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How much does an entry level finance guy REALLY make? - Page 2

post #16 of 36
10/24/12 at 2:54pm
Quote:
Originally Posted by CushyCouture View Post


Are bonuses in finance really easy to come by or something?  We get bonuses in tech too but noone I know includes that because it depends on several factors like stock performance, peer/management review, milestones accomplished, etc.

The bonus has historically been the bulk of compensation in front office IB, well more than half of your annual take home after a year or two. During the good years, these bonuses were effectively guaranteed, and could basically be seen as a lump sum salary payment at the end of the year, with all but the worst performers getting them--if you didn't get one, it was a not-so-subtle way of telling you that you didn't need to be working there anymore. Certainly the numbers vary--most places use some bucketing scheme--but just about everyone in the front office gets them. They are still a huge chunk of compensation, but much lower than they were a few years ago, with some places giving out the goose egg (or very close thereto).

IMO though, not worth it at all. The comment about "hourly wage" is correct. 100+ hour weeks, every week, are absolutely the norm.
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post #17 of 36
10/24/12 at 3:12pm
Quote:
Originally Posted by CushyCouture View Post

I know someone who was a first year at Goldman, with only a bacheleors from an Ivy League make six figures.  However, looking at glassdoor.com the average salary for an analyst is only like 64k!  Isn't that poverty level for New York City?! 

 

Anyways, I also saw a video once of this presumed entry level finance guy at a VIP table with a 6 at best laughing to himself and saying "models and bottles".  Was this guy really making enough money to sit at that table in Manhattan and ordering probably $300 dollar bottles of grey goose?  Or was he just an idiotic douchebag who thought 60 some thousand was a lot in Manhattan?  I'm leaning towards the latter looking at the girl he considered a "model" on his arm.

 

Or do both exist and the standard deviation of the salaries is just really high?


64k isn't really poverty since you will have no time to spend those money.

 

that video looks homemade and that guy is a tool.

 

standard deviation of salary is low for entry levels but bonus/total comp is very high.

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post #18 of 36
10/24/12 at 3:27pm
Quote:
Originally Posted by CushyCouture View Post

"models and bottles". 

gawd I have heard that saying too many times lol.

The figures for your friend sound right, especially since he went to a target school. I have a friend that made 6 figures right after graduation, like frog said probably iBanking.
Quote:
Originally Posted by ac21686 View Post

Are you referring to the video with that guy AJ ? Pretty sure he was outed as working in the back-office in operations and wasn't even a banker. Absolutely nothing wrong with being in operations, but he's definitely that guy at the bar who pretends otherwise and makes sure all the girls know he works at a BB.

any follow up story? At least he isn't as bad as the pocket square jew jetter. I know a personal banker at chase bank who considers himself a banker, from everyone I know that works in finance/accounting they do not consider most of those guys bankers.
Quote:
Originally Posted by CushyCouture View Post

Quote:
Originally Posted by pseudonym View Post

You can't just mention the video and not post it. Come on, man.


I just found it!  It IS the "AJ" one.  LOL:
http://www.myspace.com/video/lx-tv/investment-banker-goes-wild-with-models-and-bottles/16547387

jesus christ that asian girl is ugly.  Right when you saw the boxster it outed him as not being someone who makes the exclusive wall street salary.  I wonder if this kid got his ass beat afterwards by real finance guys for making them look corny.

I noticed the car too and thought the same thing. Black undershirt and the suit looks terrible, gtfo. Even the old overweight balding IB guys look better than him.
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post #19 of 36
10/24/12 at 8:18pm
Thread Starter 
Quote:
Originally Posted by aravenel View Post


The bonus has historically been the bulk of compensation in front office IB, well more than half of your annual take home after a year or two. During the good years, these bonuses were effectively guaranteed, and could basically be seen as a lump sum salary payment at the end of the year, with all but the worst performers getting them--if you didn't get one, it was a not-so-subtle way of telling you that you didn't need to be working there anymore. Certainly the numbers vary--most places use some bucketing scheme--but just about everyone in the front office gets them. They are still a huge chunk of compensation, but much lower than they were a few years ago, with some places giving out the goose egg (or very close thereto).
IMO though, not worth it at all. The comment about "hourly wage" is correct. 100+ hour weeks, every week, are absolutely the norm.

Oh.  Were you exaggerating on over 100 hours being the norm?  That's like twice the number of hours I work a week!  I heard it was 80 hours a week for ibanking.

 

Anyway, does anybody know what happened to this AJ guy?  I read he lost his job.  I wonder what he's doing now lol, probably still "balling" with that same boxster.

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post #20 of 36
10/24/12 at 8:36pm
A lot of people in those types of industries (ibanking big law) like to exaggerate numbers. They think the number is a "badge of honor." All it truly means is that they are not very efficient with time.
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post #21 of 36
10/24/12 at 9:23pm
Quote:
Originally Posted by sns23 View Post

A lot of people in those types of industries (ibanking big law) like to exaggerate numbers. They think the number is a "badge of honor." All it truly means is that they are not very efficient with time.

I wouldn't go that far, but maybe I missing something.
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post #22 of 36
10/24/12 at 9:40pm
Is that even a club, or his garage? i never been to such an empty quiet club ever.

you could get a used boxster with 50k miles for like ~12k
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post #23 of 36
10/24/12 at 9:46pm
Quote:
Originally Posted by sns23 View Post

A lot of people in those types of industries (ibanking big law) like to exaggerate numbers. They think the number is a "badge of honor." All it truly means is that they are not very efficient with time.

This. People love to brag about how many hours they worked.
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post #24 of 36
10/24/12 at 9:46pm
hours typically range from 60-90 per week. volume is very rarely a reflection of an analyst's efficiency (though perhaps that of his superiors). there is a decent amount of downtime throughout the day due the nature of the job.

comp is between $120-150 for 1st years at good bulge brackets/comparable boutiques.

lifestyle is unsustainable in the long run, but this is a 2 year gig for most.

95% sure the guy in that video isn't in IB.
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post #25 of 36
10/25/12 at 5:33am
Quote:
Originally Posted by sns23 View Post

A lot of people in those types of industries (ibanking big law) like to exaggerate numbers. They think the number is a "badge of honor." All it truly means is that they are not very efficient with time.

to some degree maybe, 80 is probably about average, but 100 hour weeks are not at all unheard of.

Quote:
Originally Posted by CYstyle View Post

Is that even a club, or his garage? i never been to such an empty quiet club ever.
you could get a used boxster with 50k miles for like ~12k

Thats a fairly new boxster (987). Still, maybe $40k, if that. Hardly anything to brag about.
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post #26 of 36
10/25/12 at 6:46am
having a car and living in NYC is the epitome of waste.


of coures, that guy probably lives in NJ.
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post #27 of 36
10/25/12 at 7:07am
Quote:
Originally Posted by ac21686 View Post

http://www.tradeitdontdateit.com/modelsandbottles/

A true classic. Cain was such a fucking horrible place.

Oh god. I always knew "bottle service" was douchey but just did not know how douchey. So glad that was a fad that got invented after my time.
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post #28 of 36
10/28/12 at 12:52pm
Quote:
Originally Posted by rockket View Post

hours typically range from 60-90 per week. volume is very rarely a reflection of an analyst's efficiency (though perhaps that of his superiors). there is a decent amount of downtime throughout the day due the nature of the job.
comp is between $120-150 for 1st years at good bulge brackets/comparable boutiques.
lifestyle is unsustainable in the long run, but this is a 2 year gig for most.
95% sure the guy in that video isn't in IB.

meh i work on buyside and have a 40 hour week, but sometimes i wish i was an ibanker. 120k first year, 150k second year, but by associate you are making 250k+ in your 3rd year.

if you are a true finance guy (ie you spend 95% of your time thinking about money and how to make more of it) the "80 hr work week is unsustainable" is only a way for you to justify your decision to take a much lower paying job

edit: that models and bottles video was so cringeworthy
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post #29 of 36
10/28/12 at 6:00pm
Thread Starter 
Quote:
Originally Posted by ppllzz View Post


meh i work on buyside and have a 40 hour week, but sometimes i wish i was an ibanker. 120k first year, 150k second year, but by associate you are making 250k+ in your 3rd year.
if you are a true finance guy (ie you spend 95% of your time thinking about money and how to make more of it) the "80 hr work week is unsustainable" is only a way for you to justify your decision to take a much lower paying job
edit: that models and bottles video was so cringeworthy


I doubt 250k your 3rd year is the norm in ibanking.  I've never even HEARD of any third year making that much.  If a 3rd year is making 250k, how much is his boss with 10+ years experience making?  C'mon.

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post #30 of 36
10/28/12 at 7:33pm
3rd year associates made 250k +/- 50k total comp last year. 125k base plus 125k bonus.
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