Do you think you are worth what you are paid?
Pretty simple question...
I personally think I am underpaid... but I have fallen into the comfort trap.
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Well, I have a pretty simple answer.
No one believes they are overpaid.
I'm overpaid. As is probably every person in this thread. Monkeys can do finance. It's absurd that they pay as a premium over other jobs. And no, long hours doesn't make up for the fact you are an excel jockey who adds no actual value.
I don't mean to single you out or to make this about you personally, but in general, an attitude like this is the sign of a bad employee. In corporate finance especially, you add value through your understanding of the company and the industry.
What separates you from an ordinary job office job is the ability to constantly learn and to apply that knowledge to what you're doing.
So true, I don't think I've ever heard someone say they are overpaid or even adequately paid. IBD is one of the most ego-driven cultures. everyone thinks they are the shit.
Then you think about all the people working in very admirable industries making 10% of what you are... makes you go hmmm.
Yes. Definitely.
i am underpaid
I am underpaid as an intern because they have a strict rule that all interns get the same salary (which is not even close to what banks pay) at the hedge fund I work at. This is a problem because depending on what desk and what you do for that desk, the number of hours you work compared to other interns can vary by around 20 hours a week. I work 60 hours a week consistently, other interns work 40, yet we all get paid the same. Pisses me off every single payday. I guess I get 3 free meals a day though (opposed to just 2). Yea, the hedge fund does pay for our meals, but that doesn't makes up for the weak comp.
Have you brought in revenue or directly contributed to profit at your firm? Can you point to lost future profitability if you walk out the door? If the answer to both is no then you are not underpaid.
Beyond the direct financial compensation, an internship adds an unspecified value to your resume. If that makes the difference between landing a great job or not then the "total comp" could be very high.
Jimbo, if you're not being paid for your contribution why don't you move?
b/c i'd be underpaid there too.
such is our lot in life.
I think I made it clear that I was underpaid when compared to the other interns. However, they did get some new research software while I was there that I, not only learned to use, but also developed new formulas for and new sets to run screens with. Capital was deployed to the companies that were a result of my screens (after a little more research). Furthermore, my boss still emails me questions about some of the formulas I developed, how to use the software, etc. Therefore, I can say I did contribute profitability or at least improved efficiency (created a better way to recognize and find companies we were looking for). So I was underpaid in regards to my value to the firm imo, as well as being underpaid compared to the other interns.
But I agree that the point of the internship is to add value to the resume, which should result in a better offer later on. I just hated that the other interns not only worked less, but when they did work it was a lot of hanging out at the copier and paper shredder, yet they got paid the same.
then it's time to set up on your own - at least that way you'd be underpaying yourself.
excellent point
Although my comment came after yours, it was addressed in general to anyone early in their career.
There's three ways of looking at it; 1) Since everyone in your position gets paid the same, there is no immediate financial motivation to distinguish yourself. eg No point in the cutting the pickles out in little heart shapes for your hamburger. 2) (The one you've taken) The value is in the enhancement to your resume. This could be countered by one of your slacker colleagues being creative when writing their experience up (it's not what you did, it's what you can make them believe that you did) 3) Taking pride in your work and doing the best job that you can. Work should be about more than just the paycheck - job satisfaction should rank at least as high. Sadly this is not true for a large swathe of the financial community, leading to the high attrition rate and general unhappiness.
On a separate note, it could never be admitted by your employer to investors that an intern formulated their investment strategy. On the other hand, it sounds like you have a guaranteed job when you graduate. Don't knock this route - Anthony Clake has done alright out of it.
Honestly, I think I am overpaid for what I do hahaha. (Disclaimer: expressing my own opinions outside of official representation of the company I work for)
Oh snaps, the BS ends with this consultant!
There's a wide variance in what I've done...so it's honestly a subjective question. I have done something in a past project that if not for my single efforts to the constant annoyance of my Partner, we would have lost a multimillion dollar account. You can argue that this action alone has justified my salary for the next two years.
Other than that one moment though, most of what I do requires the intelligence level of a jr. high student. The Excel isn't difficult at all. The interpersonal parts are something that a lot of people can learn. I feel ridiculously lucky and bad for my much more worthy friends in college who got shafted in recruiting last year.
You think of the hard work that some other people do, the double-job juggling and verbal abuse in service oriented jobs.The stress of being fired at any moment (really hard to get fired at the place I work at).
I am extremely blessed. And I don't plan on squandering my opportunity.
When you define appropriate compensation as the minimum amount you need to pay an employee to keep them from leaving, I am drastically overpaid. When you define it as the amount of money/value the employee generates for the business over the incremental employee, I am drastically underpaid.
haha, so you're basically saying that your company should get rid of you?
Ditto.
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