numi
March 29, 2014, 6:30pm
#61
[quote=“geo”]
[quote=“numi”]
geo:
I agree numi and that’s why I said I respect those that put in the long hours in these roles. If you find your calling and you love it, then have at it. My calling is riding my bike, hiking, fishing, spending time with my kid and wife. That’s what I enjoy. I just work to make it happen. I like researching stocks too, but I’m not so motivated by it that I would sideline the rest of my life, which is what I’d have to do for less money (at least initially) in ER. Yeah, I might get into some buyside job that pays good after a few years, but I could also be a CFO making just as good coin in my current path right. The top folks always do good regardless of what industry they are in. I think the failure rate and personal cost is just much higher in finance. For every guy like you there are hundreds that busted 80 hours in their twenties, burnt out and now are working for peanuts in a variety of other jobs.
On the comp side, you know as well as I do that only 5%… maybe 10% at best… of people in finance pulling these huge hours ever end up making signficantly more than us in the corporate side. I work a solid 6 figure job with little overtime. The number of people in finance making $300k+ is an elite club and very few ever cut it. I’m going to go out on a limb here and suggest maybe 1 or 2 of the folks here asking for advice to “break in” will ever hit that level. It’s a dream sold to wrongly motivated minds.
Most of the guys are trying to earn coin, not follow a passion like you did. If you want to earn more per hour, you’ve got a better shot in many other areas than finance. If you’ve got a great background and network, sure you can make it happen, but that’s not most people, especially not here.
All good points here. I concur.
itera
March 29, 2014, 7:35pm
#62
geo:
I agree numi and that’s why I said I respect those that put in the long hours in these roles. If you find your calling and you love it, then have at it. My calling is riding my bike, hiking, fishing, spending time with my kid and wife. That’s what I enjoy. I just work to make it happen. I like researching stocks too, but I’m not so motivated by it that I would sideline the rest of my life, which is what I’d have to do for less money (at least initially) in ER. Yeah, I might get into some buyside job that pays good after a few years, but I could also be a CFO making just as good coin in my current path right. The top folks always do good regardless of what industry they are in. I think the failure rate and personal cost is just much higher in finance. For every guy like you there are hundreds that busted 80 hours in their twenties, burnt out and now are working for peanuts in a variety of other jobs.
On the comp side, you know as well as I do that only 5%… maybe 10% at best… of people in finance pulling these huge hours ever end up making signficantly more than us in the corporate side. I work a solid 6 figure job with little overtime. The number of people in finance making $300k+ is an elite club and very few ever cut it. I’m going to go out on a limb here and suggest maybe 1 or 2 of the folks here asking for advice to “break in” will ever hit that level. It’s a dream sold to wrongly motivated minds.
Most of the guys are trying to earn coin, not follow a passion like you did. If you want to earn more per hour, you’ve got a better shot in many other areas than finance. If you’ve got a great background and network, sure you can make it happen, but that’s not most people, especially not here.
yes, there are some good points here. The top on the corporate side will make good money with a good work/life balance. the finance world is brutal, and few make it, but for those that do, the rewards come far faster then the corporate side, and the overall upside average is far greater.
^I agree with Geo here as well.
Finance is like lottery winners–you don’t hear about all the losers. You don’t hear about the guys who “failed out” of investment banking. You don’t hear about the guys who have been security analysts for 25 years and never got promoted to portfolio manager. And you certainly don’t hear about the guys who took jobs as “credit analysts” for the local bank spreading tax returns to analyze a prospect’s credit.
Finance is like being a Jedi Knight. Training to become a Jedi is not an easy challenge. And if you succeed, it’s a hard life.
Unless you’re born on third base, taking the $150k job and working 45 hours a week is probably your best bet.
system
March 29, 2014, 9:19pm
#64
Dad’s business is not my cup of tea.If i join my dad’s business then i will always remain under his shadow through out my life.
Life is much more stable for some one who joins his family business and i don’t want stability.
“Life without challenges is like chicks without curves.”-is my motto.
I think doing some thing independently will give me lots of challenges.
itera
March 29, 2014, 10:20pm
#65
Greenman72:
^I agree with Geo here as well.
Finance is like lottery winners–you don’t hear about all the losers. You don’t hear about the guys who “failed out” of investment banking. You don’t hear about the guys who have been security analysts for 25 years and never got promoted to portfolio manager. And you certainly don’t hear about the guys who took jobs as “credit analysts” for the local bank spreading tax returns to analyze a prospect’s credit.
Finance is like being a Jedi Knight. Training to become a Jedi is not an easy challenge. And if you succeed, it’s a hard life.
Unless you’re born on third base, taking the $150k job and working 45 hours a week is probably your best bet.
although you got to admit the “hearing about winners” problem is the same everywhere. you never hear about the thousands of small businesses that fail, or the thousands of poeple who graduate college educated and work as a taxi driver or waiter. people hear about the woman in Cali who won the $600M lottery, instead of the 230 million losers.
In general, it is true that comparing the top levels of each field, finance (relatively) will pay much better in a far shorter time.
