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#261
10-17-2006, 07:55 PM
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Re: Say goodbye to the dream
[ QUOTE ]
[ QUOTE ] Why do people refuse to admit how much people make on Wall Street? Enough with the "NO WAY PEOPLE MAKE 100k THEIR SECOND YEAR" stuff- first year Goldman analysts made anywhere from 130k to 170k last year with bonus. [/ QUOTE ] I have two friends who graduated from Michigan this year. One is working for Goldman Sachs and the other is working for Bears Stearns. Their salaries are both high fifties to low sixties. You said first year Goldman analysts, but you didn't mention that you need experience for that position. It's not something you get straight out of college. [/ QUOTE ] Uh- I'm living proof that you can get Goldman right out of college (and not from a "target school" too!). Go to Goldman if you are offered it. The people there are the BEST on the Street for a reason. 
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#262
10-17-2006, 07:57 PM
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Re: Say goodbye to the dream
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] my blog sucks [/ QUOTE ] that's cause you shouldn't have your own, you should do it on y site www.destinyboy.com that way you don't have to force al lot of entries of low quality, just do it once in a while along with others and have just the best [/ QUOTE ] how many people post on your site? and is there any way to know who is posting? [/ QUOTE ] yeah, there is a password to post which i share with just a few people who i invite to post [/ QUOTE ] that didn't really answer the questions, although i guess a "few" is a quasi-answer to the first one
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#263
10-17-2006, 07:57 PM
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Re: Say goodbye to the dream
[ QUOTE ]
[ QUOTE ] Why do people refuse to admit how much people make on Wall Street? Enough with the "NO WAY PEOPLE MAKE 100k THEIR SECOND YEAR" stuff- first year Goldman analysts made anywhere from 130k to 170k last year with bonus. [/ QUOTE ] I have two friends who graduated from Michigan this year. One is working for Goldman Sachs and the other is working for Bears Stearns. Their salaries are both high fifties to low sixties. You said first year Goldman analysts, but you didn't mention that you need experience for that position. It's not something you get straight out of college. [/ QUOTE ] Uh...no. My best friend is 23, was hired right out of college, and made 150k his first year. Either your friends have horrible jobs or the numbers you gave do not include bonus.
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#265
10-17-2006, 08:12 PM
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Re: Say goodbye to the dream
[ QUOTE ]
[ QUOTE ] Why do people refuse to admit how much people make on Wall Street? Enough with the "NO WAY PEOPLE MAKE 100k THEIR SECOND YEAR" stuff- first year Goldman analysts made anywhere from 130k to 170k last year with bonus. [/ QUOTE ] I have two friends who graduated from Michigan this year. One is working for Goldman Sachs and the other is working for Bears Stearns. Their salaries are both high fifties to low sixties. You said first year Goldman analysts, but you didn't mention that you need experience for that position. It's not something you get straight out of college. [/ QUOTE ] Related question: Of the 50 some thousand employees at the large global firms, what % of the new hires are the "analyst" type roles we're talking about in this thread? You know, the Ivy League -> Analyst -> B-school -> Associate, etc., as opposed to secretaries, and... um... I don't know, everyone else who is not on track for 7 figure salaries?
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#266
10-17-2006, 09:27 PM
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Re: Say goodbye to the dream
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Why do people refuse to admit how much people make on Wall Street? Enough with the "NO WAY PEOPLE MAKE 100k THEIR SECOND YEAR" stuff- first year Goldman analysts made anywhere from 130k to 170k last year with bonus. [/ QUOTE ] I have two friends who graduated from Michigan this year. One is working for Goldman Sachs and the other is working for Bears Stearns. Their salaries are both high fifties to low sixties. You said first year Goldman analysts, but you didn't mention that you need experience for that position. It's not something you get straight out of college. [/ QUOTE ] Uh...no. My best friend is 23, was hired right out of college, and made 150k his first year. Either your friends have horrible jobs or the numbers you gave do not include bonus. [/ QUOTE ] Nobody I know from my entire graduating class is making that their first year from the b school out of maybe 20-30 people I know who graduated from the b school. The Michigan business school was ranked #1 in the entire nation for Wall Street jobs. They are making salaries ranging from 50ish-80 and working long hours. If your friend is making that much he's like one in a million. I posted earlier that the average person with a Harvard MBA (#1 masters degree) makes 118k starting with bonuses. There is no way that people w/o masters are making more than a person with a master's.
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#267
10-17-2006, 09:33 PM
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Re: Say goodbye to the dream
[ QUOTE ]
Nobody I know from my entire graduating class is making that their first year from the b school out of maybe 20-30 people I know who graduated from the b school. The Michigan business school was ranked #1 in the entire nation for Wall Street jobs. They are making salaries ranging from 50ish-80 and working long hours. If your friend is making that much he's like one in a million. I posted earlier that the average person with a Harvard MBA (#1 masters degree) makes 118k starting with bonuses. There is no way that people w/o masters are making more than a person with a master's. [/ QUOTE ] You keep falling into the fallacy of thinking that the avg MBA salary from an amazing program like Harvard is somehow relevant. The relevant number would be what the Harvard MBAs are making at these companies in similar positions, but obviously higher up the chain depending on experience. I know people at GS who made $100K+ (w/ bonus) their first year out, it happens a fair amount. I also know someone in the sales group at Bear who made $55K+$15K bonus his first year, but he worked lighter hours than the people at GS. He gets to work around 6:30-6:45 and leaves around 5 or 6 -- weekends are rare. By comparison the people at GS were doing 7 days a week, usually breaking 90 hours.
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#268
10-17-2006, 09:34 PM
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Re: Say goodbye to the dream
dude I have like 5 friends who made 150k first year out of school. the numbers you are quoting must be sans bonus, because otherwise you're just plain wrong.
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#270
10-17-2006, 09:49 PM
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Re: Say goodbye to the dream
[ QUOTE ]
All- Playing poker makes (relatively) a lot of money without that many constraints on your time. If you want to make more money, trading is the way to do it. Jobs like Jasons are an excellent way to start, and if you want real money, like "I'm bored and want to start buying baseball teams" type of money, you want to get involved with a hedge fund. However, in the same way that poker has huge variance, so does trading. The most famous example is Long Term Capital which you can read about in "When Genius Failed". More recently, A fund called Amaranth lost 6.5 BILLION dollars. Not everyone wins. That being said, I'm working for a hedge fund now and hope that within 5-10 years I'll be a partner, which would mean a salary in the low 8 figure range. I'd take that. If you really want this type of job, playing up your poker skills is an excellent way to get it. I got the job in large part because a partner found out about my poker skills and having a degree in physics (from MIT). I develop trading strategies which are based upon forming decisions based on incomplete information. Systematic thinking, valuing small edges, money management, and realizing that short-term means nothing are what it's all about. Sound similar to something we do? [/ QUOTE ] In case anybody just glossed over this, "When Genius Failed" should be required reading for most of the people in this thread... ML4L
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