It’s 85 base plus 10k sign on. I mean I hope so, but I am not too optimistic. I really just hope to get Level III knocked out, send for and hopefully receive approval for the CFA charter and start looking again in a year.
Not sure if that is a good strategy or just keep progressively looking right now since the difference between being a LIII candidate and having “CFA” after my name may not make that much of a difference when it comes to getting interviews…
I don’t know what your experience level is but from what I have seen on this site there is a BIG disconnect between what pay is FOR MOST in Finance and what peoples’ perception of pay is. You should spend at least two years in that role and gain experience. There are too many entry level job candidates with MBAs plus working towards CFA designation that don’t have to worry about what they make. Their parents are paying their bills and are willing to take entry level finance jobs in the 60-70K range. I recently saw an entry level analyst role offering 50K??? as a starting salary. I work in the Tri-state area where you expect pay to be higher than most areas of the country.
I said before in a different thread…experience is the key to higher pay in the future. I know people with 20 years experience taking base pay of less than 120K with the hope of doing a great job and the hope of higher pay in the future.
^ $120k in NYC? Ouch. They livin in central park or what?
If you are under 30 living with roommates or having your parents paying part of your rent, 120K in New York is not bad. I think some people on Analyst Forum that reside in other countries think that they can get a CFA, FRM, etc., work for a few years and then expect to get a job in the US for 250k+. Nothing could be further from the truth. I have a buddy of mine working as an analyst for ten years but has job security (unless the firm blows up), not a whole lot of stress, works less than 10 hours a day and does minimal work on weekends…140K all in. Oh! And I might add he got the job through a personal relationship of his.
errr to the dude saying someone with 20yrs exp with base pay 125k as if that is pity…My two former hedge funds were sub billion. No one except for the C level guys made base over 125k. my boss made 150k base and 950k bonus.
it’s all about the bonus.
Thanks for your comment Infinitybenzo! When I made the comment about 120k I meant to say that is reality. Too many people on this site have unrealistic pay expectations and think most hedge funds are swimming in money. I am just hoping a few of us that know better can set the record straight.
If you’re a non junior investment staff in an expensive city (i.e. New York), your base pay should be $200k or higher. I don’t know about cheaper places.
^^ yeah it should be. agree. but that is not the case.
Look at investment bankers’ pay…specifically look at IB Associate levels, which is 3 or 4th year IB or post MBA. The base at firms like JPM, CS, Goldman in NYC is between 120-150k with bonus around 100k…
The issue that I have in general is that in these big cities (think NYC, Toronto - I’m “north” of Toronto) is that the cost of living there is just so dam high its ridiculous. Housing prices have increased significantly over the past 5-10 years at a rate much much higher than wages. I wouldn’t want to live in Toronto on a $120k salary - that’s for sure (but for me that’s more a lifestyle decision).
Here’s a $1 million dollar house for you in Toronto.
So what happens to the bonus in a bad year then? You expect a $100k bonus, but its been a bad year so what $25k?
In a bad year you don’t get a bonus. Be lucky that you get to keep your job. The only 200K+ jobs I see being thrown around now are if you already have previous experience running your own shop (and were involved in all of the job responsibilities required to run such fund…and not 20 million out of some basement with your friends money) or you have a number of years under your belt working mid to upper management in a top tier institutional firm. OR you have previous high level sales experience (Fixed Income, Swaps…not Sellside Research). Hope this tempers some expectations out there and where to focus your energy if you plan to make big bucks.
^ that blows.
I’m going to be working around 50 hours a week, 20 minutes from arguably the top beach in the US while everyone else in the country freezes so 85k base with no state income tax means things could be worse.
Id like to move to NYC but I don’t think a CFA charter is gonna be enough. More than likely I’ll need a top MBA or advanced math or stats degree to get a job there if I’m being honest with myself.
DB just announced they are cutting bonuses for the majority of junior banker staff. So a year of 90-100 hr work weeks and you end up being paid about the equivalent of 50 something grand a year 
My hypothesis is that Ohai is one of the few people on the forum who benefited from the good ol days compensation levels. I’ve worked with some sell side analysts who make way more than their peers simply because they were analysts before Reg FD and new pay was always based on their prior pay
People live comfortably when their rent is 25% or less than their monthly take home pay.
120K - 19K (401k max out) *.75 (Taxes) = 75.75K Net
75.75/12 = 6.3K
6.3K * .25 = 1.58K
You can find decent places for rent not in NYC but within an hour distance for 1.5K-1.7K