First time poster. Been working only 4 months now for an accounting firm. Chose to do accounting since it was the best program offered in the business school, but have always been more interested in finance. I've been discussing salaries with the people I work with and they seem much lower than initially thought (a lot lower than people on here report, too). I've been talking with a few friends trying to break into i-banking and was wondering the truth about the salaries they throw around, and the work life discussed. So could you all clarify a few rumors with specifics.
1) 100k right out of school.
To me that just seems crazy, nobody out of undergrad is that qualified, so it's hard to believe people would be so well compensated with no experience. Bankers are just like accountants, soldiers. Seems management would cut salaries and still find plenty of smart kids to put in the hours.
2) 100+ hour work weeks.
I have worked one 100 hour week since starting. I could do it again, but not week in week out. In all reality, what is the typical hours? 14 hours a day (so say 8am-10pm), 7 days a week is only 98 hours. If you are working that every week, you would have never have time for basic things like doctor appointments, depositing checks at a bank, getting dry cleaning, etc. Is this a dramatization? Are we talking more like 70-80 with the occasional crappy week?
Since I am asking for salaries I know people will swing their dick around, but in all honesty I make $51k, $5k sign on, with the top rating I would receive a 7-10% bonus, with a utilization bonus of around 3% (but the utilization bonus is nearly impossible to hit, especially with the eating hours that occurs to keep your sr. manager happy). This is in the south, so cost of living definitely not NY or Chicago.