Questions about other professional salaries vs. investment banking

[wpr101]

There were recently some posts in other forums saying people straight out of undergrad going into investment banking average about 150k a year and that by their third year should be making over 200k a year.

I found this difficult to believe and looked up some stuff. I got sort of mixed results. My question is if people are making this much doing this why the hell is anybody majoring in engineering/law/medicine if they can make so much more in a career that arguably requires the same level of talent.

I know that investment bankers work long hours which is part of the reason they may get paid more.

I graduated recently from a top 10 school in engineering and my salary is a little over a 1/3 of what people were claiming ibankers make. So I am confused why the pay scales would be so much different for every other career versus investment banking?

[krishan]

I have a friend who goes to wharton. He says 150K is about right for investment bankers. Given the 80 hour weeks it works out roughly to ~75 per hour. AKA not that much.

Krishan

[haakee]

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Given the 80 hour weeks it works out roughly to ~37.5 per hour. AKA not that much.

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FYP

[Snipe]

iBankers make good money, but 80 hour weeks are the norm. I did undergrad as a mech engr, worked in the field, and switched to finance. I recommend moving into iBanking now - it will help get you into a solid MBA program in a few years when you realize that's the best way to go.

If you want to make any substantial money in the future, an MBA is a necessity.

[Thremp]

Analyst salaries are closer to 80k IIRC.

[edtost]

total comp first yr ~ 10k + 65k + 65k

[wpr101]

[ QUOTE ]
iBankers make good money, but 80 hour weeks are the norm. I did undergrad as a mech engr, worked in the field, and switched to finance. I recommend moving into iBanking now - it will help get you into a solid MBA program in a few years when you realize that's the best way to go.

If you want to make any substantial money in the future, an MBA is a necessity.

[/ QUOTE ]

I've been thinking about getting a master's in computer science and then an MBA. My work will pay for my master's in computer science.

Why did you decide to switch to finance? Because of the money or the work you were doing?

[wpr101]

[ QUOTE ]
Analyst salaries are closer to 80k IIRC.

[/ QUOTE ]

I was under this impression too... from what I've heard the bonuses are historically very high due to the high earnings of the investment banks recently.

[Thremp]

[ QUOTE ]
[ QUOTE ]
Analyst salaries are closer to 80k IIRC.

[/ QUOTE ]

I was under this impression too... from what I've heard the bonuses are historically very high due to the high earnings of the investment banks recently.

[/ QUOTE ]

Which side are we talking about S&T, corp finance or research? I didn't think comp was the same between all of em.

[maxtower]

What do they actually do? What skills are actually required, and why do they work 80 hour weeks?