It annoys me people have NO idea how much I earn

Pepstar's picture
Rank: Senior Chimp | 25

Started at a good NYC bank a couple of years back, my trajectory has been this:

Graduate Analyst: $75k base, $8k sign-on, $18k bonus (stub, had only done a few months)
1st Year Analyst: $80k base, $105k bonus (top end)
2nd Year Analyst: $94k base, $310k bonus (top end again)
1st Year Associate: $120k base
I got my $310k bonus and promotion 2 weeks ago.

What is really getting to me is that nobody has any idea I am doing this well. When I have meetups with other Princeton grads who are doing philantrophy, teaching, law school etc, they all assume I work crazy 100 hour weeks for still a crummy $75-80k base and nothing more. Last week I mentioned to someone that I got my bonus and they said "Nice, you must have got $20k or something incredible like that" !!! Similarly I said I am going to buy a $800k apartment now and someone said "Wow so the bank are giving you a 10x leveraged mortgage??" No dumbass, 100% base + 50% bonus = under 3x leveraged! These people live on such a completely different planet.

I suppose it's because I would rather be seen as doing better than anyone else by a long mile, and thus get a lot of kudos, respect, admiration from my peers, and also the show-off factor, rather than being deemed to be not doing hugely better than everyone else for all the extra hours put in. It also annoys me that nobody gives a damn I'm an "Associate", as that's what accountancy grads start out as, so it doesn't sound like a big deal.

Anyone experienced similar? Do you care, not care, or prefer that your friends have no idea what you make?

Hopefully if I get promoted to Vice President in a couple of years, people will then realise I must be earning a fair whack more than $80k, also if I host parties at a pimp Penthouse in a nice area (Park Avenue here I come..eventually!) I'll get a lot more respect.

Peppie

Comments (122)

Feb 10, 2008

Put a tag around your neck that screams you earn $400K. Now everyone knows. Simple. Done.

Mar 18, 2008

omg, i agree, author = loser

Feb 10, 2008

Well I forgot to mention one of the main problems is that for some reason money is such a taboo thing, it's seen as vulgar to ever mention it, so even if anyone asks outright I end up not just saying outright. I wish there weren't these stupid taboos, like in Norway where you can see what everyone earns across the country on a govt website - I wish you could have on your Facebook in work info along with job title what your salary and bonus is!

Feb 10, 2008

When people talk about bankers being a bunch of douchebags, you are exactly the type they're talking about. Totally insecure and pathetic. If you were worth respecting people would already do so - nobody but a hooker is going to worship you for your bonus.

Losers like you bring the rest of us down...

Feb 10, 2008

Wow, you must be a lot of fun to be around, Pepstar. What a douche. I guess your self-esteem has to be wrapped up around something.

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Feb 10, 2008

I haven't had this problem personally, but I do know friends that have... and usually chanting 'rolling hard with my top down... models and bottles' randomly throughout social encounters communicates your earnings pretty effectively.

on another note, 2nd year analyst... 400K all in? Is that really possible?

Feb 10, 2008

what a douche ! I guess money can't buy class & manners ;-)
To an earlier point, go get a hooker, tell her how much you made last year... and make sure you flex ur muscles as well so that she can tell you, you're the perfect stud !! HA

Feb 10, 2008

Why would you want people to know what you earn? Think about how many others in the city earn vast amounts more than u!

Also is money truly the best measure for success? - personally I think knowledge and experience is key - then people will give you the respect you seek and fort he right reason......just shows - money cant buy you happiness!!!

Feb 10, 2008
plus1:

Why would you want people to know what you earn? Think about how many others in the city earn vast amounts more than u!

Also is money truly the best measure for success?

For my age, no, there's barely anyone earning what I do. For me paypacket taking age into consideration, coupled with employability, are good measures to compare your success with peers.

And yes, a fair few grads got $200k+ bonuses at the end of their 2nd year analyst year just now - top appraisals + a profitable area at a top bank and things are good. That's another thing that annoys me - that people outside IB just see it as one big thing all the same, if I say I'm a trader at [US bulge bracket] they'll say "Yeah I've got a friend at Dresdner doing Risk Management or something fancy, he doesn't seem to enjoy it, doesn't think its worth it, I don't know why you'd want to do something like that, couldn't you go to Bain and make the same money?"

Feb 10, 2008

Pepstar you obviously need to start consuming more conspicuously.

Feb 10, 2008

You are a sad sad person

Feb 10, 2008

Pepster, I think that even if these people knew how much you were making, it wouldn't generate the respect you think it would. The reason they don't know about these jobs and the payscale is that making top dollar is not what is important to them. People have vastly different priorities in life. While yours is clearly making as much money as possible, other people might see you as pathetic as you chase cash and don't care as much for family values.

Feb 10, 2008
CompBanker:

People have vastly different priorities in life. While yours is clearly making as much money as possible, other people might see you as pathetic as you chase cash and don't care as much for family values.

What makes you think that having pursuit of money means I don't care as much for family values? My family will have a much happier, satisfying quality of life than some poor dad that can't afford to take his kids on nice holidays or send them to top schools.

Feb 10, 2008

Pepstar, your response about "some poor dad" was pathetic. It shows you have no idea whatsoever about what it is like to NOT be uber rich (read: you're not cultured/empathetic). Studies show that money doesn't = happiness. You have no idea what you are talking about. Also, kids care much more about time than money. Time is the most precious commodity we have, not money. If you have kids one day, I guarantee they would rather have their father spend more time with them than more money on them. If not that's not the case, then they aren't kids worth keeping.

Also, the fact that you won't listen to the respondents who say you're a douche proves you're a douche. You need to ask yourself some really hard questions: "Am I an asshole?" "Why do people call me a douche?" "Is there any basis for such name-calling?" "How can I change to not be such a douche?"

Best Response
Feb 10, 2008

GUYS STFU AND STOP GIVING PEPSTAR A HARD TIME!

For Crist's sake he's right! The man earns 400k a year for fuck's sake, Warren Buffett better watch out, because He's a GOD!!! EVERYONE WHO EVEN LOOKS AT HIM BETTER KNEEL DOWN AND SUCK HIS COCK IMMEDIATELY! All of you insignificant plebians on this board have no right to disrespect him, he's a goddamn Associate, so he clearly controls Wall Street! Now go and sacrifice kittens to repent for your sins!

You have no idea how hard life is for people who earn over 400k a year, How dare you pass judgement on this man?

Damnit, LEAVE BRITNEY ALONE!

    • 3
Feb 10, 2008

In case you hadn't figured yet, I couldn't care less and completely ignore all the immature, purile responses that were inevitably going to come that I'm "sad" or a a "douchebag" or whatever, and only looking at the fair, reasonable responses. At school I had stick from people, and ignored them - I got into Princeton and they're working in supermarkets. At Princeton I had stick from people, and ignored them - I'm going to be a millionaire by 27, at which age they still won't be able to afford a goddamn mortgage.

Feb 10, 2008

your friends from princeton aren't going to respect you for being a trader or banker until you're actually making good money (read, millions). and even then, its not going to be a lot of respect as much as well 'thats what you get when you sell your soul to the man'. honestly, even though i plan on going into banking or trading, id still have a lot more respect for somebody who decided to do something like teach for america; on the other hand, i know why i want to be doing what im doing (and its not just hte money, but that is a big part). if youre doing your job for other peoples respect, you're a tool. and seriously, there are other kids who came out of princeton (GUARANTEED) who 4 years out already are trouncing you paywise (like those kids who make the jumps into hfs/pes right out). you dont hear about them because they're not that insecure that they have to broadcast it to anybody.

Feb 10, 2008

Pepstar, congrats on doing so well. People outside of banking will never really understand what it is. Do you really want your old classmates to respect you more because you're making a ton of money? No one likes a show-off, just dress well and play it cool. You got a 10x leveraged mortgage? "Yeah, it's a great investment. Bank takes all the risk, and I get the upside. I help financial sponsors do this for a living, so why not do it for myself?".

Titles are what they are titles. In banking, being an analyst sucks. In research, you want the title analyst. The title associate is pretty vague in general. VP does sound like a great title, and I do hope you make it there soon.

So what if your classmates don't think you're doing that great. As long as the cute girl/guy you liked knows how well you're doing and realized they missed out, that's all that is really important.

Feb 10, 2008

All I can say after reading the name of the thread starter is:

"Do a barrel roll!"

Feb 10, 2008

Damn.. you done well.. whats the bigget bonus you've heard/come across then within IBD?

As for your comment, isn't it better that people outside IB and generally, dnt know how much you earn, that way any friends that you make, you'll know that there "friends" with you because of your personality and not just your money! Same goes with potential gf's or wife.. dnt want her marrying you and then divorcing you (but you would probably get a pre-nup)

"The future belongs to those who prepare for it today" - Malcolm X

"The future belongs to those who prepare for it today" - Malcolm X

Feb 10, 2008

go out and buy a bunch of shit. and stop complaining that no one knows you have a huge salary. they do--they just don't want to mention it in front of you lest you rub it in their faces.

Feb 10, 2008

I'm still confused about that 310k in 2nd year. Damn that's high!

On another note, I'm not sure what sort of friends/people you were hanging out at princeton that don't know about this profession. They were there for the job fairs, they have friends in the industry, etc. Were you in any of the reputable eating clubs? All my pton buddies (in the industry vs. doing peace corps/TFA/law/etc.) know exactly what's up. And, the ones who are doing philanthropy and what not probably have a parent in the business. Pton kids (like most of the entitled ivy leaguers) are born of a certain pedigree, and more often than not, will have some sort of connection/contact with this business.

This is why I am a little confused.

Feb 10, 2008
HerSerendipity:

I'm still confused about that 310k in 2nd year. Damn that's high!

On another note, I'm not sure what sort of friends/people you were hanging out at princeton that don't know about this profession. They were there for the job fairs, they have friends in the industry, etc. Were you in any of the reputable eating clubs? All my pton buddies (in the industry vs. doing peace corps/TFA/law/etc.) know exactly what's up. And, the ones who are doing philanthropy and what not probably have a parent in the business. Pton kids (like most of the entitled ivy leaguers) are born of a certain pedigree, and more often than not, will have some sort of connection/contact with this business.

This is why I am a little confused.

Everyone has friends in the industry. However, their impression is that we all work 100 hour weeks for crummy $60-70k salaries, they say how on an hourly basis that's less than what people at McDonalds make, they assume the only people earning real bucks are the MDs and Presidents which we'll most likely never be. Even people knowledgeable with the business would think no way could you get $300k+ bonuses as a 2nd year analyst, because any real info they'll have will be from people at 2nd tiers / not the hottest profitable desks, so they'll think $100k at best maybe.

Anyway, thankyou for some excellent, thoughtful, well-argued responses. If I get into the frame of mind that it's a GOOD thing people don't know what I make as they'll be envious in a negative way if I did, that should help.

Feb 10, 2008

This is truly pathetic--first of all, bragging about how much you make is a very low class thing to do. Are you suggesting somehow that your Princeton classmates who chose other honorable professions (academia, politics, medicine, etc) are somehow second class citizens? The OP really exemplifies the shallow and materialistic world of finance.

You could have $400k or $40k--the point is, judging from your commentary, your shallow values would still resonate.

No need to malign those who have different pursuits, to build up your insecurities. What the other graduates are doing is probably much more mentally demanding than your excel crunching.

Feb 10, 2008

... I am one of the people who got the best offer out of our master's program; I had the dumb idea of telling one girl, and now the whole program knows that I will be making a lot of money. Is it worth it? No.
Now a lot of people envy me for it, a lot of people have to prove themselves to me now to show me that they are better. It is the simple stuff like buying me drinks at clubs to show me that they can (not that I am complaining so much about that one ;). Yeah sure, I am happy about my paycheck, but do I want people behind my back saying what a fucker I am for making more than them? All you can bring is envy from your peers, back home in the states no one knows how much I will be doing except for my best mates. All they know is that I am in London doing something with finance. I am still the same and my friends are always respected me for who I am, and the way I treat them. Money will never gain anymore respect from them.

One thing that I find completely disgusting though pepstar is your comment about a poor dad. My family had some financial problems that forced us to move, I did not get a poney when I wanted one; but for nothing in the world would I want a rich dad. My father took care of me, he helped me out, loved me. He taught at an ivy league school way back in the days when he could have been making millions at a corporation, he just chose a different path to enrich his life. He taught me math, english, music, you name it. No amount of money will ever be able to replace what my father has brought to me. So if you think you will have a happy family because you can send your kids away on vacation, think again.

Remember, you will always be a salesman, no matter how fancy your title is.
- My ex girlfriend

Feb 24, 2008

_

Feb 10, 2008

I am surprised you have friends.

Feb 10, 2008

I think the problem is he doesn't have friends...but if he tells people how much money he makes, then maybe he will have friends. That's why he's all pissed off that people don't understand. He feels that if people DID understand how much money he makes, he would have more friends.

Feb 10, 2008

you're a dickhead.

Feb 10, 2008

What eating club were you in, if I may ask?

Feb 10, 2008

your friends are not really that knowledgeable. Most of my friends definitely know how much money we make. I've never heard of the 300k bonus for a 2nd year..but again, if you happened to be in a ridiculous group (along the lines of prop trading or something very specialized and lucrative), that is awesome.

  • shrug. - Just think it's kind of odd that your Pton friends seem so misinformed.
Feb 10, 2008
HerSerendipity:

I've never heard of the 300k bonus for a 2nd year..

Even people in Cash Equity Sales got $200k bonuses end of their 2nd year analyst year (after $90-110k 1st year) at my bank. Top-end structuring/trading grads, $300k end of 2nd year is not unrealistic, given the enormous P&L they can personally be responsible for.

Feb 10, 2008

LOL?

Now imagine if Pepstar got a brain tumor tomorrow...wonder how much can money help you there?

Feb 10, 2008

Remember, not everyone likes rich people. In fact, there are a lot of people that would gladly kill some rich 27yr old fuck. Keep what you make to yourself. Think about the way the 2nd richest person in the world lives. Isn't it best to have what you need to have and let the rest grow? Personally speaking, when I start working, I intend to sock away as much as possible through my two or three year analyst stint. Even after that, I intend to keep the money growing and keep my expenses low. If your friends did know how much you make, it would definitely change the way they act around you.

Feb 10, 2008
F9 - Update:

Remember, not everyone likes rich people. In fact, there are a lot of people that would gladly kill some rich 27yr old fuck. Keep what you make to yourself. Think about the way the 2nd richest person in the world lives. Isn't it best to have what you need to have and let the rest grow? Personally speaking, when I start working, I intend to sock away as much as possible through my two or three year analyst stint. Even after that, I intend to keep the money growing and keep my expenses low. If your friends did know how much you make, it would definitely change the way they act around you.

Bingo. I actually hate telling people what I do. My roommates and friends (going into consulting, law, finance, teaching, non-profit etc.) asked me what I would be making when I got the job. At that point, you can't really lie. I would rather no-one knew and I just got to do my job. Money or suspicion of largess complicates relationships and distorts behaviour in the wrong way. Don't want any of that, want my drinking buddies from freshman year to treat me the same way as always.

I hope we have the same rapport with my friends (no talk about money, period) when I am 40 and (hopefully) doing rather well and are they (which I am sure they will be, they're all very talented).

Feb 10, 2008

Aside from the fact that this is obvious flame, the solution is that he needs to spend more in front of his friends - nicer clothes, pay for the whole bill when they're out eating, and so on

Feb 10, 2008

i didn't know that base for 1st year trading associates (120K) are higher than banking (95K). I know that bonuses could be different though. can someone confirm? And pepstar, before you start insulting me, I work in a top tier BB too.

Feb 10, 2008

But the real question is, is your penis as big as mine?

Feb 10, 2008

Your earnings are impressive, and I respect your success.

You should spend more time with other successful people, enjoying the finer things in NYC.

People with less money will only be envious.

Feb 10, 2008

I suggest you write a check out to St. Jude's hospital or some other charity. Your friends would really respect you then.

Feb 10, 2008

Everyone in banking seems to know how much we make, but no one outside apparently does. Why, every time a top ten list of the highest paying careers comes out banking is never on it? The list is always filled with medical and scientific positions, with a CEO making it on their towards the bottom with an average salary less then what a first year analyst makes

Feb 10, 2008
stevenbn:

Everyone in banking seems to know how much we make, but no one outside apparently does. Why, every time a top ten list of the highest paying careers comes out banking is never on it? The list is always filled with medical and scientific positions, with a CEO making it on their towards the bottom with an average salary less then what a first year analyst makes

Exactly lol. It's because all these surveys just care about basic salary not bonus, and include anyone in banking (the Dresdners, Deutsches and SocGens of the world), so bankers aren't seen for who they truely are. And thus, people assume I work 100 hour weeks for $60-70k base (not even assuming my base goes up after being here for 3yrs), and thus think their lifestyle (say, 40 hour weeks for $50k base) is a much better trade-off. If only they knew the truth.

To the other person, I am "new money" and as are pretty much all of my friends. As you may know, Princeton (and other Ivys) "old money" pret set social circles are exclusively old money, very few would want to be associated with le nouveau riche, so there's quite a divide. And similarly a lot of the hottest girls would rather be with a Rockefeller accountant/consultant than a new-money banker.

Feb 10, 2008

Something tells me the Ptons you're running into are old money and you are not. You don't seem to have the class or manners. Perhaps they aren't impressed because you want to scream about your money and are insecure while they are secure and have funds that you don't know about. Old money whispers wealth- it doesn't shout. Maybe they chose what they chose because they had the luxury of doing so- no debt to weigh them down after they graduate and connections to keep them safe. You were probably one of the few kids to get into Princeton while others at your school "are working in supermarkets". It's admirable that you got in and now work in banking, but it seems to have left you with a sense of entitlement and a desire to lord it over others. The vulgarity of conspicuous spending is for the nouveau riche who feel they have earned the right to show-off.

Also, if you were born with money, you'd rather people like you for you-not for your money. You shouldn't want respect for money. If you do, it means the only special thing about you is money and nothing else. I have friends whose families don't do as well as mine and I don't attempt to lord this over them. It's ridiculous. I don't want them to be friends with me for money, but rather because they like and respect me. I am modest because I know there's always someone out there who has more than me, and I think most Ptons realize that as well, so maybe that's why they don't feel a need to revere you.

Feb 10, 2008

First off, congratz on the success, it seems like you're doing damn well.

Second... come on dude, you need to be more humble. So people have no idea what you earn. You just said you don't care if someone calls you a douche unless they are an MD or what not (ie. more powerful than you), so why would those "lower" not knowing your salary matter?

Also, having this egotistic, narcissistic view can't be good.

Just keep making the shit loads of cash, and stop worrying about others ideas of your salary. If it matters that much, tell them in a respective manner, or buy a Ferrari and when they ask, say you paid for it up front.

Feb 10, 2008

You're my hero. Get me an internship doing something- anything.

Feb 10, 2008

CitySophisticate,

They do not sound like old money, except for his mention of "philanthrophy." Look at these quotes:

" 'Nice, you must have got $20k or something incredible like that'!!! Similarly I said I am going to buy a $800k apartment now and someone said 'Wow so the bank are giving you a 10x leveraged mortgage?' "

Granted, anyone in their early 20s is not going to be super-mature, but I still can't see anybody from an actual "old money" family saying either of those things. The latter is particularly stupid. Also, Pepstar's remark that they won't even be able to get a mortgage at age 27 is a bit of a giveaway that they aren't "money" whatsoever, let alone old money.

"The vulgarity of conspicuous spending is for the nouveau riche who feel they have earned the right to show-off."

This is true. But how else do you expect a guy to get laid by hot girls in a place like NYC? You think they care about personality? Sure, AFTER they find out you're rich. If he had the connections and trust funds you speak of, then he'd have a shot in this city. But he doesn't, and without an impressive job he is just another regular joe.

Feb 10, 2008

Stevenbn,

The reason you don't see hedge fund guys and bankers on lists of "best paid professions" is because the people putting together those lists are complete morons. The reason "CEO" is so far down on the list is because it includes people like the lady down the block who is the "CEO" of her dry-cleaning business. These lists are made to include the average of each profession, which is stupid. It's kind of like pointing out that 40%+ of teens end up going to college, but failing to mention that some of those "colleges" are an utter joke.

Feb 10, 2008

So you made $404,000 all in as a 2nd year analyst at a good NYC bank? Maybe you don't have any idea how much you're making. This is the biggest bunch of BS I've ever heard. Hopefully, it's a joke and hopefully nobody entertains you're ridiculousness any longer.

Feb 10, 2008
nystateofmind:

So you made $404,000 all in as a 2nd year analyst at a good NYC bank? Maybe you don't have any idea how much you're making. This is the biggest bunch of BS I've ever heard. Hopefully, it's a joke and hopefully nobody entertains you're ridiculousness any longer.

Ha, another thing that is annoying - that people don't believe me! After seeing the trajectories on the Compensation Database here and various other sites, I also was expecting just $150k bonus this year, and was utterly stunned with the number I got. Everyone in my year at my bank was stunned too, but (a) we've done well out of the sub-prime malarky, (b) grads are treated very well where I am. But yeah ~$300k bonuses for the top structurers/traders, $200k for people in cash equity sales/trading, the lowest in our year where people in RMBS/CDOs who still got over $100k.

When the P&L of the total trades I was in charge off, or solely executed, exceeded $100m in 2007, my bonus isn't that surprising.

Feb 11, 2008
Pepstar:
nystateofmind:

So you made $404,000 all in as a 2nd year analyst at a good NYC bank? Maybe you don't have any idea how much you're making. This is the biggest bunch of BS I've ever heard. Hopefully, it's a joke and hopefully nobody entertains you're ridiculousness any longer.

Ha, another thing that is annoying - that people don't believe me! After seeing the trajectories on the Compensation Database here and various other sites, I also was expecting just $150k bonus this year, and was utterly stunned with the number I got. Everyone in my year at my bank was stunned too, but (a) we've done well out of the sub-prime malarky, (b) grads are treated very well where I am. But yeah ~$300k bonuses for the top structurers/traders, $200k for people in cash equity sales/trading, the lowest in our year where people in RMBS/CDOs who still got over $100k.

When the P&L of the total trades I was in charge off, or solely executed, exceeded $100m in 2007, my bonus isn't that surprising.

Pepstar, I know who you are... do/did you work on the Delta One desk at SocGen?

Feb 10, 2008

You are exactly like my parents.. who like to show off.. I guess the bottom line is insecure whereas you want people that you are doing so much better today than before (in school).. perhaps ppl used to think you wouldn't do so good, and now you want to show them you are doing good.. but you don't want to act obnoxious and said, "hey, I made 400k+ this past year.. haha"..

It is a dilemma for you...

My suggestion: "just be happy and don't worry about what other ppl think.. " My parents are still learning from that... and I get the pressures from them. sigh

Ling~

Ling~

Feb 10, 2008

nystateofmind,

This whole thing is definitely fake, BUT I don't think his complaint is (or would be, if he were a real person) as reprehensible as everyone here is making it out to be, if for no other reason that this is something we all secretly think about in silence.

Feb 10, 2008

Haha, fair enough.

Feb 10, 2008

there's no point getting annoyed about whether this guy's telling the truth or not. I don't care how much others earn, I only care how much I earn. When I hear someone making more than me, my instinctive reaction is always to think "how can i beat the hell out of him"? If money is what you are after, this is the sort of mentality that will help you reach the top of the food chain. This pepstar dude sounds obnoxious and sad, but in real life, if he's someone that can help me make more than I currently do (although I doubt so), he's my "friend". Chill, guys.

Feb 10, 2008
Banana_milkshake:

there's no point getting annoyed about whether this guy's telling the truth or not.

This pepstar dude sounds obnoxious and sad, but in real life, if he's someone that can help me make more than I currently do (although I doubt so), he's my "friend". Chill, guys.

So, not questioning their statements and automatically "befriending" them will help you "reach the top of the food chain?" Who knew it could be so easy.

Feb 10, 2008
nystateofmind:
Banana_milkshake:

there's no point getting annoyed about whether this guy's telling the truth or not.

This pepstar dude sounds obnoxious and sad, but in real life, if he's someone that can help me make more than I currently do (although I doubt so), he's my "friend". Chill, guys.

So, not questioning their statements and automatically "befriending" them will help you "reach the top of the food chain?" Who knew it could be so easy.

Did i say that i want to befriend him - a random poster on the net? can't you read? geez, I pity your associate who has to work with you.

Feb 10, 2008

the number of people responding to this as if it WEREN'T a joke gives me some hope that intelligent people are beginning to veer away from wall street

Feb 10, 2008

Looks like i should've moved into structuring.

Feb 10, 2008

Stick to your day job. Not only was this completely devoid of entertainment, but it was actually painful to read.

I'm sure you think you are funny. You are incorrect.

Feb 10, 2008

Just bring a supply of hundred dollar bills to all those events, and make sure you have them with you whenever you go out or talk to people. I'm sure you'll make a lot of friends by doing that too.

Actually what surprises me most here is that you still have friends outside banking...

Feb 10, 2008

All credibility out the window when he claimed he made $404,000 after his second year. Even at the most prestigious banks in NY no 2nd year made that and most 3rd years were not even close to that. I know kids who signed offers after their 1st years to begin at PE shops after their 2nd year with comp between $350-400 all in. Most people thought that was crazy. I really can't take anything Pepstar says seriously.

The Prince of Wall Street

http://www.princeofwallstreet.com

Feb 10, 2008
Prince of Wall Street:

All credibility out the window when he claimed he made $404,000 after his second year. Even at the most prestigious banks in NY no 2nd year made that and most 3rd years were not even close to that. I know kids who signed offers after their 1st years to begin at PE shops after their 2nd year with comp between $350-400 all in. Most people thought that was crazy. I really can't take anything Pepstar says seriously.

Sounds like you're talking about the IB track. S&T is a completely different world.

Feb 10, 2008

For the record, I voted this thread 5 stars because of the sheer absurdity. My reply was serious, but I'm starting to think that this thread should be a joke.

Feb 10, 2008

Assuming that this was a "real" post, shouldn't this be under Traders Train? I mean the guy is a trader talking about his desk and whatnot. So, what does this have to do with Investment Banking.

Feb 10, 2008
PowerMonkey:

Assuming that this was a "real" post, shouldn't this be under Traders Train? I mean the guy is a trader talking about his desk and whatnot. So, what does this have to do with Investment Banking.

does anyone even read the traders' train

Feb 10, 2008

This should go with the all time greats

Feb 10, 2008

Yeah unct, people do read the trader's train. All the ballas in S&T read it. And not everybody wants to do M&A...

Remember, you will always be a salesman, no matter how fancy your title is.
- My ex girlfriend

Feb 10, 2008

I think the bigger question is not if they know what you earn, its if they care. I seriously doubt it. Everyone knows atleast someone with alot of money, and what you see 9 times out of 10, is those that seriously have money, would prefer for people not to know how much they have, or how much they make. The complete opposite of what you're so fed up with. People know you make alot of money, but they dont know exactly how much. If you had any common sense you wouldnt want ppl to know how much you make. If money isnt important, and its just a year stick, then there you have it, you already know what you've accomplished thus far. You think ppl will like you more because you made 400k as a 23 year old? They will. As long as you spend money on them. I agree with the above poster, get a hooker. She'll love you for every penny, and you'll know up front what you're getting. You advertise what you make, and you'll find out the hard way why ppl dont want anyone to know they make alot of money.

Feb 10, 2008

BTW... its not how much money you make that will grab ppl's attention, its how many bananas points you have.

How can I communicate to someone that Im inching towards the 100 banana point mark without explicitly stating it? I know there are some ppl on this forum with even more banana pts, how do you deal with this in social encounters?

Feb 10, 2008

a joke

Feb 10, 2008

Who on earth tells their friends they are going to buy an $800k apartment? I know people who've bought units for both higher and lower prices, but none were big enough douche bags to go around making sure everyone knew how much they'd paid for it (let alone how they planned to finance it). That's like calling up a friend to tell him you're about to order a $45 sandwich for lunch, just so that he knows how successful you are. If your friend thinks you come off like a tool for saying this, then wait until you're a VP ordering $75 sandwiches and ask him "who's the tool now?" - it won't be you, that's for damn sure.

Of course, what I find most unbelievable about Pepstar's story is the idea that one with his personality would have friends in the first place - it just doesn't make sense. If it makes you feel better though Pepstar, and I'm sure that it does, I'm currently 25 years old and made a higher base and bonus than you for 2007. I plan on mailing out copies of my W-2 to all friends and family in the next couple of weeks, and am really looking forward to their incremental respect.

Feb 10, 2008
smuguy97:

Who on earth tells their friends they are going to buy an $800k apartment? I know people who've bought units for both higher and lower prices, but none were big enough douche bags to go around making sure everyone knew how much they'd paid for it (let alone how they planned to finance it). That's like calling up a friend to tell him you're about to order a $45 sandwich for lunch, just so that he knows how successful you are. If your friend thinks you come off like a tool for saying this, then wait until you're a VP ordering $75 sandwiches and ask him "who's the tool now?" - it won't be you, that's for damn sure.

Of course, what I find most unbelievable about Pepstar's story is the idea that one with his personality would have friends in the first place - it just doesn't make sense. If it makes you feel better though Pepstar, and I'm sure that it does, I'm currently 25 years old and made a higher base and bonus than you for 2007. I plan on mailing out copies of my W-2 to all friends and family in the next couple of weeks, and am really looking forward to their incremental respect.

Haha, you and I think alike. Whenever people ask how I am doing, I just say "I am doing OK". And that's it. In fact, I respect people who stay humble and never let others know how much they make/how much they're worth. They genuinely want you to judge them based on their personality, not their money.

Feb 10, 2008

"I plan on mailing out copies of my W-2 to all friends and family in the next couple of weeks, and am really looking forward to their incremental respect"

Absolutely brilliant comment!!!!

Feb 10, 2008

Great, so what?

I'd personally prefer to tell people I make less than what I actually make, if I made any money. That way, they don't start asking for favors.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 11, 2008
holymonkey:

Great, so what?

I'd personally prefer to tell people I make less than what I actually make, if I made any money. That way, they don't start asking for favors.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 10, 2008

Besides, $800k in Manhattan gets you a shithole 2 bedroom at best. If you want anything decent for that amount, you have to go to Scarsdale.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 10, 2008

http://wallstreetoasis.com/forums/buybacks-mkt-cap...
Very well put comment by nystateofmind.

Feb 10, 2008

I will make sure my friends know that I am a poor college student so they will never ask me to buy anything fancy for their gifts..

If you really want to show them you are rich.. donate like 100,000 to your school.... or buy each of your friend a Olympic Opening Ceremony ticket (15000+ each)...

Ling~

Ling~

Feb 10, 2008

Check out Pepstar's post in the Equity Research section.

Feb 11, 2008

Or mayb OP's just pissed that after he pays taxes on that $404k, he nets about $200k.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 11, 2008

Oh Jesus ultimate ownage.

Feb 11, 2008

"Hey you. Big Swinging Dick. Way to be."

Feb 11, 2008

Remind me to never send any of my offspring to such a school with people like the OP...

Feb 11, 2008
sdb5057:

Remind me to never send any of my offspring to such a school with people like the OP...

Indeed.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 11, 2008

And as I always say, OP, that's great. Here's a cookie.

You forgot to add that lawyers start as associates too.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Feb 11, 2008

"When the P&L of the total trades I was in charge off, or solely executed, exceeded $100m in 2007, my bonus isn't that surprising."

Actually it is.

Feb 11, 2008

To start with - I am not considering OP a liar, I think those numbers posted might very well be true. Assumin they are true, still I would like some more details in order to estimate whether or not you're doing indeed very well.

1) Are you currently working in NYC? You wrote you started there, but still your base salary numbers for current and previous year are more in line with UK level salaries (in US terms), rather than US numbers.

2) Could you provide data on how much you have earned last year NET of taxes and other obligatory deductions (aka social insurance and everything alike). Please just one all-in figure ent of everything, amount you took home.

Without those net figures, I am not at all sure you are doing very well. Well definitely, goes without saying. But if all these numbers posted are gross and subject to taxation in NYC, it means about half of those 404k USD were actually withheld and you only made about 200k USD net. It is less than best analysts working in TOP investment banks in my country earn net of taxes. Even in London, given tax levels are lower than in NYC, but salaries and bonuses are higher (in US terms), your peers might be better off on a net of tax basis.

So, as you can see, your OP was a little bit vague, more details will be much appreciated (besides, it would of course be interesting for me at least to know in what area you actually work - still I look at your posting from my own perspective of an M&A associate)

Feb 11, 2008
Ivan:

To start with - I am not considering OP a liar, I think those numbers posted might very well be true. Assumin they are true, still I would like some more details in order to estimate whether or not you're doing indeed very well.

1) Are you currently working in NYC? You wrote you started there, but still your base salary numbers for current and previous year are more in line with UK level salaries (in US terms), rather than US numbers.

2) Could you provide data on how much you have earned last year NET of taxes and other obligatory deductions (aka social insurance and everything alike). Please just one all-in figure ent of everything, amount you took home.

Without those net figures, I am not at all sure you are doing very well. Well definitely, goes without saying. But if all these numbers posted are gross and subject to taxation in NYC, it means about half of those 404k USD were actually withheld and you only made about 200k USD net. It is less than best analysts working in TOP investment banks in my country earn net of taxes. Even in London, given tax levels are lower than in NYC, but salaries and bonuses are higher (in US terms), your peers might be better off on a net of tax basis.

So, as you can see, your OP was a little bit vague, more details will be much appreciated (besides, it would of course be interesting for me at least to know in what area you actually work - still I look at your posting from my own perspective of an M&A associate)

Good work Ivan - there is indeed a slight snag, a reason why I earn a fair bit more than an American-domiciled citizen working in New York. Won't reveal more as don't want a witch-hunt followed by my name revealed on DealBreaker. But trust me, my numbers are 100% accurate and true. A lot of you seem to be in M&A and don't seem to realise that trading is a completely different planet - it is perfectly possible for a trusted analyst to generate a higher P&L than a director, especially in these sort of markets.

I showed this thread to a few people at work today and they were pretty amused you guys couldn't believe the bonuses we got. They're spot on.

I've decided as someone else advised to restrict social contact from ignorant people and just live the high life with other 1st-tier bankers.

Feb 11, 2008
Pepstar:

Good work Ivan - there is indeed a slight snag, a reason why I earn a fair bit more than an American-domiciled citizen working in New York. Won't reveal more as don't want a witch-hunt followed by my name revealed on DealBreaker. But trust me, my numbers are 100% accurate and true. A lot of you seem to be in M&A and don't seem to realise that trading is a completely different planet - it is perfectly possible for a trusted analyst to generate a higher P&L than a director, especially in these sort of markets.

I showed this thread to a few people at work today and they were pretty amused you guys couldn't believe the bonuses we got. They're spot on.

I've decided as someone else advised to restrict social contact from ignorant people and just live the high life with other 1st-tier bankers.

Pepstar, if you put up 100 bux and you only got paid 400k all in, you need to find a new job.

Feb 11, 2008

why does everyone overuse the word 'douche'? its like how 'dude' was a few years ago.

Pepstar... buy a Patek Philippe watch, PP5960 and people will start thinking you earn big money, by virtue of the 60K watch (no diamonds, no yellow gold..platinum with complication) you're wearing.

Another thing...don't give a crap what other people think. They're not going to care now, or in 10 years... or in 40 years when you're about to retire... people don't care about your practical $ situation, they care about which movie you just saw, which people you still hang out with, which restaurant you just tried out, etc. they care about 'normal' things, not necessarily $ (stocks, bonds, mutual funds, bonuses, title of your position, etc.)--->only biz types care about that stuff.

Feb 11, 2008

Get laid and you might feel better about life. You sound pretty insecure and seem to live in a pathetic, materialistic, and warped bubble of what life is. But that's perfectly fine coz it's your life and not mine. Where it does affect me, and no doubt countless other people on this board, is that your attitude gives everyone else who works in IB a bad reputation to outsiders. I don't care what you earn and neither does anyone else. Be honourable and thankful for the oppurtunities that so far you have been privileged enough to have had. There is a Russian saying. 'Modesty makes a man beautiful.' Think about that.

If this whole thing is a joke, I fell for it.

Feb 11, 2008

Pepstar,

You should spend a few thousand on a phalloplasty. Phalloplasty surgery encompasses penis lengthening surgery, penis widening surgery in the flaccid and erect state and glanular enhancement. Check it out!

http://www.drwhitehead.com/bnapicsLength.html

Feb 11, 2008

Join me in some good charity work and Support my virtual walk through the internet to find a cure for Alzheimer's Disease! It would only take $1 from your coffers and think of all the good you could do! By the way, your readers are invited to participate too! AND its all TAX deductible! (Bonus points)
http://www.lagniappemarketing.net/2007/11/14/1mill...

Feb 11, 2008

Notice how the OP has yet to respond since nystateofmind owned him...

Feb 11, 2008

I really don't understand why so many people are infuriated by Pepstar's comments. This is a message board for Wall Street professionals, not communists utterly opposed to materialism.

If he is a real person, he has probably worked his ass off to get where he is, and simply wants a little acknowledgement for this from his friends.

Feb 11, 2008

omega - As other posters mentioned, many don't want acknowledgment from any of my friends. I want acknowledgment from my peers, parents, supervisors, etc., but not my friends. I want my friends, as another poster indicated, to drink and party with me the same way we all did freshman year before I got an offer and they didn't. Money will change things, but I hope money doesn't change the way my true friends act around me. For this reason, I never want them to have any idea of how much money I make.

elan - I think you're on to something...

Feb 11, 2008

If I wrote a post about how much money I made and someone attacked my claim, then I would probably ignore the attack so long as my claim was legit in the first place. However, if I was lame and I was trying to get my kicks by playing BSD on some web site and I was attacked then maybe at that point I would get defensive? I'm new here so correct me if I'm wrong.

Feb 11, 2008

If you really cleared 100 mil P&L, you would be known and also make a lot more than what you have quoted. You would also not still be at a "good NYC" bank...

Feb 11, 2008

I used to have this problem, where people didn't respect me for who I was and what I was capable of doing. It infuriated me. Finally I decided that I had had enough and needed to demonstrate my worth to everyone. I shaved everywhere and smelted gold to my body. Now I shine like a star and am worshipped as a sun god among indigenous Americans. Finally, I get the respect my salary deserves.

Feb 11, 2008

I am in banking not S&T, so I would like clarification from some traders on here.

I have never heard of a fresh undergrad making 75K base in banking or S&T, especially not one starting in 2004. I have heard its pretty much 55-65 for '08s, plus some sort of stub in Jan.

I am sure from there it can vary widely depending on the program and how soon someone is allowed to trade/manage for their own book. Can anyone shed light on this? It leads me to suspect the other numbers and the timeline (but I know some banks allow some sort of trading earlier than others).

Feb 11, 2008

CHALLENGE.

As a trader I have to allow for the possibility that an analyst could make that kind of money, but it is a rare occurrence and in this instance there are too many inconsistencies for this sh*t to be taken seriously. There's so much B/S in here I dont even know where to start...seriously.

  1. Ignoring that your post is just vague enough thats its hard to discern exactly what your position is - across the street the analyst and associate programs do not materially differ from one another on a salary basis. So, I dont know where you got your base numbers from OP, but theyre SUSPECT.
  2. Analysts get paid in a range. Managers know this and are encouraged by the firm to comply. Even if there are exceptions you are most likely to be paid just enough to keep you there. Thats the game. Given that your group's low expectations was probably based on prior low payouts any MD at a top bracket worth his salt as a master manipulator wouldnt give you 400 all in when comparatively the street is paying considerably less to 2yrs. Its just bad FKG game theory.
  3. And lets grant your desperate wish for a moment that you are that rare breed, why you're still at a firm paying you an inconsequential fraction of your pNl, when your trade ideas are supposedly good enough to net 100 sticks just doesnt make any sense. If you were that good, you would realize this, wouldnt want to be humiliated by posting the fact on here, and head hunters would be calling you with better opps.
  4. OP mentions discussing/showing bonus numbers he posted here to other members on his team. NFW. Not after maybe that first year, and certainly not when you KNOW you're better than everyone else and are prolly getting paid more. And you definitely dont share what you got paid with the people you work directly with, cardinal error - only exception, good friends that are peers at other firms so that you can compare your worth street wide.

I could continue ripping this sh*t apart, but im pretty bored by now....and this is turning into a long post. You get the picture. Fk it.

Feb 11, 2008

Stop. I think the consensus is that this is a joke. Please, someone read this:

http://wallstreetoasis.com/forums/buybacks-mkt-cap...
new by Pepstar (Chimp , 14 Banana PointsPoints) on 2/11/08 at 1:25pm

Haha. Yeah, it is pretty amusing that I've got where I've got without knowing some of the most basic shizzle. Back in grad training I was chucked off the credit structuring desk and put into equities as they thought I couldn't handle it. Best thing that ever happened to me lol, those dorks got flat YoY (1st -> 2nd yr) bonuses. Anyway, I asked a couple of people on my team at work today and they weren't so sure either - a VP didn't know where the shares "went" once bought back, instead of Treasury he said they were converted to cash! And there was disagreement about whether the mkt cap would get back to previous levels or not through share price increase.

I really want this question answered: is it really possible someone in Pepstar's proposed position does not know this? Even if he is in S&T, how could he really not know this? Please, let's put this to rest. It's a joke, unless someone can convince me that it is conceivable that a trader of Pepstar's caliber does not know this...

Feb 12, 2008
F9 - Update:

Stop. I think the consensus is that this is a joke. Please, someone read this:

http://wallstreetoasis.com/forums/buybacks-mkt-cap...
new by Pepstar (Chimp , 14 Banana PointsPoints) on 2/11/08 at 1:25pm

Haha. Yeah, it is pretty amusing that I've got where I've got without knowing some of the most basic shizzle. Back in grad training I was chucked off the credit structuring desk and put into equities as they thought I couldn't handle it. Best thing that ever happened to me lol, those dorks got flat YoY (1st -> 2nd yr) bonuses. Anyway, I asked a couple of people on my team at work today and they weren't so sure either - a VP didn't know where the shares "went" once bought back, instead of Treasury he said they were converted to cash! And there was disagreement about whether the mkt cap would get back to previous levels or not through share price increase.

I really want this question answered: is it really possible someone in Pepstar's proposed position does not know this? Even if he is in S&T, how could he really not know this? Please, let's put this to rest. It's a joke, unless someone can convince me that it is conceivable that a trader of Pepstar's caliber does not know this...

Not to dignify this thread with a response but more fyi F9 - update. There is no way anyone working in equities should not know this. This doesn't mean that there aren't but they aren't going to last long (and especially not to VP level).

Feb 12, 2008

If the Leveraged Sellout guy is reading this, can you turn this post into your next update? Great topic!

Feb 12, 2008

buy a Ferrari you fuc.king douche bag moron. How are they still wondering how much you make if you make so much. You drive a Civic or what?

Completely pathethic....utterly sad...or your just completely stupid.

Feb 16, 2008

I came across this topic randomly and here are my thoughts:

I have friends who have ultra-high-net-worth parents working in the industry(hedgefund managers, their own businees after career in IBD etc) My impression of those parents is humble, charismatic, approachable and intelligent. They usually try to conceal how much they earn from other people. If you were not told that they work(ed) in IB or HF, you would probably see them as politicians.

I think I wouldn't want to be friends with pepstar, but if I were his manager, I would definitely keep him since he produces results(i.e.$$$$$) for me. Making $ has nothing to do with one's character or personality. It's all got to do with results.

pepstar will find friends of his kind , no doubt about that, and he will feel just as happy as we are( we have different utility functions ;))

also, people on website such as this (me included) are not really much of a figure to be noticed. because people who deserve the fame are those who do not waste time on such website.

Feb 22, 2008
bobbywjch:

also, people on website such as this (me included) are not really much of a figure to be noticed. because people who deserve the fame are those who do not waste time on such website.

truer words have not been spoken

Feb 21, 2008

shizzle

Mar 18, 2008

Pepstar has recently been removed from this forum. I think we can finally put this thread to rest.

Jun 4, 2008

Pepstar,
I can understand your frustration about people not knowing how much you make and I belive that it equates to something for you that defines status, etc. Honestly though, I have always felt respect for those who were not open about those things. Imagine dating a girl and her not knowing, actually liking you for who you are, and then later down the line the reveal! Now you have respect and class, and this is what you are truly aiming for.

Jul 24, 2008

this is a cool discussion. if I made $400 g's a year I'd take a dump on random people's front porches. Hell, that's what I do already making $12 an hour as a part-time sushi chef.

Jul 30, 2008

this is completely useless

Aug 26, 2010

Well was looking for a new starter who earns more than you, wasnt easy but found it....

http://www.timesonlinenow.com/tto/business/article...
He earns $50 Million as a new starter........400k u say? cute.

Sep 9, 2010

Yet another reason why I HATE most ivies. No one cares what you make. You're the reason people hate us Wall Streeters. To be honest with you, I know a trader who made ten times your salary last year and by the way he dressed, talked and acted, you would have never known. You think he cares that people know what he makes?

You have serious issues if you need to brag about what you make.

Jun 28, 2011
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Jun 28, 2011
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People like Coldplay and voted for the Nazis, you can't trust people Jeremy

Mar 6, 2012
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Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Jun 28, 2011
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Mar 10, 2012
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