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#51
06-21-2007, 03:48 PM
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Re: Your Biggest Jumps in Income
BD,
That looks perfectly reasonable for total comp for someone near the top of their peer group at an I-bank, and I bet there are top performers within most major banks with steeper increases than that. 
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#54
06-22-2007, 02:44 PM
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Re: Your Biggest Jumps in Income
[ QUOTE ]
[ QUOTE ] Last Five Years: year 1 - 100% increase - career switch year 2 - 50% raise year 3 - 30.67% raise year 4 - 40.81% raise year 5 - 41.43% raise Working for a major investment bank - priceless. [/ QUOTE ] Let's say it was $30,000 to start. year 1 - $60,000 year 2 - $90,000 year 3 - $117,603 year 4 - $165,597 year 5 - $234,204 I call BS [/ QUOTE ] Pretty close to accurate numbers there. All true % - for the right bet I would provide W2's... El D is right as usual - I am not the person who has gone up the most in the same period that I know. (they were not in my same division tho but there are more than a few of them that I know. ) In certain positions 100% jumps are not uncommon from year to year. As an aside - I will not make the same % increase this year - looks like it will be around 15%. I also received a title change for all those increases but the first one.
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#55
06-22-2007, 02:49 PM
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Re: Your Biggest Jumps in Income
[ QUOTE ]
[ QUOTE ] Last Five Years: Working for a major investment bank - priceless. [/ QUOTE ] How many more hours are you working after the career switch? How's the quality of life? I'm about to head off to b-school and plan on testing the banking waters afterwards, but I'm coming from IT so I'm not really sure what I'm about to get into. [/ QUOTE ] First year I was killed after the switch - no quality of life - slowly I've regained some. First year I went from 36 hours pre career switch to approx 70-80 hours post switch. Now I am at a reasonable 50 hours a week (ok it feels reasonable to me at least) Life in all divisions of I-Banking are pretty similar for hours/quality of life. The numbers I posted are attainable in IT, but tough. They can be easily surpassed in hot spots of trading, PWM, PB, sales etc.
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#57
06-22-2007, 06:10 PM
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Re: Your Biggest Jumps in Income
Started out my post college career with raises annually = 25%.
Two years ago I switched jobs: Took a 1.5% taxable income paycut, but eliminated $6,000 in annual auto expense and 12 hours of driving weekly and added an 4% extra in 401(K) match. Now I am moving back in the right direction pure salary wise.
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#59
06-22-2007, 07:57 PM
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Re: Your Biggest Jumps in Income
[ QUOTE ]
[ QUOTE ] Last Five Years: year 1 - 100% increase - career switch year 2 - 50% raise year 3 - 30.67% raise year 4 - 40.81% raise year 5 - 41.43% raise Working for a major investment bank - priceless. [/ QUOTE ] Let's say it was $30,000 to start. year 1 - $60,000 year 2 - $90,000 year 3 - $117,603 year 4 - $165,597 year 5 - $234,204 I call BS [/ QUOTE ] 5 years. at an i-bank. $234k annually. The industry term for that is either "getting screwed," or "sucking at your job." If you're calling BS, it must be that you don't think he actually works in that industry. If it's because the number seems too high to you, then that's just ignorance.
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#60
06-22-2007, 08:03 PM
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Re: Your Biggest Jumps in Income
[ QUOTE ]
4th year resident - 30K (worked out to be about $7 an hour. 1st year private practice 225k - working about 60 hrs a week - . MM MD [/ QUOTE ] QFT- something exactly like that. Of course, you should factor in the 8+ years of $7/hr (less really, since med school is a negative sum game that way)
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