What are some of the cushier roles in Corporate ($125-150K/year and ~45 hours/week average)?
what types of roles are good/what should you shoot for if you are being honest with yourself and really only care for a middle-class lifestyle and value time >> money?
I had a role at a regional bank with a base of $125k (which was raised to $135k, but then I left) +10% bonus (which was raised to 15%) and I was working like 35hrs a week. I really didn't like it though. Too many people were phoning it in.
I work in tech now (make a lot more money) but I also work a lot more. Just had the first 4 week busy stint at 75/hr weeks, and just entered the next busy stint (4 more 75hr weeks). After this though should come back down to 50ish.
How much do you make in the tech gig if you don't mind me asking? I have been really curious to see what the corporate strategy type makes.
250-300 range.
[quote="PiratesSayARRR"]
I work in tech now (make a lot more money) but I also work a lot more. Just had the first 4 week busy stint at 75/hr weeks, and just entered the next busy stint (4 more 75hr weeks). After this though should come back down to 50ish.
What tech stuff do you actually do PiratesSayARRR if you don't mind me asking?
It's going to depend almost entirely on the firm. I work ~45 hours per week in my corp dev role, but know plenty of people who work longer hours in similar roles.
If you want to make a career in corporate, I think the sweet spot to hit is the Director level, which is usually a mid-manager level. Basically the structure is Analyst > Manager > Director > VP > SVP > Exec, with varying levels between like Sr. Analyst, Sr. Manager, etc. to add gradation and promotion levels.
At the Director level, it is more likely to have the salary range you're looking for and swing a 45ish hour week, no problem.
How many years does it take to get to Director? Also, can people from professional services (i.e. B4 audit/advisory, IB, consulting, etc.) jump to that level after making manager, or do you need more experience before making that type of switch?
I don't think that would be possible really from what i have seen and would imagine you would lateral from Big 4 manager with promote to Director in 1-2 years
It's going to vary a lot. From what I've seen, let's say you started at a corporate rotational program for 2-3 years. Then you fall permanently in a manager position for a good year or two, and if lucky can make it to director after a few years. Most directors are going to be at least 30 years old. On the other extreme, I know people who are analysts well into their 40s.
Ops
What would the Ops role look like in IB/CB (particularly ECM or DCM)? Managing data flows, risk/compliance elements, etc? I have a lead in a MM and they said that there may be some opening in 'Ops' or 'Trading' in the Capital Markets Group.
Opslivesmatter
When I was younger my parents sold our house to a middle aged gentleman. We found out he made almost $250k. Doing what? Drawbridge operator. As in, pushing a button to open/close the bridge when sailboats passed by. T He said he was bored out of his mind, since the river didn't have many boats.
Talk about a high reward / effort ratio. My god.
TBH this sounds dope. You chill in your little chair, read some books, make some trade, bet on european soccer due to the time difference. Really, anything you want lol
IT project management.
By the time you hit senior project/program manager you will be doing ~120-160k in today's market. Work from home. 9-6. Many of these roles are completely remote and you can live anywhere in the country or the world. I heard of a guy working for a US company but living in Sofia. Pretty sweet.
Just make sure you choose dead end jobs on unimportant systems. Try to avoid production systems and sev-0/sev-1 oncall type scenarios. The best way to accomplish this is to choose something obscure... like be the microsoft sharepoint guy at a company that uses Box. You'd be surprised how long you can fly under the radar.
ill be starting a post-MBA role at a large tech company soon. comp is $160k/year and hours should be 50-60. i havent started working yet so cant say for 100% sure about the hours but i did intern there and only worked 50 hrs/week during my summer. talking to full-time ppl there, it seems like 50-60 is the norm with almost no weekend work.
$160k all in? What's the role? FLDP?
yeah FLDP. PM me if you want more details
To stay on topic with this forum, I think a FP&A Manager could get you there. Depends on where you live. If not, a Sr. Manager/Director level will definitely get you there.
I'm a Senior FP&A guy earning $100k and I work 40-45 hour weeks. Two days I get to work from home due to the long commute.
What market? How did you swing the wfh?
Also is that $100K all in or base?
I work in Tech. I got the WFH because I've built the relationship with my manager, the CFO. He understands the long commute and trusts me to get my work done. In general, the company seems to have a pretty flexible WFH policy.
And it's 100k base.
Commercial banking fellas. I work for a large regional MM commercial bank and make $70k 2 years out of college in a low COL city. I also get 20 paid days off and 10 paid holidays that I will fully use. 40 hour work weeks no questions asked. Eventually I'll become an RM (lender) and can easily make $150k within the next 10 years. If you're a really good lender $200k+ isn't too hard. These RMs probably work closer to 50 hours if I had to guess since they're bringing in more business but a lot of it is driving to clients and bullshitting with em. Sales baby
I don't mean to be a dick, but if you're working in CB why are you a Certified User as a first year analyst in M&A?
Homie just got busted
I didn't like IB so I left that shit lmao. I have a life
i'll have our assistant double check on this and update his profile status
My MM bank also paid for country club memberships if golf and swanky dining is your thing.
me like country clubs and swanky dining
details! I'm a golf addict
I second this. My background is on the corporate banking side but currently am on the commercial side. Six figure base and all in comp is within the range quoted in topic with 4 years of industry experience, work 40-45 per week on average and can leave fairly early on Fridays. Also have 4 weeks of vacation + 10 bank holidays...get to use them all
I actually have "too" much work life balance currently and am fairly bored so actually looking for more challenging work, which will increase hours (and comp).
Duplicative
become a Manager with a federal consulting practice. Easiest 45 hours of your life. Work from home 1-2 days a week. Work remote if you ever have an appointment. you'll be bored out of your mind though, but comp is in line, job security is much better than F500
can you give some example firms?
I work on our FP&A team and most of the people work 40 hour weeks. Our principal financial analyst with 5-10 years experience make that. The directors make 200k, but sometimes they have to work 50 hours.
Asking the questions that have crossed every IB analyst's mind at least once. SB my man
Government jobs.
It is not a binary decision between 80 hours a week in IB and 40 hours in some back-office role. Something in the between would be e.g. Corp Dev / Corp Strategy with 50-60 hours, interesting work, and a salary in between IB and BO.
I'll add to this, and please note, I am fairly new to the corporate world (moved from ER).
I work in a strategy group within a large healthcare F50 and work between 45-50 hrs per week, which has improved my work-life balance significantly.
Started as a scientist > pharmacy tech > ops in small pharma > ER > strategy in F50 healthcare co
As far as comp, I agree - Director level from what I hear/see is where you want to be for a "cushy" lifestyle, if your life goals don't involve dropping phat stacks.
When I was in Corp Dev at the Director level for a media company (reported to the CFO, had a manager and an analyst below me) I was in a low COL city making $120k salary with 10-30% bonus (based on # of transactions, time spent on transactions, company performance, etc.). Most weeks were 45-50 hours but obviously ramped up quite significantly if we were mid-diligence. But I got to travel to NYC frequently, was in London several times on one deal, went to Brasil several times on a deal, and even hit the middle east a couple times.
Was a very fulfilling period for me - but I'm glad I'm not currently in a position where working for someone else is a necessity.
What are you doing now?
midwestbiggie After I left corp dev I did a deal as an independent sponsor. This got me hooked into this lower middle market PE firm doing corp dev for a couple of their portfolio companies. The portfolio cos gave me small retainers (~$3k/month) and 2% on deals that closed. Ended up doing a couple decent sized deals over the couple years I had the relationships then I used that cash to put good chunks of equity in a couple deals as an independent sponsor / general investor, one with a FO and the other with a different PE shop.
It's been a good situation for me. A lot of people wouldn't like the unstructured nature of the work but I have a HUGE amount of flexibility and I get to be an involved husband and father, which I value above all else.
I'm wholly illiquid at the moment, but goal is once these deals exit I'll be in a position to solely buy a couple ~$3m ebitda companies and then spend the next decade or so really growing them.
$125 - $150k a year is considered middle class?
in new york yes, you are squarely in the middle class at that range
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If you're in F50 oil FP&A expect around $96-100k comp for first year analysts. I know interns make $30+ an hour too. Not sure how it scales from there, but this is what I was told at recruitment events.
maybe O&G pays higher than most other industries but $100K starting sounds HIGH
I know a few people who went to work at XOM and COP. That's what I've heard. It's called Oil money for a reason
I'm currently a VP at a middle market boutique IB in Europe. I'm pretty happy with my position, but if I ever wanted to make a move to corporate in the future (for the cushy worklife balance described by OP), what would be the way to go about it?
Would I have to target large corporations in a sector I have deal experience in?
What division of the company would I target? Are finance / corp dev the only options?
What level would a mid 30s VP be able to transfer over to in a corporation?
I would like to say that you should have a robust set of opportunities at your level. Generally I've seen the VP's at our firm exit similarly to associates but at higher levels. At the VP level, I'd say you would target Director level positions at F500 companies unless I'm mistaken.
The easiest way would of course be to jump to one of the clients that you worked with on a transaction, but you aren't precluded from the standard application method. FP&A / Treasury / Corporate Development / Corporate Strategy type roles are common exits (Corporate Development being the most similar), but it's not unheard of for folks to go into unique roles as well (Product Management at a f500; joining a startup, among others). Your position in any event is certainly enviable in every case.
I'm a Senior Credit Risk Analyst (think middle office) at a F50.
I have about 3.5 years experience and make 106k w/20% bonus. The bracket for my role is 100-135k. Directors here can pull around 200k on a 37.5/work week.
My job is incredibly cushy, but its boring. If you are an ambitious person, you will always be looking for more.
Are you in a high or low COL city? By 3.5 years of experience are you saying that you are 3.5 years or so out of college, or just 3.5 years of finance experience? 6-figs is a great place to be at 25-26 years old.
What kind of work do you typically do on a day to day?
20% bonus in addition to the 106k? or included?
Sorry, haven't been on the site much.
My Experience: 3.5 years of hands-on work experience. I have been out of school for 5 years, but took off 1.5 years to travel.
My Salary: 106K base + 20% salary. I'm in a high COL - median salary in my area is 90k.
Work: I create the process infrastructure to monitor risk. Its a mix of project management and risk management. I'll meet with people to figure out what risk metrics to use then come up with the processes to identify, monitor, escalate, and resolve.
Mid level role at a credit rating agency. Hours are 40-45 with compensation generally in the grade of 140-170k.
Technically, a big 4 senior manager probably makes in that vicinity at late 20's without too much more time demand if one isn't pushing for partner :)
Big 4 Senior Managers absolutely do not work only 45 hours a week...
I may have a faulty reference in this case. I was speaking from my experience based on a few folks that I knew, but you're definitely right about busy season. The period from Jan-April is generally quite busy (60-80 hr work weeks for even senior managers). After this I think it tends to mellow out, particularly in regional offices.
This said though I haven't worked in Big 4 so perhaps this is no longer the case :)
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