first meal there, I ordered a reuben, fries, coke, and a small piece of cheesecake. The total was $38. If I got the same thing at home, it would be less than half of that. But a girl at the convention I was at thought that $38 was pretty cheap, because she lived in San Francisco.
^ Work and save in New York, retire in New Delhi.
I’m going to agree with iheartiheart, not as a dick pumping exercise, but as an academic matter. The top range of that scale might be inflated (I have never seen a VP level person make $1.5 million, for instance, but perhaps it could happen under different circumstances). However, $500k to $800k is very realistic after 7 or 8 years in “the business”, i.e. a FO job in a good investment bank. I cleared $500k at the end of year 4, for instance. The compensation range for managing directors (let’s say 12 years experience) is realistically $600k to $1.5 million nowadays. However, it could be more in good years (the past couple of years have been bad years).
This comes with many conditions, of course. Most people don’t make it that far in finance, especially in IBD, which provides work life balance that is unsustainable for most normal people. Most people in other divisions, particularly S&T, work in support functions. The manager of my MO probably makes $400k - measurably less than what a relatively junior trader might make. In addition, compensation is much lower outside New York. If you work in the Midwest or Florida, don’t expect the same compensation package as you would in New York where the cost of living is dramatically higher. Even when I was in San Francisco, I was underpaid relative to people in the same function in New York.
In addition, most people in FO jobs are just not top performers in their firms. However, most people think they are, and thus associate their own compensation as being close to top of the range. So, when people say “no way someone is making that much in my company”, 1) perhaps it is indeed unsubstantiated, or 2) perhaps it is true, but this person, being a mediocre worker, has no way of knowing it.
You might be able to make even more at a top hedge fund or other buy side firm, let’s say Citadel, Rennaissance, or similar. However, you do have to be a good performer, or else you will be kicked out. It’s not like many banks where you can just cruise after a while.
Finally, it still alarms me that despite what people make in New York, many still live from paycheck to paycheck. They waste their income on $10k rent, four figure bar tabs, lavish homes, or divorces. I met a guy a couple of weeks ago who is concerned that he will have to work until age 70; he lives in a $3 million house and incidentally, we were eating at a 3 Michelin star restaurant (not Per Se, if you are wondering). My coworker (same level as me) has $50k worth of luxury watches and probably $50k of fine art. For some people, the money goes away as easily as you can make it. Although I probably sacrificed some lifetime earnings from my early career decisions, I am thankful that I am still relatively grounded and have friends who will say something if I start to turn into one of these lavish people.
^^^^ Valuable information given the time of year.
I mean, it is possible to make a lot of money in IB or finance, that’s not really news. The IB path laid out by ohai assumes that everything goes correctly in the most efficient way possible (from my experience). So:
Year 1: Analyst. Do 2 years as analyst then get asked back for a 3rd year and forgo MBA. 3 Years.
Year 4: Associate. You get promoted to Associate after completing 3 years as an analyst. Here, you probably make around 300k, averaging for good and bad years/groups. Let’s say you’re an associate for 3 years (it could be 4) before passing through to become a VP. 3 years.
Year 7: You are now 6 years into the IB game, 28 years old and ready to make real man money.
So, assuming everything goes perfectly and you decide to stay in IB, that is basically the fastest way you can become a VP, in my understanding from VPs I know. Promotions after that are a lot more variable, but usually it will take a few more years to move up to a the next title up, which is typically the title before MD. MD promotions are individually determined and do not adhere to any expected schedule.
In some ways, it makes me realize that, purely from a money making to aggravation standpoint, instituional sales is probably superior to IB. But, if you want the chance to make $20mm in a year IB is a better fit.
^ For what knowledge and value they bring, those associates (if making $300k) are the most overpaid folks on Earth.
Sales = best work-life balance in finance.