So a CFA at a 75k salary in NYC is bad I take it?
Anything at 75K in NYC is bad. You need to gross that much just to cover rent on a decent apartment.
oic, yea structured finance def took a big hit. So these dudes were sell-side? Man how I wish was making 85k, alot of my problems will actually be solved if I could make that. Average age here is prob mid to late 20s. I’m 25 btw. edit: i’m pretty sure people can live in nyc on 75k. Prob can’t live UES without having a few roommates but your doing better then most.
Just at the time when I am thinking of taking a few months sabbatical to successfully prepare for L1 , you come and suggest there may be some unemployed CFAs out there. Are you crazy? WHO DO YOU THINK YOU ARE??? By the way, the average age here is probably closer to 25ish.
dmnyc Wrote: ------------------------------------------------------- > To be clear > > - referring to NYC based jobs > - guys were primarily doing structured finance > transaction work (i.e. securitization as a form of > execution) and/or credit risk > - So to go from making $200k+ with $75k worth of > student loans in NYC to $85k simply isnt an option > without completely uprooting one’s life and losing > their home (as 2 with mortgages have done) > > Btw what’s the average age here - in my mid 30’s - > other folks around there as well? So you prefer to make 0 vs $85k?
$85K is a rounding error here at fidelity. to answer your question, yes i’d rather make 0 vs 85K.
penged Wrote: ------------------------------------------------------- > $85K is a rounding error here at fidelity. lol
i dont understand why anyone in their right mind would ever want to live in NYC. all it has is restaurants. but thats it: it is cold in winters it is congested commutes are long its EXPENSIVE people are stuck up its dirty compared to chi-town people are rude there are mice everywhere there is crime
Yeah Chicago doesnt have any murders…lol
$85k is crap for NYC and if you get your CFA, I would be amazed if you stayed under $100k. Keep in mind you have city income taxes, state income taxes, fed income taxes, and FICA in a city where an apt will hit you for $2500/mo and you will not have a kitchen meant for cooking. You don’t need anything other than a Bachelors and 2yrs exp to hit $100k in the Northeast, even now. Granted, I am mean total comp not just base.
What is the approx tax rate on 200k in NYC?
dmnyc Wrote: ------------------------------------------------------- > To be clear > > - referring to NYC based jobs > - guys were primarily doing structured finance > transaction work (i.e. securitization as a form of > execution) and/or credit risk > - So to go from making $200k+ with $75k worth of > student loans in NYC to $85k simply isnt an option > without completely uprooting one’s life and losing > their home (as 2 with mortgages have done) > > Btw what’s the average age here - in my mid 30’s - > other folks around there as well? Still can’t believe they’d be on 200k + bonus on credit risk… Irish wages are shafted!! I’m 23 btw
KarenC Wrote: ------------------------------------------------------- > > > I’m 23 btw This is why, altho Ireland in general has a less expensive financial sector than NYC. Cost of living in the NE United States is very high, NYC in particular. Hell, a taxi driver in NYC averages about $65k/yr (not kidding) and you don’t want to know what the garbagemen get paid (I’m not kidding, waste management pays huge in the NE, look it up) Somewhat embarassing to go out and get a job after slaving away for years for a finance degree and CFA only to get paid less than a garbageman lol.
I’m sure that you guys have read the article about this hedge fund manager working at Domino’s making pizza delivery after going out of work. If he got an offer for $85k, I don’t see how delivering pizza could make any better than working for lower pay in his original industry
That brings up a thought: If you had a choice of a 80k yr hedge fund job + bonus (20-80%) but potential of layoff/firings or 60k government job + pension (with 100% safety and 40 hr/4 day work weeks) which would you choose?
HF job, always factor in exit opportunities when pricing out a comp package. A low end govt job is a dead end; the HF industry is part of IM/AM and you can always jump around to other HFs and also MFs/PE firms depending on the nature of your work.
I thought I might as well add on to this thread, as I was just laid off today. I will let you know about the life of an unemployed charterholder.
Getting Out Wrote: ------------------------------------------------------- > I thought I might as well add on to this thread, > as I was just laid off today. > > I will let you know about the life of an > unemployed charterholder. Ouch, sorry to hear about that. How are things holding out? What were you doing if you don’t mind me asking?
why do you think a govt job is a dead end? 60k starting salary in a low cost area (non-NYC) with 40 hr 4 day work weeks and pension can’t be that bad?
Getting Out - sorry to hear that…are you in nyc? Hopefully not - that way you may have a better chance