Jobs with the Best Hours + Most Pay with an MBA
So I just got accepted to an M7 MBA program. I'm looking for a career path to explore that will have great pay, but manageable hours. I have a background in real estate development, and I have an MPA from an ivy league school, so not exactly ideal for any wall st career I would imagine.
I have a ton of debt from school that I want to pay off quickly, but then I want to undertake my own entrepreneurial aspirations (real estate, restaurant?), so exit opportunities like PE aren't much of a concern.
I still want to be able to hangout with my dog, friends, enjoy the city, etc (eg have a life). I don't want to work 100 hours a week or have to travel 5 days a week either. I'm looking for 6 figures, good hours, and a respectable pay scale. What do I do?
I was thinking sales (as in sales and trading)? Marketing/Advertising? Suggestions?
Sales = at LEAST 50 hours / week + entertaining clients (60-70 hrs a week, less if your established or your clients have families)
Most credited career: Dentist. Better yet, orthodontist or oral surgeon.
300-500k/ year work 3-4 days a week manage your own office
Downside: you look at teeth all day.
Huh? Are you going to be a dentist?
^--- yeah good thinking, because all you need to be a dentist is an MBA
Honestly, you're not going to get a good paying job with a great lifestyle.... thats the trade off. If you want a reasonable lifestyle outside of work, don't go into anything Wall Street related unless maybe its HR which is a waste of an MBA (and balls). It probably won't be very challenging/interesting/fulfilling either.
Go for a F500 job. A good corporate position would definitely afford you a moderate lifestyle and decent pay (maybe $115K, but could be wrong). But in general those are pretty cushy jobs, decent pay, good perks, somewhat engaging. Just make sure you don't do biz development which can be brutal if you end up at a pretty acquisitive company, although likely without a finance background you wouldnt be a very strong candidate.
Not true! ;)
In my late 20s. Came from a non-target school and only graduated around the median in my major (BS Computer Science).
Senior software engineer at a defense contractor in the Baltimore, MD region. Compensation is very similar across all defense contractors.
The above compensation doesn't include the perks I'm currently received as a commissioned officer in the Reserves.
Don't bother with finance. You won't get deals like this.
Are you trying to recruit for BAE or AAI or something?
What about PWM? I've heard that it's possible to make 1 million plus per year, hours are great, and MD do next to nothing other than schmoozing. am I right or wrong?
sure. he's going to walk out the b-school door with his MBA one day and then the next day someone's going to hire him as an MD in PWM, pay him 1M, and just have him schmooze all day. you are right.
i want to get paid a big salary to hang out with my dog and coach my kid's soccer team. can someone please tell me what job that is? thx!
I'm pretty sure it's safe to assume that turtles was talking about PWM in terms of a "career path" and gave his description of the lifestyle of an MD as a way to illustrate what life might be like in the long term if the OP were to successfully pursue such a path now.
Really unnecessary.
If you're willing to budge on the coaching gig, I hear beastality websites are becoming quite popular...
The OP is right on with sales and should also be looking at PB/PWM. The upside for both of these fields blows F500 or anything corporate out of the water, and the hours can be just as good. I still DEEPLY regret not going into one of these two fields originally.
Can you please elaborate on why you regret not going into PWM? If you could go back, how would you have gone about establishing a solid PWM career? I have always been certain that I wanted to do investment banking; however, after interning at a BB in PWM, I am strongly reconsidering my career path. I know it is essentially a sales job and all-in-comp is far lower than banking right out of college but if one is able to establish a solid book, is it possible to eventually (after 3-4 years) to be in the same compensation range as an associate at a MM PE shop? I know it may vary, but do you know what the compensation structure is like in PWM?
Feel free to PM as well, I am very interested in hearing your viewpoint. Thanks!
ya possible to make 7 figs in pwm/pb but isnt it possible in f500 too? (yes; exec)
Join an endowment / family office....great lifestyle, excellent exposure, very decent money
Family offices, FoFs, Investment consultancies... anyone who is selecting/screening managers as opposed to individual investments.
What about hedge funds? Maybe I have no idea what I'm talking about but I have this fantasy of it being a lot of fun since basically all it is is an investment club... right? Can anyone speak to that?
john q buyside writes about hedge fund pros and cons here
http://www.lifeonthebuyside.com/
hedge funds, AM, PWM, S&T (you will have evenings and weekends free)
If you are good with people and can get into a solid seat the S part of S&T can be pretty cushy and chill. You still have to put in your dues though.
Thanks for all the replies. I have no problem paying my dues as long as the dues don't come in the form of insane work hours.
I'm intrigued with private wealth management. What exactly would one be called as a 1st year post MBA in PWM? What does one do in PWM? Pay scale?
Also, what does "PB" stand for?
PB=Private Banking You would be an associate to my understanding. Pay for analysts are 60k base (JPM) with a smaller bonus (maybe 10k) you can rise up the ranks quickly and I think as an associate you can start trying to bring in clients. If you have >250MM you can easily make over 1MM just depends on the fee structure and the firm. I worked for a PWM group that managed 500MM and both heads made 1.1MM each at the ripe age of 40.
That JPM PB comp is way off.
1mm at 40 is horrible.
usually when u get to ur mid 20s u should be at a megafund type shop where the structure is 3 years = million.
u should make a million by ur 30s, latest.
You're a douche. Not everyone is obsessed with money.
Entrepreneur, duh...Super duper flexible hours and potentially billions to be made
Great chance of failing
And I assume by "flexible hours" he means, absolutely stressing your balls off 24/7 and not knowing if you can make your rent each month or gonna sleep in your car just to keep the office afloat.
ELABORATE
Off subject (sorta?) but Dentist do not make 3-500k. It is 4 years after UG in dental school and they will make 120k starting and can bring in AT MOST $300k with a sucessful private practice (10-15 years, comfort dental makes more), but more likely 2-300k.
Specialties are 2-4 years after dental school, and they bank (300-500k).
And yes, the lifestyle is fucking awesome. 3-4 days a week (4/40 schedule is common) where you can own your shit.
I know dentists.
I'm not trying to be a hater, but the job seems boring as fuck. I think that knocks off a lot of lifestyle points.
He is not a plain vanilla general dentist then. General dentists do have work arounds, like get an IV sedation certification and now you can do wisdom teeth, increasing your yearly comp 100k+.
BTW, this information is coming from the mid west.
And I cannot say I have not heard of 30k/month, but these are the outliers. Your friendly neighborhood strip-mall dentist is not making 1/2 a mil.
^^ is the #1 complaint in the dental industry.
omg guys, variability in compensation? no way!
Why is this even being discussed? What about the years of schooling and $500k in debt? (My bro in law is a dentist - school aint free and you buy your own tools.)
Why not add plastic surgeons, dermatologists, and divorce lawyers to this list? You can also do those things with just an MBA.
PWM seems like a pretty sweet deal, but i wouldnt know. I just spent a week on the Goldman trading floor with the sales team and let me tell you, it is not by any means a chilled job. these guys are always doing shit and are mega stressed. Plus they work like from 7am to 8pm...
playing the lottery, takes 1 minute and you make like 300 million
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