Need advice how do I get rich in accounting/finance
Little background I am an accounting student with programming skills in VBA and SQL. I am thinking about becoming a mortgage broker when i graduate shortly. Or should I become an accountant that specializes in technology? I spent alot of time and effort learning how to program(more than I even want to admit or think about). I was thinking it was going to make me rich, but recent information says otherwise(150k max).Please help.
A little more background I go to an average college thats why I studied accounting.
If you have coding skills and are good with numbers go to quants at a BB to gain the finance experience then pivot to a prop trading firm (Jane Street Capital/Citadel). A junior trader in NYC at Jane Street Capital makes $150K.
There are many ways to become “rich” in finance depending on how you define the word. But all of them involve reaching some end state where you are a very senior person in a role (SVP, C-Level, Partner, MD). While the “time to get there” varies, it most often is in the neighborhood of 20+ years, assuming you are a high performer, personable, all the cards fall right, and you avoid potential derailments such as burnout, divorce, recession impacts, personal health crises, and bad luck.
Why does your career down the road matter the most? It’s simple math.
Imagine you make an average of $300k a year during your first 20 years of your career, and then by year 21 you are making $2MM a year. If your compensation stays flat and you retire after 40 years what did your compensation look like:
Years 1-20: $6MM ($300k x 20)
Years 2-40: $40MM ($2MM x 20)
This is an oversimplification. But the point of my wordy post is you should focus on building a sustainable career path that you can tolerate (if not enjoy) with strong long term prospects. Assuming all goes well you will get there in the end, but getting rich should be a goal you hold loosely in the near term.
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