This might sound heretical to this site, but I'm starting to wonder if there are alternate paths other than the standard 2 year analyst, 2 year PE where someone can make 6 figs in ~5 years. Not really sure if I want to spend my youth in the office until 3 AM.
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Plenty of jobs in real estate where you'll make over 6 figures before 25. Especially larger cities in terms of analyst roles. Producer roles can make it rain wherever in the country as long as they know their shit and have a network.
You can make 6 figures as a relationship manager in commercial banking after 5 years. The problem is that you are severely capped at around $200-$250 for your career
unless you move up the latter and become an md/director
What does a relationship manager do?
Originate commercial loans and lines of credit to finance real estate transactions and working capital for operating businesses. Can confirm LatinBankers comment - rainmaker RMs and senior bank leadership can easily pull in 500k+ per year.
Sales @ large tech companies make bank. You don't even have to be technical just speak the language
idk I have a finance background tho
You can make six figures as an analyst in Corporate Banking.
Corporate Banking is similar hours to IBD though right (esp at senior levels)?
Not really, depends on bank but you see far fewer all nighters and working weekends. Can be as little as 60 hours per week on average at the analyst level, probably less if you go to a regional bank.
depends on the bank and flow. 100% certain the guys at Citi/JP are getting worked harder than syndicate banks. For context my hours are probably 50 summer 60 winter fewer than a weekend a month with deal driven peaks and valleys. Pandemic hours are 90+ mid pandemic is 75 end of pandemic hours TBD.
Paid below street, but so are my hours. clearing 100k all in. Senior level hours vary with the number of fucks you give. Can be a chill gig if you check out and coast on legacy relationships.
Buy-side equity or credit research e.g. Mutual funds, Hedge funds, BDCs, Mezzanine funds, Growth equity funds etc. This career path is underrated compared to banking on WSO imo (not saying it's any better or worse, there are different pros and cons for both).
What would this path look like coming out of undergrad? What are some starting positions besides IB that could lead to buy side credit work?
Moody/S&P/Fitch have positions for undergrads. They go directly there not lateral from IB. Comp is IB base (no bonus) but its a 9-5 job
Not finance, but SaaS sales can lead to some big $$$
Also, if you guys need any data prep software (pdf to excel) or anything like that lmk. Also have a couple predictive analytics tools, great for mitigating credit risk. Last but certainly not least I know someone who sells Panopticon, which is real time streaming for trading analytics.
Yes shamelss plug, I'm having a tough month.
Is Sales Worth It? How Much Can You Make? What are the highest-paying sales jobs? What are some awesome companies for sales?
What do you think about S&T sales vs. tech sales? Any thoughts on both of those as career options?
It can be worth it. Can make 100k after a couple years, 250k after 5-10 years or so, and double that throughout your career. Usually these companies are very "progressive" in their way of doing things and treat you well and pay you well. I know a couple people on a team of 10 or so that made 1 million a year for a few years in a row selling into the big banks. You do a $10mm enterrprise deal with Bank of America and keep 8-12% of it. Thats for the more experience folk though.. r/sales has a lot of discussion around this. I don't know much about S&T sales.
Some of the more big name/popular companies are Salesforce, Workday, Oracle, Snowflake, SAP, Monday. Data analytics, fintech, and cyber securitiy are good areas to be in too.
Sales is worth it if you’re good at it. You’d be surprised how much tech sales people get paid. I’ve seen everything from $500k - 7 figures. Companies will always pay for a good sales team.
i went from buyside (long only institutional asset manager) ==> corporate development ===> sales. never looked back, only wish i made the move earlier.
What type of sales. Is it more financial products or software?
Sales man. Sales.
Pretty sure risk positions at big banks get there within 5 years
P&L functions with corporations, come with solid bonus as well. Good to start in a support role then you can branch out. Pharma/Biotech is a good example, starter analyst roles start at 80K, which doesn’t include bonus/stock options.
Dude, you need to understand a simple concept: If you want 100k you need to be willing to work 100 hours a week.
Not true. I know people who make double that and work 30-40% of those hours...
Absolutely not true at all.
This is so false. If you believe this, you have a very narrow scope of the world... plenty of people work other jobs than IB and make well over $100k working 40ish hours a week.
thanks for the enlightening advice, “Prospect”
I make close to twice that and I work 50% of those hours...you're a fool
I work in a FLDP at a F50. I'm in my 3rd year and just a couple thousand short of $100k for the year. I'll get promoted after finishing up the FLDP this summer and be up to $110-$115k all-in for the year.
So to answer your question, yes it's possible to make "6 figs" very quickly out of college in non-IB finance careers but it won't be the big IB and PE 6 figure type amounts. For me personally, the 50 hour work week and great vacation and company holiday time was more worth it than the money.
What about further salary progression within F500 finance? Data points would be greatly appreciated
I was in corp fin at a F50 for 4 years and managers were typically around $150-400K. But, executive salary scaled up to the CFO at about $10-12mm per year.
Sr Analysts top out around $130k all in Managers at $160-200k Directors at $250-350k Exec Directors / divisional CFO: $400k-$600k At this level it's all about stock options, personal and divisional performance. So a lot of variation.
The CFO pay then jumps to ~$10M and the CEO up to $20-40M depending on the year. That's the thing about F50, the salary bumps are all roughly linear until you hit the C-suite. Shit hits exponential real fast.
Which city?
Boston or New York
Godspeed!
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