I actually heard this math teacher advice story. Apparently there is a shortage of high school math teachers and all you need is a Masters degree and you get a job guaranteed for life (Unions and all ).
You don’t even need a graduate degree…I have just a bachelor’s degree… My goal is to teach, have 3-months off every year, and be able to daytrade while I’m working full-time… I’m 28 and burnt out of 70-90 hours a week…
If I was a 28-year-old IB burn out who wanted lots of vacation time and did not care about a large steady income, I would enroll in a PhD program.
FrankArabia Wrote: ------------------------------------------------------- > When you say peanuts, i’m assuming over 100k > right? LOL. AF Exaggeration Factor at its best. I know a $300MM hedge fund looking to hire a junior analyst with modeling and FSA experience, total comp in the 50K range. Keep dreaming if you think “peanuts” > 100K.
SMIRK Wrote: ------------------------------------------------------- > FrankArabia Wrote: > -------------------------------------------------- > ----- > > When you say peanuts, i’m assuming over 100k > > right? > > LOL. AF Exaggeration Factor at its best. I know a > $300MM hedge fund looking to hire a junior analyst > with modeling and FSA experience, total comp in > the 50K range. Keep dreaming if you think > “peanuts” > 100K. I say peanuts cause he was in ibanking and research. both those jobs are over 100k in Canada here. wipe that smirk off your face boy! 50k all in? are you serious? 50k i imagine would be the base salary with bonus dependent on performance. If they’re only looking to pay 50k, good luck getting anybody with skills. I can make that amount taking calls.
When I was in IB…I was making over $120k both years coming straight out of school, samething with research…but that is 90-100/hr per week or brutal work I would never want to do again… Honestly…I’d rather make $70k and work 60 hours a week anyday… Remember for a small hedge fund, operating expenses can be very high…on top of research analyst salaries, things like a Bloomberg Terminal ($5k every quarter), all the data and research subscriptions, lawyer fees, accountant, marketing, travel expenses, etc etc… begin to add up…so if you can’t go out there and market for new capital…things can get real tight (which has been the scenario for the last 2 years)
those hours are definitely not worth it. you’re basically making an average salary after taking into account those hours. However, you have to stop that flashy lifestyle of “making it rain” in clubs and ordering 2000 dollar escorts. some can’t handle that transition. once you get a girl with teeth, you never want to go back.
FrankArabia Wrote: ------------------------------------------------------- > once > you get a girl with teeth, you never want to go > back. HAHAHAHAHAHAHAHAHAHA
Teeth? Uh, are you guys talking about what I am thinking? Or could you mean this? http://en.wikipedia.org/wiki/Teeth_(film)
FrankArabia Wrote: ------------------------------------------------------- > SMIRK Wrote: > -------------------------------------------------- > ----- > > FrankArabia Wrote: > > > -------------------------------------------------- > > > ----- > > > When you say peanuts, i’m assuming over 100k > > > right? > > > > LOL. AF Exaggeration Factor at its best. I know > a > > $300MM hedge fund looking to hire a junior > analyst > > with modeling and FSA experience, total comp in > > the 50K range. Keep dreaming if you think > > “peanuts” > 100K. > > > I say peanuts cause he was in ibanking and > research. both those jobs are over 100k in Canada > here. > > wipe that smirk off your face boy! > > 50k all in? are you serious? > > 50k i imagine would be the base salary with bonus > dependent on performance. > > If they’re only looking to pay 50k, good luck > getting anybody with skills. I can make that > amount taking calls. Price is a matter of supply/demand and right now there are a lot of people on the street for very few jobs…
FrankArabia Wrote: ------------------------------------------------------- > SMIRK Wrote: > -------------------------------------------------- > ----- > > FrankArabia Wrote: > > > -------------------------------------------------- > > > ----- > > > When you say peanuts, i’m assuming over 100k > > > right? > > > > LOL. AF Exaggeration Factor at its best. I know > a > > $300MM hedge fund looking to hire a junior > analyst > > with modeling and FSA experience, total comp in > > the 50K range. Keep dreaming if you think > > “peanuts” > 100K. > > > I say peanuts cause he was in ibanking and > research. both those jobs are over 100k in Canada > here. > > wipe that smirk off your face boy! > > 50k all in? are you serious? > > 50k i imagine would be the base salary with bonus > dependent on performance. > > If they’re only looking to pay 50k, good luck > getting anybody with skills. I can make that > amount taking calls. Actually I’ve gotten submissions (I know the person who’s hiring) from people with graduate degrees, several years of IB/accounting experience, etc. In this job market that is an entirely realistic compensation target for a junior analyst. And what you “think” you can earn is very different from the kind of job you can actually get if you tried, if it was that easy to land a job at any compensation level in 2010 then this forum wouldn’t exist.
SMIRK Wrote: ------------------------------------------------------- > FrankArabia Wrote: > -------------------------------------------------- > ----- > > When you say peanuts, i’m assuming over 100k > > right? > > LOL. AF Exaggeration Factor at its best. I know a > $300MM hedge fund looking to hire a junior analyst > with modeling and FSA experience, total comp in > the 50K range. Keep dreaming if you think > “peanuts” > 100K. where should I send my CV?
> My opinion: find a new career…what is happening > to analysts now is the same thing as what happened > to computer programmers back in 2001…ITS THE > “NEW NORMAL” AS THE HEAD GUY AT PIMCO SAYS!!! Agreed 100%. Even a lot of the ER/Data Analyst positions here @ Bloomberg are being outsourced overseas. I spend a good portion of my day QCing data researched by a third party company in India. I still want to work as an analyst…but I am looking into other areas like healthcare which would require more extensive training in managed care and other industry specifics I’m not familiar with.
4 pages later…it really is a horrible market. Maybe in 5-10 years or more, when the financial system has completely recovered, it will be like in 2006. But even then, the financial services industry will be amputated and will never be like before. Maybe we should be realistic: some of us will NEVER find anything decent in finance, and will exit the market. Which is a logical mechanism. Only the best of the best and the lucky ones will survive in this market.
Viceroy - well put, agree completely - I used to say at the height of the market that financial services could cut 1/3 of staff and really not miss a beat - that has been found to be true IMO…
Mmm… I think we’re underestimating the cockroach-like resiliency of bankers to bounce back and create new industry bubbles. This is not the first time that the financial industry has been crucified following a financial collapse. This is nothing compared to the Great Depression.
The good news is that my kids will hopefully be educated by really smart people.
I don’t work in ibanking or research. But there are lots of analyst positions at banks for risk managment and treasury (middle office). there is absolutely not recession here for those roles but quite the opposite. from my estimate, approximately 2 new hires per month just from what I see. on an hourly adjusted basis, compensation is similar to analyst at ibank. 55-70k for 40-45 hour weeks. I understand however, most people don’t want these sort of roles for one reason or another.
I’ll add to the madness. I stopped searching for jobs because one can only take so much rejection. My time is better spent relaxing. From fall of 2008 to spring of 2009, I sent hundreds of apps and tried to work my contacts. I interviewed with about 10 companies. Some of the companies took me to the final rounds, but in the end, I ended up with nothing. Pay ranged from 20k lol at a start up HF to 75k + bonus at a couple of different firms. I have no FO experience, but was able to interview for FO jobs partially due to CFA, but I have other things on my resume that stand out I guess.
the good news is, you can still make money in the markets on your own.