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Yes because majority of posters are undergrads. I didn’t know what banking was until I had basically graduated college. Similar to what @wolfofwso said about people making $300k - people love to lie on the internet.
Also kids want to be rich until they realize it’s nearly impossible to have a net worth > $20M and then they’re just delusional until they actually get a job
Let me be clear that I'm all for people launching their own venture and selling it off for $20m. Most people don't get "rich" working for others, including IB. You'll be comfortable in a six figure income and perhaps have all the toys you want. But that 8 figure net worth is a rough egg to crack.
Absolutely
Yes for sure -- same could be said about most forums to be fair.
Its a website where people who work (or want to) in finance come to congregate. If they didn't have a positive stance on these jobs they wouldn't be here therefore WSO by necessity an echo chamber. I don't think that is necessarily a bad thing unless you spend 100% of your time here though.
In certain regards, definitely. I work in Fintech consulting and it's hilarious watching the undergrads or fresh grads hype up their role in IB/PE thinking their farts smell like roses because they haven't hit the real world yet. I don't want to disparage them, I've been there before myself at that age. The HF people I do still have respect for out of bias since that was my own fork in the road back in the day between the Fintech world and the HF world and I still keep my hooks in that HF world.
It's a feature, not a bug.
Imagine the average person reading about ASO2 at BofA getting a $100k bonus and saying "Not pleased"
Do you think we could have any productive conversations about this career path in the company of the 99%?
for the hours you work + the conditions, 100k is hella low.
250k all in across 80 hour weeks is roughly 62 an hour, which is okay but not anything amazing. Add in NYC tax + NYC rent, and you really don't have much left.
Of course you still are probably better off than the average person, but by no means are you actually wealthy as an ASO1
I mean, that is exactly my point, my man. I agree with you completely, but nobody in normal jobs / on normal internet forums would be able to understand our logic.
I like WSO because the viewpoints are very different than the entrepreneurial friend group I have. I've learned a lot here. Nice community and am friends with ~10 - 15 people from here off WSO and even met 3 or 4 of them offline!
I haven't met many people yet, I went to a few of the happy hours before the pandemic but it wasn't too active in my area (could have just been an off week). I'd be down to meet some of people in person.
@Isaiah_53_5 💎🙌💎🙌💎" wedding is the next one.
Remind us the date.
Does WSO even consider them heresy? I feel like people speak of more those corporate jobs favorably, because of their stability and relaxed hours.
>random corporate jobs etc.
There really aren't that many career paths outside of finance & tech where the norm is to eventually settle around $250k+. In most other fields, anything above $200k is an exception to the norm and most are happy at $150k.
With $250k, you really can have most of what people aspire the American dream to be BY YOURSELF. You can get the car, a decent house/condo (eventually), nice vacations, and outsource most of your chores. Sure you might not get 8 figures but you really do get to attain things most people only can dream to have.
I'll push back a little bit here. In NYC $250k/yr is almost pedestrian since you're going to be paying over 50% taxes on that income and pay to live in an extremely HCOL area. On the flip the script, that $250k/yr in a place like Nashville definitely goes way farther and may as well be eight figures at that point since taxes and overall COL is way lower.
> In NYC $250k/yr is almost pedestrian
This is laughable as most New Yorkers don't make anywhere near $250K/yr
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