The salaries range much higher than 83k. But, I mean for those who go in with knowledge and experience. Not all analysts are money makers. Many are support. It’s a bit of a starter job in some situations, so that affects “averages.”
Most biz entry level jobs start 30-40-50-60 and up, depending on what it is, who you’re working for and your responsibilities. Some do not have caps. Eg, anything with commission or bonuses. And yes, that includes kids who went to flagships.
You can work on the busines side in virtually any field. To fret now that some path won’t be fruitful is just the wrong thinking.
You are fortunate to be in a state with a great flagship school. I would prioritize getting through undergrad without debt. You have excellent stats. You may change your mind on what you want to major in- nice to be at a big university with lots of majors to choose from. If you do end up wanting to study finance, UWisc has a great business school with lots of opportunities. As posters mentioned up thread, there are lots of investment banks all over - not just in NYC. Work hard in school like you have already, earn good grades, join clubs and check out the investment banking group that a poster linked to up thread. Hustle for those internships and network. But keep an open mind as you go through school you just may realize you’d rather study/work in a different field. No need to make up your mind at 17-18. Good luck to you! You seem like you have a good work ethic - if you want to work in IB you will definitely need it!
This right here ^^^^ is the crux of what you are posting about.
What makes a career field “wrong” if you like it? To you, what would make a career field “right”? By the way, there are no right or wrong answers to these questions because it’s different for different people.
Why are you working “fulltime” on top of you classwork? Where is all that money going? What hourly wages are you earning at these different jobs? What are the jobs? Do any of these jobs have a clear track for advancement in responsibility and pay? Do any of them offer tuition benefits for employees after a certain length of employment? What has working all of these jobs taught you about the working world and your possible places in it?
Why do you think you can’t make a living as a photographer? If that is what you really like to do, perhaps that is what you should be pursuing.
Where are you going to get $40,000 in loans yourself? Where? I don’t believe you can even use the Direct Loans for study at LSE…so you would be privately funding the full cost of attendance…everything. London is an expensive city.
You said you weren’t really interested in study abroad programs…so why would you want to do ALL of your study…abroad?
ETA…
That is the cost of ONLY school tuition for the year…it does NOT include any living expenses, or travel. London is quite costly. You can expect your housing costs, food, utilities, transportation to add likely an additional $20,000 to your costs…per year.
So…LSE will cost at least $45,000 a year. Times three, that’s $135,000. Minus the $60,000 you say your parents have…and you have $75,000 you still need to come up with.
I pay for my own phone bill, clothing, etc. I also need to save for college and it’s better to work now rather than later so I can avoid paying interest on loans. The vast majority of my savings is in my brokerage account.
My jobs are these:
Assistant Manager ($11/hr)
There’s definitely a track for advancement here—I started as a sales associate and I got promoted to assistant manager. However, this isn’t something I can see myself doing for the rest of my life.
Server ($15-20/hr)
Barista ($9-12/hr)
None offer help with tuition, they’re all rather small companies.
I could probably make a living out of photography as I make a decent amount of money from it right now, but I’m fine with continuing it on the side rather than focusing only on it.
No, I said the point of this isn’t to just get a study abroad experience, it’s to get a valuable degree (which a study abroad experience wouldn’t impact at all). I have relatives that live around an hour outside of London, so staying with them would be an option though it’d be a long commute.
Staying with them for four years? Would you pay bills at their home? Would you buy a car or take public transportation to school? Have you spoken to them about this?
But I ask again…how are you going to pay for this? HOW? For someone interested in finance, I find you very naive about personal finance. YOU cannot take out large loans in your name. No one is going to give you the loans you need to pay these college costs.
So…where is the money going to come from? Parents willing to co-sign? Parents willing to take out a loan for you?
LSE is going to be very costly…and you won’t be able to work in London while you are there.
What? Do you think you can earn the balance of what you need to pay for four (or three) years of these expensive colleges during your senior year of high school?
Keep this in mind. Any earnings you have from 2017 will be used in your financial aid calculations for 2019-2020 academic year. Any earnings from 2018 will be used for 2020-2021.
This could reduce your qualifications for need based aid…but then…you said your parents say you won’t qualify anyway.
So…it seems that if your parents won’t pay up front over the cost of Madison…then you WILL need loans…and you will be paying interest on them…right?
ETA…I understand you are a high school senior who is 17 or 18 years old, and doesn’t have a lot of personal financial experience…things like paying all of your living bills. I apologize if I’m coming across as harsh…but these are things you need to consider.
Yeah, I think I can make enough to make a decent dent in the cost. Last year, my junior year, I SAVED about 16,000. The year before, my sophomore year, I stored away about 7,000. This year I’m on track to save even more than I did last year (estimating around 20,000). That figure, about 45,000, should be enough for one full year of college. I might still need loans, depending on what I decide to do with my future, but the amount of loans I would need is much less than it would be otherwise, meaning I don’t have to spend as much money on college.
And I don’t understand why you added in the part of it decreasing how much need-based aid I’d get—like I said before, it’s not like I’d get it anyway.
It honestly doesn’t really seem like you’re contributing much to the discussion. You keep on repeating yourself and you haven’t yet even really suggested what you’d do in my situation.
What would I do? I would look for an affordable option with no more than the $27,000 four year total in Direct Loans.
You have the option of graduating without a dime of undergrad debt. I would be looking for options that are affordable and maintain that option.
I would not be looking at schools where debt could be $200,000 or more…like NYU could be.
And for the record…I’ve asked the same question over and over…and you haven’t nswered. Where WILL you get those huge loans you might need? Clearly you aren’t going to answer here…and that’s fine. But it’s an important piece of your college search pie.
Thought NYU was already out of the picture. Wondering what you’d answer to this question: would you rather sacrifice potential earnings to graduate debt free or graduate with some debt but higher potential earnings? Not referring to any specific situation here, but just wondering what you think would be the wiser choice and why.
And to make it clear—you suggest going to Madison? And if so, would you recommend sticking to finance or choosing a major that Madison is more well-known for?
OP, sorry, but you keep repeating, too. People keep re-asking because you keep returning to the idea of going to a college you cannot pay for. It’s typical solid advice for kids to stay within their cost constraints. In post 8, you said 10k was your savings, now it’s more. Which is it?
And at this point, speculating on one year at LSE, are you sure it’s not going to be premed, an idea fro a few hours ago?
And right, who will take these loans? You have to do the simple math. These colleges cost more than you will have. Have you asked your parents if they agree you need exhorbitant loans to avoid Madison? Have you looked into how an 18 year old gets a loan, what’s required?
Remember, a poster said, finance is about the ability to research, process, analyze. Start now.
And I haven’t looked into which place has the lowest interest rates for loans and all that stuff yet, but banks? Where most people get their loans from lol…
Banks want to see collateral, credit history, the ability to pay back. Many bank loans start repayment nearly immediately, well before you graduate. Even if you could borrow one year, that amount owed can preclude you from qualifying for a second year. This happens to adult parents all the time.
You have not looked into this.
Why not? What’s holding you back from looking into the realities of finance, jobs, the breadth of different sorts of work, salary ranges, loan realities? If it’s your job, you need to find the time. Maybe ask your parents to help.
Clearly you are a high energy, focused individual. Most young people your age are not juggling so many jobs, and aren’t saving such large amounts of money toward their futures. All of the places where you work have managers. If you move up another level, you will make more money, develop additional job skills, and have credible experience to include in your resume when it comes time to look for internships. You also will be able to get better jobs during the school year while you are in college, and you will have enough work experience to land some kind of decent job once you finish college.
To be perfectly frank, I don’t see that attending an affordable college or university will ruin your trajectory. There is plenty of evidence that you are driven. Forget the big loans. Go wherever is most affordable. Do well in your classes. Haunt the career center so that you are first in line when organizations that interview there come looking to hire. Better yet, get a student job there! In the end, you will be fine, and you won’t owe crazy amounts of money.