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How much does an entry level finance guy REALLY make?

Discussion in 'Business, Careers & Education' started by CushyCouture, Oct 22, 2012.

  1. aravenel

    aravenel Distinguished Member

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    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.
     


  2. chogall

    chogall Distinguished Member

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    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.
     


  3. CalTex

    CalTex Distinguished Member

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    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.


    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.


    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.
     
    Last edited: Oct 24, 2012


  4. CushyCouture

    CushyCouture Well-Known Member

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    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.
     


  5. sns23

    sns23 Senior Member

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    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.
     


  6. CalTex

    CalTex Distinguished Member

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    I wouldn't go that far, but maybe I missing something.
     


  7. CYstyle

    CYstyle Distinguished Member

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    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
     


  8. GreenFrog

    GreenFrog Stylish Dinosaur

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    This. People love to brag about how many hours they worked.
     


  9. rockket

    rockket Senior Member

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    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.
     


  10. Quadcammer

    Quadcammer Distinguished Member

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



    Thats a fairly new boxster (987). Still, maybe $40k, if that. Hardly anything to brag about.
     


  11. gomestar

    gomestar Super Yelper

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    having a car and living in NYC is the epitome of waste.


    of coures, that guy probably lives in NJ.
     


  12. Piobaire

    Piobaire Not left of center?

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    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.
     


  13. ppllzz

    ppllzz Distinguished Member

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    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
     
    Last edited: Oct 28, 2012


  14. CushyCouture

    CushyCouture Well-Known Member

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    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.
     


  15. newinny

    newinny Senior Member

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    3rd year associates made 250k +/- 50k total comp last year. 125k base plus 125k bonus.
     


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