I find myself agreeing with Blake more and more too.
It’s a conspiracy.
I’m not sure that it is anecdotal. And even if it is, it’s a pretty good anecdote to ponder over.
I live in the Permian Basin in West Texas (although I didn’t grow up here). If I grew up here, and knew for a fact that I wanted to be a partner of a local CPA firm, then going to Harvard does me absolutely no good. Going to Harvard and spending $200,000 on an Ivy-Leage education does absolutely nothing for me. I will get paid zero dollars more for going to Harvard.
A better idea would be to go to Texas Tech (#156) or to UT-Permian Basin (not listed). An exam-ready CPA candidate gets paid the exact same whether he goes to Harvard, Texas Tech, or UTPB. And once you get hired, the way to partner is through work ethic–not through Ivy League MBA’s.
If I lived in San Francisco or New York City, and I aspired to be the CEO of Goldman or CIO of PIMCO, then that would be a different story. Then I would need to go to a top-100 undergrad, get the best job I can for five years, then get into a top-10 MBA. Going to UTPB’s part-time MBA program would be a complete waste of time and money.
Granted, most of the people who hang out in the Water Cooler aren’t the “partner of CPA firm in small town” type. So it stands to reason that most of you wouldn’t consider going to Local State. But to say, “Going to a small state school is a waste of time. Period. End of discussion.”, is simply not true. It makes a lot of sense for a lot of people–me being one of them.
I could be wrong, but I believe a highly skilled carpenter with years of trade based education would still show up in the stats as only having a HS diploma. In reality, your house is going to be built by low-cost immigrant laborers under the occassional supervision of that highly skilled carpenter.
True, most are back office IT guys who think earning the charter will immediately vault them into a multi-million dollar per year front office job.
We had a good carpenter in my high school shop class. (I took woodworking for all 4 years) During senior year, he built his own house. It was pretty nice.
Again, I don’t know why people think, “You’re either partner at KKR pulling in $20m+ in salary or you should be cleaing toilets.” There’s a whole lot in between.
I never thought that the Charter would immediately vault me into a seven-figure salary as partner of KKR. However, it would probably earn me consideration for an entry-level analyst position at South Texas Money Management or at US Global Investors. And once I get in the door, who knows what might happen.
I may not get either job. The door might not open for me even after I put in the hard work. But it certainly won’t with a Bachelor’s in Spanish from Tiny Baptist University. (Hence why you get whatever MBA you can and finish the CFA program.)
Now that is a great observation…
Couple of observations:
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Greenman please leave this forum.
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A thread was active a few weeks ago about making 250k in some beach area in CA. I live in CA. Most people in the US make sh*t according to IRS surveys but a good amount of people on this forum stated 250k in this area “was not a lot of money.” I don’t care where you live in the US but if you cannot live a decent above average life on 250k a year you have some serious problems.
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The US govt has to stop guaranteeing 100% of student loan debt. There is zero reason in the world a prof teaching one course a semester at a public university should be paid 400k+a year. Private universities can do whatever they want.
You two are similiar ha ha. Not sure if we will be able to handle this.
Where do prof make 400k?
What public universities pay their professors $400,000 per year? There are certainly a lot of professors at research oriented universities who pull down that much and even much more, but they are paid with grant money that the professor brings into the university in the first place. My wife is a researcher at an Ivy (she’s not a professor) and her boss brings in $2MM+ in grant money every year. The university takes 1/2 of it and does whatever they want with it and then “gives” him other 1/2 to pay his salary, pay the salaries of all the staff on that particular project, pay expenses, etc. I don’t know exactly how much he keeps for himself, but I’m sure he does very well. None of his salary comes from student tuition though, so the university isn’t really paying him anything.
double post–disregard
This coming from the guy who called me an idiot because I quoted $800/hr for an estate planning attorney.
then he claimed that his fat lawyer girlfriend, who was a rising star in the law firm, was billed out at $300/hr. In San Francisco.
This is from 2007 but many: http://www.masslive.com/database/umasspayroll/?appSession=020383445901873&RecordID=&PageID=2&PrevPageID=2&cpipage=1&CPIsortType=asc&CPIorderby=a2007_Pay_1
u mad brah?
^I think this is flawed because it assumes all prof work 40 hours per week (hence their inflated annual rate - may also include hours during summer/winter where prof aren’t working either). My bro is a professor at a fairly large uni and he isn’t making anything near 400k. I know at my uni a lot of prof worked full time too which would indicate their salaries weren’t as high as one would suspect
Based on that list, only one guy takes home more than $274,847 and he’s a dean, not a professor. The UC system actually pays much better, but how many of those dollars are derived from tuition and how many are derived from grant money that the professor brings into the university in the first place?
What’s up with all those guys on that list who have “extra pay” in excess of $1 million? Is this some kind of worker’s comp or retirement payoff?
Also interesting that if you browse to the back of the list, they list all sorts of low paying jobs like “cook” or teaching assistants…
How much does Peter Olinto make? I’m guessing over a million.