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Hi all,
I would like to become super rich. But how do I do this?
How do I do this in these career paths:
Investment banking
Trading
Management Consulting
Accounting (How much do accountants make?)
Is anybody here super rich already and wants to share?
Thanks

Comments (39)

  • The Shit's picture

    I don't think accounting should be on the list. In general I would rank it the following in terms of potential for high earnings:

    1. Trading (unlimited potential for earnings. If you look through the threads, there's a first year grad who made $400,000 thru trading)
    2. Investment Banking (more stable, great income) GS announced an avg of $770,000 bonus to their employees this summer.
    3. Management Consulting - once u get to Partner, you should be making 1-2 millions a year. Analyst is more of 70-85K. Associate is around 120K. Project Managers are around 300-500k.

  • J15's picture

    LOL at the topic first of all...

    accountants should def not be in the discussion, they get paid around 40~50k for the first couple years, and i believe regular partners top out around 200~400k at most in the big 4 ( it takes around 11~13 years to become a partner in the firm)

    Its not super rich, but its decently rich compare to the population
    they do receive bonuses, but the the compensation structure is based on salary.

    All of those jobs gets you a pretty good life, i think it should b more about what you want to do.

    The more work you do, the richer you are :S
    theres no free lunch, IB makes more cause they work 100+
    accountants make less because leaving at office at 12~1 is consider late for them

  • ny23's picture

    Not trying to advocate accounting, because I know from experience that you should probably avoid it, especially if money is your primary motivation. But being a Big 4 partner is most definitely NOT where the money is, and there is SOME money out there. As balooshi said, it's very rare, but some accountants can earn in the millions. That said, you're far more likely to make millions elsewhere.

  • 7S's picture

    instapreneur wrote:
    Hi all,
    I would like to become super rich. But how do I do this?
    How do I do this in these career paths:
    Investment banking
    Trading
    Management Consulting
    Accounting
    Is anybody here super rich already and wants to share?
    Thanks

    if super rich means 1B+ then neither

    try starting up a tech company

    or found the next facebook/google

  • junkbondswap's picture

    Obviously, super rich is a subjective and relative term but I disagree that you can become rich by doing anything, as long as you like what you are doing and are good at it. Not all business are successful and not all ideas can be easily monetized. Entrepreneurship and trading are the two highest risk/ highest reward careers that I can think of. PE falls into that bucket as well to the extent that you are A) a partner at a big shor or B) you get in on the group floor w/ equity and your shop grows exponentially over time.

  • sighm0an's picture

    the big money in accounting related field is TAX!

    boring as F*** but if you can save clients money, you will be well looked after compensation wise.

    there are tax guys who make 7 figure bonuses i kid u not

  • jnl83's picture

    Most rich people share something in common: they take risks. They start their own business or funds, are in a client-facing role (i.e. have to get business), or have to take massive risks involving lots of capital (C-suite, traders, etc.). Bankers, accountants, and consultants don't take risks until much higher level where they have to get their own book of business.

  • theATL's picture

    You can become rich doing basically anything.

    I know several people that have become rich and almost all of them came from completely different paths.

    Just a few examples:

    1) started a construction business, made tons of money
    2) Started working in marketing research at a fortune 20 company, rose through the ranks and became president (retired now but net worth was north of $50 million last time I checked his stock options)
    3) Started working in F500 finance dept, worked as treasurer, director, vp, and then finished his career off as CFO
    4) Won the lottery (guess that's one way isn't it)
    5) MD at an ibank

    So there are many ways to do it. All of these individuals were extremely motivated and focused (even the lottery winner, he made a decent living, actually worked at a commercial bank).

    If you are talking about what's the best way to be super rich in your 20's, well then that's a whole different question.

    And by the way on that list none went to a "target" school.

  • drexelalum11's picture

    Agree with jbs, generally speaking there is no "career" that sets you on the path to being "super rich." What's going to make you "super-rich" is being really good at what you do, and being really lucky; in short, being an outlier (not to steal from Gladwell or anything).

    You can get "super-rich" from being a hell of a trader, from being a great banker, being a top trial litigator, founding a company, winning the lottery, whatever.

    However, that wasn't your question, as all of the previous responses ignored. The specific question was:

    "How do I do this in these career paths:
    Investment banking
    Trading
    Management Consulting
    Accounting"

    My answers won't be the best, and they're not informed by being "super-rich," but I can give you some idea of how to get there. For the purposes of this discussion, we'll define "super-rich" as a level of personal or family wealth that would have earned you a spot on the Forbes 500, which this year required $1.5bn in net assets.

    As to how to progress through the careers you identified in order to get there, the answers going to be basically the same: you need to start your own firm, or get to the top of a major firm in the field, with significant equity participation. That path applies most to banking and trading; for management consulting, you're really going to have to transition to a F500 client as a CEO if you really want to make it to that upper-strata. Accounting probably has the worst odds of the careers you identified of making it to "super-rich" (not that any of the odds were that high to begin with), but you're probably best served with the same basic strategy as at the others. I imagine it's possible to make the list as a CFO, but not going to be easy.

  • In reply to sighm0an
    ibankingreject's picture

    sighm0an wrote:
    the big money in accounting related field is TAX!

    boring as F*** but if you can save clients money, you will be well looked after compensation wise.

    there are tax guys who make 7 figure bonuses i kid u not

    Really? I always heard that tax was the most limiting field in accounting and that most people pursue audit, since there is a chance to exit to controller, etc. from there. What can you do in tax after working for a few years in it?

  • instapreneur's picture

    So I guess trading is the only way I can become super rich?
    Then why do you people do the other jobs?
    If I'm gonna spend my twenties in work, I might as well become super rich, but I don't think I can do that even with banking or even trading probably. And consultants and accountants don't make any money. Why do people do those jobs then? What a waste.
    Eh, I better have the next Facebook going before a have to start looking for jobs.
    Also, is anybody here even kinda rich?

  • In reply to instapreneur
    dew2229's picture

    instapreneur wrote:
    So I guess trading is the only way I can become super rich?
    Then why do you people do the other jobs?
    If I'm gonna spend my twenties in work, I might as well become super rich, but I don't think I can do that even with banking or even trading probably. And consultants and accountants don't make any money. Why do people do those jobs then? What a waste.
    Eh, I better have the next Facebook going before a have to start looking for jobs.
    Also, is anybody here even kinda rich?

    first, trading is not the only way to be super rich (if there were only one way, i would say its entrepreneurship)
    you can also do really badly in trading
    and money isnt the only reason people do certain work. its not a waste to be a consultant (or a doctor, social worker, musician, or anything else for that matter). dont take whatever job pays the most; its the worst reason to take a job, and you wont be as happy as someone making less but might enjoy it more/has time to actually spend it.

  • In reply to dew2229
    instapreneur's picture

    Well, I left out entrepreneurship because that's the obvious way.

    People become doctors because they like science and want to help the sick - there's a lot of rewards that come with that job outside of money. People don't become social workers for the money. Most musicians probably dream of making it big.

    Kids grow up dreaming of being doctors but not bankers. People become traders and bankers for money. Is that incorrect? But it doesn't even seem like they make that much money. So that's a waste then. And why would I become a consultant or accountant then if I make even less money in those jobs?

  • levelworm's picture

    What is super rich? IMO anything less than 1 trillion dollar is not super rich. You cannot be a major player without less than 1 trillion in your hand.

    BTW the following tips might be helpful: (From my reading about various "super-rich" guys)

    Do some buisness.
    Try to link with some powerful people (i.e. some presidents of poor African countries) pick from them someone with the greatest potential and serve him well.
    The rest depends on luck and your ambition and your ability to control it.

    Good luck!

  • epoch707's picture

    If you want to be super rich then I suggest you think outside the frame of being a worker and instead being a boss...of your own company. 9 of of 10 people with more than 10 million are self employed or have made their riches through their own businesses.

    It may be risky starting your own company as opposed to working for a big bank, but with higher risk comes higher return

    My finance blog: AdviceAboutFinance.com

    Twitter @samleefinance

  • In reply to epoch707
    econ's picture

    epoch707 wrote:
    If you want to be super rich then I suggest you think outside the frame of being a worker and instead being a boss...of your own company. 9 of of 10 people with more than 10 million are self employed or have made their riches through their own businesses.

    It may be risky starting your own company as opposed to working for a big bank, but with higher risk comes higher return

    Good advice.

  • lasampdoria's picture

    "Those who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety."- Benjamin Franklin