investment banking

[MrX82]

cchen- mind if i pm you with some questions regarding consulting?

 

[GTaudiophile]

One of my best friends works for Goldman Sachs. He's 25, makes like $200K with a $50K bonus.

Edit: But yeah, he puts in a good 90-hour work week on average.

 

[Lattiz]

Originally posted by: GTaudiophile
One of my best friends works for Goldman Sachs. He's 25, makes like $200K with a $50K bonus.

Edit: But yeah, he puts in a good 90-hour work week on average.

Do you know what division he's in? That seems a little high on the salary side but low on the bonus side...

 

[archcommus]

Did some Wikipedia searches, know what this is now, but what field of study leads to it?

 

[gigapet]

Originally posted by: xtravistx

Originally posted by: gigapet

Originally posted by: cain

Originally posted by: gigapet
I know a bond trader that just signed 2.5 million dollar 2 year contract. He is 25.

that's pretty bad ass. traders get paid a lot, but if this man is only 25 right now, i would say he must have been one hell of a trader

probably just well connected.

Probably? I thought you knew the guy?

Traders only make that much when they are good and making 25x their compensation for their firm. Being connected can get you a job, but not ensure the big bucks/responsibilities


-xtravistx

yeah i know him but I dont know how he performs. i assume he does his job well but he definitely got there from his connections.

 

[Parrotheader]

Originally posted by: SZLiao214
100 hour work weeks. Hello there!

Amen to that. One of my friends from college puts in 100+ hour work weeks on average. He makes at least 3-4 times what I do, but he also works at least 3 times more than I do. He's been fairly smart about it too and doesn't live too extravagant a lifestyle like some of the other IBs I know. He'll be able to retire comfrotably in his early 40s, which is a good thing as he has virtually no life outside of work right now.

 

[Lattiz]

Originally posted by: archcommus
Did some Wikipedia searches, know what this is now, but what field of study leads to it?

Finance or Economics from a target school...some also get in with history or liberal artsy majors if they've proven themselves with an internship.

 

[archcommus]

All I can say to 100+ hour work weeks is WOW. My dad started a business recently and he works 8 hours a day 7 days a week, and I feel that THAT is a ton because you don't have one single day off a week.

100+ hours? That's like 14 hour work days every single day, or 17 hour work days if you take just one day off. That's unbelievable.

IMHO, no amount of money is worth that.

 

[cchen]

Originally posted by: Lattiz

Originally posted by: archcommus
Did some Wikipedia searches, know what this is now, but what field of study leads to it?

Finance or Economics from a target school...some also get in with history or liberal artsy majors if they've proven themselves with an internship.

actually any major is fine

 

[cchen]

Originally posted by: archcommus
All I can say to 100+ hour work weeks is WOW. My dad started a business recently and he works 8 hours a day 7 days a week, and I feel that THAT is a ton because you don't have one single day off a week.

100+ hours? That's like 14 hour work days every single day, or 17 hour work days if you take just one day off. That's unbelievable.

IMHO, no amount of money is worth that.

its not about the money. well, for some it is. its about what you learn and what you can do after you leave

 

[Lattiz]

Originally posted by: archcommus
All I can say to 100+ hour work weeks is WOW. My dad started a business recently and he works 8 hours a day 7 days a week, and I feel that THAT is a ton because you don't have one single day off a week.

100+ hours? That's like 14 hour work days every single day, or 17 hour work days if you take just one day off. That's unbelievable.

IMHO, no amount of money is worth that.

Its 100 hours of a mix of face time/down time/and probably a few hours of real work...its just a lot of time in the office...

 

[cchen]

Originally posted by: Lattiz
most banks pay summer analyst/associates a stub bonus at the end of their 10-12 weeks...i've never heard of anyone getting anything rated (OT) tho

some of the banks recently reported 1st/2nd/3rd year analysts bonuses and they're ridiculously high this year: 60k/80k/100k...that's a lot of green for a 24 year old kid...which probably explains why so many people want to sell themselves for a few years after graduation...

the numbers that they report are for the TOP analysts, its not an average

 

[cain]

Originally posted by: cchen

Originally posted by: Lattiz

Originally posted by: archcommus
Did some Wikipedia searches, know what this is now, but what field of study leads to it?

Finance or Economics from a target school...some also get in with history or liberal artsy majors if they've proven themselves with an internship.

actually any major is fine

yep, which is why i regret switching out of physics

 

[MadPeriot]

I've got to know Mortgage loan officers makes 10K/month. No need a degree, experience, or study. Just drive and know basic math anyone can do it.

 

[Lattiz]

Originally posted by: cchen

Originally posted by: Lattiz
most banks pay summer analyst/associates a stub bonus at the end of their 10-12 weeks...i've never heard of anyone getting anything rated (OT) tho

some of the banks recently reported 1st/2nd/3rd year analysts bonuses and they're ridiculously high this year: 60k/80k/100k...that's a lot of green for a 24 year old kid...which probably explains why so many people want to sell themselves for a few years after graduation...

the numbers that they report are for the TOP analysts, its not an average

i stand corrected:
1st Year: $45-60
2nd Year: $66-81
3rd Year: $95-100

better?

 

[archcommus]

So this is something you don't even need a degree to get into and only do temporarily? I thought we were talking about a career path here.

 

[Lattiz]

the internship occurs before your senior year and if you're good you get invited back the summer after you graduate to work fulltime

 

[cchen]

Originally posted by: archcommus
So this is something you don't even need a degree to get into and only do temporarily? I thought we were talking about a career path here.

wtf? of course u need a degree. you need to be a top student from a top university

 

[cain]

Originally posted by: cchen

Originally posted by: archcommus
So this is something you don't even need a degree to get into and only do temporarily? I thought we were talking about a career path here.

wtf? of course u need a degree. you need to be a top student from a top university

that's not true. you can be well connected, which pwns all

 

[quakefiend420]

Originally posted by: Skoorb
I make 40k month just being cool.

i make that selling coke...

 

[kreactor]

now i feel sad

is it logical to go back to school to do b.s. finance instead of mba?

 

[cchen]

Originally posted by: kreactor
now i feel sad

is it logical to go back to school to do b.s. finance instead of mba?

no. hell no

 

[cain]

you don't need a mba, mba is for idiots who can't do math (or so my econometrics teacher tells me). just study on your own and take the cfa exam, that is if you want to move up the ranks once you get in

 

[gopunk]

Originally posted by: cain
you don't need a mba, mba is for idiots who can't do math (or so my econometrics teacher tells me). just study on your own and take the cfa exam, that is if you want to move up the ranks once you get in

there's two useful purposes an mba serves:

1. networking... assuming you go to a good school, the contacts you meet there will be valuable

2. signaling/filtering... even if they're a dime a dozen, having one can be better than not when it comes to advancement, applying for jobs, etc

 

[abc]

Originally posted by: GTaudiophile
One of my best friends works for Goldman Sachs. He's 25, makes like $200K with a $50K bonus.

Edit: But yeah, he puts in a good 90-hour work week on average.

that's fine, it's like having two 45hr, 100k jobs.

those 90 hrs go faster than a 90hr clerk job... and you feel like you're achieving something while a clerk is just brain dead processing stuff... and you don't get that 'work hard play hard feel' with the after hours bar time with the ladies that are easy for guys working in 'banks'...