Did a quick search of some random companies' career pages. Below are some of the ones I found with postings in NY that now have base salary shown:
BB IB all 110k base obviously
Citadel Equities fundamental associate (out of undergrad) 110-125k
Point72 Academy new grad investment analyst base 125k
Bridgewater portfolio associate total comp 150-250k
Apollo PE associate base 150-175k
Evercore associate base 185k
Jane Street new grad trader base 300k
Two Sigma SWE base 160-300k
Two Sigma new grad quant research base $160k
Citadel quant research base 225-275k
Citadel quant trading base 175-275k
Google site reliability new grad SWE base 106-159k
Bloomberg new grad SWE base 155k
Obviously doesn't show the full picture since these are just base, but nice to finally have transparent, accurate figures
'quant' aka adding and multiplying in python
pays 300k and needs a phd when a fifth grader could do the same job LOL
Yeah Jane Street, who obviously isn’t successful at all in what they do, is so dumb that they overpay people by $300k (well maybe like $270k as you’d still have to pay the 5th grader something). Isn’t that unbelievable? I do that too. At my HF, even though I could pay people $50k and pocket much more of the profits myself, I overpay people because it’s just pretty cool to do that nowadays. It’s like a neat way to show off that I don’t need the money.
For working in finance (guessing you do?) you are struggling with a few simple concepts (supply and demand being a key one).
Yep it's legitimately one of the big drivers of inflation rn. Quants and SWEs getting paid six figures to sit on their ass and type code that creates no social value. It's a leading indicator that there's too much money in the system and allocators don't know what to do with it. Fed needs to tighten the fuck up.
Can we all acknowledge that every single comment in this thread ranging from "Associate 2 in PE - LBOs" to the replying "Investment Manager in HF - Other" is from a singular insecure techcel trying to "organically" initiate a conversation about tech comp that no one asked for? Thanks.
Rough look for IB. I bet that pay doesnt even compare well at all when you do the math for hourly rate
Of course it doesn’t. But if you say anything positive about quant/swe vs IB on this forum you get 999 monkey shits thrown at you.
That's what I'm saying. This site is an echo chamber, and most people on this site don't/didn't attend HYPSM-type schools where you see your peers work at the countless other jobs offering substantially more pay with much better WLB and benefits. I attended a HYPSM, studied a technical major (e.g., math, CS), and work in BB IB and both my base and total comp are in the bottom ~30% among my peers from college (only consulting makes less). People on this site are probably going to justify it by saying how this is still substantially more than the average college graduate. And sure, this may change a few years down the line, but it also may not. SWE pay progression does plateau, but many people hit L5 (or equivalent) easily within 5-7 years, making $300-600k, and of course quant can make more across all levels if they perform well.
With this new pay transparency law, I scrolled through LinkedIn just looking at completely random jobs. You'd be surprised how many jobs there are for kids right out of college offering just as much in base if not more that are outside of IB. I think the average college graduate salary of $55k or so is heavily skewed by people who make nothing or close to nothing out of college maybe pursuing startups or the arts or fields that they're passionate about that are very low-paying or people in LCOL areas. Don't quote me on this but I feel like post-inflation and especially for cities like NY, for people out of regular colleges that care about money and thus chose a career that pays well are averaging closer to $85k in base salary working good WLB jobs, not the $50k everyone spews around.
This is correct but no one who is serious about money does IB for the few years of analyst pay. They do it for the exit opps and rapidly upscaling comp which you don't get in any other jobs (bar maybe top tier quant trading not sure how that scales). I.e. there is no need for IBs to pay >$200k for analysts when 80% leave. But they are paying VPs $700k after 8 years.
No you seem confused. Let x=actual salary. If X=b, and b lies between a and c, then ergo, x lies in the range of a and c. The range doesn't indicate all actual salaries, just that the actual salary lies in the range.
Dang - here I am making $90k base in a family office analyst role (needed better WLB after my 2 IB internships). Thought I was balling until I saw this.
what do your previous IB internships have to do with anything?
dude, you don't need to signal you've had an IB internship to contribute to discussion... all finance professionals are welcome
lot of insecurity on this site (and thread!)
I'm not trying to "over-signal" or anything. I was just trying to indirectly make the point that I knew I'd be taking a pay cut if I went the family office route, but not to the extent that I've seen in this thread. Also, I'm female.
I’m always confused why college students so firmly believe that ibanking and consulting are the top-paying jobs out there. Back when I was in college (3-4 years ago) , every student (including the most bright and ambitious ones) was literally worshiping these jobs. They even had “break into ibanking” clubs and everyone who landed a summer intern would post “incoming xxx analyst” on LinkedIn for 12 months await worshippers. Even more so for consulting. It’s kinda ridiculous how the pre-2008 prestige ( majority of which was from prop trading ) carried so long into year 2018
But for the first two years ibanking is really just average pay ( if adjusted for wlb then it’s below average ) , consulting is below average. For exit opportunities it’s above average, but certainly not top 20 percentile. I recently found out that some back office operations managers are making 1M+ TC with 12-15 YoE ( and not just one, several of them), HR managers making 800+ with 15 YoE, and cloud sales making 1M with 10 YoE. So 1M TC at 35 years old isn’t really that special, it is very doable from even the most ordinary and unglamorous professions ( no offense to HR and ops ) without the sacrifice of wlb. As for those true top 20% professions, I won’t go into details as you guys should really learn to do your own research.
I got the point of your post but-
that's just bullshit lol