<p>The average MBA earns around 92k a year with a big fat signing bonus and typically annual increases and will not work anywhere near 100 hours a week. If he does he will it will be acknowledged and in turn will be compensated very well for the hard work. I can not even imagine working in I-Banking it's the equivalent of selling your soul to the devil. Working for a bunch of greedy fat slobs who could care less about your physical & mental health, happiness and quality of life as long as they keep raking in millions every year - I couldn't do that to myself. It is great to have a high paying job but I-banking is just going too far for me personally; others might disagree.</p>
<p>No matter how much money someone can throw at you, Is it really worth throwing away your entire social life? I-bankers typically have no friends, don't talk much to family, do not even get a chance to spend the money they make. It is a ridiculous lifestyle that is way too stressful - I can think of plenty of other careers where equal money can be made within 2-3 years of employment and aren't half as brutal.</p>
<p>'Just a hint for you all, from someone who has had multiple internships at BB's in NYC: If you're already thinking/asking about "burning out," you don't belong in the IBD."</p>
<p>I am glad interns do not conduct interviews just yet...</p>
<p>"99.9% of idiots that think they will get into i-banking do not"</p>
<p>...and the 0.1% who do get in get really cocky about it. Hence the nature of the industry. Life is a parody. It's both funny and sad.</p>
<hr>
<p>on a more serious note - - "I can think of plenty of other careers where equal money can be made within 2-3 years of employment and aren't half as brutal."</p>
<p>while I am glad to see your cathartic and honest post and hope the posting was therapeutic...what are those other careers where equal money can be made after college and are not half as brutal. You are kidding yourself - leave financial services and you leave the money (literally and figuratively). Consulting, which is really the only fastrack alternative to banking, does not compare on the money front. </p>
<p>In the words of one of my beloved MDs - "there's no free lunch".</p>
<p>...but I have come to the realization that if you stay after 5pm (which you have to), there is seamless for dinner and a free black car home after 9 </p>
<p>The other 'cool jobs' are not an option out of college, i.e. PE, Hedge Funds, etc...unless you have the capital to start your own, and in which case you prob. don't need a job in the first place - though you probably will eventually if you start a pe shop or hf without experience...yup, there's no free lunch.</p>
<p>Right so you are under the impression that don't have a 150k a year earning potential within the first 5 years of business? Sure there is a risk involved - Cash - as opposed to risking health and sanity when it comes to I-Banking. </p>
<p>What about startups in custom integration in MDU? Impossible to earn 150k? WRONG - why don't you look up companies such as Savant or SimpleHome all small startups in their first 5 years of business banking 7 digit profits last year. </p>
<p>What about retail management? Consulting for construction firms? Information systems managers? Media? Marketing? Surely just as likely to land a top job as you are landing a job in I-Banking. </p>
<p>It is not correct to label everyone as "no capital" anyone with the intelligence to get into Ibanking can find savvy investors or use venture capitalists willing to invest.</p>
<p>Not everyone on earth is delegated to stats and averages. Plenty of people can earn 150k a year within 5 years of graduating from college. I'd hate to break it to you but check out fortune's 500 richest Americans - how many started in IBanking?</p>
<p>If you are a professional and excel at what you do people will throw money at you. IBanking is not the only job in the US that pays top dollar. Someone with a job that pays $30 an hour such as certain NYC city employees working 70 hours a week which is up to par with what IBankers work - will accumulate 70,2000 in overtime plus their 62,400 - I can vouch for it. I know a toll clerk in NYC who banks around 120k a year with the insane overtime he is required to work.</p>
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I know a toll clerk in NYC who banks around 120k a year with the insane overtime he is required to work.
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</p>
<p>In 2005 there were 22 police officers in Houston that earned 50k in overtime (in addition to their salary). Keep in mind the cost of living in Houston is much lower than in the NE. One of those officers earned 100k in overtime pay. Of course, the difference between jobs like that and Investment banking is that those numbers are entry level for IB and there is high growth potential in IB.</p>
<p>In a typical Ibanking group - what are the numbers of MDs (1?), VPs, Associates, & Analysts?</p>
<p>The top echelon of CS grads can make ~100K out of school. In fact, CS is one field where value can be added and seen quite readily - so top guys (who get an entry level job at ~65K) can start advancing very quickly.</p>
<p>In fact, a few engineering careers can pull reasonably close to Ibanking money reasonably quickly. If one works hourly (uncommon, but not unheard of) and has a lot of OT the money can be quite comparable. This is something which can be achieved right out of school.</p>
<p>
[quote]
Right so you are under the impression that don't have a 150k a year earning potential within the first 5 years of business? Sure there is a risk involved - Cash - as opposed to risking health and sanity when it comes to I-Banking. </p>
<p>What about startups in custom integration in MDU? Impossible to earn 150k? WRONG - why don't you look up companies such as Savant or SimpleHome all small startups in their first 5 years of business banking 7 digit profits last year. </p>
<p>What about retail management? Consulting for construction firms? Information systems managers? Media? Marketing? Surely just as likely to land a top job as you are landing a job in I-Banking. </p>
<p>It is not correct to label everyone as "no capital" anyone with the intelligence to get into Ibanking can find savvy investors or use venture capitalists willing to invest.</p>
<p>Not everyone on earth is delegated to stats and averages. Plenty of people can earn 150k a year within 5 years of graduating from college. I'd hate to break it to you but check out fortune's 500 richest Americans - how many started in IBanking?
[/quote]
</p>
<p>I think this thread is missing the central point with regards to Ibanking. While I can somewhat agree that there are some fields in which you can potentially make 150k after a few years, and with some exceptional circumstances, what makes Ibanking stand out is not just that you can make that kind of money straight out of school, but that the pay increases dramatically from that point on, if you have the stamina and skill to hang on. Finance is one of the very few industries in which people really can make 7 figures of income before they're 30. Granted, most new Ibankers will never make it to that level, but at least the *possibility *is there. With the exceptions of a few other careers (i.e. professional sports, acting/singing, entrepreneurship, working for a startup that goes IPO), no other industry can say that. I can agree that working 100 hours a week for 150k as an Ibanker is not that wonderful of a deal. What they're really working for is the possibility of making millions. Let's face it. Even if you're the greatest engineer in the world, you're never going to be paid millions except possibly by sheer luck (i.e. again, luckily choosing a startup that makes it big).</p>
<p>Sakky, I agree with you. However, My point was merely that I-banking is unpractical for most of society. Most of these firms only recruit from top tier schools such as MIT, Columbia, UC Berkeley and others. My point is that just cause you don't get into I-Banking does not mean you can't make good money elsewhere.</p>
<p>"The top echelon of CS grads can make ~100K out of school. In fact, CS is one field where value can be added and seen quite readily - so top guys (who get an entry level job at ~65K) can start advancing very quickly.</p>
<p>In fact, a few engineering careers can pull reasonably close to Ibanking money reasonably quickly. If one works hourly (uncommon, but not unheard of) and has a lot of OT the money can be quite comparable. This is something which can be achieved right out of school."</p>
<p>And these are the best engineers from the the very best schools. In other words, even your average MIT grad who goes into engineering won't pull 100k straight out of school.</p>
<p>As one data point, Google starts most of its engineers coming out of college at ~$78k, with decent stock options (~$15k) vesting after the completion of the first year.</p>
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And these are the best engineers from the the very best schools.
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No, I doubt it's the best engineers at the best schools. It's the engineers that know where the best jobs are - and are able to effectively leverage themselves during interviews. As far as getting hourly positions (that require a lot of overtime) - that's just luck a lot of the time.</p>
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In other words, even your average MIT grad who goes into engineering won't pull 100k straight out of school.
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Just like the average MIT grad doesn't work in Ibanking?</p>
<p>
[quote]
As one data point, Google starts most of its engineers coming out of college at ~$78k, with decent stock options (~$15k) vesting after the completion of the first year.
[/quote]
Not only that, but if you get offers from Apple, Microsoft & Google - that can be parlayed into increased salary sometimes.</p>
<p>one close friend of mine who got one such offer from google was also flown out to the west coast to interview with microsoft, nvidia et al. when he told them that their offers had better start at $85k in order to have a shot at ripping him away from the corporate culture they'd all love to have, he was essentially laughed out the door. This guy is the absolute best programmer i've met, in 7 years of knowing IT pretty darn well. Fools, they. It's my impression Microsoft starts their new CS-grad software engineers in the 50-60k range, with perhaps a kicker for top talent, but not quite google-esque.</p>
<p>I know a guy who is starting at MS at ~100K. Highly atypical though due to a highly specialized skillset. He's not at Redmond (he's in the Valley).</p>