IB is still a disgusting amount of money...Subscribe
Was just thinking about it today. I choose the EB I'm at because I wanted to be a career banker and they pay top of the street. My first year I made over 200k. My father has been an tenured professor at HYPSM for almost 20 years and is one of the best in his field. He has 10 years of higher education and is smarter than I'll ever be. Pretty sure I out-earned him in my first year. People bitch about private school for their kids, NY taxes, and high rent. But even including all that, we still have a pretty fucking good comp. There's so many people working double shifts 16 hours a day on minimum wage just to feed their kids. They work a few hours more than us but the work is actually, not in IB-terms, but actually, dogshit.
Not to mention they're getting an eighth of our pay. And we're over here bitching about how we're working 80 hours a week when half of that is just sitting around. There's been so many people recently complaining about how IB is dying because they money isn't enough to "live on". Well, change your fucking standards. 30 years ago you could've been a fucking mailman and raised a nice suburban family. The world (and income equality in America) has changed but we're still better off than 99% of people.
Arguments I've seen so far:
1. We are not rich. I don't own a Gulfstream or LaFerrari.
Response: The common man's definition of rich isn't a Gulfstream or LaFerrari. Making over 200k my first year is 4 times the median wage in NYC. It puts me in the 97% of earners in the U.S. as a first year graduate. It may not be good enough for you, but it's enough for me.
2. We worked harder than the state school humanities grad.
Response: Yes, you did. However, we need to consider that not everyone was raised in the same mindset. It's not a fair comparison.
People who succeed (forgive my arrogance) like me and you often over-allocate attribution of their success to themselves. There are a lot of environmental factors that impact us. There are a lot of environmental factors that push us to succeed. These might be our parents, socioeconomic status, friends, schools we went to, media we read and watched, or whatever else. I'm all for shitting on Diversity like the average Asian WSO member but I'm not talking about that. I'm talking about everything in general.
These people don't know that they should go to college. These are the people you see in some video starting a high school fight because they got slightly insulted and they have to defend their reputation, thus getting expelled or sent to juvie and destroying their college opportunities.
I think this situation arises in two ways. First of all, it is the soceoeonomically disadvantaged whites, yellows, browns, blacks, and purples. All races, who don't have any parental guidance and live in shitty environments because they're poor. Second of all, it is the (predominantly white) parents who are still living in a world of 40 years ago, where being a mailman could earn you a life in the suburbs. Wealth inequality has changed. America has changed. This is no longer possible. Stop coal mining.
3. Rich people are better suited to IB roles?
Response: I'm not sure how this responds to my argument but it was there and it was funny so I added it here
4. Hours worked averages IB pay the fuck out.
Response: Ok. I'm (obviously) at Centerview so admittedly its a bit different for me. But people did the math below too. You'd have to work 130 (128 actually) hours a week of minimum wage hard labor to hit 100k. However, THERE IS NO OPPORTUNITY FOR ADVANCEMENT. Do you seriously think a guy can keep working 130 hours a week in NYC for 100k for 30-40 years? Come on man. The median income of NYC is 57k for a reason.
5. My dad is a lazy professor and destroying higher education.
Response: True... But in all seriousness, TLDR, I was not comparing the actual job, but the quality of the person doing the job, because I considered that to be much more important. This sub judges the person by the job he has. I was judging the opposite. My apologies for that shitty analogy.
if you don't want to read my defense of research and academia below, the point was that there are people of intellect (not just professors) who are not in IB. Think about that for a second. There are smart people not in IB! WOAH. But according to this forum's supposed metrics, they don't make a living wage. As people commented below, IB should not be the only career for smart people to make a decent living. Smart people should not have to work 100 hours a week for a decent living. That was kind of the implied point.