Best of luck but I cant imagine you’ll be making that kind of money doing SS ER. The only way you would be getting that kind of comp is if you went buy side and your fund & investments knocked it out of the park. The thing at that level is nobody is just going to hand you this stuff, if your investments are crap you wont make much, if you do well you will be rewarded.
I think you may have some unrealistic expectations about the amount of money thrown at people in your shoes (there are a ton of them to be honest, its not like they are in short demand). You fill a niche and can get a solid pay check, but people arent going to be so impressed at it that they will just hand you fat checks. You still have to earn it and getting a PharmD, while nice, isnt worth that much as is.
Good luck to you man, you seem to have a solid in into the industry which is half the battle. Earning your keep is next.
You are really wrong with this on so many levels. Firstly your comp numbers are way off (this being told to you from people who are actually in SS ER)
Without knowing the comp exactly I am pretty sure the top IB guys are taking home home than ER guys. What makes you think algo traders take home ~500k their entire lives? Some of these guys can make tons in comp based on performance, and if they dont like it can go to a HFT firm or fund and make tons more.
Also no one says if you didnt go to a target you cant work on wall street. Its just a ton harder and you need to network that much more etc. The easiest way to WS is by going to a target. Everything you have said on this thread makes it seem likes you have spent a little bit of time on WSO & here and need to read up a ton more. .
I assume the numbers in this article will make you want to be a trader yes?
kferdy, now you’re just getting annoying. If you don’t believe my numbers, then don’t believe me. I couldn’t care less. I’ve been in buyside/sellside equity research with a focus on healthcare for over a decade working with hotshot PhD, MD, and all sorts of science backgrounds (btw, your PharmD is not special at all compared to the research scientists I’ve worked with), but feel free to believe what you want to believe
I’m not sure about equity research, having never have worked in that specific function. But if you are talking about IB or Sales and Trading, some of those numbers are attainable, even if the rate of increase at the end is quite optimistic. If you start in one of these divisions as an associate for a big bank (let’s say after getting MBA from Harvard or such), Y1 to Y3 are in the ballpark. Y4 to Y6 is when it gets hard to predict. If you’re still there at Y5, realistically, yes you can make $500k to $600k, especially if the business had a good year and you are in the top 20% of your class.
The leap to $1 million is much harder to predict. You’re going to have to be executive director/MD level, and a lot of things have to line up. I would say $500k or $700k is “normal” after 7 to 8 years, and you probably plateau after that. If you’re very good and are a clear revenue producer, you might get to $1 million, but you might never. Most FO people never make $1 million: I have not, but I hope to… one of these days. The days of $20 million packages for non-CEOs is probably over, by the way. Everything has to be justified and has become more standard (and to me, more rational) lately. The $1 to $10 million prediction at the end is unrealistic, unless you end up running the division or something.
My assumption has generally been that ER people on average make less than IB/Traders (no offense intended to any such people here), since it’s harder to connect ER analysts to revenue. I don’t know how much of a difference this is - I would trust the other AF people on this.
All this assumes that you can get such a job to begin with. A lot of job placement comes from luck and connections, so don’t take it as a slight when I say that this is all hypothetical unless you actually have an offer letter in your hand. I’m also not sure if I would throw around the “bulge bracket” label as if it still meant anything. Today, I would take a job offer from Jeffries over some of those banks you listed.
Well… these are just estimates. Someone *could* earn within those ranges, but there is a wide dispersion. There also isn’t a lot of incentive to pay market rate for outsiders. So, I’m just saying I have seen people getting paid in that range, but it might not be what actually happens for any new hire. You can’t go as far as saying anyone is “right”. Just take the observations into the overall sample pool.
Ok…maybe I went a little overboard. My wife slapped me in the face last night for trolling you lot for information…sorry.
Here are some new numbers:
Associate: Y1 $110-130/ Y2 $120-140/ Y3 $150-180/
Analyst: Y1 $220-260/ Y2 $250-280/ Y3 $290-320
From year 6 and on those figures increase about 50k on the high end each year if you’re an incrediblly good analyst. For an average or decent analyst, the pay goes up about 30k on the high end. This means that most analysts will hit their first 7 figure pay-check sometime in their early 40’s if they’re incredible and will go on to make about 1-3 million if they’re very, very good. Once in a while in the right economy that bonus might even hit 5mil, but this doesn’t happen often in the lifetime of even the best analysts, unless they do something crazy and become the next Mozart of equity research. Most top equity research analysts will retire at ~55 with a net worth around $25-40mil if they’re really good and at the top for their entire lives. If they’re average analysts at top banks they’ll have racked up around $15-30mil. But even the worst analysts will live a better life than what I have currently and will still have saved up a significant amount.
These figures are top-of-the-line for the best people within the best groups within the best banks. They are slightly more, with less hours for buy-siders.
I hope you’re happy forum. I hope you’re happy dear wife.
But one thing I will say: Those of you who don’t even try out for these positions shouldn’t be so hard on yourselves. My friend, like I said, was also from the same background and networked his way into a top bank. He didn’t have anything crazy ridiculous thing on his resume. He had top grades, but we came from very low ranked schools even though we have a higher degree. He wasn’t even very bright. All I’m trying to say is that with passion and hard work, you can still make a good amount in this industry–maybe not enough to have multiple yachts and mansions around the world. But much more than the decent, hardworking American. And you don’t have to be a genius.
Are you happy Forum? Are you happy you and my wife crushed my dreams of becoming a hundred millionaire rubbing shoulders with celebrities and working 10 hour weeks?
Sad to see Woods go to the Hacksaw territory but no doubt he is one of if not the greatest golfer ever so far. I was at the US Open at Pebble Beach when he won at -12 and the 2nd place was +3 in 2000. That was really exciting to watch. At 33 he had won 14 majors. At 33, I believe he was on his way to his second peak then all the crazy stories popped up. Anyways yeah he went to Stanford and according to his coach and teammate, Notah who is a golf analyst for golf channel said Tiger was a 3.5 student while breaking almost every NCAA records. Matybe he should have went into finance after the scandal and make OP’s numbers in the finance world.
Eh but Woods might be done now. In his 40s now and his body is breaking down. Sad to see the great go down like this. It is Spieth and Mcilroy era.
Hey guys, anyone know the comp for a first line centre on an average NHL team. I want to make $5-7mm a year so I think this is a good career path for me. I’ve only played hockey recreationally, but I’m going to take some power skating lessons and using this gain a spot on a farm team and work my way up. Thanks! … All these kids that are entering a highly competitive industry and thinking that they’ll be top 0.05% of those working in the industry are completely delusional.
Do you have two years experience on your high school JV team? If so, you should be good to go.
I know a guy who is friends with Craig Ludwig, formerly of the NHL who won the Stanley Cup and played in over 1000 games. If he could do it, you can too!
