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      07-01-2015, 03:19 PM   #23
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How much money though? If we are talking <$250k/year it's not worth it to me. Almost everyone I know is in finance/accounting and they all bust their asses for less than extraordinary pay.

So silly. All analyst bust balls (60+hours per week, at the minimum) to eventually make it to the next level. Three years in and they'll be making hopefully $100k plus a hefty bonus. This applies to IB.
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      07-01-2015, 03:28 PM   #24
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Or you can go work at Comcast and slack off become a manager and make 100k also.
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      07-01-2015, 04:01 PM   #25
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So silly. All analyst bust balls (60+hours per week, at the minimum) to eventually make it to the next level. Three years in and they'll be making hopefully $100k plus a hefty bonus. This applies to IB.
So you graduate top of your class at an Ivy League school (just for a chance at being an IB) and then bust your ass for basically $30-$40/hour after your bonus? I just don't get it, but I know some people live to work so have at it.
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      07-01-2015, 04:40 PM   #26
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So you graduate top of your class at an Ivy League school (just for a chance at being an IB) and then bust your ass for basically $30-$40/hour after your bonus? I just don't get it, but I know some people live to work so have at it.
Sure, for the first year. But after three years, you'll be honing near $250k after bonuses and it continues to go up as you progress. There are very few industries where the ladder goes that high in such a short time span. I'd love to see your average software developer pulling $250k after three years of work. After six to ten years in total, assuming you make it to the next level, you'll be pulling in $500k per year.
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      07-01-2015, 05:22 PM   #27
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^^^ this....

Although good software engineers are getting paid VERY well right now.
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      07-01-2015, 05:30 PM   #28
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Forget engineer, hedge/mutual fund managers.
Do you guys have idea which I can just sleep and goof off while I make 1/2m/yr?
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      07-01-2015, 05:36 PM   #29
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65-70 hours a week? Good lord man. Can somebody explain to me why people do this to themselves? I consider it a busy week if I'm in the office for the full 40 hours.
I averaged 85 hr/wk interning at a Big Bank during my college years. But $40/hour plus invaluable experiences made it worth it for me. Still managed to have a lot of fun, though without sleep
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      07-01-2015, 06:28 PM   #30
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Sure, for the first year. But after three years, you'll be honing near $250k after bonuses and it continues to go up as you progress. There are very few industries where the ladder goes that high in such a short time span. I'd love to see your average software developer pulling $250k after three years of work. After six to ten years in total, assuming you make it to the next level, you'll be pulling in $500k per year.
Assuming you make it. Whats the percentage of people in finance who make it into the 250s/500s? I bet it's basically negligible. There are hundreds of thousands of people who get these degrees every year and put in 60 hour weeks because they think they're going to make it. It's no different than the people who flock to Hollywood hoping to become the next Brad Pitt

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      07-01-2015, 06:30 PM   #31
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Forget engineer, hedge/mutual fund managers.
Do you guys have idea which I can just sleep and goof off while I make 1/2m/yr?
Start a porn site?
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      07-01-2015, 06:34 PM   #32
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Assuming you make it. Whats the percentage of people in finance who make it into the 250s/500s? I bet it's basically negligible.
If you are willing to put in the time and the work its much higher than you'd think... its a brutal road though.
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      07-01-2015, 06:35 PM   #33
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Assuming you make it. Whats the percentage of people in finance who make it into the 250s/500s? I bet it's basically negligible.
It is actually very straight forward to make it into the 250s in finance, assuming you are in the right sub-industry (ibanking, equity research, PM, etc). It's not negligible at all. I'd argue that you're much more likely to make $250k in six years in finance than you are in software. It's clear you know nothing about the finance industry and how it works. Yes, there are a ton of hours. Yes, it is a ton of high stress work. But if you can handle it, you'll likely make very good money.
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      07-01-2015, 06:39 PM   #34
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It is actually very straight forward to make it into the 250s in finance, assuming you are in the right sub-industry (ibanking, equity research, PM, etc). It's not negligible at all. I'd argue that you're much more likely to make $250k in six years in finance than you are in software. It's clear you know nothing about the finance industry and how it works. Yes, there are a ton of hours. Yes, it is a ton of high stress work. But if you can handle it, you'll likely make very good money.
I write finance software... And almost everyone I know is in finance. You know how many people I've seen drop the industry completely? Again, just a bunch of people who think their going to be the next Jim Glickenhaus and end up working at their local Fortune 500 making $80k/year. It's like you're trying to argue that its easy to make $500k in the NFL, well no shit but do you know how hard it is to get into the NFL, and stay there?

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      07-01-2015, 07:04 PM   #35
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I write finance software... And almost everyone I know is in finance. You know how many people I've seen drop the industry completely? Again, just a bunch of people who think their going to be the next Jim Glickenhaus and end up working at their local Fortune 500 making $80k/year. It's like you're trying to argue that its easy to make $500k in the NFL, well no shit but do you know how hard it is to get into the NFL, and stay there?

You write finance software for which type of finance firms?

If you're talking about people who are dropping from the industry, you aren't talking about people in finance. That's my point. If you stay in, work your dick off, and can add value to whichever firm you're with, there's no reason why you wouldn't steadily rise. Nobody in banking thinks they're gonna be billionaires. They just know that if they work there dick off for three years as an analyst, there's a very high likelihood that they're gonna be promoted to associate or lateral into PE or HF where they'd be making the same, if not more.

Those who work at F500 companies aren't the ones putting in 60-80 hour weeks consistently so get your comparison straight. Once again, I think it's apparent that you have limited view of the finance industry and how it works.
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      07-01-2015, 07:04 PM   #36
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Just curious, why do you want to work at a hedge fund?

Anyway, so here is the thing about trading at a hedge fund. It is a dying position in most situations. The access to broker algos and the traders at your brokers means there is less of a need to have in house traders. Now this does not apply to quant/HFT shops, but then you need to have a PhD and know coding better than pussy.

The trading jobs you will find at hedge funds are mostly execution only jobs (i.e. you push the button rather than making any decisions). The hedge fund manager that does both are the small shops or one where the guy is really damn good at it.

If you are looking to make more money then you gotta try to become an analyst. There is no jump from trader to hedge fund/portfolio manager. Traders are pretty much capped salary-wise (and like I said before a dying breed). Analysts are paid a nice salary to attract top talent and get even bigger bonuses when they make money for the firm.

So what do you do? Well, if you like trading then keep doing what you are doing AND study for the CFA. I'm sure your employer will help you out by paying for it. You should also network like crazy. You will find it extremely difficult to get a job at a hedge fund by applying online. Your reputation and skill mean everything, and to have someone refer you is so valuable.
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      07-01-2015, 07:06 PM   #37
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I write finance software... And almost everyone I know is in finance. You know how many people I've seen drop the industry completely? Again, just a bunch of people who think their going to be the next Jim Glickenhaus and end up working at their local Fortune 500 making $80k/year. It's like you're trying to argue that its easy to make $500k in the NFL, well no shit but do you know how hard it is to get into the NFL, and stay there?
Jim Glickenhaus' father shot a load into his wife and that is the only reason he is who he is.
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      07-01-2015, 07:39 PM   #38
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You write finance software for which type of finance firms?

If you're talking about people who are dropping from the industry, you aren't talking about people in finance. That's my point. If you stay in, work your dick off, and can add value to whichever firm you're with, there's no reason why you wouldn't steadily rise. Nobody in banking thinks they're gonna be billionaires. They just know that if they work there dick off for three years as an analyst, there's a very high likelihood that they're gonna be promoted to associate or lateral into PE or HF where they'd be making the same, if not more.

Those who work at F500 companies aren't the ones putting in 60-80 hour weeks consistently so get your comparison straight. Once again, I think it's apparent that you have limited view of the finance industry and how it works.
Again, you're back to this convoluted nonsense of "100% of movie stars became movie stars, so everyone can be a movie star if they work hard". You'd be a good used car salesman. You know what the average finance salary is? $57k... But it's like I'm talking to a brick wall, most likely one built by either nepotism or a trust fund, so good luck to you, hopefully you've already made it because if not, you're in for a rude awakening.
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      07-01-2015, 10:13 PM   #39
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Again, you're back to this convoluted nonsense of "100% of movie stars became movie stars, so everyone can be a movie star if they work hard". You'd be a good used car salesman. You know what the average finance salary is? $57k... But it's like I'm talking to a brick wall, most likely one built by either nepotism or a trust fund, so good luck to you, hopefully you've already made it because if not, you're in for a rude awakening.

The average finance salary doesn't work the absurd hours you were referring to in your original post. Pick an argument and stop mixing up F500 finance where you work 9-5 and IB/ER/PM/PE/HF where you're putting in the longer hours. It's clear you still have no idea what you're talking about. In my first year as an analyst, I made over 100k. And that's not an outlier within ibanking, it's the norm.
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      07-01-2015, 11:51 PM   #40
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Again, you're back to this convoluted nonsense of "100% of movie stars became movie stars, so everyone can be a movie star if they work hard". You'd be a good used car salesman. You know what the average finance salary is? $57k... But it's like I'm talking to a brick wall, most likely one built by either nepotism or a trust fund, so good luck to you, hopefully you've already made it because if not, you're in for a rude awakening.
You are defining finance in much broader strokes. The crazy hours happen mostly in investment banking, PE and hedge funds. Our recruiter told me last week average first year salary for analysts that they placed at I banks this year was $82k (Mostly LA, SF, Nyc)... Figure at least $25-50k in bonus on top of that. They'll get crushed with work but they'll make a lot of money for kids straight out of college.
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      07-02-2015, 12:11 AM   #41
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Start a porn site?
I like this idea much better, I practically am an honorary employee now.
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      07-02-2015, 06:55 AM   #42
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I like this idea much better, I practically am an honorary employee now.
Hedge fund employees and iBankers need not apply. Appearantly they have "worked their dicks off", which probably isn't too far from the truth.
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      07-02-2015, 07:03 AM   #43
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Again, you're back to this convoluted nonsense of "100% of movie stars became movie stars, so everyone can be a movie star if they work hard". You'd be a good used car salesman. You know what the average finance salary is? $57k... But it's like I'm talking to a brick wall, most likely one built by either nepotism or a trust fund, so good luck to you, hopefully you've already made it because if not, you're in for a rude awakening.
Dude at our fund MBA interns make 60k a year..... No analyst on our floor makes 57k. I think a front desk guy cashing checks at chase makes more than 57k.

Our analysts get paid very well. Everyone's yearly bonus is 19-25 percent of our base salaries.This is at my fund and i know it similar at others if not better.

You can make a killing in finance and start with a decent 75-80k salary of the bat. Just putting it out there for you.
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      07-02-2015, 07:42 AM   #44
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Jim Glickenhaus' father shot a load into his wife and that is the only reason he is who he is.
Exactly. He's just a stoner who started life on third base. I've met him and he's far from an investment impresario.
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