Salary: Engineering v.s. Investment Banking v.s. IT in Bank

[Engineer]

Originally posted by: spidey07

Originally posted by: Fenixgoon

Originally posted by: spidey07

Originally posted by: da loser
don't go into engineering for money, you'll just be disappointed.

word.

engineers are like the janitors

what are you guys talking about? my brthoers started at 45 and 55k per year, and my dad makes 130k

engineers are like the grunts. underpaid, overworked grunts.

Just trying to bring some reality into the discussion.

QFT!!!!

Over 3,500 hours this year!!!

(at least I get paid OT though! )

 

[Caesar]

Originally posted by: Gibson486

Originally posted by: KillerCharlie

Originally posted by: Ready

Originally posted by: KillerCharlie

Originally posted by: spidey07

Originally posted by: da loser
don't go into engineering for money, you'll just be disappointed.

word.

engineers are like the janitors

Uhh... could you please finish the simile? I'm just not seeing it...

It wasn't meant to be funny...its the reality of it

1. Engineering is big high-tech company (60-65K+stock+bonus?)

2. Developer in Top-tier Investment Banking firm(60-70k+Huge bonus?)

3. Developer in Top Bank (55-65K+ soso bonus?)

Those are some really optimistic numbers for a new grad

I don't think they are, for engineering at least. Of course it depends on what type of engineering and the location. Based on my internship pay last summer, I would hope to get at least $60K starting.

you kidding me? That is really optimistic.

Yeah Seriously who said 60 to 65k? I have MS and I started at 48k fresh out of college 1.5 yrs ago. Now I make $60k after 1.5yrs and really above average performane. As for bonus I get around 4-5k/yr. All of my frnds (17 of them) started at high 40s to mid 50s out of college. Now these figures are based on places like King of Prussia/Raleigh etc. I don't know how much it means at places like NYC.

Edit: a level 2 engineer (2yrs of exp and MS) has salary of 52-55k in my office. Because I asked for 60k they had to make me level 3 just so that they can pay me that much only with 1.5 yrs work ex and MS. Btw Level 4/5 is Project Manager for reference purposes.

 

[ManSnake]

Originally posted by: SONYFX

I need a reality check here, say if you are a fresh grad, how much will you be making if you are doing:

1. Engineering is big high-tech company (60-65K+stock+bonus?)

2. Developer in Top-tier Investment Banking firm(60-70k+Huge bonus?)

3. Developer in Top Bank (55-65K+ soso bonus?)

At the end of the day who makes the most money 5 years from now? I heard IB gives crazy bonus.

Lower your expectations a bit. The dotcom era is over. If you are fresh out of college, expect the pay range to be 10k lower than the range you have in your post. Of course the range would be a little bit higher for high cost of living areas like NYC.

BTW don't expect big bonus if you do IT at an ibank. ibankers get 80%-100% bonus not IT guys.

 

[Hector13]

Originally posted by: otispunkmeyer
moneys not everything dude, its nice, but theres more important things

i picked mechanical engineering becuase its damn interesting....and to me working on some badass crazy engineering project is gonna be well more fun and worth alot more as an experience than any size pay check.

sure i coulda chosen a business course, banking or whatever........but whats so fulfilling about pushing large numbers into a computer at the office?

lots of professions make alot more than engineers, but id be bored within a week. id rather earn less money and have a more interesting job,

you really should do some research on "ibanking" before bashing it... what may seem "interesting" to you may seem like monkey work to someone else. I went to school to be an engineer, but decided to go into finance once I graduated (because I thought it was a hell of a lot more interesting than straight engineering was). I don't regret it one bit.

While others I graduated with are "out in the field" measuring how much pollutant is there at a particular site or what the tensile strength of some structure is, I'm directly influencing how billions (yes, billions) of dollars are invested daily. To me, this is more interesting. To you, it may not be. In either case, it is a lot more than just "pushing large numbers into a computer" (which, oddly enough, is what my engineer friends always complain about...).

 

[Hector13]

Originally posted by: EmperorIQ
i'd have to agree with you. IB takes up a lot of your time, being a lawyer takes up a lot of your time. I've heard stories of people not spending much time with their family, but their family is rich, so what? Personally I would prefer a life where I can raise 2 kids without any worries about money (or very little) and still have time to go to my kid's games, performances, etc. I would also like to spend a good amount of time with my wife, whoever she will be. I'm just providing a concrete example of how money isn't everything. The last thing I'd want in the world is to be a father/husband who is never around.

Obviously everyone would prefer a life where they can hang out with their families and still not have any worries about money... the problem is getting to that stage in life. Do you think you wouldn't have any money problems if you worked an "easy" job that paid you 65k a year your whole life (but let you spend time with your friends)?

Or would you rather work your butt off for a few years and pull in closer to 500k a year (but not get to hang out much) and then find an "easier" job afterwards once you had a large pile of money in the bank?

 

[LS20]

Originally posted by: Hector13


Obviously everyone would prefer a life where they can hang out with their families and still not have any worries about money... the problem is getting to that stage in life. Do you think you wouldn't have any money problems if you worked an "easy" job that paid you 65k a year your whole life (but let you spend time with your friends)?

Or would you rather work your butt off for a few years and pull in closer to 500k a year (but not get to hang out much) and then find an "easier" job afterwards once you had a large pile of money in the bank?

thats the most ludicrous comparison ive ever seen. youre saying simultaneously that bankers make 500k after a few years, and that people would have financial problem with 65k salary solo.... which is higher than the avg american household combined.

above the basic requirements for living--housing and food--everything else is excess. your lifestyle will adjust to your salary. was the best meal you had at the most expensive restaurant? was your favorite time downtown at the poshest bar? was the best road trip you took in the most expensive car?

everyone has their own perspective on whats fun and enjoyable to do, and banking is yours. all we advised the OP is not to place money as the primary objective. if he was looking at something truely jeopardizing, then he/she should consider something else to avoid struggling to support even a menial lifestyle... anyways, if you think that 500k is necessary for an easy life, then you'll always be chasing a magic butterfly

 

[Armitage]

A post I made on engineering salaries a few weeks ago: http://forums.anandtech.com/messageview...atid=38&threadid=1732240&enterthread=y

Doesn't cover the entry level discussions though.

Regarding career choice - I guess it depends. If you're willing to do a job just because it pays a good salary, then go for it. I'm not wired that way - I spent 4 years in a job I hated (and couldn't leave) and I don't want to ever be in that position again. I have to be excited about my job. It should be something challenging and creative. I can't imagine going to work just for the paycheck. I'm lucky enough to have a job that has all that and pays very well also. I don't know much about investment banking, but I have some friends that are in banking & finance and frankly, it sounds boring as hell to me. But whatever works for you.

 

[halik]

Originally posted by: CaesaR

Originally posted by: Gibson486

Originally posted by: KillerCharlie

Originally posted by: Ready

Originally posted by: KillerCharlie

Originally posted by: spidey07

Originally posted by: da loser
don't go into engineering for money, you'll just be disappointed.

word.

engineers are like the janitors

Uhh... could you please finish the simile? I'm just not seeing it...

It wasn't meant to be funny...its the reality of it

1. Engineering is big high-tech company (60-65K+stock+bonus?)

2. Developer in Top-tier Investment Banking firm(60-70k+Huge bonus?)

3. Developer in Top Bank (55-65K+ soso bonus?)

Those are some really optimistic numbers for a new grad

I don't think they are, for engineering at least. Of course it depends on what type of engineering and the location. Based on my internship pay last summer, I would hope to get at least $60K starting.

you kidding me? That is really optimistic.

Yeah Seriously who said 60 to 65k? I have MS and I started at 48k fresh out of college 1.5 yrs ago. Now I make $60k after 1.5yrs and really above average performane. As for bonus I get around 4-5k/yr. All of my frnds (17 of them) started at high 40s to mid 50s out of college. Now these figures are based on places like King of Prussia/Raleigh etc. I don't know how much it means at places like NYC.

Edit: a level 2 engineer (2yrs of exp and MS) has salary of 52-55k in my office. Because I asked for 60k they had to make me level 3 just so that they can pay me that much only with 1.5 yrs work ex and MS. Btw Level 4/5 is Project Manager for reference purposes.

I'm graduating this spring with two degrees from top tier university (#6 & #8 in my respective majors) and my offer is 63K + signing + bonus + free education. As I said if you're coming out of a good business school, you can be making 100-120K with bonus. It's definitely possible to get job paying 60K... you just gotta be good.

 

[BigJ]

People, 60-65k is some small town in the midwest is much different than 60-65k in NYC. I don't know how you can make some of the statements you have without taking into consideration the fact that location means a lot.

 

[Hector13]

Originally posted by: LS20
thats the most ludicrous comparison ive ever seen. youre saying simultaneously that bankers make 500k after a few years, and that people would have financial problem with 65k salary solo.... which is higher than the avg american household combined.

I never said anything about solo, so don't put words in my mouth.

Apart from that, though... yes, that is exacltly what I am saying. I'm not sure what you see as "ludicrous" about that. Sure, 65k may be more than the average american household, but do you really think the average american household can raise 2 kids without any worries about money (which is what EmperorIQ asked about)? I don't. I will say one thing, though: given that I live in NYC, my cost of living may be scewing things a bit, but I am sure you can scale up or down based on any other location.

And can "ibankers" make 500k after a few years? Of course. You might want to do some research on this before making blanket statements.

anyways, if you think that 500k is necessary for an easy life, then you'll always be chasing a magic butterfly

So you are telling me that if someone gave you $500k right now, you would never need to worry about money again in your life?

 

[Koing]

Originally posted by: Hector13

Originally posted by: LS20
thats the most ludicrous comparison ive ever seen. youre saying simultaneously that bankers make 500k after a few years, and that people would have financial problem with 65k salary solo.... which is higher than the avg american household combined.

I never said anything about solo, so don't put words in my mouth.

Apart from that, though... yes, that is exacltly what I am saying. I'm not sure what you see as "ludicrous" about that. Sure, 65k may be more than the average american household, but do you really think the average american household can raise 2 kids without any worries about money (which is what EmperorIQ asked about)? I don't. I will say one thing, though: given that I live in NYC, my cost of living may be scewing things a bit, but I am sure you can scale up or down based on any other location.

And can "ibankers" make 500k after a few years? Of course. You might want to do some research on this before making blanket statements.

anyways, if you think that 500k is necessary for an easy life, then you'll always be chasing a magic butterfly

So you are telling me that if someone gave you $500k right now, you would never need to worry about money again in your life?

Not many ibankers make £500k after a few years. VERY few do in the % of ibankers. SURE 1'000 ibankers in London WILL get on avg a £1million bonus this xmas though. That is $1.7million with the poor dollar! But that is a very small number of ibankers in London. Well they are traders not ibankers actually. Not many people can do what they do and make £10mill for their company in one year. They get 10% of what they made the company ~ for a bonus. Very sweet but most are in at 0700 and leave at 1900. Most burn out after 10yrs and do something else more relaxing.

I'd rather make the most of my 10yrs during 20's to 30's training and having fun and focusing on my career later.

But different folks different strokes.

Koing

 

[Koing]

Originally posted by: halik
I'm graduating this spring with two degrees from top tier university (#6 & #8 in my respective majors) and my offer is 63K + signing + bonus + free education. As I said if you're coming out of a good business school, you can be making 100-120K with bonus. It's definitely possible to get job paying 60K... you just gotta be good.

You went to a #6 and #8 Uni though = more £££ then lower guys. Or just that your good at what you do and are a well rounded prospective employee :thumbsup:

I went to a #4 Uni for my degree

Koing

 

[IHateMyJob2004]

Originally posted by: da loser
don't go into engineering for money, you'll just be disappointed.

No ******!

<== 6 year engineer

It's all I can see myself doing, but we are the most shat upon profession there is.

EDIT: When I say shat upon, I am referring to how it is the most difficult field of study. It's not memorizing BS like 95% of other professions, but the salaries just don't reflect it.

 

[LS20]

Originally posted by: Hector13
I never said anything about solo, so don't put words in my mouth.

Apart from that, though... yes, that is exacltly what I am saying. I'm not sure what you see as "ludicrous" about that. Sure, 65k may be more than the average american household, but do you really think the average american household can raise 2 kids without any worries about money (which is what EmperorIQ asked about)? I don't. I will say one thing, though: given that I live in NYC, my cost of living may be scewing things a bit, but I am sure you can scale up or down based on any other location.

And can "ibankers" make 500k after a few years? Of course. You might want to do some research on this before making blanket statements.

So you are telling me that if someone gave you $500k right now, you would never need to worry about money again in your life?

since the whole discussion revolved around ONE's salary, and since 60k was tossed around over and over as one's possible salary in engineering, it is logical to assume, in that comparison, that we're still talking about ONE's salary. obviously, if you assumed that the figure is for 2, then that would fall under the other case where i said it makes sense to think financially and not just emotionally.

can ibankers make 500k after a few years? of course. can ANYone (engineers included) make 500k after a few years? sure. the casual way with which you stated it is as if there are 2 binary directions: be stuck with 60k ALL of one's life, or go IB and Automatically be upgraded to 500k after a few years... which is , of course, not the case.

would an instant 500k lump-sum leave me financially stable? realistically yes.. rhetorically .. no... so is the point you tried to pose "one needs to make AT LEAST 500k to be finally secure"? if so, you would be wayyy wrong.

 

[Dessert Tears]

Originally posted by: BigJ
People, 60-65k is some small town in the midwest is much different than 60-65k in NYC. I don't know how you can make some of the statements you have without taking into consideration the fact that location means a lot.

Good point.

For the record, when I posted that the salary estimates looked pretty accurate, I was assuming finance in NYC and engineering at Google or Microsoft.

 

[ManSnake]

Originally posted by: halik

Originally posted by: CaesaR

Originally posted by: Gibson486

Originally posted by: KillerCharlie

Originally posted by: Ready

Originally posted by: KillerCharlie

Originally posted by: spidey07

Originally posted by: da loser
don't go into engineering for money, you'll just be disappointed.

word.

engineers are like the janitors

Uhh... could you please finish the simile? I'm just not seeing it...

It wasn't meant to be funny...its the reality of it

1. Engineering is big high-tech company (60-65K+stock+bonus?)

2. Developer in Top-tier Investment Banking firm(60-70k+Huge bonus?)

3. Developer in Top Bank (55-65K+ soso bonus?)

Those are some really optimistic numbers for a new grad

I don't think they are, for engineering at least. Of course it depends on what type of engineering and the location. Based on my internship pay last summer, I would hope to get at least $60K starting.

you kidding me? That is really optimistic.

Yeah Seriously who said 60 to 65k? I have MS and I started at 48k fresh out of college 1.5 yrs ago. Now I make $60k after 1.5yrs and really above average performane. As for bonus I get around 4-5k/yr. All of my frnds (17 of them) started at high 40s to mid 50s out of college. Now these figures are based on places like King of Prussia/Raleigh etc. I don't know how much it means at places like NYC.

Edit: a level 2 engineer (2yrs of exp and MS) has salary of 52-55k in my office. Because I asked for 60k they had to make me level 3 just so that they can pay me that much only with 1.5 yrs work ex and MS. Btw Level 4/5 is Project Manager for reference purposes.

I'm graduating this spring with two degrees from top tier university (#6 & #8 in my respective majors) and my offer is 63K + signing + bonus + free education. As I said if you're coming out of a good business school, you can be making 100-120K with bonus. It's definitely possible to get job paying 60K... you just gotta be good.

HBS MBAs receive offers of ~100k upon completion of degree. You will not make much money just coming out of school, it's the salary potential that people are chasing after. HBS MBAs after working for 5 years average ~180k.

 

[Caesar]

Originally posted by: BigJ
People, 60-65k is some small town in the midwest is much different than 60-65k in NYC. I don't know how you can make some of the statements you have without taking into consideration the fact that location means a lot.

QFT. My $60k in Exton, PA means $117k in NYC according to this Link :shocked: