How far does your analyst dollar really stretch?
Given that one of the major motivating factors for getting into ibanking for many people is the prospet of big bucks, I have a question about those first few years when you're low on the career ladder.
Given that most Americans who get into finance end up in New York (though there are of course other cities), and given New York's tax state, cost of living,the fact that you don't get your bonus until the end of the year, and the innate last-minute expenses, do you consider an analyst's salary to be in the "well off" category?
I think what most people view as "the rich" are those who drive nice cars, live in luxurious and large homes, and go on exotic vacations. But in New York having a car is often extremely expensive and impractical, houses/condos/apartments are insanely expensive every at the low end of the market, and vacations often have to be canceled at the last minute when you're a banker.
I hope this don't come off as all gloom and doom, but give that 22 year-old analysts make several times the average American, the lifestyle just doesn't seem to match. How would you say an analysts purchasing power in New York contends with, say, a $50-60K in a smaller city, like Seattle, Portland, etc. Also, where abouts on the banking hierarchy does one actually start to come close to the classical image of "rich"? (Or am I overstating an analysts predicament?)
Thanks
Analyst money doesn't get you very far if your idea is to live off the money. It only helps you amass your first bucket of gold faster than other jobs. It's a financial springboard. If you're going to rely on banking money in your first 6 or 7 years to buy you a nice house and get a nice car, you're just going to end up working for your house.
Although living in NY has negative tax and cost of living implications, most people choose to work there because of larger bonuses, more prestigious banks, and better exit opportunities. These factors all lead to more money over time.
Analysts are poor as shit, this is no secret.
i am living well of my 60 K base. its not a king's life, but i live well. I get dinners paid for by the firm. Except for rent and utils, the only real other expense is going out. If you go out once a week, you're good. I think im going to end up saving about 500 bucks a month, but its upto you to blow that too on more nights out......not that you will get a chance to go out that much.........of course no houses or cars, but its a pretty decent life for a 22 yr old just off the base.
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