Would you still do it?
Hey all,
I was just curious. If IB/PE/HF didn’t pay so good, would you still do it? If money is the only desire, there are easier ways to make $120k a year. Just curious on everyone’s take
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I know MC wasn't listed but I would still do it for a 30-40% salary cut.
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LOL
This is how supply/demand works. If pay was less, people wouldn't do it, otherwise this would not be the market price for the industry.
I mean, all else equal if you there is an industry salary cut, would you leave your job or stay?
Usually its the other way around. When banks hit hard times, they cut bonuses AND headcount.
Filter for intelligence?
If it took real brains, most people in finance wouldn’t be working in finance. Finance requires a certain type of person. Reasonably smart, willing to work crazy hours doing the same tasks over and over, willing to tolerate dickhead superiors. Lots of very intelligent people think a finance is a prison sentence but with better pay.
To be completely honest, finance employers know who they're recruiting. It's the type of kid that walked a straight line and feels he has no choice but to keep going. That's why you either get promoted to the next step or you get cut. You either keep walking the line or you don't.
I was always interested in Finance/Consulting/Law and they all paid relatively the same so if Finance pay decreased with the same hours, I would hone in on Consulting then Big Law.
What the fuck? Why would anyone sign up to do dumbass powerpoint slides 90 hours a week if you get paid like a pauper? Swear to god some of you kids are autistic.
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Wrong answer pointdexter. If you want to learn about businesses,read 10-Ks and IPs all day. Banking is where you learn how to get reamed in the ass repeatedly without breaking your eye contact or smile
Hi! Billy Mays here! Are you tired of working hard and using your intellect and analytical skills to solve problems? Are you a socially retarded autist with a piss-poor conception of how the world works? Well fret not! All you have to do is just make more money/satoshis, and you'll be making an easy, breezy annual income of $120K tomorrow! It's easy! All you have to do is just do it!
http://www.post-gazette.com/image/2013/10/17/1140x_q90_a10-7_cTC/Billy-…
Never said it was easy, I said easier. A half successful restaurant brings in over $150k a year.
How much does it cost to open a restaurant that will spit off $150k of profit each year?
Lmfao, top tier b8. 9/10
fuck no
If pay was cut by say 25%, I know Id still stay but if pay was cut by say 50%, I would’ve majored in engineering or something else.
With that being said though, what other job pays 120k a year or two right out of college, that’s easier to get into? I’ll drop my offer at a B.B. right now and go do that instead then.
software engineering
Pharmaceutical industry positions for Biology majors? :o
software engineering, UX/UI design, product management, data science, quants etc
Absolutely not, hell to the fuckin' no
There are definitely quicker and easier ways, but not safer ways requiring less creativity. You've gotta use your head. A lot of these finance guys can't.
You know who's throwing MS? Some fucking dummy 22-year-old who wants to make MD one day and drives a leased Audi.
Wow, morons and their textbook answers. Want to do IB to learn business? Where the fuck did you get that one from. If anyone thinks finance in general (except certain roles requiring strong quantitative discipline) requires much intelligence, you are completely out of touch with reality. Literally every one of my friends has the technical skills to work in IB. Most engineering grads will prob destroy finance grads in modeling. They simply chose not to do so because they have passion elsewhere and are also aware that it isn't the technical skills that will get you to the top.
Absoloutely, if I could get away with 40-50 hours a week.
Get the numbers straight first. Nobody is here for the 120k$...
It's the expectation of making 500k+ as a moderately succesful banker/trader/whatever after 6-8 years, so around 30y old. Which allows you to live a very comfortable life while saving a ton of money if you are not too dumb.* The super-successful get to millions, the not so successful get weeded out and go to find something else to do with their lives.
This argument reminds me of an article we discussed in school:
https://hbr.org/2016/03/why-more-mbas-should-buy-small-businesses
If making money down the road was a major motivator, shouldn't we see more people interested in buying small businesses? It can offer a similar financial payoff as banking, etc. though in my opinion offers a much better quality of life. While I agree with the article for the most part, I think one major dimension it misses is the prestige aspect of working at a top firm. Buying a business doesn't guarantee any prestige amongst your peers, whereas taking a job at a top firm does as soon as you've been made an offer.
Haha that is actually exactly what I’m planning. Then again I’ve spent ten years staring at screens and don’t think traders can make billions anymore.
Small business sounds like a lot more fun.
Haha that is actually exactly what I’m planning. Then again I’ve spent ten years staring at screens and don’t think traders can make billions anymore.
Small business sounds like a lot more fun.
I still think that if you want to go the small business route, it's better to do it after 5-7 years of banking with significant savings than as a 21-23y old idiot with 0 net worth at best. Plus noone wants to listen to a 21y old CEO unless he actually built the thing (can only happen in tech usually) As of now i am 28, single, and if it comes to it can sustain myself for ages without income.
Maybe it's just me but this sense of freedom is honestly something i am not able to give away anytime soon, and i am grateful that working in finance has allowed me to get there.
100% this. I don't like banking (subject matter can be interesting but the split is MAYBE 15% that, 85% updating diligence trackers, pulling logos, making your 1000th different version of the same positioning slide you made your first day and on and on...) but it's a springboard to stuff I want to do at a compensation level I'm attracted to.
Lol fuck no
Yes I would - my reason is simple (sponsorship). I do not enjoy CS AT all, so banking is the best route to sponsorship and I simply want access to the opportunities in the US because trust me when I say you guys have it good.
If I was American I would have probably done an LDP or something.
Since most people are posting no, I'm going to say yeah I'd at least gun for IB and PE. If HF's didn't compensate well for exceptional performance, then no.
I think this forum is understating the brand value IB and PE can bring to a 20-something person. Remember, to senior decision makers and wealthy people, people in their 20's have barely any credibility and don't know jack because most of us have no actual track record. In my view, actual technical skills are important but being able to sell yourself and have people take your views seriously is even moreso, and IB/PE on a resume does that really well.
Even while the industry knowledge I gained in BB ER has no relevance to my current role, I notice people give me credibility when I mention my experience there and will at least be willing to give me a chance.
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