What would you pay to work at the bank of your choice?
I recently spoke with a partner at Goldman Sachs and he claimed that the analyst class would be still be filled even if analysts had to pay for a spot. I thought this comment was interesting and was wondering how much you all would pay (if anything) for a seat at the bank of your choice for a 2 year analyst stint.
Absolutely fucking nothing, imagine putting in >100hrs / week at Goldman or wherever and having to pay to work there. Lick my brown eye if you think I’d do that.
You should ask him how much he’d pay to be a partner
Fun thought experiment.
I might mark it at 30K a year (but only if under the table, nobody else has the option)
Unfortunately, the very existence of that program would make the opportunity less prestigious and therefore less valuable, so you basically have a self-reinforcing devaluation toward $0 (if the two above assumptions are not met)
2 bucks for my analyst years.
I'd pay 29k to work at Natixis.
If typical market corporate banking salary is 175k + 35k bonus at asso, that’s 210k
If you work at Natixis your base salary is 130k+10-20k bonus, so around 140-150k
You basically are paying the delta of 60-70k each year to work at Natixis
He is correct. The spots would be filled...with fools that would rather use their privilege than common sense.
If you would pay to work it means you do not value money nor your dignity at all, probably due to being surrounded by it in abundance to the point of not wanting to work to reach a comfortable lifestyle and provide for your future family (obviously to become an accomplished individual with a strong reputation, knowledge and expertise) but rather purely for the status you can gain by being in IB... because someone told you that's the way to go!
Being rich does not equate being a fool but I am sure we have all stumbled upon quite a few people that don't even know why they are in IB or trying to enter and are spoiled to the point of no return. If people think the standard of deliverables would be the same if people like this worked there then those people are a bigger joke than their pool of "qualified" candidates.
And that’s why Goldman has the shit culture that it does…
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