Questions about other professional salaries vs. investment banking

[hapaboii]

The numbers people have been posting are pretty accurate for this year. Thremp is correct that a few years back bonuses were significantly lower. It's a cyclical biz so going to have ups and downs, right now I'd say it's in the ups.

Usually analysts do a 2 year stint, 80-100 hr weeks as has been stated. A lot of them get burned out or disillusioned, others get consumed by greed, but either way most are unhappy. The star analysts will sometimes get promoted to associate in 3rd yr, but most of them just go back to b-school and if they stick with banking will return as associates and move up the ladder.

You mentioned that you graduated a top 10 school in engineering. Sounds like you'd have a good skillset for trading or quant analysis. An MBA is useless and even looked down on in these fields. You also mentioned you could get a masters in CS. If you want to be a trader or QA, that will definitely help. Pay for juniors at an investment bank in trading will be pretty similar to banking, bonuses will likely be a bit lower at first, but can quickly surpass banking bonuses.

Exit opps: Bankers can go on to VCs, PEs, stay with banking, even join hedge funds as analysts. Or just leave the field.

Traders will go on to be... well, traders, sometimes jump to sales, portfolio management. Or just leave the field.

[Goodnews]

wtf? i am a junior in university studying mechanical engineering. I am here because of spite (my guidance counselor said i couldnt do it) and money. Big emphasis on the money part...

Am I in the wrong field? Seriously? Is the money in engineering not as good as it is in banking?

[Jimbo232]

My roomate, a 2005 graduate from a Big Ten university with a finance degree took an Ibanking job with JPMC in Chicago. His first year compensation was:

10K signing bonus + 55K base salary + 65K year end bonus = $130K

He worked ~60 - ~70 hours/week

[NoTalent]

[ QUOTE ]
Am I in the wrong field? Seriously? Is the money in engineering not as good as it is in banking?

[/ QUOTE ]

I am a computer engineer. I've been working in the field for 6 years now. I was expecting a lot more since I was in school from 1996-2000 when anyone with 'computer' attached to their name was making 6 figures in silicon valley. When I got out in 2000 the bottom dropped out...

You certainly won't make $145K to start that's for sure.

[eastbay]

[ QUOTE ]
wtf? i am a junior in university studying mechanical engineering. I am here because of spite (my guidance counselor said i couldnt do it) and money. Big emphasis on the money part...

Am I in the wrong field? Seriously? Is the money in engineering not as good as it is in banking?

[/ QUOTE ]

Maybe your guidance counselor was onto something. You spent three years in college without looking this up first? wtf indeed.

Of course finance pays better than engineering, with the bottom being significantly higher and the top being wildly higher.

eastbay

[jimmyfingers]

[ QUOTE ]
wtf? i am a junior in university studying mechanical engineering. I am here because of spite (my guidance counselor said i couldnt do it) and money. Big emphasis on the money part...

Am I in the wrong field? Seriously? Is the money in engineering not as good as it is in banking?

[/ QUOTE ]

where did you hear that mechanical engineering was a huge money maker? you're at western, switch to actuarial science.

[NajdorfDefense]

[ QUOTE ]

Someone is confusing MBA grads with undergrads. Last I checked undergrads got about 60-80K and MBA grads got about 120-140K.

You need to consider two mitigating factors if you think this salary is impressive. First, the hours are horrible and your hourly wage becomes more intune with other professions. Second, New York City and some other cities where most Ibanking jobs are located skew the averages. Everyone gets paid more in NYC and so do Ibankers - but cost of living is also much higher.

[/ QUOTE ]

I averaged 85 hours a week as an analyst, pulled plenty of 95+ weeks, and topped out at 106 hours after 2 weeks of 100+ hour weeks prior to that.

Don't do it for the money. Most people will hate the job.

[NajdorfDefense]

[ QUOTE ]
These bonus do not represent 5 year avg at all.

Bonuses were in the 10k-30k range a few years back.

[/ QUOTE ]

Bonuses in 2002 for any non-top quartile performers were around $0.00 at the Large I-bank I was at.

Naj

[Genesis]

[ QUOTE ]
wtf? i am a junior in university studying mechanical engineering. I am here because of spite (my guidance counselor said i couldnt do it) and money. Big emphasis on the money part...

Am I in the wrong field? Seriously? Is the money in engineering not as good as it is in banking?


[/ QUOTE ]

If you are not in engineering because you enjoy it, get out now before you've wasted a few years of your career and decide you want to change. Although my reasons for entering engineering (CompEng '99 grad UIUC) were slightly different from yours, they certainly were not for love of engineering. Seven years later I feel as though I've wasted a lot of time on something I just don't enjoy and am now planning how to exit this field and get into something more along financial lines. Entering any field to prove someone else wrong, or simply for monetary reasons will only make you unhappy in the future.

[1011101]

spite? are you [censored] kidding us? you made a major life decision out of spite? You need to grow up.

Secondly, there is no money in mechanical engineering. I would not suggest doing it for the money. Actually I would not suggest doing anything just for money as you will be miserable.

If you like mech e, then stick with it, but also minor in economics or finance. In case you change your mind, there are plenty of banks that recruit engineering majors for finance jobs because they know that they are smart.