Can one become rich pursuing ER?
May be a dumb qn, but can one live well of a careeer in ER?(Nice car, house, holidays) Assuming an average guy 6 to 10 years into the job. Taking taxes into acc, can the lifestyle be the same as those in IB.
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No
Any reasons why?
any reasons why?
You are correct. This is indeed a dumb question
Yes. Not compared to people who are at the top in PE, HF, but top MD's clear between $2-4 mil a year. Underperforming MD's still make $700k. Let's pretend you are an underperforming MD, $700k is still more than the overwhelming majority of white collar workers make. You will be better off than most doctors, lawyers etc. So, obviously the answer is yes. But if you compare yourself to your peers in HF's, you will feel poor.
Jus thinking not many make it to MD though and in 6 to 10 years, VP/Director would be more achievable. How is the lifestyle like for them in comparison to a similar rank in IBD.
25% fewer hours worked for a 25-35% paycut. So better comp than Corp Dev (always), but inbetween Corp Dev & IB hours. 7AM-7PM, weekends free the majority of the time. Bigger discrepancies are in MD comp, since there isn't any ER MD's pulling in 15 mil, but there are quite a few pulling in 3-4 mil. Take from that what you will
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