In which career (law, investment banking, consulting, or private equity) would there be the greatest chance to hit 7 fig comp?
I am currently a rising senior in high school. Before, I thought that I should pursue a career in law as I saw how partners in the AM50 are making good 7-figs and the career is relatively stable (once you are an associate, most will not be let go during the first 7 years, then a lot are asked to leave before partner, but one you are a partner, you are set). But, as I explore other careers, I see that there are many more options to obtain great compensation. These include partners/MDs at IBanks, MBB firms, and many PE firms. Which do you think is the best career in terms of 1) easiness of getting into (like I know that top PE firms are near impossible to get into) and 2) easiness of making the top salaries given good perfomance (like in law, if there's an off-year, you'll usually not get partner even if you were a great associate)
Maybe work on determining what you are interested in first and why.
While this is great in theory it’s not always possible. I’d love to be an economist at a think tank or some shit but frankly don’t have the Mathematical skills or willingness to get a Phd in Econ to get there. I say do what you’re good at and figure out how to like it. Much easier route to bigger money faster..... and yes I realize that’s not everyone’s goal, but on WSO it kinda is.
Delete:))
I doubt many on WSO can really speak to this as you would have needed to essentially do all the above to really know. That being said from my viewpoint - first considering going to law school and now trying to network into IB - law is easier route. Get a solid GPA in college, get a 165-175 on the LSAT putting you in a T14 with very high chances of making it to a top firm. Don’t get fired for 8 years and you’re there.
In law you have a few more chances to fuck up and still make it. If you don’t go to a great undergrad it Doesn’t really matter as long as your LSAT is good enough and you don’t need some Magical connection to get you in. You can also go back to law school at pretty much any time after undergrad and have an equivalent chance of getting to a top firm. Not so in banking. With few exceptions you have to go to a target school, have amazing grades, a magical connection, and still get lucky. And if you miss the window you’re pretty much fucked.
For this reason if IB doesn’t work out this year (although I’ve been extremely lucky and put myself in a Good position) for me, I’m strongly considering law school again.
Marrying rich is probably your best bet.
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