I'm a little confused, but I've never actually worked in finance so please don't mock my stupid questions too much. Or go ahead, but just be funny about it.
So I read on another post on WSO about working 80-110 hour work weeks to get paid $120k. Also on a couple of posts here and on other WS related sites I've seen all-in compensation on the low end in the low six figures. This is far from the millions you read about in the mainstream media, such as the recent column in the New York Times by that "wealth addict" asshat, and I can't imagine it's the norm.
Or is it?
Outside of finance we have these huge expectations for financiers at the big hedge funds (Tudor, Tiger cubs,, etc.) to be raking in $300k starting as a jr. analyst, and financiers at smaller funds (
Can someone explain this? Is it just that bankers make less than people outside the industry think?
Also, why don't people quit to trade their own money--or is this very common? For instance, the guy working 80-110 hours for $120k mentioned above gets about $25 per hour. That's shit pay. Is the point of working in finance to hold out, tolerate a few years of low pay, to break into the ranks of the millionaires? Or did 2008 just decimate compensation to the point where pay-per-hour has gone down the toilet? Or all of the above?
If anyone could educate me on all of this, I'd be really grateful.