Hi guys Everywhere i see on websites, in countries like US,UK and canada the list of popular and high paying careers does not include financial services profession like Investment Banking, Stock Broker, Investment Management or Research Analyst. Neither they are projected as high paying nor popular career options. The options that make to the list are either medical, legal, or IT. Why so? What i know is that people along with interest in finance has a bigger lure of money and bonuses. If financial professions cant make it to list of top 10 careers how do we claim to be in one of the highest paying professions.
Are you a Gujarati? They are known to be very greedy when it comes to money. Two, who said people are motivated by money alone? Your attitude is a reflection of a sick society. I love my job. And I love lamp too.
First of all i am not Gujarati. Secondly, people who say that they dont like money are hypocrites. There is no one who hates money. Understood you love your job. At the end of the day we need money to enjoy life. Few people derive motivation by monetary results, others by seeing positive changes they make by doing their job. It takes to be a man to dream a luxurious life for yourself and your family and earn money for it by working hard. There are lot of career choices made by deciding the amount of money one can make in a career. There is no MBA college which does not show the highest salary, average salary and lowest salary. Salary is one of the parameters by which MBA aspirants decide upon bschool. And yes CFA itself has a pdf file which shows comparison of salaries that CFAs and MBAs can make. My point was to seek other’s observation of the projection of financial services world by media when compared to other professions.
Singh is not Gujarati.
I think you are looking at this issue from the wrong angle. Certain professions (as a whole) involve some element of a capped income. For instance, as a high school mathematics professor one can only earn let’s say hypothetically 100K based upon a given number of years experience and any payments made for extracurricular activities (coaching a sports team for example). The same can be said of many of the professions listed above. Finance and entrepreneurship are two professions (if you can really consider being an entrepreneur a profession - maybe a path) that do not involve this element of capped income. That is, unless you aspire to work in corp fin., etc. your potential is only limited by your vision, skill, passion, and to a certain extent…luck. The survey’s I’ve seen are entry level. Their value is nil. The fact that you are asking this question leads me to believe that your income is capped because you lack the foresight or vision to see beyond “the list.”
i am not motivated by money.
^ me neither Storko. Not all the finance pro make in 6 figures. Doctors do
shalabh singh Wrote: ------------------------------------------------------- > Hi guys > > Everywhere i see on websites, in countries like > US,UK and canada the list of popular and high > paying careers does not include financial services > profession like Investment Banking, Stock Broker, > Investment Management or Research Analyst. Neither > they are projected as high paying nor popular > career options. The options that make to the list > are either medical, legal, or IT. Why so? > > What i know is that people along with interest in > finance has a bigger lure of money and bonuses. If > financial professions cant make it to list of top > 10 careers how do we claim to be in one of the > highest paying professions. We don’t need your materialistic kind on this Forum. Get the hell out of here you RACIST.
Hey guys Just dont get sentimental. Even i love finance and thats why got enrolled for CFA. Its just that i felt bad about finance profession not faring in the top 10 list. But i think Storko you are right in saying that Bschools and media show the starting salary and they ignore the potential of that income to grow in future. Also, dont take me wrong here. Even Chris Gardner of Pursuit of Happiness asked the Stock broker two questions- Sir what do you do and how do you do it? Chris was fascinated by lifestyle of that Stock Broker and happiness that reflected on the faces of all those professionals. Is he being materialistic here or does he envision a good life?
The key to money without materialism is to know what you need the money for before you work to get it. If you just want money for the sake of having money, there’s not much hope.
To the OP, this should not come as a surprise to anyone. Bankers are despised by society compared to people in other fields. People think that we are capitalist, money-hording leeches. The simple truth is that the average person does not know what people in finance do. Ask a random person if they know what investment bankers do. Most people will not be able to give you an answer. They just know that we are paid relatively well. This contributes to the perception that we exist only to enrich ourselves. Forbes once published survey results that ranked finance as one of the bottom 10 fields in terms of prestige. To the average Joe, thinking about bankers invokes images of douche bags in pin stripe suits driving Porsches, or someone like the greedy fat cat, Mr. Potter from “It’s a Wonderful Life”. Finance is not considered a “top” profession because people have no understanding of its importance to society. Bankers are not like doctors, teachers or engineers, whose contributions are visible and easily understood by everyone. Regarding compensation measurements, there also seems to be a general lack of understanding among many survey writers regarding different positions in finance. Do these surveys differentiate between investment banking associates and back office analysts? Are retail bank branch managers considered “bankers”? Are there adjustments for differences in age and experience? For instance, the beginning salary for a new doctor might be comparatively high, but it takes many more years of education before they can begin working. Remember that surveys measure general perceptions, and the public is misinformed about many things.
excellent post, walrus
if finance paid so terribly, there would not be 4,000,000 grads/undergrads eveyr year trying to get into it. A big part of the problem is that most survey writers focus on salaries and not total compensation. All of the big money in finance is made in variable comp. I make multiples of my base in my variable and everyone around me is in the same boat. That being said, I would not mind if fewer people wanted to get into finance; its overcrowded as is and a good number of what I call non-professionals (people whoa rent serious and are just trying to ride a <5 yr career to milk it) desperately need to exit. So much chaffe its not even funny.