<p>What are they?</p>
<p>Ibankers, traders, hedge fund managers, private equity fund managers, management consultants, inhouse corporate lawyers, CEOs, any executive officers, professors at Harvard Law/Wharton, real estate agents in affluent areas, stockbrokers, entrepreneurs, etc...</p>
<p>That's all I can think of.</p>
<p>I forgot one...Venture Capitalist.</p>
<p>But is it true that 1. Your career as an investment banker ends at 35 in which you are too old for the job, what do you do then? and 2. They make more money because they work very long hours so they are not the best paying jobs by hour?</p>
<ol>
<li>Yes. You can do any number of things...anything that is finance-related. (Financial Advisor comes to mind). Many people do corporate finance and then become CFOs and make tons of money.</li>
<li>Yes. They work long hours.</li>
</ol>
<p>well by the time you reach most probably you will move onto some higher avenues of financial industry....and i dont think your career ends at 35 coz most people are made MD's or VP's by that age....some bankers move to their own firms too...
If u want to do something good in any field you will have to work extra hard..</p>
<p>my mom says she knows a family doctor who opened up his own Practice. He makes 500 000 a year , does not work long hours, and has a low stress job. Is there something Im missing here?</p>
<p>any doctor that makes $500,000+ a year is not your average doctor, he must be a surgeon or in your case self employed. But the Average 4th year associate or VP in Investment Banking makes half a million/yr.</p>
<p>Engineers make a hefty paycheck. As do Pharmacists</p>
<p>LOL...Engineers don't make that much unless they move into management. I do agree that they have the highest starting salaries of all majors.</p>
<p>
[quote]
But is it true that 1. Your career as an investment banker ends at 35 in which you are too old for the job, what do you do then? and 2. They make more money because they work very long hours so they are not the best paying jobs by hour?
[/quote]
</p>
<p>nope, depends</p>
<p>you can continue to advance in the ranks in IB</p>
<p>you can move to a field like PE if you're a top analyst at one of the top groups within an ibank</p>
<p>you can move to Corporate Dev, you work and develop strategy for a corporation, people say that this work is extremely rewarding</p>
<p>if you're a trader within an i-bank you can make the move to a hedge fund</p>
<p>you can just go to work somewhere in a F500 company</p>
<p>etc, many different possibilities.</p>
<p>also, lawyers can go into IB too.</p>
<p>Bruce Wasserstein the head of Lazard started out at Cravath I think.</p>
<p>Money magazine just released its list of the best jobs for the next 10 years. It's based on expected growth and average salaries. #1 was a software engineer. #2 was a college professor.</p>
<p>^^ those jobs are listed there because of the job security they offer and because of good availability...both of which are non-existent in competitive fields like ibanking,Law,high level Management etc...
If u consider Money only then nothing comes even close to beating these jobs...</p>
<p>Sure, that's true. And if you read my post, I did indicate that they were based on a very limited criteria. </p>
<p>Occasionally, though, I wonder how it breaks down per hour. Imagine a lawyer makes $300,000 a year, and works and commutes about 85 hours a week, 50 weeks a year, that's about $70 an hour before taxes. Using the Money Magazine average salary for a professor, $85,000, and typical professor hours (35 hours a week 40 weeks a year); there's only a $10 difference per hour in pay. Additionally, there are other opportunities to make money--royalties and consulting, for example. Anyway, I'm planning on doing a Ph.D., I was just counting on starving afterwards, so I was a little pleased when I saw those rankings.</p>
<p>lol...well u wont starve but i just meant that o'course these jobs offer a more relaxed working environment but when it comes to hard cash it doesn't beat the professions i mentioned....Money after all is money is guy A is making 300k an year (at $70/hr) and B is making 90k (at $60/hr) its still only guy A who can buy a Brand new Porsche or a real expensive house without pushing himself too much....</p>
<p>" Additionally, there are other opportunities to make money--royalties and consulting, for example. "
By this...did u mean to show them as professions where people make money or did u mean to say that proffs can do those stuff and make additional money.....</p>
<p>anyways as u mentioned royalties..by that i would assume making something and well there aint anything that can beat entrepreneurship...i mean for a techie banking and stuff should always be secondary i.e. if he is not able to make a breakthrough..;)</p>
<p>I meant those were things profs could do to make extra money. And I'll agree, there's nothing that can beat entrepeneurship. </p>
<p>Alot of the profs I've known are quite well-compensated; I was as conservative as possible in breaking it down hourly. My friend started off at 100k a year at 27 years old. Another friend makes more per hour than his brother at an NYC white shoe firm. I also live a few blocks from the Yale prof neighborhood; those guys are not exactly going without. </p>
<p>Regardless, noone chooses to be a prof for the money or the lifestyle. But it's nice to know it's being rewarded.</p>
<p>
[quote]
my mom says she knows a family doctor who opened up his own Practice. He makes 500 000 a year , does not work long hours, and has a low stress job. Is there something Im missing here?
[/quote]
</p>
<p>I can believe that a family doctor could pull in 500k in REVENUE. But he also has to pay to maintain the office, pay his staff workers, pay for malpractice (a VERY big deal), pay to market his services, etc. etc. </p>
<p>Secondly, I would not call entrepreneurship a "low stress job" by any means. Any entrepreneur, including private practice doctors, takes on massive risk by having his own business, including putting his entire personal wealth in jeopardy. And it has nothing to do with malpractice (which is a whole 'nother area of risk), but rather just liability risks. For example, if you have your own business, and somebody slips and falls on some ice on your pavement and seriously injures himself, that guy is going to sue you. If one of your employees sexually harrasses a patient, that patient is going to sue both you and your business. It's not enough to simply incorporate yourself, because if the lawsuit is big enough, the plaintiffs will go after not only your business's assets, but your personal assets as well. And then you always run the risk of running afoul of some government regulation that you have never heard of, and having the government seize your business and your personal assets. The laws regarding small-business regulation and taxation are simply voluminous. Every entrepreneur I know is paranoid that they might be breaking a law that they had never heard of before. </p>
<p>Heck, I know some former entrepreneurs that have basically given it up and taken regular salaried jobs for the simple reason that they got tired of the risk to their personal wealth. If you take a regular salaried job and you do something bad, the worst thing that can happen is you get fired. But if you're a small business owner and you do something bad, you can be made bankrupt through a lawsuit or a government seizure.</p>
<p>
[quote]
noone chooses to be a prof for the money or the lifestyle.
[/quote]
</p>
<p>I agree that nobody chooses to be a prof for the money. But the lifestyle? I think that quite a few people want to be profs for the lifestyle. It's actually a very very enjoyable lifestyle for a certain kind of person. This is particularly so once you get tenure, which makes you unfireable. Once you have tenure, then as long as you do the bare minimum of what is asked of you, you have a job for life. That gives you complete freedom to research and study precisely the topics that you want to do, and not things that don't interest you. Or if you prefer to spend your time doing consulting or starting your own business on the side, you can do that instead. Plenty of engineering, science, business administration, and economics profs do exactly that and become quite wealthy through their side activities. </p>
<p>The point is, depending on your personality, the prof lifestyle can be an excellent lifestyle.</p>
<p>When I said lifestyle, I meant the McMansioned, Porsched, trophy wifed lifestyle.</p>
<p>No, what you're describing is the precise reason why I want to be a prof. That, and I'd go absolutely out of my mind at a normal job.</p>