<p>
[quote]
Roughly a third of Harvard’s class of 2003 lives in New York—among them real-estate mogul and newspaper publisher Jared Kushner, Loews heir Jessica Tisch, and actress Natalie Portman— and they went back to Cambridge on June 6 for their five-year reunion. A survey revealed that twenty alumni (1.3 percent) have a net worth over $10 million, with another eight worth more than $5 million. About 2.5 percent pulled in at least $500,000 in annual salary, and another 14 percent earn more than $150,000. (Thirty-seven percent make under $50,000 and 16 percent have no salary, but grad school can most likely be blamed for that.) Thirteen percent have had more than nine sexual partners since college, and 40 percent have sex more than seven times a month, but only 3 percent have children. And a mere 13 percent plan to vote for John McCain.
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This is 5 years after graduating, and 37% of the class still makes less than 50k/year. Another 16% have no salary and are still in school, presumptively.<br>
Only 2.5% actually made it big on Wall St.<br>
Well, so much for all these CC'ers boasting going to Harvard, majoring in Psychology will get you a job as an ibanker.<br>
Get that delusion out of your head early and you'll have a better time dealing with reality in 4 years.</p>
<p>Hmm... to me, this survey just says that about 53% are in grad school right now, maybe more than that. About 21% are making 150,000+ only 5 years out of undergrad, that is extremely impressive. That means about 26% are probably working and making below $150,000 a year.</p>
<p>I believe the starting salary in iBanking is in the low 100s or so? Those who are in ibanking are probably just starting out, since most wait a year or two before going to business school. </p>
<p>I'm not sure what you wanted to show by posting this survey... seems like you have high odds of either going to grad school or making big bucks right after graduating... :/</p>
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This is 5 years after graduating, and 37% of the class still makes less than 50k/year. Another 16% have no salary and are still in school, presumptively.
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</p>
<p>I bet that a lot of the under-50K people are grad students on stipend.</p>
<p>Success isn't just about money. In many areas of the country, schoolteachers, for instance, wouldn't make 50K after 5 years (or even close), but that doesn't make them unsuccessful.</p>
<p>I suspect that only a minority of Harvard grads were ever aiming for Wall Street to begin with.</p>
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Well, so much for all these CC'ers boasting going to Harvard, majoring in Psychology will get you a job as an ibanker.
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</p>
<p>Well, I haven't been to Harvard's career fairs, so I can't say for sure, but I bet they're a lot like less tech-oriented versions of MIT's. And I <em>have</em> been to several MIT career fairs, and you have to fend off the finance people if you're not interested. Of course, you're not guaranteed anything (the Career Fair is just about initial contacts, after all), but a Harvard psychology major probably has a much better shot at i-banking than an otherwise equivalent psychology major from a mid-level school. If nothing else, the i-banks just recruit harder there.</p>
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[quote]
I bet that a lot of the under-50K people are grad students on stipend.</p>
<p>Success isn't just about money. In many areas of the country, schoolteachers, for instance, wouldn't make 50K after 5 years (or even close), but that doesn't make them unsuccessful.
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Read between the lines please. How many % of Harvard students continue to higher education (PhD)? Published figure indicated roughly 15%. This, coincidentally, matched with the 16% without salary.
If they are not going for PhD, why are they taking so long? This is 5 years after school ended.<br>
Furthermore, salary isn't stipend. No one calls stipend salary.<br>
I'm not saying HS teachers aren't successful, I'm just merely dispelling the common perception in this forum that a Harvard-grad will become an ibanker and make 150k/year first year. Most state schools average salary aren't lagging that much behind, just so you know.</p>
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If they are not going for PhD, why are they taking so long? This is 5 years after school ended.
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Some people (especially people going to business school) work a little before graduate school.<br>
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I'm not saying HS teachers aren't successful, I'm just merely dispelling the common perception in this forum that a Harvard-grad will become an ibanker and make 150k/year first year. Most state schools average salary aren't lagging that much behind, just so you know.
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The starting salaries aren't that much different, but years later, there could be a significant difference between people who were able to get on the IB track and those who weren't. </p>
<p>It doesn't really matter though now that Harvard costs less than or as much a state school for those who are in financial need.</p>
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Some people (especially people going to business school) work a little before graduate school.
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Agree, but PhD productivity does not care when a student resume graduate school. The final number stands at 15%. So it's extremely unlikely that those 37% are doing their PhD or graduate school.
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The starting salaries aren't that much different, but years later, there could be a significant difference between people who were able to get on the IB track and those who weren't.
<p>I think maybe the better question to ask is twofold: how many of the kids on CC who say they want to go to Harvard so they can more easily pursue ibanking end up getting into Harvard, and how many who get into Harvard and say they want to do ibanking end up still wanting to do it after they arrive on campus, take a few classes, and then decide that nonprofit management (or zookeeping, or whatever) is more their thing?</p>
<p>I'm sure I don't need to remind people who are interested in this line of work how competitive and unpleasant ibanking can be, particularly for college students and interns. I think it's something that people say they want because they think they can earn a lot of money through it, but the "fat cats" I know-- both recent college grads and more established adults in their fifties-- are complete workaholics. There are a lot of things that I would rather do or have done to me than become an investment banker, but I don't think talking about those things are appropriate for this forum. :-P</p>
<p>I think jessiehl pointed out somewhat that not everybody is shooting for a high salary, particularly if they are only 5 years out of college and are probably still single. I know that for Cornell grads, the hotellies have the highest average salary right out of college, because they are coming from one of the best schools of its kind in the world and they are particularly trained in a field.</p>
<p>More telling would be the salaries, earned degrees, and job fields and leadership level of these Harvardians 10 or 15 years down the line.</p>
<p>"It may cost more to live in certain places, but a Porsche costs the same everywhere."</p>
<p>Not really when you figure NYC's cost to insure, store and maintain the car. Then there is the sad fact that there is nowhere to drive it except city streets. A Porsche needs to be in the country. </p>