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post #51106 of 57263
Quote:
Originally Posted by fuji View Post


There arent really people in finance from not top 10 schools. No one from plymouth went to GS. Its not like theres really shit banks either, which don't pay well. Still clear six figures in your first year at jefferies. i'm not comparing it to averages in comp sci im comparing it to averages at google, which should be pretty high. I don't really see that as a problem with IB, if you didnt do well in school your probably pretty dumb and even if not dumb your not driven, which is what matters for IB. We're also assuming this comp sci grads go found some start up, which isn't exactly guaranteed, most probably work for firms like google, which don't pay that well. I could go fund my own HF in 5 years if im amazing and turn out to be the next stephen cohen, but thats not guaranteed.

 

Maybe it's different in the UK but in the US it's very difficult to get into those schools and they are graded on a curve so the percentage who don't graduate is also very high.  Also keep in mind that at most major tech companies, it's standard to get stock options that match your salary, so those $300k numbers from your article are actually $600k. I'm not really trying to have a dick measuring contest between the two industries, they both pay very well, I just think tech is a safer bet right now, at least in the US.

 

Quote:
Originally Posted by ridethecliche View Post
 

 

Lol. No it's not. You're not taking tax into account at all!

 

I live alone and manage to live quite comfortably on significantly less than $100k with a savings rate of 35%. Boston is tied for highest cost of living with NYC and Honolulu.

post #51107 of 57263
Quote:
Originally Posted by ridethecliche View Post
 

Yes, you would. I save pretty well and I make less than half of 100k. I live pretty comfortably as well. I'd be fucking killing it if I was making 100k right now. Like, I'd probably have saved close to 60k+ in two years.

I'm just saying that when you're paid 100k a year, you're not getting that much after tax. If your after tax salary is 100k then hot damn. Two very different numbers.


That's my point.

 

I think you're probably netting 65-70k after tax at that salary. Maybe a bit less. Post rent, you're at like 40ish k. It's still pretty great. More if you have roomates (atleast 1 if you can afford that much), so yeah it's good. It's just not as crazy as people are making it out to be!

 

You'd be taking home about $84,000 not accounting for state tax, and assuming you're single with no dependents and aren't putting any of that in a 401(k). 

post #51108 of 57263

In New York, a $100k salary will yield $20k federal tax and $6k+ state tax plus SS, healthcare, etc.  Agreed that $100k is nothing to sneeze at but the notion of $50k disposable income is false.

 

This all assumes single filer and no tax deductions.

post #51109 of 57263
Quote:
Originally Posted by KingJulien View Post

Maybe it's different in the UK but in the US it's very difficult to get into those schools and they are graded on a curve so the percentage who don't graduate is also very high.  Also keep in mind that at most major tech companies, it's standard to get stock options that match your salary, so those $300k numbers from your article are actually $600k. I'm not really trying to have a dick measuring contest between the two industries, they both pay very well, I just think tech is a safer bet right now, at least in the US.


What do you mean? its hard as fuck to get into oxford, cambridge or lse. We have nation wide standardized testing before uni so its curved even before uni. I wouldn't think I quant analyst would get stock options at google close to their salary, but who knows im sure the finance director does. Tech is great and all and it sounds like a great life style, but you have to have a real skill set and be genuinely really good at it to do well, but what I like about finance is that if your driven enough pretty much anyone can get into it and do well. I doubt lloyd blankfein is significantly smarter then me in say a quantitative sense, he's just driven as fuck and has the right people skills.
post #51110 of 57263
Damn, I lived like a king off $58,000. Couldn't imagine making over $100,000, but I guess living in different places that salary would go quicky.
post #51111 of 57263
Quote:
Originally Posted by fuji View Post

I don't understand why anyone would ever want to be a lawyer, you start on like $150k after law school, you work investment banking hours, work sounds even more boring like on m&a your back office spelling checking shit, what are your exit opps another firm? Progression of pay isn't very quick and unless you make partner, which happens when your legit old you'll never have have real cash money.
Talked to my uncle about this and he said he didn't know finance even existed when he was going through uni.


I have similar opinions on google after hearing a quant analyst only makes $160k and the highest paying non partner guy was on like $330k.

In what dream world do lawyers start at 150k? I know like 30 people who passed the bar work in law firms and make way under 100k a year.
Meanwhile I will take over my dad's machine shop and he's making 400k a year and competition is all retiring.
post #51112 of 57263
Quote:
Originally Posted by tesseract View Post

In what dream world do lawyers start at 150k? I know like 30 people who passed the bar work in law firms and make way under 100k a year.
Meanwhile I will take over my dad's machine shop and he's making 400k a year and competition is all retiring.


Friend got her contract from White & Case for IPO law recently. They said after her year of training (in the UK doing a law degree doesnt make you a lawyer) she will be on a minimum of 100k GBP. Obviously only if you went to a good law school and do corporate law do you make money.
post #51113 of 57263
Quote:
Originally Posted by ellsbebc View Post
 

In New York, a $100k salary will yield $20k federal tax and $6k+ state tax plus SS, healthcare, etc.  Agreed that $100k is nothing to sneeze at but the notion of $50k disposable income is false.

 

This all assumes single filer and no tax deductions.

 

Eh, I mean, using those numbers and assuming $14000 for a crummy studio apt and $6000 for organic groceries, you've got $50,000 left over. Add phone and internet and going out and whatnot and you can still easily save $40-45k a year.

 

Quote:
Originally Posted by fuji View Post

What do you mean? its hard as fuck to get into oxford, cambridge or lse. We have nation wide standardized testing before uni so its curved even before uni. I wouldn't think I quant analyst would get stock options at google close to their salary, but who knows im sure the finance director does. Tech is great and all and it sounds like a great life style, but you have to have a real skill set and be genuinely really good at it to do well, but what I like about finance is that if your driven enough pretty much anyone can get into it and do well.

 

I looked into business school early on and ended up deciding against it. For example, at Sloane business school and the like, for a lot of the easier classes the whole class can get between 95-100% on the exam, but it's graded on a curve so the prof has to fail the bottom 20%... meaning your 95 is a failing grade. It makes even the easy classes very stressful because of how competitive it is.

 

The stock options at Google and Facebook are only for software devs and other high-value employees, AFAIK

post #51114 of 57263
100k/year really isn't that much money. but i guess everyone has different goals, expenses, etc.
post #51115 of 57263
Quote:
Originally Posted by KingJulien View Post

Eh, I mean, using those numbers and assuming $14000 for a crummy studio apt and $6000 for organic groceries, you've got $50,000 left over. Add phone and internet and going out and whatnot and you can still easily save $40-45k a year.


I looked into business school early on and ended up deciding against it. For example, at Sloane business school and the like, for a lot of the easier classes the whole class can get between 95-100% on the exam, but it's graded on a curve so the prof has to fail the bottom 20%... meaning your 95 is a failing grade. It makes even the easy classes very stressful because of how competitive it is.

The stock options at Google and Facebook are only for software devs and other high-value employees, AFAIK


People at B school care about their GPAs?
post #51116 of 57263
Quote:
Originally Posted by KingJulien View Post

Eh, I mean, using those numbers and assuming $14000 for a crummy studio apt and $6000 for organic groceries, you've got $50,000 left over. Add phone and internet and going out and whatnot and you can still easily save $40-45k a year.


I looked into business school early on and ended up deciding against it. For example, at Sloane business school and the like, for a lot of the easier classes the whole class can get between 95-100% on the exam, but it's graded on a curve so the prof has to fail the bottom 20%... meaning your 95 is a failing grade. It makes even the easy classes very stressful because of how competitive it is.

The stock options at Google and Facebook are only for software devs and other high-value employees, AFAIK

but in nyc, $1,200/mo is most likely going to require a decent commute and $125 a week on groceries isn't that easy..especially since this is RHET and we're supposed to be eating a lot
post #51117 of 57263
Quote:
Originally Posted by Dar FTW View Post


but in nyc, $1,100/mo is most likely going require a decent commute and $125 a week on groceries isn't that easy..especially since this is RHET and we're supposed to be eating a lot

 

I spend about $400/month on groceries and could probably cut that in half if I went to the hood grocery store across town instead of shopping at whole foods.

post #51118 of 57263
Quote:
Originally Posted by Dar FTW View Post

100k/year really isn't that much money. but i guess everyone has different goals, expenses, etc.

For an entrylevel job straight out of school, its beyond good, the average person here earns like $50k, which just makes it even better.




Quote:
Originally Posted by fuji View Post


Not in England interview and selection process is entirely different. Theres a grade threshold all banks have thats equivalent to a 3.0 and you essentially have to be from lse, oxford, cambridge for the best chance and apparently some might say imperial (great school), UCL (just lol), Warick(didn't even know there was a school there), luckily my firm only does lse, oxford, cambridge. Interviews are entirely fit based and motivational or brain teasers. Some basic understanding of accounting might be useful if their is a case study. I've never been asked how raising the beta of the firms equity effects its DCF value in an interview, its more "you say your into weightlifting why?" "I like to be able to accurately track and measure my progress and see results" "we give you weekly reports on how much revenue you have generated for the firm so you would like that". Basically in England they're just looking for smart people who they think will get along with the firm.

Around here you need a certain degree or better, for pretty much any job, even like shit ones, being good at what you do and having a good CV means shit nowadays.

The right degree with shit grades ranks over having worked yourself up and having actual real life experience.
post #51119 of 57263
Quote:
Originally Posted by KingJulien View Post

 

If I wanted to make a huge paycheck today, I wouldn't go into finance, I'd go into tech.

+1

 

Over here, a degree in information systems is almost considered equal to one in computer science, because of the huge need of people with IT skills in businesses. It has none of the complex math or advanced programming. The IS students are in the same building as us in BA and Economics and its pretty well known that they have better job market and higher entry salary. Still, it's way easier to get into and many of the business students have no clue about it, while most of the IS students have a pretty good grasp of business. I guess it comes down to that people just chose to study business (or law/medicine/whatever traditional field) because they don't know their options or the job market.

post #51120 of 57263

Plan on going for Masters in either Healthcare Technology or straight up Information Programming, just waiting til I have a job and can either pay as I go or have some kind of reimbursement plan (probably more likely if I go Healthcare Tech).

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