Do People Always Complain about Pay?
Do you notice that people in finance always complain about comp no matter what they are actually making?
I ask this because I have worked at several finance firms now, one which is very "prestigious" and everywhere I work people love to make jokes about how they get paid hardly anything. Now, some of these people are pretty senior, think Senior Analyst at Investment Mgmt shop or Director-level at an IB Boutique. Should I actually be concerned about hearing these remarks or is this just about the norm except maybe 2006 Goldman Sachs?
Curious to hear your opinions...
Literally 99% of the people I've worked with in big firms complain about this, no matter how much they are making. Someone I used to work with was making about $2.5 mil per year and would bitch about their boss who was making $10 mil per year. Someone always makes more than you. I guess it's just human nature to compare yourself to the next guy and assume you are as good at the job, even if it's not even remotely true.
^^ That was kind of my thought too, just want to hear more experiences. Cuz, I was speaking to a guy who I consider to be a "baller" and I would consider myself very successful in career and in finances if I reach his level by my early 30s. My experiences have been at fairly small firms.
Don't 99% of people complain about pay? Then again the 99% that complains about pay is in the 99 percent.
99% of the 1% also complains about pay
Comment of the day!
Everyone everywhere complains about pay. The difference is that in finance, your contribution should be very tangible and easy to measure -- this is certainly true of decision roles in research, portfolio management, trading, etc. The issue comes in that at most firms, excluding large banks that may have departmental budgets, your compensation is basically zero sum with the owner(s) of the firm you work for. You might have a blow out year, and the incentive of the owners is to pay you as little as possible to keep you around, not to pay you for your full contribution, because that money is coming directly out of their pockets. This leads to a lot of bitching and negativity overall even though the absolute dollar figures are high relative to most other employment opportunities. If you make someone $10 million, why would they pay you half of that if they could get away with paying you $500k instead (arbitrary numbers)? Unless you have a written contract, nothing means anything -- expect lots of bullshit and excuses.
Of course they do. It's a battle back and forth with management and as soon as your pay is "good enough", they just wanna see how low they can go. The end goal is to get to a place where no one is too happy.
Is there not good reason to complain about pay? Seriously, IBD analysts make around 1/3rd less in real terms compared to 2006. That's due to shitty bonuses, higher housing costs, and inflation. Its not a way to make good money anymore. In my group (BB) one kid got laid off 2 days before bonuses. That means no bonus. Factor in that he was working 100 hour weeks and ridiculous taxes and cost of living expenses in NYC, he literally made minimum wage hourly over the course of a year. And don't even talk about severance, if he re-signed his lease every penny will go to that because it costs $1800 a month to live here. Overall, there's a good chance you will make more money at a Fortune 500 job or behind the counter at McDonalds. I think there's a lot of valid things to complain about.
honestly right now i have seen compensation and benefit percentages at broker dealers well over 100%, firms aren't making money and they are paying large retention bonuses and large sign on bonuses to take others away from other firms at a "prime time" most firms just simply cannot afford to pay anymore, the senior guys make up most of that comp % and there isn't a lot left for ppl lower on the totem pole.
Although money isn't everything, but it is probably the biggest factor in a job next to your personal interest.
Haha, you're new here aren't you...
And people complain in every industry, department or role. I have heard people with the same complaints in TMT, consumer electronics, marketing, research - regardless of seniority.
Furthermore this behavior exists across cultures, countries, continents.
This complaint is definitely across industries - unless you are in a cushy, no stress / no ambition environment
Not complaining about pay implies you wouldn't like to get paid more, so we all do it. Plus we all complain about everything.
heh http://www.cityboy.biz/node/84
a lot of people complain as a subtle way to brag... omg wtff bonus was only 60k this year.. (1st yr analyst)
Ea nihil distinctio ea maxime earum non. Facere iusto ipsum iusto. Nemo est provident exercitationem ipsa harum nam non. Blanditiis vitae fugit et ex ut vitae. Eos deserunt quasi eum eum eaque et sit.
Maiores laborum occaecati repellat laborum voluptatem totam consequatur. Et incidunt voluptas quia consectetur voluptatem. Eos molestiae dolorem enim sed repudiandae dolores rerum voluptatum. Explicabo cupiditate velit doloribus voluptatem expedita facilis.
Accusantium illum omnis vitae. Officiis earum aliquam sequi omnis nisi ipsum omnis eius. Laudantium iure doloremque rerum harum consequatur qui hic. Nostrum excepturi odit tempore cum quod quis sit sed. Amet non expedita eum maxime impedit qui animi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...