<p>That is a fair salary. We had an intern who got a job in Chicago at $45K 1.5 years ago (before the tank).</p>
<p>I just asked this very question of some very successful business people who are on my company’s board of directors (large, publicly traded). Every person said that if you get an offer- take it. Any job is a good one in this economy- Wharton, Ivy or whatever.</p>
<p>I think some companies aren’t offering better starting salaries because they don’t have to. There is a long line of applicants for nearly every job. My oldest son graduated from Cornell in May, and many of his friends have had a tough time in the job market; everyone is grabbing what they can. They would join the chorus here in saying taking a good job in a depressed market is the smart thing to do. Look at it this way - you may be working for a company that starts low but promotes quickly if your talent stands out. Given your intellect and motivation, that may be the ideal situation for you.</p>
<p>And, yes, Chicago is not as expensive as the big cities on the east and west coasts. There are plenty of nice, well-located apartments under $1000 a month and you don’t need a car. Check the rentals on <a href=“http://www.chicagoreader.com%5B/url%5D”>www.chicagoreader.com</a></p>
<p>I imagine it would depend on your GPA and exactly what you studied, but I know the average starting salaries for Ross BBAs are around 55-60K (depending on what you study), so I imagine Wharton should be a little more.</p>
<p>Problem is I am apparently really bad at finding high-paying work that is best suited for me.</p>
<p>You can definitely live on $50,000/year in Chicago, but not alone and not in a fancy neighborhood. Chicago is noticeably more expensive than Philadelphia. There are tons of cool, edgy neighborhoods, though, and you can definitely get good digs for well under $1,000/month.</p>
<p>I suspect that an analyst job paying $50,000 has bonus potential. If not, look for a job that does – and it will be much easier to do that from a job you have. Work hard, do well, build a track record, and stay loose. Finance tends to be pretty cyclical, but you have to be in a position to ride the next cycle. Take the job!</p>
<p>Also, it is a thousand times more easy to network when you are in an industry than when you are outside looking in. And after a while you will actually know something, and have honest-to-god skills, things which you do NOT have now, Wharton degree notwithstanding.</p>
<p>I agree, take the job! From there, you’ll gain experience and knowledge that may help you get the job you really want. It is ugly out there, so much competition, the longer you are unemployed often it gets harder to get a job (particularly with little experience). With a programming backround, you should eventually be able to do much better, with the job skills you’ve gained. Plus, you don’t have a family to support yet, right? 50K is alot of $$ for a single person (unless you have mega student loans).</p>
<p>IMO you should take this job.</p>
<p>Once you take the first job, you will gain experience that will make your resume better. You will also make contacts, and start to learn the field from a practical standpoint.</p>
<p>and for disclosure, I am not a parent. I am 23 and finishing a year with AmeriCorps, and am looking for work (and considering going back to school).</p>
<p>Problem is I am horribly bad at networking and I don’t really have anyone I could live with in Chicago – if $50k is not enough to honestly live on my own in Chicago, I don’t know if I can stay in such a position long… I feel like I’d have to immediately start looking for other work… but that seems really, really rude.</p>
<p>Part of it’s arrogance, too, but only to the extent that I know I’ve got a lot of great skills under my belt that many of my Wharton peers don’t have – it’s just that I’m really bad at networking and asking around, and I’ve had a lot of other things to focus on. It bothers me when I see people I know I can outperform land fun jobs at 80k/year… I am perfectly capable of that without question. But I just don’t know the best way to find that meeting of supply and demand with respect to job skills and open positions.</p>
<p>I’ve got the underlying goods – just bad at the advertising.</p>
<p>Actually, Chicago isn’t that terribly expensive, if you don’t have to live downtown. They have plenty of suburban areas that are quite reasonable. Consider renting a room from someone, a mother-in-law apartment. There are also many ways to find people to share apartments with online, consider airline or military personnel if you want a place practically to yourself, they are always gone. I know it’s hard to get over fear of the unknown, but if you don’t have a better offer before you have to turn down this one…won’t it really suck if you don’t get any more job offers and you don’t have options at all? That would be a much worse problem, unless you’re independently wealthy.</p>
<p>What is the best way to find housing in a new city? How much is generally considered cheap/too much?</p>
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<p>While I think its very worthwhile to constantly look for great opportunities, I hope you end up expanding far beyond salary. I know right now it probably seems like the key issue but after awhile, you’ll discover a huge number of factors far far more important than how much you make. For example, down the road, look for job opportunities that will develop your career and lead to a better career path (sometimes the ‘best’ paying job is a complete dead end and bad career move, other times the lower paying job has way way more future growth or resume potential). Or look for a great workplace that values you and lets you learn a lot and grow. Or a place that has great colleagues and is fun and fulfilling. Or one that provides a balanced life. Or one that lets you tap into your passion. Or one that gives you job security.</p>
<p>Not now perhaps but later, be assured that there are far far far more important factors to consider than just how much money you make.</p>
<p>Completely understood – but I’ve been having a struggle in finding something fun that leverages my skills/provides adequate challenge/pays for everything I want to do in life. I just worry that I may be bottlenecking opportunities, but perhaps I’m fretting over nothing. I’m more or less under the impression that people tend to typecast you based on what kind of work you do after graduation, and I don’t want to get pigeonholed or incorrectly evaluated.</p>
<p>I’m sure everyone has noticed that the economy underwent a seismic shift in the past year and the tremors are still rumbling in the compensation area. Bottom line be careful what you believe. Did all those people you know land those prestigious and fun $80 grand jobs this year? Don’t get distracted by comparisons with your peers. Someone somewhere will make more than you, but there’s no way to predict how long lived that income with be.</p>
<p>What *was *no longer is. An 07 graduate may have been paid $100 + bonus by Bear Sterns or Merrill or Lehman, but that information needs to be recalibrated to meet the New Normal, and New Normal means things are rough out there. Hiring patterns especially for entry level finance jobs are not was they once were.</p>
<p>If you’re interested in living in Chicago, if the firm is reasonably steady, if you related positively to your boss, if the job sounds challenging and offers opportunities for advancement, then it sounds like a good deal. </p>
<p>You know, you don’t have to tell anyone what you make, so take your Wharton pride and put it to the side for a moment. Realistically, you’ll have plenty of jobs over the course of your working life and it’s a lot easier to find another, higher paying job while you are actually employed.</p>
<p>It’s not so much an issue of telling people what I make – it’s about my own personal earning potential and cost management with enough left over to enjoy things. I’ve put a lot of work into everything and feel as if lowballing myself is just doing a bit of a disservice… but perhaps I’m worrying over nothing. I can always look elsewhere. I just need to figure out how to find the right firms and how to advertise myself correctly. That could take a while, though, haha.</p>
<p>I hear you, Max, because my kid and his friends are singing the same song. Y’all (for good reason) thought those admissions letters to Penn were a guarantee of nice salaries and all the trappings that go with those salaries. It’s hard for you to understand just how drastically things have changed. It is NOT the same world that it was when you entered Penn. You know that intellectually, but unless you are in the workforce you can’t really understand the impact that the current economic crisis has had on your immediate future. The money simply isn’t there for you grads. No one will fault you down the road for taking the job you are considering. I also know from your posts over the years how hard you worked to get yourself through the financial burden of Penn. I really feel for you. I know you will be successful down the road, but for right now you have to get your foot in the door.
Also, while you (and my kid) DO have skills and great educations, the bottom line is that you need to be trained and must develop business acumen. It sounds like you need to develop networking and self-promotion skills. That will come.</p>
<p>MOWC’s post is full of wisdom. Read it and study it. </p>
<p>And the ability to network, the confidence to believe in yourself, the humility to realize that the world doesn’t owe you bc you are a Wharton grad, and the humility to realize you are at the BEGINNING of your career are skills that are just as important to have as anything you learned in a Wharton classroom. </p>
<p>What’s the average HH income in the city of Chicago? Plenty of people raise families on less than $50k, no? </p>
<p>Good luck to you.</p>
<p>I have a master’s degree, 18 years experience and make about $50K, (and I’m not griping - I have all the money I need or want.) Take the job, and thank your lucky stars that you have it. Do the best you can at your work, and see where the river takes you.</p>
<p>Years ago, I graduated JD/MBA in a somewhat lousy job market. As a top grad of the school, I did not have as many offers as I then thought I should have, and some other students had more to choose from. My first job was a good one, but perhaps 20% less than the top of the pay scale for other new lawyers in NYC. Two years later I went laterally to the law job of my dreams. I had previously been rejected from this firm. The two years of experience were enough to make the difference.</p>
<p>Draw your own conclusions.</p>
<p>also the salary is largely based on the job-- if you’re not working for one of the top financial firms then you are not going to be making the 80-100k (and yes, they are still paying that, if they hire you). And if you are consulting for anyone other than the big three, you are probably not going to be making the 65k.</p>