Easiest way to make about $2mm/y
I've always wondered this (title).
If you were to stay a McK partner your whole life you'd probably spend your partner years averaging $2mm/y ($600/800k junior partner up to ~$5mm when you're old as shit). That's a pretty cushy life, very rarely weekend work.
I think the value for the trade is there if you're at a fund with a strategy that hasn't been competed away, or if you're an MF PE partner purely from scale, but otherwise you're probably fucked.
I think the value for the trade is there in venture at top firms (A16Z etc.) but you actually have to find a decacorn with fund sizes where they are these days so good fucking luck. Deal work spikes, but never as painfully as PE.
Being the head of the CIO at one of our alma matter's is probably the chillest job out there for the $3mm+ it nets (check your university's disclosures) but probably the #1 "take a ticket wait in line" type job.
Been thinking about this a lot and think SWF / top pension might be the real value trade. A mix of directs / co-invest / funds, not sweaty, ribbon-wrapped DD and never having to worry about origination etc., and clipping 1m+ at senior levels. Anyone hiring?
Can confirm, work at a SWF / pension on the direct team and its pretty nice. Yes, comp is less than at a GP, but I get it back in better WLB and job stability (no fundraising, much less port co. management and reporting, co-investments are a lot more chill given limited primary work needed, etc.)
This will be controversial, but know quite a few private bankers that pull in a couple million. They take a share of their AUM and if you’re well connected, it’s just about getting people to trust you.
+ Managing a sizable family office (hard to get here but can pay really well relative to the actual amount of work)
"it's just about getting people to trust you" - ah yes just that one easy trick.
Advisors or private bankers at JPM or similar (different pay structure)?
I am not an expert on the private banking space it seems like on some other threads on here that bonus structure for these groups are about 25K for every 5mm you manage - this means to get to the lets assume you have 400k base you need to have $320mm in assets to be clearing the 2mm year mark.
Overall, being pretty removed from the private banking scene I have no idea if that is a hard goal to make. I assume it would not be easy.
Sounds absolutely awful to spend 10+ years of your life traveling every or every other week to become a Partner at McKinsey. Even more awful afterwards to keep a book of business, constantly churn out slides no one looks at, and play endless politics in a big organization.
Well said
I hope to make 100k a month working 40 hours a week by 35. I think if I can buy a couple properties and pay them off over time, get a job at 35 that makes 500/600k or so and then my wife works (she’s going into a specialized medical field that makes close to 250k a year) I can do that. I think the trick with all of this is making sure you have a maximum hours you want to work to make that kind of money. I can’t imagine staying as an MD in IB just to make that kind of money with tons of stress and hours worked for 10 years straight. Rather make much less with a better life.
Your goal of 100k a month, you're not making any significant sum less than an average MD lol
its about earnings / hr
Completely agree that management consulting is the simplest route there. Real estate, as others mention, also not bad if you can build the portfolio, but might take some risk and heavy lifting early-on.
Bitcoin - not sure why people grind it in tradfi when they could be making millions in crypto
Is there still place for non-quant guys in crypto world?
I'm not sure your hypothesis on the lifestyle of a McK Partner is entirely accurate. I knew one growing up, top Partner for 10-15 years, and let me tell you, he earned every single cent of his comp. His hours were typically 6/7 AM to midnight, and I would be shocked to learn that he didnt work weekends. I cannot comment on the comp portion as I simply dont know, but I will tell you that those hours take a major tole on you as you age, especially if you look to raise a family.
Senior Partner in Big 4 Tax / Audit can clear these figures and with very chill hours.
I mean you still have a busy season right?
Yup! Only issue is mind numbing work for 20 years to get there!
Be hot and an OF model.
Become a specialist surgeon in Hicksville, KY. Doctors are paid much more in rural areas than urban since they're needed everywhere.
Someone at my school actually had parents who did this. They lived in AL/KY/AR growing up with a specialist doctor parent, but went to a top boarding school for HS. Parents retired to a very nice place in FL.
As someone who grew up in a family that lived this life in rural TN, it’s a lot easier said than done my friend.
Met a couple doing this in the Bible Belt - rolled up a bunch of small offices and bought a bunch of nice houses on islands, beaches, etc
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