I’ve heard that CRO’s (Chief Risk Officers) in Wall Street make millions of dollars, which is honestly a dream of mine. I was wondering if minoring in economics or finance from University of Michigan and then getting an MBA from Ross would set me on the path to making it big in Wall Street? In addition, are there other jobs in Wall Street or other cities that can get you a salary close to that of a CRO?
bump
Welcome to a lifetime of disappointment.
First, you have to sell your soul.
That is like a pianist asking how to get to Carnegie Hall.
It takes a number of factors working in unison including (but not limited to): intelligence, education, talent, experience, diligence, hard work and lot of good breaks. Don’t count on a degree from any school and desire putting you a multi-million dollar job.
College choice is not a huge factor.
It’s a huge dream to be a CRO or to make millions. Bc most people dream about the millions. You’d have to start low and work for probably 20 years and show that “something” and be someone your bosses want. It’s a tough niche to try to crawl into.
@Zhanger lol
Buy low, sell high.
Insider trading would probably help lolz
But seriously though, IMO in the future having data analytics and comp sci undergraduate degrees (probably combined with MBAs) would be the best path as risk analysis becomes more and more algorithmic.
There are a lot of people making millions on wall street. Chief Risk officer are really rare positions, that’s like saying you want to become a CEO or CFO - kind of also broad sweeping term. There’s so many ways to “make it big” on wall street. Right now, the quantitative and data driven hedge fund strategies are doing really well. and the private equity industry is booming in terms of assets under management, giving a lot of opportunities for people to become fund managers and such. I can’t really answer your question but you sound really ambitious but naive. In short, nothing’s going to set you up for success! There’s no set path to becoming a Chief RIsk Officer or making multi millions - if there was such path, everyone would be on it. If you’re interested in knowing more about wall street, reach out to me.
If working for Morgan, Goldman, etc., it does not take 20 years. Within 20 years you could retire from finance and start a second career. Of course, it’s dependent on the person. In my experience if the OP is focused on making a lot of money and does all he can to achieve his goal, he probably will make big money. However, he could turn into a empty, miserable a-hole along the way.
To OP: do what makes you happy and strive for perfection, it may take 20 years but you’ll likely end up with $$$. And, since you’re doing what gives you happiness, the wait won’t bother you and you’ll attract good people as friends. Once you make enough $ to pay for life, toys, vacations and investments, how much more do you really need? Final thought: save/invest 25% of every paycheck and bonus and your future will be taken care of.