I've been playing the associate role in IB for some time. I can not stand I-banking, It is as boring as watching paint dry on the wall. I'm sick and tired of being a middle man between my MD and the analysts. And never mind the VP, what is the point of having a VP anyway?!?!
About a month ago a door was opened into a world I did not know existed. The bad boys club "so-to-speak". An MD in Sales and Trading opened a spot for me at his desk. He explained their pay structure and how much money his junior VP (who happens to be my age) is taking home every month.
WTF have I been wasting my time busting my @$$ for? When this kid brings home month in and out; what I make in a year. (let it sink in) Why do people waste their time working for a set salary in IB? When you get comissions every month in S&T? I dont want to wait 10 years to get to the MD level and take warrants as a bonus.
In God I trust all others pay cash S&T here I come.
"When this kid brings home month in and out; what I make in a year."
this is a gross exaggeration
Let me guess. You trade equities in Dallas.
Classic.
Besides the embellishment, you make a good point about VPs. I really don't see how they earn $300k+
is it possible that a junior vp makes 3.5 - 5MM per year? uh, sure, i guess; there are all kinds of crazy stories on the street. but definitely not the norm in S&T at the BBs...realistically, most MDs in S&T don't make 3.5-5MM per year (nor do most MDs in banking)
enjoy the promised land though.
grass is always greener my friend
wise words
Wait til you are glued at your desk for hours on end and you are so busy you cant even get up to take a piss. Wait til you make one bad trade and your MD rips your head off.
Wait til your wife/gf is pregnant and your PnL starts going south and you start looking over your shoulder every time the Global head walks by.
Wait til another round of layoffs come and S&T is what gets hit.
The real exchange you are making is classic trading- risk-on versus risk-off.
Should make me some markets ;P
um...what does this guy do within S&T (function/desk)? My understanding from speaking with experienced pros is that most people get paid slightly less with higher volatility than those in IBD, while some get paid much more- but still with higher volatility.
With all of the upcoming regulation,in prop trading and inst, S&T is awaiting another round of layoffs.
I personally prefer S&T, regardless of the 'risks'. The work is just so much more exciting than IBD.
The sales guys here can bring home $1mm on a $50mm deal.
We are tunned in to the same frequency!
Has anyone got ANY information on what the Sales side of S&T is like? LIfestyle, culture, hours, comp, job duties, breaking in? I tried a search but I couldn't find anything.
Try looking to your right bro.
Wait, this guy is the one that wrote the thread about how much he LOVED banking.. Now he hates it?
http://www.wallstreetoasis.com/blog/how-did-i-get-here-synopsis-and-wha…
Were you born to do sales because thats what you need to be to make the sort of dough youre talking about at a boutique. And I would bet youll be working with plain vanilla equities/bonds.
Yes, that is me. I thought I had it made until I started meeting the people who push our deals. I'd love to tell you the kind of deals that we have in the pipeline but it is big boy stuff. We are part of the syndicate who is bringing a couple of companies public in the near term (say 7 months) who anyone on here would love to be a part of. We also push some exotic derivatives which are sold mostly to quant funds, We are pretty well diversified as far as products we have on the shelves. Quant funds cant get enough of anything exotic. And many fund managers come to us for "new ideas".
So we are not your regular mom n pop ice cream shop. We are in the "Cold Stone Creamery" level. But we always have the proverbial secondary market products as well. (I never knew there is a market for greenhouse gases; if you know where im going with this).
Yes, I thought I had the life but I never really knew what WALL STREET is really all about. I think going to work at Goldman Sachs would be essentially giving myself a demotion given the amount of money I can make in S&T where I am now. There is a lot of grinding and sweating at this place and S&T groups do work until 1:00am seeking new business across the globe.
A BB is really just a "cookie cutter" model where you will sell your soul for a little bit of gold. Why keep working for a bonus? when I can get x% in commision off of the deal regardless if it is a 10mm or 500mm deal?
[quote=barboon][quote=pingafrita]
So we are not your regular mom n pop ice cream shop. We are in the "Cold Stone Creamery" level.
I think going to work at Goldman Sachs would be essentially giving myself a demotion given the amount of money I can make in S&T where I am now.
A BB is really just a "cookie cutter" model where you will sell your soul for a little bit of gold. Why keep working for a bonus? when I can get x% in commision off of the deal regardless if it is a 10mm or 500mm deal?
.
Bottom line is that im moving over to S&T because I thought I have the life and living in a $3,000.00 a month box studio in midtown with car service was pimp and it is not. I want to live in the upper east side and put the top down on the lambo at 30. Like most of the @$$holes at the firm do. Plus their offices overlook central park and I want an office with a view. Im tired of looking columbus circle.What's my 20?
You can't be serious. Money is everything.
love all the bias here, on both sides of the coin. absolutely ridiculous...
Can't have some college kid "try" to smack me around you know?
barboon
who took a giant flaming shit in your bowl cheerios this morning?
My VP. The idiot that lives in another planet. He is only good for harassing the admin and asking her out to dinner all the time (he actually thinks she wants him). Did I happen to mention the idiot doesn't realize that I can see his pc screen reflection on the window and it's Backpage.com (wonder if he is looking for used furniture or hookers).
what a troll
Im gonna start posting pictures of my cancelled paychecks so you can only aspire to being me.
If you think you are gonna get all that and a bag of potato chips in S&T you better wake up sonny.
^^ Looool
I love threads like this: "It's Official. Good-bye IB, Hello S&T."
You're such a WSO celeb we have all been curious about what you've been up to-- thanks for the update. You've been sold a dream...would not recommend... S&T is not what it use to be...
Also just from my experience the guy talking about how much he makes usually doesn't make anything....when someone really makes a lot of money they tend not to talk about it... but just my two sense
I wish you best of luck
Great to hear about your new opportunity in S&T, keep us updated!
Sure, don't know which shop you work out that pays in Bonus every month, but that sounds like an inter-dealer-broker shop. I bet it feels good to quit a job you hated, but no job pays you a lot of money just because life is so fu.cking good. Lots of drawbacks in S&T, but if you suck it up it can be a very interesting job. I've been doing it 4 years now and really like it, very different from M&A and hard to compare the two as they are both very different animals. Good luck.
^^^^ Thanks. I deffinitely will. I don't hate my current job but I feel over worked and under payed sometimes. If I'm going to make transactions happen I want to see at least a small crumb of the transaction; not just a pat on the back and a salary.
So you're saying you would become a male prostitute if it was the highest paying job in the world?
Would you suck a dick for 1 billion dollars?
Absolutely not. I can get wealthy while keeping my dignity.
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