<p>I am going to be attending Stern on a 20k scholarship, and I am in the scholar's program. One of the main reasons that I picked business over engineering was the salary, but on this board I'm hearing things like accountants make around 45,000 to start and consultants are around 60k. That one Ibanking article even said that after taxes you are making just over 60k and this is after 90 hours of work per week!!! I was just watching a PBS show that interviewed a factory worker who get layed off and he was concerned that he wouldn't be able to find a job making 50k again. THIS IS A FACTORY WORKER! He has no college debt and didn't have to work nearly as hard for what he has. Basically what I am getting to is that these salaries sound like crap, and they are AVERAGES. I am really interested to know how much people make out of top-ten business programs like Stern and what jobs they get. Since I am in the top 5% of the applicants at Stern to recieve a schoalrship, I also going to be a very competitive student and most likely in the top 5-10% of my class. Honestly, what opportunities are there for me to really cash in after all this hard work since I turned down Cornell engineering to go to Stern??? Somebody please help.</p>
<p>I'm interested in this too especially if you attend a top business u-grad and get a ~180K loan debt to pay-off after graduation.</p>
<p>I think if you work hard you will probly make alot of money. Also note that what you are looking at is the starting salary. Your pay is likely to raise as you gain experience and stay with a job. In the end if you work hard you will probly be making much more than that factory worker</p>
<p>If you go into Ibanking youll make dough..that is if you wanna do Ibanking. Get into a good firm and you could pull 100k all in first year.</p>
<p>Also remember that education in and of itself will give you the ability to go out on your own, and make your own way--relying less on what a corporation is going to pay you. For instance, you can get a CPA license and become an independent consultant with specializations, etc.</p>
<p>When you look at the example of the "factory worker" earning 50k, that is with 10+ years of experience. The ibanking article you read about earning 60k after taxes is for someone right out of college. they could not be more different, the ibanker will have exponentially better options in 2-3 years.</p>
<p>if you want to "cash in" stern will do the job if you are willing to work hard, lol, don't worry about it</p>
<p>You can honestly pay off all your debt in about 2 years if you land a good job, but if you think that you really won't make it into some high paying job like IB, then grow some balls and try out stern anyway. With a better education you can't lose honestly, it sounds corny, but when you actually do the numbers, better education wins.</p>
<p>No. you really CAN'T pay off all your debt in 2 years.</p>
<p>Well....it depends on what 'all your debt' is. </p>
<p>If you're 120k in debt....it'll probably take you 5 years at the minimum to pay that completely. Even as an ibanker making 100k, u have to pay taxes of all sorts, which leaves maybe 60k. And then there's living expenses and everything...so....</p>
<p>I was thinking more like 60 to 80k in debt because he would have to pay some of it while he was in college for 4 years I mean, even if it wasa part time job and financial aid.</p>
<p>"You can honestly pay off all your debt in about 2 years if you land a good job."</p>
<p>Absolutely not! That doesn't mean, though, that taking out loans for your education is not a good move. In my opinion, it's a great investment in your future.</p>
<p>While were still on the topic I would like to ask about the payment options for some schools like Wharton (undergrad): if you apply without finaid; will you have the ability to start repaying the school fees after graduation or do you need to do some payments DURING the 4 years? I've seen Whartons 10 month budget plan but was wondering if this option was possible. That way one could take a loan for expenses that occur during these 4 years and start repaying the big costs like tuition, boarding after you start working. Anyone got anything on this?</p>
<p>as I said if you had financial aid and worked even a little bit during four years and with an IB salary you can pay it off. My cousin paid off all his loans to georgetown in two years after working for GS in sales and trading, I think he was in sales, and he payed nearly full tuition. He was in sales part from what I remmeber, so he wasn't even a trader. He told me that most Ibankers can pay off their college tution in 2 years of working and he had no help from others.</p>
<p>Obviously, how long it takes you to pay off your debt will depend on a few things:</p>
<p>How much debt do you have to begin with?
How much will you make once you are out of college? (which presumes you get a job, of course)
What is the interest rate is on the loans you have?
How many other expenses do you have relative to your salary?
How much do you have to pay in taxes?
How good are you are at saving--and applying these savings to paying off your loans?
Will you be getting help from anybody else relative to paying these loans off? (parents, relatives, employers, etc.)</p>
<p>Also to be considered is subsidized vs unsubsidized loans--subsidized means the school pays the interest while you are in school, unsubsidized means you pay the interest while you are in school. </p>
<p>Only the individual can answer all the questions above--so it's really difficult to say whether it will take you 2, 5, 10, or 20 years to pay off your loan. But use the questions above to plan it out and figure out what the answer is in your case.</p>
<p>most engineers in general make more than business majors (look at the average salaries and starting salaries... chem E. tops the list i believe). You don't go and work that hard for the 100g's that the cream of the crop receive first year. You work for the advancement opportunities and exit options, which will exponentially increase your pay package within a few years.</p>
<p>frosty, that is actually a good way to look at it, kind of like an extension of your education...you do the work for the opportunities that follow...what do some ibankers go into after they quit as an analyst...maybe private equity, come back as an associate (although i hear they work just as hard), corporate law (easier hours w/ great pay i suppose)...anything you guys would like to add? thanks for your comments btw</p>
<p>you can make up to $124,683/year.</p>
<p>ha ha ha thanks for the exact number, i think you forgot to add the 22 cents though</p>
<p>I think you can expect to make very good money coming out of Stern. My #2 S just finished his first year at Stern. The one thing they don't tell you though is that they don't really help you with an internship after your first year. After that, however, they help you out. My S developped an internship on his own with his uncle in CA and will be there for eight weeks (could stay longer). I think it is really important to get internship experience for your longer term prospects for employment. My S will try to do internships and jobs every summer. He turned down a possibility of getting an engineering degree from GA Tech. There are students who work part-time jobs as they are students. My S won't really be able to do that since he is a varsity player.</p>
<p>My #1 S who graduated from UChicago with a BS in Math and a concentration in Statistics with lots of econ classes is employed at a hedge fund presently (he received four job offers six months before he graduated). He did a short internship between his 2nd and third year and did another internship all summer between his 3rd and 4th year. He was offered a salary of $65,000 with a sign on bonus of $10,000 and $7,000 in moving expenses. He received a bonus of $30,000 earlier this year. Now mind you, once you take all the taxes out, he recives about 2/3 of that. Also, he has many expenses commuting between NYC and Greenwich (where he works). He was able to pay off half of his car loan that we financed him with. He hasn't even completed a year and he was promoted from "Assistant Trader" to "Project Manager" on the asian desk. this may double his salary. He may end up in Singapore where the company has opened up an office. </p>
<p>The down sides: 1) crazy hours (4 or 5 p.m. to 3 a.m.) b/c he is on the asian desk but certainly not as long as his roommate who works for Bank of America in an IBanking position. He works week-ends and late,late every night. 2) He worries more about whether he is doing the right thing with his trades. 3) Can't really develop a long term relationship with someone b/c of his hours. Dating is infrequent.</p>
<p>That sounds pretty good to me.</p>
<p>Those sound like perfect hours for a teenager!</p>