nuppal Wrote: ------------------------------------------------------- > ^ > At CFA level or at any level in Finance? I think at most any level but certainly CFA. Not that I’m familiar with San diego but most BO jobs in NYC pay significantly more than that from what I have seen. Perhaps things have changed. But if you are a chartholder you must have some sort of work experience so what kind of job are you getting in the door for now at that money.
A few more numbers from that same website…this is NOT for me. I just copied and pasted. Some of these numbers are staggering…bankers are doing much better than I thought: IBD associates (highs w/o base): 1st year: high of 200, 20% stock w/ base of 110 2nd year: range of 180-260, 25% stock w/ base of 120 3rd year: high of 350, 30% stock w/ base of 160
O.G. Wrote: ------------------------------------------------------- > A few more numbers from that same website…this > is NOT for me. I just copied and pasted. Some of > these numbers are staggering…bankers are doing > much better than I thought: > > > IBD associates (highs w/o base): > 1st year: high of 200, 20% stock w/ base of 110 > > > 2nd year: range of 180-260, 25% stock w/ base of > 120 > 3rd year: high of 350, 30% stock w/ base of 160 Those numbers seem reasonable actually. Associates in IB are usually post business school, unlike in ER where associates are entry level. So, if you assume that the average investment banker works as an analyst for 2 years, gets an MBA, and then becomes an associate, a third year associate will be in his 7th year our of college.
accountant23 Wrote: ------------------------------------------------------- > nuppal Wrote: > -------------------------------------------------- > ----- > > ^ > > At CFA level or at any level in Finance? > > > I think at most any level but certainly CFA. Not > that I’m familiar with San diego but most BO jobs > in NYC pay significantly more than that from what > I have seen. Perhaps things have changed. But if > you are a chartholder you must have some sort of > work experience so what kind of job are you > getting in the door for now at that money. I think you’re delusional. I just got hired by a BB as a portfolio analyst in PWM with 500m AUM and I am making that range. Granted it’s base not including bonus, however, I am not anticipating my bonus being more than 10% of base.
nuppal Wrote: ------------------------------------------------------- > accountant23 Wrote: > -------------------------------------------------- > ----- > > nuppal Wrote: > > > -------------------------------------------------- > > > ----- > > > ^ > > > At CFA level or at any level in Finance? > > > > > > I think at most any level but certainly CFA. > Not > > that I’m familiar with San diego but most BO > jobs > > in NYC pay significantly more than that from > what > > I have seen. Perhaps things have changed. But > if > > you are a chartholder you must have some sort > of > > work experience so what kind of job are you > > getting in the door for now at that money. > > > I think you’re delusional. > > I just got hired by a BB as a portfolio analyst in > PWM with 500m AUM and I am making that range. > Granted it’s base not including bonus, however, I > am not anticipating my bonus being more than 10% > of base. Not sure what to tell you. I know kids just coming to the city out of school making more than that getting back office type jobs. We are citing personal experiences here and I assure you I’m not delusional but my experiences are different than yours. Perhaps geography has a bigger influence than I appreciate. I also have no idea what a portfolio analyst in PWM with 500 AUM does either though so I’m not sure what to compare it to. Either way, congrats on the new job.
What’s a bonus?
accountant23 Wrote: ------------------------------------------------------- > > Not sure what to tell you. > > I know kids just coming to the city out of school > making more than that getting back office type > jobs. We are citing personal experiences here and > I assure you I’m not delusional but my experiences > are different than yours. Perhaps geography has a > bigger influence than I appreciate. > > I also have no idea what a portfolio analyst in > PWM with 500 AUM does either though so I’m not > sure what to compare it to. > > Either way, congrats on the new job. I’m assuming “the city” = NYC? If so 60k a year is about equivalent to that salary. Then again I know analyst IB’ers at BoAml, MS (both NYC) and Sun Trust (Atlanta) making 50-55k base. I know an Analyst at a boutique P/E fund making 45k (Atlanta). Finally, a friend of mine who graduated from a top 5 Ugrad is consulting in Dubai with McKinsey and he is making (I would assume) 50 to 60K base.
accountant23 Wrote: ------------------------------------------------------- > I know kids just coming to the city out of school > making more than that getting back office type > jobs. We are citing personal experiences here and > I assure you I’m not delusional but my experiences > are different than yours. Perhaps geography has a > bigger influence than I appreciate. I know a high school graduate who came out of school making $20 million. His name was Lebron something. Everyone else makes normal incomes of 25-40K regardless of city or job function. Again, you have to assign the AF Exagerration Discount to anyone who claims the average entry level employee is pulling down 50+.
So basically, entry level people make anywhere between 30k to 100k without bonus, depending on their locations, educational backgrounds, companies and job functions.
SMIRK Wrote: ------------------------------------------------------- >AF Exagerration Discount to > anyone who claims the average entry level employee > is pulling down 50+. +eleventybillion
nuppal Wrote: ------------------------------------------------------- > > > I’m assuming “the city” = NYC? > > If so 60k a year is about equivalent to that > salary. > > Then again I know analyst IB’ers at BoAml, MS > (both NYC) and Sun Trust (Atlanta) making 50-55k > base. I know an Analyst at a boutique P/E fund > making 45k (Atlanta). Finally, a friend of mine > who graduated from a top 5 Ugrad is consulting in > Dubai with McKinsey and he is making (I would > assume) 50 to 60K base. Apologies for my NYC arrogance. Yes the city = NYC in this case. I think all of the people you mentioned wouldn’t have enough experience at this time to be CFA charterholders which was the case to which I responded. Maybe the PE guy would unless hired out of undergrad. People breaking in this economy are different than charterholders to a certain degree (maybe that’s a wrong assumption of mine). I think those IBers will get bonuses that get them around 6 figures (BofA gets there’s on Monday I think) but my peer group is more associate-VP level now as I’m probably older than you. The younger guys I know are from sports so I hear why they have no money when we get beers.
SMIRK Wrote: ------------------------------------------------------- > accountant23 Wrote: > -------------------------------------------------- > ----- > > I know kids just coming to the city out of > school > > making more than that getting back office type > > jobs. We are citing personal experiences here > and > > I assure you I’m not delusional but my > experiences > > are different than yours. Perhaps geography has > a > > bigger influence than I appreciate. > > I know a high school graduate who came out of > school making $20 million. His name was Lebron > something. Everyone else makes normal incomes of > 25-40K regardless of city or job function. Again, > you have to assign the AF Exagerration Discount to > anyone who claims the average entry level employee > is pulling down 50+. Average starting salary from my undergrad class was about 50k…Averages only are useful if they are in an appropriate context…for example I think they average college grad starts more around the 30k-40k range, but obviously it will depend on major, career chosen, location, experience, etc.
SMIRK Wrote: ------------------------------------------------------- > you have to assign the AF Exagerration Discount to > anyone who claims the average entry level employee > is pulling down 50+. So true. Reading these posts make it out as if 300 - 500K is a typical average salary + Incent for anyone working in financial services. I would say that the top .05% make that much or more. Everyone else is pulling in about 70K 
My p3nis on AF: =======================================)~ 8 My p3nis IRL: ==)~ 8
accountant23 Wrote: > Agreed, what door are you opening with that kind > of money. I’m not implying that 30-40 is terrible > money for some careers, but if you are taking a > finance job at that money what are you actually > doing. Maybe finance isn’t the field to be in if > that’s what you are doing. I made more in > accounting back in the day. I agree for the most part. Everyone has to pay their dues though. With no experience, no post grad degree or charter, I’d say $40k is about right. But, if you’re 30 years old and have three years experience and you’re still in that range I’d say it’s time to go to culinary school.
artvandalay Wrote: ------------------------------------------------------- > Average starting salary from my undergrad class > was about 50k Unless there is hard and fast documentation that includes the entire undergrad population instead of just those who decided to report their salaries, this number is completely unreliable. Given the fact that no school requires its graduates to report their starting salaries, this claim is quite obviously an exaggeration. AF Exaggeration Discount, APPLIED.
SMIRK Wrote: ------------------------------------------------------- > artvandalay Wrote: > -------------------------------------------------- > ----- > > Average starting salary from my undergrad class > > was about 50k > > Unless there is hard and fast documentation that > includes the entire undergrad population instead > of just those who decided to report their > salaries, this number is completely unreliable. > Given the fact that no school requires its > graduates to report their starting salaries, this > claim is quite obviously an exaggeration. AF > Exaggeration Discount, APPLIED. I don’t have all of the statistics, but based on the reported ranges (e.g. people reporting between ~ 20k-70k) I observed I’m sure the sample statistic is equal to the population parameter with a confidence interval of 95%. I didn’t say my entire undergrad population FYI (as in the entire university), I said my class, e.g. business school undergrad students.
My undergrad B-School’s average salary is 52K. I think national average is not much lower.
And then there’s adjustment for Boston/NYC locales. Of course starting salary in those places should be 10-20k higher on avg, just to compensate for cost of living differences.
My undergraduate b-school’s differential economics class average salary was $6.7 million. A couple guys ended up working for some little known corporations called the NBA and the NFL or something.