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What other jobs pay as well as IB?

Audio's picture
Rank: Senior Monkey | 98

As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company?

How about consulting? Pros/cons?

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Comments (227)

Feb 20, 2012

Bus Dev especially starting off in bus dev is definitely not as high.

I would say (top 3) consulting, (including perks) is very comparable, and depending on who you are, the job is quite interesting.

Feb 20, 2012
J.:

Bus Dev especially starting off in bus dev is definitely not as high.

I would say (top 3) consulting, (including perks) is very comparable, and depending on who you are, the job is quite interesting.

Agreed that starting job in bus dev not only pays poorly but sucks too. But if you get in at director level (basically running the thing - something a 2nd or 3rd year VP could do), how much could you make?

Feb 20, 2012

IBD is a good way to ensure relatively strong earnings.

Real wealth is derived from owning companies (true equity, not somebody who has 20 shares of KO).

That's why there were so many bankers to be who ran off to the tech scene in the 90's it was another potential shot of get rich quick.

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Feb 20, 2012

Consulting...

Feb 20, 2012
morgan90:

Consulting...

Yes, but you'll earn it. Tons of travel. And most consulting companies highlight in their contract that they DO NOT pay for personal time on travel. That means that if a contract requires you to fly on Sundays (common) or stay the weekend (not so common but it happens) then that's on your clock, not theirs. That shit gets old REALLY fast.

Of course, you can say that IBD is tough work too and I agree. But I'd much rather do 80 hours in IBD and sleep in my own bed, eat my own food, than 80 hours of consulting, 20 of which are my own time, while connecting through God-forsaken Denver on my way to Ames Iowa to sleep at a Hampton fucking Inn.

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Feb 20, 2012
GentlemanJack:
morgan90:

Consulting...

Yes, but you'll earn it. Tons of travel. And most consulting companies highlight in their contract that they DO NOT pay for personal time on travel. That means that if a contract requires you to fly on Sundays (common) or stay the weekend (not so common but it happens) then that's on your clock, not theirs. That shit gets old REALLY fast.

Of course, you can say that IBD is tough work too and I agree. But I'd much rather do 80 hours in IBD and sleep in my own bed, eat my own food, than 80 hours of consulting, 20 of which are my own time, while connecting through God-forsaken Denver on my way to Ames Iowa to sleep at a Hampton fucking Inn.

This is very misleading:

1) Rarely do you fly on Sundays. It does happen, but a good manager isn't going to let that crap happen, because it's that person's time too.

2) Compensated for personal time? Is this a union job? You charge everything to either your client or to internal for all the time you're busting your ass traveling. Regardless, you're salaried, so it's all about what your charge time is and metrics come review season.

3) Hampton Inn? (I really hate myself for being a points snob at this point. But really?)

I'm incriminating myself.

Feb 20, 2012
GentlemanJack:
morgan90:

Consulting...

Yes, but you'll earn it. Tons of travel. And most consulting companies highlight in their contract that they DO NOT pay for personal time on travel. That means that if a contract requires you to fly on Sundays (common) or stay the weekend (not so common but it happens) then that's on your clock, not theirs. That shit gets old REALLY fast.

Of course, you can say that IBD is tough work too and I agree. But I'd much rather do 80 hours in IBD and sleep in my own bed, eat my own food, than 80 hours of consulting, 20 of which are my own time, while connecting through God-forsaken Denver on my way to Ames Iowa to sleep at a Hampton fucking Inn.

Pretty much everything you just wrote is false. Except the hours - that's legit. Smaller operations, particularly off-brand IT consulting shops are going to fit your description because they are far more price sensitive - they have much lower bill rates simply to get business, and live in fear of charging clients too much for expenses. Any of the shops talked about in this forum (McK, Bain, BCG, LEK, Monitor, OW, Deloitte, EY, PwC, Accenture, etc.) are going to be as follows:

(1) Most consulting shops - at least the big name ones worth their salt, are M-Th travel, home (or in office) on Friday. Probably quite a few wfh hours on Saturday afternoon as well, but at least you're at home. This can change during crunch time or for very specific projects (see #3), but is generally the rule.

(2) At these same consulting shops, you are generally salaried + bonus (or maybe K1 if you're a partner), so I'm not sure what contract you're talking about regarding payment for personal time. Also not sure where you're getting a contract that requires someone to travel on Sunday. That's all project specific, and you rotate on and off projects with no "contract". You're an employee of the firm you work at.

(3) If you do land on a project where weekend stays are requested or expected for a long period (i.e maybe client wants everyone there 8am Monday -> 5pm Friday), or you really are just working around the clock 7 days a week, a few things happen that generally don't for the M-Th folks: corporate hosing comes into play, so you might get an apartment on location for however long you need to be there. Additional cost of living expenses enter as well: laundry service, and other things they generally wouldn't pay for if you're only on-site M-Th. All of this is paid for by the client, and not your problem.

(4) Firms are generally very flexible with mixing personal and work travel / time. For example, it's almost a universal perk that if you, say, live in Chicago and are on a project in Dallas, instead of flying back to Chicago on Thursday night, you can fly anywhere you want, up to the cost of your ticket home. Maybe you go visit friends in Denver for the weekend, etc.

(5) Location: So many projects are going to be in major metro areas that, while yes you could get stuck in Bum Fuck Iowa - that's unlikely. Most people I know spent their entire careers in Chicago, NYC, DC, San Fran, LA, Dallas, Houston, Atlanta, Charlotte, etc. Rarely did I know of, or hear of people having to spend months on end in the middle of no where (even though it does happen on occasion - it's just not the rule) .

Feb 20, 2012

Well, Big Law can achieve the same level of pay (~$160,000 in NYC), but you're coming in after three years of law school.

"When I was young I thought that money was the most important thing in life; now that I am old I know that it is."
- Oscar Wilde
"Seriously, psychology is for those with two x chromosomes."
- RagnarDanneskjold

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Best Response
Feb 20, 2012

a somalian pirate....they fucking rake

Here's the thing. If you can't spot the sucker in the first half hour at the table, you are the sucker.

    • 5
Feb 20, 2012

BB S&T

Feb 20, 2012

PE, if you're lucky enough to get in straight out of undergrad ...

Feb 20, 2012

S&T

Feb 20, 2012

1 - I am writing about my experience with IBM not some risky dink little consulting shop.

2 - you guys are only thinking about domestic assignments. If you're good - and I was VERY good - you get sent overseas. So, 9 hour flight to Colombia and the client wants you there Monday, 8 am. Guess which day you're flying out? And it's a three week contract. Guess how many weekends you're spending in Colombia?

3 - It doesn't matter who you work for EVERYONE is cost conscious now. The days of the client footing the bill for anything you want are over. Most clients stick by GSA rates and I don't have to tell you how much those suck.

4 - my its was not so much about the scheduling & expenses as it was about the personal time away from home. Unless you've been there, as I have, it's hard to appreciate what it means to sleep in your own bed. Both of you knuckleheads made references ti that without really appreciating what it means.

I stand by my previous statement. You're better off slaving in ib than consulting.

Feb 20, 2012
GentlemanJack:

1 - I am writing about my experience with IBM not some risky dink little consulting shop.

2 - you guys are only thinking about domestic assignments. If you're good - and I was VERY good - you get sent overseas. So, 9 hour flight to Colombia and the client wants you there Monday, 8 am. Guess which day you're flying out? And it's a three week contract. Guess how many weekends you're spending in Colombia?

3 - It doesn't matter who you work for EVERYONE is cost conscious now. The days of the client footing the bill for anything you want are over. Most clients stick by GSA rates and I don't have to tell you how much those suck.

4 - my its was not so much about the scheduling & expenses as it was about the personal time away from home. Unless you've been there, as I have, it's hard to appreciate what it means to sleep in your own bed. Both of you knuckleheads made references ti that without really appreciating what it means.

I stand by my previous statement. You're better off slaving in ib than consulting.

IBM isn't little but it's pretty close to rinky dink. My friends there all echo your sentiments: shitty projects, cheap ass clients, boring work... High end management consulting with MBB (not IT consulting) is an entirely different world. Clients do foot the bill for everything, and there's none of this GSA rate bullshit. For whatever reason, the work I'm doing for them is worth more than I could possibly charge for dinner, and they recognize that.

Feb 20, 2012

although it's a front/middle office role in working with the S&T team, how is Equity Research as a career for a few years before moving on?

Funniest
Feb 20, 2012

NBA Point Guard. Jeremy Lin majored in Econ at Harvard. Could have done IB after school but stuck with bball and now he's reeling in 800 grand a year

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Feb 20, 2012

I like how this website denies the existence of the medical profession.

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Feb 20, 2012
Achiral:

I like how this website denies the existence of the medical profession.

If you're smart enough to be an MD, you're smart enough to be an MD. The question is how ruthless and practical you are.

"When I was young I thought that money was the most important thing in life; now that I am old I know that it is."
- Oscar Wilde
"Seriously, psychology is for those with two x chromosomes."
- RagnarDanneskjold

    • 1
Feb 20, 2012
UncleMilty:
Achiral:

I like how this website denies the existence of the medical profession.

If you're smart enough to be an MD, you're smart enough to be an MD. The question is how ruthless and practical you are.

Could you elaborate? Not sure what you were driving at here...

Feb 21, 2012
UncleMilty:
Achiral:

I like how this website denies the existence of the medical profession.

If you're smart enough to be an MD, you're smart enough to be an MD. The question is how ruthless and practical you are.

This is just completely false. The two have almost nothing to do with each other. Sure, there are smart and dumb MDs, and there are some dumb MDs who worked their asses off to get where they are today, but on AVERAGE, I'd think it's pretty clear that MDs are way smarter than MDs. What are you judging intelligence by? Certainly not how much money they make, so are you including street smarts? And how good at making a sales they are? Because I think you'd be hard pressed to find people who would include that as part of "smart" (unless you're asking stupid people who feel insecure about their intelligence and need to validate themselves by saying that being able to pitch and makes sales is part of being "smart")

Feb 20, 2012
Achiral:

I like how this website denies the existence of the medical profession.

When you take into the account the opportunity cost of pursuing a medical degree, the cost of financing such an education, and how MDs are getting increasingly fucked in the ass by insurance premiums...f-uck no I would not ever consider that profession

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Feb 21, 2012
Devils Advocate:
Achiral:

I like how this website denies the existence of the medical profession.

When you take into the account the opportunity cost of pursuing a medical degree, the cost of financing such an education, and how MDs are getting increasingly fucked in the ass by insurance premiums...f-uck no I would not ever consider that profession

This.

Anyone here mentioning anything in medicine is just plain wrong. With the way insurance is in this country I don't know how anyone willingly chooses med school. Also most of these grads have no idea what it takes to go out on your own. I heard that even a small dental practice can require a 1M+ to open. That's a huge nut to cover with competitive prices and tough insurance rules.

Feb 21, 2012

I'll assume you mean outside of other finance jobs, like hedge funds and ER.

Big Law has already been mentioned.

Sales within a f500 can do well, especially if they can build their own book of business. Generally not IB MD level, but still very good.

Real Estate is, or was, surprisingly profitable. Of course, it depends on the broader market as well.

The commodities giants (glencore, cargill, etc.) also pay near finance salaries, but they make you prove yourself for a few years before your pay jumps.

Achiral:

I like how this website denies the existence of the medical profession.

Old, but still rather true: http://www.er-doctor.com/doctor_income.html
Medicine is not something that makes financial sense; 4 extra years of school and then 3-6 years of what amounts to a living wage. Also, you have to consider the 200k+ in debt you wrack up in medical school.

Doctors can make money, but most involve starting an entrepreneurial venture in an in-demand niche. Like a dermatologist who starts their own skin care line. And yes, top neurosurgeons can make $1mm+, but they are the absolute best and brightest of the already qualified applicant pool.

Feb 21, 2012
Achiral:

I like how this website denies the existence of the medical profession.

Not really apples to apples. Sure, after school and residencey you get paid around what you make in IB for less hours but you're also a) about 8 years behind your peers that went into banking b) generally saddled with significant debt on top of whatever you came out of UG with c) getting roughly 2nd or 3rd year IB pay after going through all that.

So yes, you can make the same money but you'll be almost a decade older, in more debt and will have gone through significant steps to get there.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Feb 25, 2012
Achiral:

I like how this website denies the existence of the medical profession.

That's a good thing. Most doctors are bigger dildos than the biggest dildos in finance. Plus, if you are doing it right you crush their earnings and only the neuros and orthos can compete (except they are old by our measure and by the time they are making their bank they're w/250k+ in debt. )

Feb 20, 2012

Or engineering and architecture (granted the earnings potential is far lower unless you start your own firm).

Feb 26, 2012
s2tn6at:

Or engineering and architecture (granted the earnings potential is far lower unless you start your own firm).

Got a client. Electrical engineer out of a mediocre SEC state university. $139,000 base, $200,000+ all-in comp. Age 29. Not bad.

Feb 27, 2012
Virginia Tech 4ever:
s2tn6at:

Or engineering and architecture (granted the earnings potential is far lower unless you start your own firm).

Got a client. Electrical engineer out of a mediocre SEC state university. $139,000 base, $200,000+ all-in comp. Age 29. Not bad.

Careful here. Sister's Husband: USF grad 4.0, 20 years as aerospace electrical at same (top 3) firm. All in $120k.

Petro engineering is good and engineering as a whole allows for the potential to start your own firm, but bare-bones mechanical and electrical have a hard time breaking $150k, at least from what i hear/see.

Feb 20, 2012

Public accounting won't be as highly compensated as IB or consulting but the pay is pretty decent after a few years. Here's a chart on big 4 salary assuming you're coming fresh out of undergrad then masters in accounting.

http://goingconcern.com/post/lets-take-second-look...

Feb 26, 2012
beancounter:

Public accounting won't be as highly compensated as IB or consulting but the pay is pretty decent after a few years. Here's a chart on big 4 salary assuming you're coming fresh out of undergrad then masters in accounting.

http://goingconcern.com/post/lets-take-second-look...

That's absolutely horrific partner comp. Yuck. About 10 years ago (when I was in high school) my accounting class did a day trip to PwC's office in Fairfax County, VA. They told us at the time that a typical partner at their firm was dropping 7 figures. It actually was one of my inspirations for starting out in accounting as a major in college.

Either they were lying to me or the last decade has significantly changed culture in the big accounting firms. But to make a partner level position you'd have to be bringing in many millions of dollars in accounts after sacrificing a good 20 years of your life. Hard to believe $450,000 is the expected comp.

Feb 26, 2012
Virginia Tech 4ever:
beancounter:

Public accounting won't be as highly compensated as IB or consulting but the pay is pretty decent after a few years. Here's a chart on big 4 salary assuming you're coming fresh out of undergrad then masters in accounting.

http://goingconcern.com/post/lets-take-second-look...

That's absolutely horrific partner comp. Yuck. About 10 years ago (when I was in high school) my accounting class did a day trip to PwC's office in Fairfax County, VA. They told us at the time that a typical partner at their firm was dropping 7 figures. It actually was one of my inspirations for starting out in accounting as a major in college.

Either they were lying to me or the last decade has significantly changed culture in the big accounting firms. But to make a partner level position you'd have to be bringing in many millions of dollars in accounts after sacrificing a good 20 years of your life. Hard to believe $450,000 is the expected comp.

Let's clear a few things up.

First, you're only looking at the first 3 years of partnership, which are skewed because of capital repayment. Typically firms will loan you however much your buy-in is (call it a few hundred thousand) at a super low rate, and you pay it back in your first few years. So those numbers are probably net of those payments.

Second, most partners stick around for another 20+ years. Consider: you're 22 when you leave undergrad, so 12 years later you're 34 when you make partner. Most partners at Big4 firms that I know are in their 40's / 50's, and even a few in their 60's. Every year they accumulate more partnership shares as the older guys retire and sell their shares back. So, while the new partners might only be making $450k, the middle of the pack guys are easily into very high 6 figures / 7 figures. Advisory (i.e. non audit, non tax) is even higher. The very senior partners, either by tenure (more partnership shares), or by rank / position (i.e. regional managing partner, or head of an entire service line in a particular country) can be making $2M - $3M no problem.

Now, granted, these still aren't high end banking / consulting numbers, and Big4 partners work a lot more years to top out their comp, but that $450k number is definitely the low end of the spectrum (new partners).

Lastly, don't forget that Big4 partners have almost unlimited access to CEO's at every large company, and are often tapped as CFO's and CIO's - an older colleague of mine was a partner at PwC and is now CFO of a major F500 beverage company, and he's pulling down $6M - $8M per year with salary + bonus + stock options.

Feb 20, 2012

OK, a bit more about myself - I am a post MBA associate in a BB, so most of the options that are mentioned are not options (law, consulting, etc) are not options for me. What other jobs provide comparable pay checks for an associate?

Feb 20, 2012

engineer

The Four E's of investment
"The greatest Enemies of the Equity investor are Expenses and Emotions."- Warren Buffet

Feb 20, 2012

Engineering doesn't pay nearly as well as finance. Starting salaries may be comparable, but there's much less advancement.

Feb 20, 2012

Looking at my friends and removing family money and entrepreneurship from the equation...

Alternatives careers that pay well:
- A few friends (surgeons) do well for themselves.
- Real estate investments/acquisitions can be lucrative (although very cyclical and finance related sector).
- I don't know how well advertising pays (Ogilvy, Publicis, etc...) but a friend of mine is a director at a similar firm and does well for himself.
- Certain areas of legal work pay well.

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Feb 20, 2012

no one is going to mention the oil industry in general?

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Feb 20, 2012

Petroleum engineering. I know kids from our school who graduate with $110K+ starting salaries.

Feb 20, 2012
neanderthal:

Petroleum engineering. I know kids from our school who graduate with $110K+ starting salaries.

JOb requires alot of hard work and is quite hard to get qualified for

The Four E's of investment
"The greatest Enemies of the Equity investor are Expenses and Emotions."- Warren Buffet

Feb 20, 2012
kmess024:
neanderthal:

Petroleum engineering. I know kids from our school who graduate with $110K+ starting salaries.

JOb requires alot of hard work and is quite hard to get qualified for

IBD is a lot harder than Petroleum Engineering, fyi.

Feb 21, 2012

Equity Research pays pretty well in Asia (Japan, S.Korea) Entry research assistants make around 70-80K. Once you become an associate it jumps up to 100-120K and make it to Analyst, you're looking at around 300K. Get 7~8 years of exp under your belt, you can make close to 7 figures.

Of course it's nowhere near hundreds of millions you IB monkeys are probably aiming for, but considering you have almost zero risk of losing your job in ER, great work-life balance, and decent exit opps, it's definitely a good life. You do however have to be bilingual in Japanese/Korean and English and you'll find yourself doing a LOT of translation work in your first 2-3 years.

Feb 20, 2012

Just FYI - in Asia, IBD pays significantly more than Consulting, but also has much worse hours. 100 hours of work versus maybe 70-80, for which you get paid (first year) 150-200k vs 75-100k USD a year.

Feb 21, 2012

PORN

STAR

Feb 21, 2012
shorttheworld:

PORN

STAR

A profession made obsolete by the internet.

Feb 21, 2012
shorttheworld:

PORN

STAR

that shit after an IB stint could fill some fatty fetish needs

Feb 21, 2012
shorttheworld:

PORN

STAR

every aspiring porn star gotta do a gay scene to move up, just like the schools of associates getting mounted from behind.

Feb 21, 2012

not valuations.

Feb 21, 2012

Blow jobs?

Power and Money do not change men; they only unmask them

Feb 21, 2012

The real earning potential comes down to where you top out at, imo. Finance gives you the best chance to make 500k+/year. There are no comparable industries. None. Not entertainment, not legal, not high tech, not energy, not consulting.

There are a few industries/professions where 150k-200k are reasonably attainable.

If you make 250k/year as a programmer or petroleum engineer you are at the very top of the scale and likely very good at your job. That's 5 years of experience for IBD (ie: scum sucking piece of shit).

There is no real comparison.

Feb 21, 2012

apply your IBD experiences in organized pimping or drug dealing, I am sure down in Mexico they need someone with M&A skills.

Feb 21, 2012

To all of you guys championing Accounting/Medicine/BigLaw/Consulting/CorpFin, please stop.

Accounting:
First off, that promotion chart is very dubious. I know senior accountants working at Big 4 firms, and they do not make anywhere near that amount. The only way to make a shitload of money in accounting is to open your own firm, and it's a lot harder than it sounds. In the unlikely event that you are some kind of accounting rain maker at a Big 4, and you do make $450,000 after 17 years on the job (+2 yrs for MBA/Masters), while a respectable amount of money, it is nothing compared to IBD. If you stuck around in IBD that long, you would most certainly be an MD, and would be making ~$1 MM.

Medicine:
The best part of Medicine is not the money, it is the satisfaction of curing people, and the ultimate job security. Yes, the money is pretty good, and you'll be making guaranteed 6-figures for the rest of your life, but keep in mind that you won't be able to enter the work-force before you're 30 (22 yrs+4 yrs Med School+4 yrs Residency). And when you add up all those lost years, IBD beats Medicine decisively.

Big Law:
I have personal experience in this field. When I was in college, I wanted to be a lawyer. I even took the LSAT my sophomore year. But after my BB IBD internships (which at the time I did to be more competitive for Wachtell), I opted for the IBD>PE route.

Moving on... While it is true that 1st year Associates get $160,000 a year (plus a small bonus), it does not get much higher than this as you progress. I know for a fact that a 7th year Associate at Skadden got $302k all in. Whereas a VP3 would be clearing ~$650,000 after putting in the same number of years after grad school.

Consulting:
It consists of a shit-ton of traveling, and if you don't want to waste half your life in commute, and don't care about the "perks", there is very little reason to do it. Besides, the pay is much lower than IBD at pretty much every level. If you can't tell already, I'm not a fan of Consulting. However, it has excellent placement into B-School/Corp Strat, so if that's your thing, by all means go for it.

CorpFin:
This a really nice gig at the F100 level, but this is a lifestyle job. Sure you'll get awesome benefits, and 40-hour weeks, but you'll never be making as much as Banking at the corresponding level.

Bottom Line:
If you want to make more than Banking, go to PE/HF. Audio, provided that you graduated from a Top B-School, you could easily make the transition to PE with some hustle.

    • 1
Feb 21, 2012
Leonidas:

Big Law:
I have personal experience in this field. When I was in college, I wanted to be a lawyer. I even took the LSAT my sophomore year.

Soooooo much experience.

Actuaries make good money for 40 hour work weeks

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Feb 21, 2012
scottj19x89:
Leonidas:

Big Law:
I have personal experience in this field. When I was in college, I wanted to be a lawyer. I even took the LSAT my sophomore year.

Soooooo much experience.

Actuaries make good money for 40 hour work weeks

I doubt actuaries make more than IBD MDs. Besides, getting certified as an actuary takes 10+ years. And since I was accepted to HYS Law School, I think I'm qualified to speak on it, which is more than I can say for you.

Feb 23, 2012
scottj19x89:
Leonidas:

Big Law:
I have personal experience in this field. When I was in college, I wanted to be a lawyer. I even took the LSAT my sophomore year.

Soooooo much experience.

I lol'd.

Feb 21, 2012

Actuary

Power and Money do not change men; they only unmask them

    • 1
Feb 21, 2012
FlakieBear:

Actuary

If you can get through those monstrous exams that take on average 10 years to complete... I believe an FSA or FCAS will make 250k-300k without even being a manager. This is truly the high-paying 40-hour/week job, much better work/life than Corporate Finance, where you will be putting in MORE hours as you move up to the manager or director levels.

Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?

Feb 21, 2012

How come nobody mentioned starting your own business?

4 LEGIT ways to make REAL money in America

1) Banking - Cyclic; more of a right time, right place thing IMO.. For all the upcoming monkeys including myself I think we're kinda fucked, at least for the next few years
2) Law - Similar to entry level banking but banking sky rockets in salary at senior levels; plus opportunity cost
3) Medicine - Largest opportunity cost
4) Start your own business - Biggest risk, biggest payout

    • 1
Feb 21, 2012

who said that actuaries make more than IBD MDs? And since when does getting accepted to law school = personal experience in big law?

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Feb 21, 2012
scottj19x89:

who said that actuaries make more than IBD MDs? And since when does getting accepted to law school = personal experience in big law?

That's the kind of logic that got him into HYS law school. In his dream of course

Power and Money do not change men; they only unmask them

Feb 21, 2012
scottj19x89:

who said that actuaries make more than IBD MDs? And since when does getting accepted to law school = personal experience in big law?

The OP was about jobs paying more than wait for it... IB, and not relative to the hours put in. Getting into HYS might not=BigLaw exp, but after I got my decision in December, I went to the Law School to check it out, and talked at length with several 2L/3Ls who had V10 offers in hand. It was then that I finalized my decision to defer my enrollment for my 2-year Analyst stint. Hope I cleared that up.

Feb 21, 2012
Leonidas:
scottj19x89:

who said that actuaries make more than IBD MDs? And since when does getting accepted to law school = personal experience in big law?

The OP was about jobs paying more than wait for it... IB, and not relative to the hours put in. Getting into HYS might not=BigLaw exp, but after I got my decision in December, I went to the Law School to check it out, and talked at length with several 2L/3Ls who had V10 offers in hand. It was then that I finalized my decision to defer my enrollment for my 2-year Analyst stint. Hope I cleared that up.

Just shut up.

No one wants to read your biography.

Power and Money do not change men; they only unmask them

    • 1
Feb 21, 2012

political lobbyist???

Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?

Feb 21, 2012

If you open and run a Fat Camp, you can generate unlimited income through the Weight Loss Infomercial Market.

I eat success for breakfast...with skim milk

Feb 21, 2012

Alaskan crab-fishing
Nigerian spammer
Fluffer
Moriarty-style criminal for hire
Dildo tester

Feb 21, 2012
Audio:

As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company?

How about consulting? Pros/cons?

Consulting, a lot of people have commented on the travel but it's still mainly M-Th. International projects will take you out of the mix, but you can always travel back on the weekends. And you're always travelling business - not that domestic first class crap. The other thing is that you won't always be staffed on a project - and at times will be 'on the beach' for a couple of weeks or so.

You don't have the same upside until you hit partner but it's a pretty decent way to go if you're covering an industry that you actually like.

Also, it's great for moving into a corp dev/bus dev role at a more senior level.

Feb 21, 2012
Ajay4hk:
Audio:

As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company?

How about consulting? Pros/cons?

Consulting, a lot of people have commented on the travel but it's still mainly M-Th. International projects will take you out of the mix, but you can always travel back on the weekends. And you're always travelling business - not that domestic first class crap. The other thing is that you won't always be staffed on a project - and at times will be 'on the beach' for a couple of weeks or so.

You dont state your credentials so this is dubious at best. How do you plan on flying back on the weekends from international travel? That doesn't even make sense dude. Have you been on an airplane before???? You're in Bahrain on a project but live in Chicago . . . sure you're going to be flying home.

Feb 21, 2012
GentlemanJack:
Ajay4hk:
Audio:

As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company?

How about consulting? Pros/cons?

Consulting, a lot of people have commented on the travel but it's still mainly M-Th. International projects will take you out of the mix, but you can always travel back on the weekends. And you're always travelling business - not that domestic first class crap. The other thing is that you won't always be staffed on a project - and at times will be 'on the beach' for a couple of weeks or so.

You dont state your credentials so this is dubious at best. How do you plan on flying back on the weekends from international travel? That doesn't even make sense dude. Have you been on an airplane before???? You're in Bahrain on a project but live in Chicago . . . sure you're going to be flying home.

Hey - I've got three consultants in my immediate family who do this on a regular basis, mainly between NY and London/Zurich/Paris - not saying you're going to be running back home every weekend and it depends on where your project is of course. Bahrain is a stretch - but doing an 8 hr flight every few wkds is more than manageable.

Yes, I've been on my share of airplanes.

Feb 21, 2012
GentlemanJack:
Ajay4hk:
Audio:

As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company?

How about consulting? Pros/cons?

Consulting, a lot of people have commented on the travel but it's still mainly M-Th. International projects will take you out of the mix, but you can always travel back on the weekends. And you're always travelling business - not that domestic first class crap. The other thing is that you won't always be staffed on a project - and at times will be 'on the beach' for a couple of weeks or so.

You dont state your credentials so this is dubious at best. How do you plan on flying back on the weekends from international travel? That doesn't even make sense dude. Have you been on an airplane before???? You're in Bahrain on a project but live in Chicago . . . sure you're going to be flying home.

You keep talking about your IBM frame of reference, which doesn't translate to other shops. Even the Big4 consulting arms are generous with travel / expenses compared to what you're talking about, and they are a far cry from the likes of MBB, which are quite frankly, lavish. Example: a friend that recently left Mckinsey, had his former project team fly him from Chicago to South Africa where they were having a project close party. They covered his air, hotel, food, and everything else for a week. They basically have like 20% expense budget on top of project fees, and they can spend it however they see fit.

IBM is a big name consulting shop, but it isn't in the game of selling services at premium rates. It's selling commodity IT work. That's why it pimps the hell out of its resources, ships you to Columbia and Bahrain, gives you shit about spending more than $10 on breakfast, and tells you to smile while taking it in the ass. The other places I listed aren't like that (except maybe Accenture).

Feb 21, 2012
GentlemanJack:
Ajay4hk:
Audio:

As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company?

How about consulting? Pros/cons?

Consulting, a lot of people have commented on the travel but it's still mainly M-Th. International projects will take you out of the mix, but you can always travel back on the weekends. And you're always travelling business - not that domestic first class crap. The other thing is that you won't always be staffed on a project - and at times will be 'on the beach' for a couple of weeks or so.

You dont state your credentials so this is dubious at best. How do you plan on flying back on the weekends from international travel? That doesn't even make sense dude. Have you been on an airplane before???? You're in Bahrain on a project but live in Chicago . . . sure you're going to be flying home.

GJ - I think you have some good insight to share on work and personal life and I enjoy reading what you have to write, but honestly your writing makes you sound like an asshole. I think you would be better off not being so condescending all the time and assuming that you are the only one who knows what you're talking about, because you aren't.

Feb 21, 2012

I am surprised no one mentioned commodities trading, particularly oil trading and also oil brokering.

Feb 21, 2012

Commodities trading / oil brokering sounds very interesting... I don't know enough about how that works though. I have a friend at a Trafigura / Vitol type place and he does well for himself.

Feb 21, 2012

If you're contrarian, you get into IB now.

Feb 21, 2012

I'm in bus dev. / corp dev job for an oil and gas midstream company. Those roles are well respected in the industry and probably pay more than most other bus dev type roles. The hours are good and pay is good. Start at ~55K + 10-20% bonus plus 5-10% retirement matching. After 3-4 years you are making 100K in salary with same bonus and matching. (all in around 130K).

Stay for a few years and you have long term incentives which can be 50-100K over a few years. Someone in their late twenties can be all in comped at 150-200K

Approx 50hrs/wk with some weeks being more depending on work flow. Industry is known for headhunting directors in bus dev / corp dev and directors could be all in comped anywhere from 300-500K. Downside is that you are pretty much stuck in cities that only offer O&G, which is not true of certain professions like law or consulting.

Best would be to lateral into a trading / commercial type role if you fit that profile. You have to be in it for a few years, but if you prove your worth you can literally make the same as IBD for way less hours (if you're good, since it's all performance based). With a good year, bonusses can be multiples of salaries.

Feb 21, 2012
globalmacro:

I'm in bus dev. / corp dev job for an oil and gas midstream company. Those roles are well respected in the industry and probably pay more than most other bus dev type roles. The hours are good and pay is good. Start at ~55K + 10-20% bonus plus 5-10% retirement matching. After 3-4 years you are making 100K in salary with same bonus and matching. (all in around 130K).

Stay for a few years and you have long term incentives which can be 50-100K over a few years. Someone in their late twenties can be all in comped at 150-200K

Approx 50hrs/wk with some weeks being more depending on work flow. Industry is known for headhunting directors in bus dev / corp dev and directors could be all in comped anywhere from 300-500K. Downside is that you are pretty much stuck in cities that only offer O&G, which is not true of certain professions like law or consulting.

Best would be to lateral into a trading / commercial type role if you fit that profile. You have to be in it for a few years, but if you prove your worth you can literally make the same as IBD for way less hours (if you're good, since it's all performance based). With a good year, bonusses can be multiples of salaries.

I have great interest in the oil industry (i am Nigerian w. family who are oil engineers/ a friend whose dad owns an oil shipping company) and would like to know how u got this biz dev/corp dev role. Can u get in straight from undergrad? if not, what entry level positions would u suggest (other than IB obviously) if the end game is corp dev at a major oil company?

Feb 21, 2012
GentlemanJack:

You're completely ignoring the client in your scenarios. Again, as I've stated before, it doesn't matter who you work for or who you're assigned to, EVERYONE is cost-conscious right now. Are you aware that the economy stinks right now? Do you really think someone at Client X is going to put their neck on the line by green-lighting a project that flies everyone first class with 3xGSA rates and a $200 per diem??? I don't care who you work for, those types of projects are very, very scarce right now.

I'm not ignoring anything. It has less to do with the client, and more to do with the service being provided. As previously stated, IBM provides commodity IT service (and shitty service at that - I hear nothing but complaints across my F500 contacts that engage IBM for implementation work), so of course they can't charge more and their margins are tight. Higher end places are able to charge higher bill rates, and higher expenses. I don't know what else you want me to say about it. Your only frame of reference is IBM, and your position is just flat out wrong because you're trying to apply it across the whole industry. I'm still very plugged in to MBB, LEK, Monitor, OW, and the Big4 - and they are all doing fine. In the last 12-18 months, project revenue has been exploding.

Feb 21, 2012
djfiii:
GentlemanJack:

You're completely ignoring the client in your scenarios. Again, as I've stated before, it doesn't matter who you work for or who you're assigned to, EVERYONE is cost-conscious right now. Are you aware that the economy stinks right now? Do you really think someone at Client X is going to put their neck on the line by green-lighting a project that flies everyone first class with 3xGSA rates and a $200 per diem??? I don't care who you work for, those types of projects are very, very scarce right now.

I'm not ignoring anything. It has less to do with the client, and more to do with the service being provided. As previously stated, IBM provides commodity IT service (and shitty service at that - I hear nothing but complaints across my F500 contacts that engage IBM for implementation work), so of course they can't charge more and their margins are tight. Higher end places are able to charge higher bill rates, and higher expenses. I don't know what else you want me to say about it. Your only frame of reference is IBM, and your position is just flat out wrong because you're trying to apply it across the whole industry. I'm still very plugged in to MBB, LEK, Monitor, OW, and the Big4 - and they are all doing fine. In the last 12-18 months, project revenue has been exploding.

OY VEY!

"Project revenue exploding" is not the same as consulting being a better gig. Have you ever thought to wonder that maybe it's exploding because the costs are being cut from other places??? Move everyone from first to coach and the Hilton to Holiday Inn and - tada! - project revenue explodes.

Do you think those partners are telling clients, "Yeah, we'd like to take you on but unless you keep my guys at the Hilton we're pulling our bid . . ." Seriously, man, get with it.

Feb 21, 2012

Wow, so many things wrong....

First, I didn't express an opinion about Consulting being better than IB (even though my opinion is just that). In fact, I clearly said if your beef was the travel, then I can't argue with IB as the better alternative where you get to sleep in your own bed.

Second, let's start with Accounting 101. Revenue is gross $$ in the door. So cutting costs does nothing to revenue. Seriously? And you're trying to drop knowledge on other people?

Anyhoo, I'm done arguing with you. The IBM Tivoli Access Manager grunt tells the rest of us how it is. Gotcha.

Feb 21, 2012

djfiii is right here (on the consulting discussion).

Feb 21, 2012

I wasn't referring to your whole post, I was referring to you saying that you have experience with Big Law when you have 0. and I'm not a freshman

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Feb 21, 2012
scottj19x89:

I wasn't referring to your whole post, I was referring to you saying that you have experience with Big Law when you have 0. and I'm not a freshman

Yes, I suppose I should have made it clearer. I had no idea it would be misconstrued this far. Since my 2-year deferral is almost up, I have been thinking about Law School quite a bit recently.

A while back, you posted a thread about double majoring in Finance & CS, and said that you were only beginning to take intro classes in programming. Since most people experiment with different courses in Frosh and declare their major sometime in their Sophomore year, I inferred that you were a freshman. Out of curiosity, what year are you in?

Feb 21, 2012

I have junior standing due to me studying music before coming here. Most kids my age have graduated college, but I have a different path I guess.

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Feb 21, 2012
scottj19x89:

I have junior standing due to me studying music before coming here. Most kids my age have graduated college, but I have a different path I guess.

Can you just start a major from scratch in your junior year? I transferred from a super-non-target (we had lifeguard "internships" through our career center) to an Ivy, and I had to declare my major immediately upon entering as a junior having already taken the prerequisites in Frosh/Soph.

Thanks btw for introducing me to Madeon via the music thread. That kid is sick.

Apr 16, 2012
Leonidas:
scottj19x89:

I have junior standing due to me studying music before coming here. Most kids my age have graduated college, but I have a different path I guess.

Can you just start a major from scratch in your junior year? I transferred from a super-non-target (we had lifeguard "internships" through our career center) to an Ivy, and I had to declare my major immediately upon entering as a junior having already taken the prerequisites in Frosh/Soph.

Thanks btw for introducing me to Madeon via the music thread. That kid is sick.

Cornell?

Feb 21, 2012

Yeah he is ha... and I guess I can, I originally came here with Sophomore standing, if that makes a difference, but my counselor doesn't seem to think that this will be a problem.

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Feb 21, 2012

I am not a consultant and far from being one, but it seems like you guys are comparing firms that are not even on the same rank as one another. McKinsey is definitely not going to compete with other lower tier firms on pricing.

I never compete in pricing with my own profession, what I do is sell our value and sell the client to understand the kind of value we bring. If he bitches about the spread I am charging by comparing me to a lower tier firm that can't handle his kind of volume, I will not budge for a second to tell him to go ahead and try to save a penny and lose a dollar.

I think top tier consulting firms simply do not take on clients that are poor as it will not be the right type of client for them and knowing when to walk away from a bad deal is even more important than signing a deal.

Feb 21, 2012

Totally accurate. Except the only one confusing MBB and IBM is GentlemanJack.

Feb 21, 2012

CIA

Feb 21, 2012

IB pay isn't that great. Look at the 40 under 40 list; the upside to being a software engineer is much much greater than being an IB analyst.

Feb 21, 2012

Wow. This post really devolved. Started off good and ended in a whimper. Thanks to everyone who decided to clog the forum with a shouting match over consulting expense reimbursement. We get it. Consulting sucks if you have to pay for your own meals and sucks a little less if you don't.

Feb 21, 2012

There are lots of roles in finance that pay $150k+ in salary with bonuses (it varies with the role, usually less than IBD, but more than other corporate jobs).

These are roles that usually involve sales and such... like capital raising for Hedge or Infrastructure funds, placement agents, etc... You need a book of clients to sell to (institutional or ultra high net worth).

There are also roles within insurance companies that pay 6 figures.

Feb 22, 2012

pls don't argue over meaningless things.

Feb 22, 2012
Imperialian:

pls don't argue over meaningless things.

You must be new here

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Feb 24, 2012

+1+1

"A man travels the world over in search of what he needs and returns home to find it." ~George Moore

Feb 22, 2012

I like how this thread totally went off track...you had multiple internal arguments over oil, actuarials, consulting...bottom line there are a lot of other careers where you can make some serious money but Finance is the industry where you certainly have the biggest potential upside...the end tail can be very high !

Feb 22, 2012

Petro Engineering, Pharmacist, law, surgeon.

Feb 22, 2012
Connor:

Petro Engineering, Pharmacist, law, surgeon.

This.

I'm surprised that Pharma hasn't come up before. Word around the campfire is that those guys make bank - even the ones working at your rinky-dink Walgreens (or whatever) can make a great living on what's basically a straight-40 job.

Feb 22, 2012
GentlemanJack:
Connor:

Petro Engineering, Pharmacist, law, surgeon.

This.

I'm surprised that Pharma hasn't come up before. Word around the campfire is that those guys make bank - even the ones working at your rinky-dink Walgreens (or whatever) can make a great living on what's basically a straight-40 job.

Pharmacists make around $80-100K on average, but they will continue to be pressured due to massive consolidation in the retail pharmacy industry (basically only WAG and CVS now) and PBM industry (there's a reason why the retail pharmacy lobby is HEAVILY against the ESRX/MHS merger....they will basically dictate dispensing terms to pharmacies). You also have to go to pharmacy school, increasing debt and forgoing salary.

Feb 22, 2012

I'm a graduating senior (math major) trying to figure out what to do with my life. Here is me thinking out loud about my future.

IBD - Fuck 100 hour work weeks
S&T - Job outlook doesn't look that great. I'm not passionate about the markets either, so I prob shouldn't pursue this.
Risk Management - seems pretty boring. working in market risk might be kinda interesting though? decent work/life balance (I think).
Ops - lol jk
Quant - too hard
Law - Boring as hell and the job market sucks
Medicine - Too much school
Actuary - Too many exams.
IT/programmer - Pros: Good work/life balance, decent money, comfortable living. Cons: boooooooorrrrrrrrriiiiiiiinnnnnngggggg, competing with uber nerds who code in their free time for fun
Petro Engineering - not for me (unless they have a demand for math majors or something)
Pharmacist - not my style
Corporate Finance/Commercial Banking/other finance jobs - I have no interest in working in finance unless it pays big $$$, so no (if you can't tell by now, I don't really like finance that much)
Accounting - I took an accounting class once. Most boring class I've ever taken in my life (I've taken a lot of boring classes so that means something)
Statistician - Stat classes are so boring, plus you need at least a Master's
Consulting - maybe this is for me?

I'm also considering operations research b/c I got accepted into a grad program for that, but honestly I have no fucking clue what it is. Well I have somewhat of an idea, but I need to do a lot more research.

    • 4
Feb 26, 2012
JDawg:

I'm a graduating senior (math major) trying to figure out what to do with my life. Here is me thinking out loud about my future.

IBD - Fuck 100 hour work weeks
S&T - Job outlook doesn't look that great. I'm not passionate about the markets either, so I prob shouldn't pursue this.
Risk Management - seems pretty boring. working in market risk might be kinda interesting though? decent work/life balance (I think).
Ops - lol jk
Quant - too hard
Law - Boring as hell and the job market sucks
Medicine - Too much school
Actuary - Too many exams.
IT/programmer - Pros: Good work/life balance, decent money, comfortable living. Cons: boooooooorrrrrrrrriiiiiiiinnnnnngggggg, competing with uber nerds who code in their free time for fun
Petro Engineering - not for me (unless they have a demand for math majors or something)
Pharmacist - not my style
Corporate Finance/Commercial Banking/other finance jobs - I have no interest in working in finance unless it pays big $$$, so no (if you can't tell by now, I don't really like finance that much)
Accounting - I took an accounting class once. Most boring class I've ever taken in my life (I've taken a lot of boring classes so that means something)
Statistician - Stat classes are so boring, plus you need at least a Master's
Consulting - maybe this is for me?

I'm also considering operations research b/c I got accepted into a grad program for that, but honestly I have no fucking clue what it is. Well I have somewhat of an idea, but I need to do a lot more research.

LOL, you said a lot of jobs are boring. How about serving in the US ARMY.

Feb 22, 2012

monkey shit? really?

    • 2
Feb 22, 2012

People who are bright, capable, and willing to work hard (pick two) will find a way to pull a decent salary working in F500 companies. The folks from my undergrad business program who didn't go the investment banking or consulting route are making $120K - $180K six years out at places like Amazon, General Mills, eBay, and Fannie Mae. The highest non-IB comp I've seen (not including people who strike out on their own or joined a start up) was $250K for a retail director.

It's not exactly BB VP money, but it's not bad for 55-60 hours a week in lower cost of living areas.

    • 1
Feb 22, 2012

I'm surprised that Pharma hasn't come up before. Word around the campfire is that those guys make bank - even the ones working at your rinky-dink Walgreens (or whatever) can make a great living on what's basically a straight-40 job.

I'm not sure there is a single job out there that seems more ripe for complete and total decimation by the "new economy" than Pharmacy. Seems like purely a rent seeking job.

Feb 22, 2012

Straight-up retail pharmacists make ~$100-120k.

Most of these folks have their PharmD degrees,though, which require all of the pre-med coursework (2-3 yrs of undergrad) plus 3-4 yrs of grad pharmacy school.

Feb 22, 2012

When it comes to pharma you guys are also forgetting the supply side. I read somewhere that those jobs are baby boomer heavy. How many 30 year old pharmacists do you know? Exactly. In the next 10 years you're going to have a TON of retirements in that industry and a high demand for it.

Feb 22, 2012
GentlemanJack:

When it comes to pharma you guys are also forgetting the supply side. I read somewhere that those jobs are baby boomer heavy. How many 30 year old pharmacists do you know? Exactly. In the next 10 years you're going to have a TON of retirements in that industry and a high demand for it.

On the flipside, the mail-order market continues to grow and obviously is much cheaper than dispensing via retail brick-and-mortar pharmacies. PBMs - the insurance companies that control the nation's prescriptions - realize this and are heavily pressuring retail pharmacies to take less to dispense while also pushing their clients to receive all maintenance drugs in the mail.

Feb 22, 2012

luxury car sales person.

Feb 22, 2012

Has to be some kind of high level sales- yachts, mansions, private jets...

I too am interested in the answer to this question. I thought trading would be the next best thing to IBD, but turns out it is a declining industry. It's fun when everyone is making money, but I don't think the glory days will ever return with the incorporation of technology and more transparency in a lot of markets.

Seems to me a lot of this boils down to luck- being at the right place at the right time...

A better question is- can anyone identify the next big industries? You know like something in medical records, alternative energy or social media??? If not IBD then what's the next best thing?

Feb 22, 2012

Am I the only one who thinks that it doesn't really matter in the end? All professional industries (Law, Finance, Medicine, etc. ) are taking a hit and no matter what happens these sort of professionals will still earn more relative to the rest of the country. Many of these types of professionals will still be in the top one percent of earners because their services are highly valued in our society as not everyone can do them. The whole country is suffering and it's not just ibankers, lawyers, doctors whose salaries are decreasing. Salary is just a number at the end of the day. What really matters is how far your dollar can go. With everyone's income decreasing, goods are going to be cheaper and purchasing power of the dollar will be higher. Many professionals in these fields will still be in the one percent and will have the same standard of living as they had before.

Feb 22, 2012

Trade stocks n'shit.

Feb 22, 2012

What about other buy side opps, like working at fidelity etc

bclan13

Feb 23, 2012

S&T

Feb 23, 2012

window cleaning... my pops business does $35K a month just in WC... and he has downsized the WC side to just 3 employees... I started and ran my own route 4 years ago and made $18,000 (no tax) in 6 months at 19 years old while still at home and with basically zero expenses...

its not prestigious but its fucking lucrative... im itching to go back myself

Get it!

Feb 23, 2012
ConanDBull:

window cleaning... my pops business does $35K a month just in WC... and he has downsized the WC side to just 3 employees... I started and ran my own route 4 years ago and made $18,000 (no tax) in 6 months at 19 years old while still at home and with basically zero expenses...

its not prestigious but its fucking lucrative... im itching to go back myself

Exit ops? Pool Cleaning?

Feb 23, 2012
porsche959:
ConanDBull:

window cleaning... my pops business does $35K a month just in WC... and he has downsized the WC side to just 3 employees... I started and ran my own route 4 years ago and made $18,000 (no tax) in 6 months at 19 years old while still at home and with basically zero expenses...

its not prestigious but its fucking lucrative... im itching to go back myself

Exit ops? Pool Cleaning?

Retirement. You only need exit ops if your current gig isn't going to get you there. People tend to lose sight of that. Sounds like this guy could expand to a few more locations, maybe bring revenue up to $150k/mo, do that for 10-15 years, then move to Nevis for the rest of his life.

Feb 26, 2012
ConanDBull:

window cleaning... my pops business does $35K a month just in WC... and he has downsized the WC side to just 3 employees... I started and ran my own route 4 years ago and made $18,000 (no tax) in 6 months at 19 years old while still at home and with basically zero expenses...

its not prestigious but its fucking lucrative... im itching to go back myself

This reminds me of those commercials, "Product X allows me to work only 20 hours a week and never leave my house. I made $20,000 last week! Camera zooms out and the speaker drives away in their 2005 Corvette"

Feb 23, 2012

I think I've told this story here before but one of the richest dudes I know started out as a plumber. After a few years, he bought an old ambulance and started a 24 hour 'emergency plumber' type thing. It expanded and he sold it for mid 8 figures.

Not all of the roads to making money run through prestigious colleges and graduate schools. Most, if not all of them, run through hard work and forward thinking.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Feb 23, 2012
happypantsmcgee:

Not all of the roads to making money run through prestigious colleges and graduate schools. Most, if not all of them, run through hard work and forward thinking.

Heck, it doesn't even take that. People often forget that making money comes down to two things: (1) what is your percentage gain and (2) how much money can you run through the business in 1 year (ie what is your total percentage gain - income). A perfect example of this is bail bondsmen. You don't need college for that and you make 10% on every deal. Once you've set up shop, it's all about how many bonds you can write - you wanna make $100K? Write a $1M of bonds, rinse & repeat. It takes no great financial mind or training to know that 10% is lucrative.

Feb 23, 2012
GentlemanJack:
happypantsmcgee:

Not all of the roads to making money run through prestigious colleges and graduate schools. Most, if not all of them, run through hard work and forward thinking.

Heck, it doesn't even take that. People often forget that making money comes down to two things: (1) what is your percentage gain and (2) how much money can you run through the business in 1 year (ie what is your total percentage gain - income). A perfect example of this is bail bondsmen. You don't need college for that and you make 10% on every deal. Once you've set up shop, it's all about how many bonds you can write - you wanna make $100K? Write a $1M of bonds, rinse & repeat. It takes no great financial mind or training to know that 10% is lucrative.

And then when they skip bail you call in the DOG

Feb 23, 2012
happypantsmcgee:

I think I've told this story here before but one of the richest dudes I know started out as a plumber. After a few years, he bought an old ambulance and started a 24 hour 'emergency plumber' type thing. It expanded and he sold it for mid 8 figures.

Not all of the roads to making money run through prestigious colleges and graduate schools. Most, if not all of them, run through hard work and forward thinking.

This is a really good point as well. One of the richest individual clients at the brokerage firm I worked for right out of college started a company that makes toilet cakes (the discs you piss on in the urinal). Apparently he made a better toilet cake than whatever was previously on the market, and he eventually sold the company for $20 million. A lot of really wealthy people have stories like this -- found a niche, make some smart moves, sold out. A lot of higher education experiences (such as law school) are a complete waste of time. Way to make yourself a commodity and incur debt going into a profession with overcapacity.

Feb 23, 2012
Ravenous:
happypantsmcgee:

I think I've told this story here before but one of the richest dudes I know started out as a plumber. After a few years, he bought an old ambulance and started a 24 hour 'emergency plumber' type thing. It expanded and he sold it for mid 8 figures.

Not all of the roads to making money run through prestigious colleges and graduate schools. Most, if not all of them, run through hard work and forward thinking.

This is a really good point as well. One of the richest individual clients at the brokerage firm I worked for right out of college started a company that makes toilet cakes (the discs you piss on in the urinal). Apparently he made a better toilet cake than whatever was previously on the market, and he eventually sold the company for $20 million. A lot of really wealthy people have stories like this -- found a niche, make some smart moves, sold out. A lot of higher education experiences (such as law school) are a complete waste of time. Way to make yourself a commodity and incur debt going into a profession with overcapacity.

I have a relative who made a small fortune importing high-end lingerie to a number of third world countries. As ridiculous as that sounds, I am not making it up. Talk about a random way to make a living, but they have a pretty good lifestyle. Like Ravenous said - find a niche and make some smart moves.

Feb 23, 2012

Kennedy school ---> Senator + consulting to hedge funds

Feb 23, 2012

Dentist. If you go in state, it is 4 years at ~$200k. Out by 27-28, start $110k. Tops out at $500k (though i have never seen this) and avg $200k with a 3 day - 4 day (3 days 4 days 3 days 4 days a month) 7am - 3pm schedule. Great lifestyle. And yes, it is a lot to start your practice, which is why you buy into a partnership.

To reiterate the conclusion of this thread, you will still not make the 500K+ that is seen in Wall Street senior level finance. Or Entrepreneurship.

Out of state tuition is $300 - 500k, pushing the economics of this.

Feb 27, 2012

yea my friend's dad just moved from trading to running an office cleaning business...60k a mth

I eat success for breakfast...with skim milk

Feb 23, 2012

Buy Side Equity/Credit Research (a la Fidelity, Wellington, Franklin Templeton, T. Rowe, PIMCO) is a great career path, with 7-figure upside assuming you're a talented performer (i.e., you become a PM). Even if you spend your career in Research, without ever making the jump to becoming a true-blue PM, you're sitting comfortably in the high six figures. Not bad, I'd say.

Really, it's one of the few areas of finance I'd even be touching at the moment, along with a couple of areas in quantitative finance.

Of course, there's plenty of other non-Finance paths with similar long-term upside. Life is a lot more about your own personal ability than WSO seems to acknowledge. Be the best at whatever is you want to do. Bill Gates said it about programmers, but it applies to a lot of high-end careers: "One great software engineer is more valuable than a 1,000 good ones," so be great, and earn a slice of the 999 salaries you're displacing.

Feb 23, 2012

My parent's friends know a guy that invented some heart transplant device... he's pretty loaded now

My friends uncle also invested heavily in AOL when it first came around, his reasoning: the availability of porn on the internet haha... he's rich now too

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Feb 23, 2012

political correctness is overrated

If your dreams don't scare you, then they are not big enough.

"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.

Feb 24, 2012

Venture Capital: I have been doing venture capital at a good fund for a couple of years now. I get paid in line with what I was making in banking and work about 45-55h a week. I did pull in 80-100h work work weeks for 3 years to get there though.

Feb 24, 2012

Just become a retired teacher

In 1997, a retired school teacher invested $16,000 in Apple. Yesterday, he attended the annual shareholder meeting with about $2 million worth of Apple shares.

http://go.bloomberg.com/tech-blog/2012-02-23-apple...

Power and Money do not change men; they only unmask them

Feb 24, 2012

so trading has been clubbed with banking here!! why not any1 said it before..

"A man travels the world over in search of what he needs and returns home to find it." ~George Moore

Feb 25, 2012

what about politicians? people in the congress, how much do they make?

Feb 25, 2012

the downside of being politician is you have to deal with other politicians, and politicians are the biggest scum bags in this universe, a cancer slowly growing and eating away at our society.

if your a scumbag and of particularly inferior intellectual ability then politics may be your calling

Feb 25, 2012
leveredarb:

the downside of being politician is you have to deal with other politicians, and politicians are the biggest scum bags in this universe, a cancer slowly growing and eating away at our society.

if you are a scumbag and of particularly inferior intellectual ability then politics may be your calling

Feb 25, 2012

PWM is awesome if you play your cards right and run your own book (aka, don't go in as an analyst). easy hours. lots of schmoozing. all the real work is done by the support team and ER/S&T guys at other offices assuming you're at a big enough bank

Feb 26, 2012

Nah fuck that. I'm going to be the next Skrillex, touring around the world and playing music. I just need to produce some quality shit and then I'll blow up and never have to resort to being a corporate cocksucker. Or at least that's the plan...

Feb 26, 2012
JDawg:

Nah fuck that. I'm going to be the next Skrillex, touring around the world and playing music. I just need to produce some quality shit and then I'll blow up and never have to resort to being a corporate cocksucker. Or at least that's the plan...

not corporate at all, am i rite

Feb 26, 2012
JDawg:

Nah fuck that. I'm going to be the next Skrillex, touring around the world and playing music. I just need to produce some quality shit and then I'll blow up and never have to resort to being a corporate cocksucker. Or at least that's the plan...

Yea you and every other aspiring lazy ass hipster

Feb 26, 2012
wallstreetballa:
JDawg:

Nah fuck that. I'm going to be the next Skrillex, touring around the world and playing music. I just need to produce some quality shit and then I'll blow up and never have to resort to being a corporate cocksucker. Or at least that's the plan...

Yea you and every other aspiring lazy ass hipster

no "lazy ass hipster" ever makes it in the industry

Feb 26, 2012
Audio:

As comp in IB continues to disappoint, I was wondering what industry paid as well as IB, and had the potential salary upside of IB for an associate / VP - any ideas? Does corporate pay as well? How much would a Business Development director earn at a Fortune 500 company?

How about consulting? Pros/cons?

Loan officer at a mortgage bank. My buddy was making $15,000/month as a 19-year-old. Of course this was in 2004...

Feb 26, 2012

Our last 3 presidents...

Feb 26, 2012

Lawyer, if you don't want to be a lawyer then comp. sci. or engineer

The Four E's of investment
"The greatest Enemies of the Equity investor are Expenses and Emotions."- Warren Buffet

Feb 27, 2012
kmess024:

Lawyer, if you don't want to be a lawyer then comp. sci. or engineer

It's actually really hard to make a lot as a lawyer. there is a heavy oversupply of lawyers. Getting a job at a big law firm that pays six fig starting out is almost as hard as getting I-banking out of school.

Most lawyers outside big law don't ever touch six figures. hell, many lawyers in this market are unemployed.

Feb 27, 2012
Sexy_Like_Enrique:
kmess024:

Lawyer, if you don't want to be a lawyer then comp. sci. or engineer

It's actually really hard to make a lot as a lawyer. there is a heavy oversupply of lawyers. Getting a job at a big law firm that pays six fig starting out is almost as hard as getting I-banking out of school.

Most lawyers outside big law don't ever touch six figures. hell, many lawyers in this market are unemployed.

This.

Law school is highly overrated and most people don't realize it. The top few percent do make bank but the overwhelming majority are no better off than a manager at a mid size corp with no degree of any kind. Solo practice is very hard to get off the ground financially and newbie DA work is like 45k/year working with shady ass people all day

Feb 26, 2012

Touche.

Feb 27, 2012

One career that many kids on this site seem to dismiss is a career in accounting. You can make a lot in accounting.

my dad is an accountant. He used to work at Big4 in audit, but started his own shop later. His firm grew to become a mid-sized firm and has now 30+ accountants. My dad makes between 800k and 1 million a year, which isn't bad at all even compared to salaries for executives in high finance.

Besides, my dad doesn't have to give up his life slaving away like I-bankers. He plays golf like 3 fucking times a week and loves his life.

If you go accounting and make partner at a decent sized shop down the road, you can make bank. Or, you can start your shop and establish your own business, but that is riskier.

Feb 27, 2012

If you look at placement data for the T13 law schools, they actually place a strong number of their graduates in biglaw. Also keep in mind that biglaw isn't the most sought after position coming out of law school. Academic positions and A3 clerkships are much more competitive than biglaw, and certain government and public interest positions attract top talent among liberal hippie do-gooder scum. The catch with law is it gets exponentially harder to do well coming out of school as you drop past Cornell and UT in the rankings.

Feb 27, 2012
obscenity:

If you look at placement data for the T13 law schools, they actually place a strong number of their graduates in biglaw. Also keep in mind that biglaw isn't the most sought after position coming out of law school. Academic positions and A3 clerkships are much more competitive than biglaw, and certain government and public interest positions attract top talent among liberal hippie do-gooder scum. The catch with law is it gets exponentially harder to do well coming out of school as you drop past Cornell and UT in the rankings.

I really don't understand the point of this. A3 clerkships? Public interest? Those items only give credence to law school being a bad choice. My college roommate racked up 100K in school debt at a very respectable law school (but not top-rated). His first job out was a 7-th grade teacher and debate team coach at NYC public school. The all-in comp/benefits was better than anything else possible.

Feb 27, 2012
obscenity:

If you look at placement data for the T13 law schools, they actually place a strong number of their graduates in biglaw. Also keep in mind that biglaw isn't the most sought after position coming out of law school. Academic positions and A3 clerkships are much more competitive than biglaw, and certain government and public interest positions attract top talent among liberal hippie do-gooder scum. The catch with law is it gets exponentially harder to do well coming out of school as you drop past Cornell and UT in the rankings.

law school is much like MBA: it's top 14 or bust.

for finance/ consulting recruiting, if you attend a non-top 15 MBA, your chances of breaking in is much smaller than someone at M7. Likewise, a law student at T6 has much better job prospects than someone at a T20 law school.

however, the question here concerns all lawyers, not just those biglaw attorneys who went to top 10 law schools. many law students outside of T14 have a trouble getting a paying legal job. I know some 'lawyers' who are working at Abercrombie and GAP, folding clothes. Job market for lawyers is fucking terrible. (insane oversupply of lawyers)

Feb 27, 2012

Those things lead a select few to gigs at places like the US DOJ, etc. Those clerkships and academic accolades put you in the running for ultra competitive slots in DC (far more competitive than biglaw associate). The end game is politics and / or lobbying, or if you're really ambitious, US Supreme Court judge. Doesn't get much more competitive than that.

Feb 27, 2012
djfiii:

Those things lead a select few to gigs at places like the US DOJ, etc. Those clerkships and academic accolades put you in the running for ultra competitive slots in DC (far more competitive than biglaw associate). The end game is politics and / or lobbying, or if you're really ambitious, US Supreme Court judge. Doesn't get much more competitive than that.

No one said anything about "competitive" - this post is about compensation. Most of the those people have second careers in the private sector to start making real money.

Feb 27, 2012

relax poncho. you said you didn't understand the point of doing those things. I explained it for you. I didn't say anything to compare competitiveness to compensation. Clearly, someone making those choices is doing so knowing they aren't maximizing compensation. That's a perfectly reasonable choice to make for plenty of people. Not everyone is driven to make $1M a year.

Feb 27, 2012
djfiii:

relax poncho. you said you didn't understand the point of doing those things. I explained it for you. I didn't say anything to compare competitiveness to compensation. Clearly, someone making those choices is doing so knowing they aren't maximizing compensation. That's a perfectly reasonable choice to make for plenty of people. Not everyone is driven to make $1M a year.

You're obviously having trouble understanding why this post was started to begin with . . .

Feb 27, 2012
GentlemanJack:
djfiii:

relax poncho. you said you didn't understand the point of doing those things. I explained it for you. I didn't say anything to compare competitiveness to compensation. Clearly, someone making those choices is doing so knowing they aren't maximizing compensation. That's a perfectly reasonable choice to make for plenty of people. Not everyone is driven to make $1M a year.

You're obviously having trouble understanding why this post was started to begin with . . .

When I originally posted that, the point I was trying to make was that law school isn't as bad an option as some were saying. Yeah, not everyone gets biglaw coming out and it's a pretty shitty investment for those who don't. But it's a lot more than 20% of the class at top schools, and it's not just the top X% who have a shot. The top 10-15% at a school like Cornell or top 30-40% at Harvard or Yale aren't going for biglaw, despite it being a better financial decision. If you're reasonably intelligent and set solely on biglaw, you have a pretty good chance coming out of the T13.

Feb 27, 2012
GentlemanJack:
djfiii:

relax poncho. you said you didn't understand the point of doing those things. I explained it for you. I didn't say anything to compare competitiveness to compensation. Clearly, someone making those choices is doing so knowing they aren't maximizing compensation. That's a perfectly reasonable choice to make for plenty of people. Not everyone is driven to make $1M a year.

You're obviously having trouble understanding why this post was started to begin with . . .

you really aren't the sharpest knife in the drawer, are you? You're suggesting that because the overarching theme of the thread is compensation, that all other angles of conversation become irrelevant? That's retarded. Pretty much every thread in this place deviates from the OP. The more I see you post, the more I'm convinced you drank bleach as a child.

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