I don’t know about banks but I was the ops manager at a brokerage firm and I can tell you front office is way better. In the brokerage industry back office is considered the red-headed step child of the company. It has been this way at every company I have worked at. I left my job and am taking time off for level 2 so I could get away. I was making over 100K but worked between 70-90 hours per week for the last 3 years while all of the front office guys worked 40 with the occasional 45 to 50 hour work week. At my previous job I was right under the ops manager and she worked the same crazy hours and had to come back to work 3 weeks after having a baby because they were folding without her and she was worried she would lose her job if she didn’t come back. Maybe the banking world is better but in the brokerage world ops is definitely not the way to go. I am going to try my best to find a job as far away from ops as possible come June.
Sorry to hear about your bad experience. Hopefully, you’ll be able to move into a position that you like better. I’ve never heard of operations people working up to 90 hours a week.
i was an auditor for some hf and pe shops a few years ago, and fund accountants did really well…i saw some guys on the low end getting ~60k base but a 50% bonus. more senior - vp level, but not controller - 150+ all in. it really, really depends on the size and complexity of the funds and their performance. this was all in nyc. so, thacharter’s numbers are probably legit if it was a big firm AND it had a good year. anything ~40k is ridiculous and your friend should seek life elsewhere- not even audit firms pay that low for staff, and no one would ever accuse them of being generous.
363jones Wrote: ------------------------------------------------------- > i was an auditor for some hf and pe shops a few > years ago, and fund accountants did really > well…i saw some guys on the low end getting ~60k > base but a 50% bonus. more senior - vp level, but > not controller - 150+ all in. it really, really > depends on the size and complexity of the funds > and their performance. this was all in nyc. so, > thacharter’s numbers are probably legit if it was > a big firm AND it had a good year. > > anything ~40k is ridiculous and your friend should > seek life elsewhere- not even audit firms pay that > low for staff, and no one would ever accuse them > of being generous. Well if you follow the glassdoor link that someone posted for Fund Accountant positions you’ll see that starting salaries are in the $30-$35k range typically. So depending on your level of experience $40k might actually be pretty good. I find people on this forum tend to overestimate salaries. You’re talking about entry level positions in BO here. $40k before benefits and bonus is not bad. A 26 year old fund accountant on $100k is certainly possible but you would be very much an outlier.