In the end, do you make more than $100 per hour?
After browsing through some of the salary information on Wall Street Oasis, I noticed that many positions had an exorbitant number of hours listed. I work for a large Investment Bank in midtown and I work 7 hours per day. Now one might argue that I don't bring home the "big bucks", but after you look at my calculations one might be forced to reconsider how much more they think they are making.
I guess what I want to say is, is it worth it? If you count up all the hours that you work per week, throw in an adjustment for overtime (time and a half for each over over 40 per week), and then crunch the numbers, do you make more or less than 100$ per hour?
Here is my methodology:
Take annual total compensation number: 100k base plus a 200k bonus
Divide by 12 to arrive to a monthly compensation value: 300k / 12 = 25k
Take hours worked per week: 70 hours
Adjust those hours to take into account overtime: 70 hours + ((70-40) * 0.5) = 70 + 15 = 85 hours
Calculate total hours worked in a 4 week month: 4 * 85 = 340
Divide total number of hours worked in a month by total compensation for that same month: 25k / 340 = $73.52
Optionally throw in an adjustment of 30% for the value of ones benefits: $73.52 * 1.3 = $95.57
Anyway, I have attached a picture with the results of some calculations.
This will give you a way to calculate if you make more or less than that construction worker outside that hits on every female that walks by him, and then ask yourself, what the hell are you working for? (And show your boss this chart while asking for a raise)
Why are you soliciting people for software development projects? Side project?
Okay, I removed what I do from my signature.
Do you have anything to say about my posting? I really want to help people understand exactly how much money they are making, and when they realize they are making less they should ask for raises...etc
I make less 100 bucks an hour but I love my job, get paid well and don't have to do those nonsensical 100 hour weeks...or even 90 hour weeks.
I'm 99.9% positive that no construction worker gets paid anywhere close to $100/hr
Besides that, I'm lost with the point of this post.
that's a clown question
Your chart doesn't take into consideration future value of the skills you are acquiring, which is likely substantial in finance. I would fire any financial analyst that showed that chart to me and asked for a raise. It's nice that you can do basic arithmetic though.
I'd rather beat my dick raw than do clown math.
Cool story, bro, but what do you want us to do? Quit our jobs and try to find some sort of construction or secretarial job where they'll let us work so many hours that we actually earn 200k+?
If an employee of mine were to show me this, I'd be happy to make him hourly and then send him home after 40 hours in one week. I'd then hire someone with some commitment to pick up his Thursdays through Sundays.
Coupla weeks of that ought to be enough to get the committed guy trained up as a full replacement.
most doctors get paid that much.
im 12 and what is this
It's not about the money. It's about the exit opportunities.
I guess Investment Bankers don't really make more than 100$ per hour.
I was just saying, calculate it out so you know what you are worth...etc
As a computer programmer in the financial industry, whenever somebody asks me if I want "Contract" or "Full-Time", I convert a 100k salary into 72 $ per hour. So if a programmer can make 200k, that same programmer can make 144$ per hour. Of course, that 100k salary implies a 40 hour work week. So I presented a formula for converting a 100k salary based on the number of hours you work into an hourly rate.
Anyway, just saying. Given that Investment Bankers don't make as much as we really think they make, I don't want to switch over to the "other side"
Sounds like you should go post this in some developer forums. I don't think you'll get too many converts to computer programming using this argument because we're not shooting for $200k a year; that's just what we make on the way up.
I see your point and it's a fine one for people who want to do okay and not work too much. But last I checked, there weren't too many people making a quarter mil a year on an hourly basis. I know one guy who easily does $200 an hour as a contract programmer, and if he had that work 40 hours a week and 52 weeks a year, he'd blow me out of the water. Occasionally he tries to compare his current hourly rate with mine... and I say, "What's your three-year total," at which point he starts making excuses.
One point in his favor is that he's always available for partying at night and on weekends. That's because he has no more of that $200 an hour work to do. His comp model caps his hours and his pay pretty tightly. My caps on both are much higher.
End of the day: it's a matter of personal preference.
I am so lost as to what this conversation is supposed to be about.
The dollar sign goes before the number in this country.
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