<p>besides i-banking which are the other jobs a finance major can get you?</p>
<p>I have always been interested in the stock market. What kind of Job would get me dealing with the stock market?</p>
<p>Well, there are lots of ways of dealing with the stock market--but by "deal with" do you mean "work on" Wall Street? Because then you are talking about brokerage work, being a trader (stocks or commodities), investment banking, or financial services.</p>
<p>Finance majors also work in venture capitalism (making decisions on funding other people's business), entrepreneurship (starting your own business), corporate finance (handling all the finance functions for individual businesses from taxes to government filings to mergers and acquisitions to financial planning to budgeting to facilities planning to making decisions on where to locate divisions to intermediation of funds tohandling grants and research monies).</p>
<p>There's also non-profit work, political (government) funding, bond traders, and you can also switch over to accounting, strategic planning, quantitative decision-making, or general management. All need financial/accounting expertise. You can also move into forensics accounting (tracking money for legal reasons--for example, proving losses due to patent infringements). There is also homeland security, and the FBI, which needs to follow the flow of money to track terrorists, racketeering, and financial frauds.</p>
<p>These are the ones I can think of right away. If I had more time, I could probably double the length of this list. In other words, it's a pretty good thing to major in--and gives you a good chance of getting a decent job upon graduation.</p>
<p>i saw accounting come up a lot in your descriptions... does accounting and finance go hand-in-hand? Can the same jobs apply to both fields?</p>
<p>Well, I included accounting, since about half the people in the finance departments at most company are accounting majors. </p>
<p>While people with these two majors usually work hand-in-hand at most corporations, it would not be the case that finance majors do accounting and accounting majors perform finance functions usually. Knowing both areas definitely helps, however. Normally accountants perform historical analysis, whereas financial functions cover investments, liquidity concerns, debt financing and the like. But there are overlaps, especially in the consulting area. For example, the Big 4 accounting firms provide a lot of consulting services based upon their knowledge gained from looking at a company's financial situation, and the problems they will likely face depending on their life-cycle stage (start-up, growth, maturity, decline, reorganization). You'll learn more about this once you get into your first general management course.</p>
<p>no one ever seems to mention asset management</p>
<p>what is the max payment for a consultant? Is there anyone can tell me? Somebody told me that even the best concultant still cannot earn as much as a normal trader. Is it true?</p>
<p>An average trader is a losing trader. Trading is a career in which the majority lose so a small group of the best can win. </p>
<p>This topic talks about asset management: <a href="http://talk.collegeconfidential.com/showthread.php?t=53743&highlight=mahras%5B/url%5D">http://talk.collegeconfidential.com/showthread.php?t=53743&highlight=mahras</a></p>
<p>If you want to know more info, contact Alexandre who worked in asset management at ibanks.</p>
<p>i know what asset management is. I just mentioned the above becuase no one ever seems to mention it. And when it is mentioned, it is on rare occasions. </p>
<p>I want to do asset management, not somewhere like lehman or goldman like alexandre becuase i am in no way shape or form going to ever have a possibility, but i am looking at more reasonable places like vanguard or capital group. Both companies which recruit from ASU. I dunno, really depends on where i get accepted, maybe moss adams if i am up north or if i do exceptionally well i shall apply for internship or full time for GE asset mngment.</p>
<p>Who said the best consultants can't earn as much as the best traders?</p>
<p>Last year I personally was making $125/hour with 50 hours/week booked solid. (That's about $250K-$300K per year if I could have kept it up for the year. Unfortunately the rates for my particular expertise dropped a bit when the market got flooded. </p>
<p>But my rates back then are way below what is routinely quoted by the Big 4 accounting firms and associated consulting firms for their seniors and partners. Latest rates are about $175 to $220/hour for seniors and $250 to $350/hour for partners. Heck, we even get quoted $175/hour to have someone come in from Business Objects and show us how to do all the fancy reporting stuff using their Crystal Reports product.</p>
<p>Would you explain to me a little bit more? Thanks so much.
So they pay consultants base on the hours that these consultants work, don't they? Man, I thought that a consultant would be paid yearly.
How about if we work for a firm. Do we have salary?</p>
<p>Here's the scoop. There are accounting firms--generally the best known are the largest CPA firms--known as the "Big 4". These are Deloitte & Touche, PWC (PriceWatershouse Cooper), KPMG (Peat Marwick), and Ernst & Young (E&Y). (Note: KPMG was formed in 1987 with the merger of Peat Marwick International (PMI) and Klynveld Main Goerdeler (KMG)--but it's just known by Peat Marwick). These groups also do consulting on accounting/finance matters. They also have separate firms (like Bearing Point for KPMG), which are required to be separate so they can consult on non-accounting matters.</p>
<p>Working for these firms gets you the best training--but pays the worst at the low end of accounting (and it's all on salary). However, the work is super steady--and there is a lot to do. It's long hours, but it's how you prove you deserve to stay with the firm. On the other hand, the consulting spots (also on salary) pay well. Once you get past the first two years and earn your CPA, you either are cut loose--or the pay starts going up--sometimes way up. If you make partner, the pay is in the $250K to 300K range on average. </p>
<p>In addition, there are many separate consulting firms that specialize in certain areas only--some in accounting, some in compliance and tax, some in IT, some in strategy, etc. Generally you can work for these firms on either a salary or hourly basis (also known as 1099 basis, since you receive a 1099 at the end of the year showing how much earnings you have to report to the IRS). If you work hourly, it may be permanent work--or only a temporary job that lasts as long as the project you are on. Since the work tends to be spotty, the pay tends to be a whole lot higher (obviously, you are going to be out-of work when you are in-between jobs or assignments).</p>
<p>Rates here vary depending on the job and the assignment. Low rates may be $40-45/hour; higher rates may be $80-120/hour with travel to the location paid, hotel paid, flights home on weekends paid, meals paid, and sometimes a bonus for early finish of the assignment provided. Lastly, the highest rates are obviously for the jobs you can find yourself. In this case, you create your own company, and do the job and the billing direct.</p>
<p>Since there are so many different consulting firms, I won't even bother listing the larger ones here--you will see them advertise their jobs on monster or dice all the time, though. They really only deal with people with degrees and at least 1 to 2 years of experience, though--since their clients don't want to do the on-the-job training for the pay they are providing.</p>
<p>
[quote]
Who said the best consultants can't earn as much as the best traders?
[/quote]
</p>
<p>Actually the best traders earn packages upwards of $10+MMs/yr (excluding HF managers). This is the minority of course. The best traders are in a league of their own.</p>
<p>I presumed we were referring to the best traders coming out of college.</p>
<p>I wasn't aware we were referring to the Martin Zweigs of the world. </p>
<p>(For those of you not aware of Martin Zweig, he is a hedge fund trader that currently has his $70 million penthouse apartment up for sale--see <a href="http://www.newyorkmetro.com/nymetro/realestate/columns/realestate/10152/index.html%5B/url%5D">http://www.newyorkmetro.com/nymetro/realestate/columns/realestate/10152/index.html</a> for details)</p>
<p>Top hedge fund manager pay equals $1.5 billion. This is with 700% growth last year becuase of the energy market. The hf was pb capital or something like that</p>
<p>Top pay for prop traders upwards of $30-50 million, and the traders with highest average comp comes goldman sachs. This year, if things continue to go extremely well, the average pay per employee at goldman sachs (23,600 employees) would be at $900,000, up from 512k for last year. Obviously this number is skewed by the large payouts for a certain few. </p>
<p>Normal pay for a top fund manager, ranging from debt and equity is $1-7 million</p>
<p>How much the previous staff was deducting from returns on Harvard's endowment, about 35 million for a very small staff.</p>
<p>How much Harvard will be paying the new leading manager, $ 7 million, a fee i think would closely match what he was getting paid at pimco ( bond funds)</p>
<p>Money some of the top traders made</p>
<p>
[quote]
- Boone Pickens' bet on crude oil last year helped the Texas investor take home an estimated $1.5 billion, perhaps the highest-ever one-year income, thanks to the surge to record highs in oil and other commodity prices.</p>
<p>According to a magazine report to be published on Monday, Pickens and around half the world's top 100 traders in 2005 focused their investments on the commodities sector, and it paid off. Handsomely.</p>
<p>Trader Monthly, in its third annual list of the wealthiest traders and portfolio managers, found that earnings for at least two savvy investors last year reached the $1 billion milestone for the first time in history.</p>
<p>Pickens, a long-time oil and gas bull, led the pack. His windfall last year easily tops the legendary haul in 1986 of $550 million by bond trader Michael Milken, the report said, even after being adjusted for inflation.</p>
<p>"It was a very good year," Pickens told Reuters.</p>
<p>He declined to comment on the magazine's estimate of his income last year.</p>
<p>But it's clear that his "long crude" position was a solid investment. The average price for oil rose 37 percent to nearly $57 per barrel in 2005, its most expensive year. Natgas rose almost 50 percent.</p>
<p>Gasoline, meanwhile, reached record highs on tight supplies after Hurricane Katrina hit in August and sent oil above $70 a barrel.</p>
<p>Pickens, 77 has about $5 billion under management through his Dallas-based fund company, BP Capital, which has been betting that the world's oil supply can't keep pace with increasing energy demand.</p>
<p>The magazine said returns on his main commodities pool were above 700 percent last year, while his smaller equity fund rose more than 100 percent.</p>
<p>"Yes, my own money is in there," he has said, referring to his operation. "That always impresses the other investors."</p>
<p>CREAM OF THE CROP</p>
<p>All told, the top 100 investors grossed a total of $12.5 billion, almost double the prior year's $6.6 billion, Trader Monthly said.</p>
<p>"This clearly is not indicative of the entire world of traders, this is the cream of the crop," said Rich Blake, a senior editor at the magazine and an author of the report.</p>
<p>"But if you want a sense of what's going on, commodities in 2005 could be the biggest year ever in terms of money made and volume traded."</p>
<p>Blake said the investors employ all manner of strategies, from sophisticated computer programs to fleets of hundreds of analysts and traders making thousands of rapid-fire bets.
**
Stevie Cohen, 49, of SAC Capital Advisors in Stamford, Connecticut, No. 2 in this year's round-up of the elite investors, may have taken $1 billion to the bank last year, said the magazine.**
**
Third on the list, James Simons, 67, with New York's Renaissance Technologies Corp., earned about $900 million to $1 billion, **it said.
[/quote]
</p>
<p>well, here's my question, what did all of these super rich people do when they first started out in the business? They're like 50, what did they do with the other 30 years that got them there? They couldn't have been investing for that long of a period. Or did they?</p>
<p>Stevie made 8000 dollars the first day at his job. Thats what he did ;).</p>
<p>And don't forget Ken Griffin. Million dollar fund while at Harvard. Now worth a billion or two.</p>
<p>what? could you say what he did? 8000 the first day back then must have been a lot.</p>
<p>He went into Grunthal and made 8000 dollars trading options. And yes it is still quite a bit.</p>
<p>BTW don't forget Anshu Jain with his 100MM package.</p>
<p>mahras, how do you know so much?</p>