From my knowledge, some of these BO/MO pay OT at BB banks. If you calculate the starting salary, the money made from overtime, and then the yearly bonus, would these numbers be close to the range of what a 1st year IB analyst would make?
Obviously once the analyst progresses through the ranks and hits Associate and above level, these BO/MO jobs dont compare. But when compared to first year analysts, is all-in comp in the same range?
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Even if this is true, this isn't some great argument for BO work.
"Awesome! I'm a 35 year old making the same amount of money as some douchebag 22 year old."
Probably true, but in an entry level job what's more important, the money your making or the skill set/network you're building?
Factual but irrelevant.
1.) Aim for the front office. 2.) There is a LOT of wisdom in the middle office/back office, and it's a smart move to assume the senior guys make more than you even if you make FO. Some of the wisest people I know on the street are 50-60-year old risk managers. Even from the front office, that wisdom needs to be approached with not just respect but also an ounce of submission- at least for your first ten years on the street.
how much do you think these senior guys are making?
Take what a banker would make with the same experience and rank (VP or higher), divide by two, and that's my guess. Mind you, they do half the work. Yes, bankers are down to 50 hours/week when they hit fifty, but the risk managers I know are working three days a week.
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