<p>Around the country students are flocking to be engineers, doctors and scientists now</p>
<p>Hello MIT, Cornell, Caltech, and Stanford</p>
<p>That’s the way it always should have been, anyway. Business only existed to manage stuff that science was used to create.</p>
<p>Somehow that particular article (which has been posted several times on this forum already), paints this country rather more patriotic than it really is…Wharton will bounce back in a few years. Even as it is, it seems this current cycle of job-seeking has been relatively unaffected by the recession (i.e. top jobs are still readily available). In a few years, everything will probably be back to normal.</p>
<p>Damn I think Goldman’s average salary might drop $50k…to 600k</p>
<p>o the horror</p>
<p>It’s a cycle, and I’m holding.</p>
<p>I guess its time for respect to go to the brainiest not the sleaziest</p>
<p>I posted this on another forum but if you read the news today, you would know that Oracle has just agreed to buy SUN. Who do you think will be making a lot of money from this transaction? The “brainiest”, I’m afraid, would be nowhere without the “sleazy” financiers (think VC, IPO, and mergers). </p>
<p>Just as the burst of the high tech bubble did not mean an end to engineering (Google, Apple), the collapse of the global economy does not mean an end to finance.</p>
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<p>Goldman’s median salary is wayyyyyyy lower than 600k. A few bigshots make tons of money thereby skewing the average. I am willing to wager that their median salary is far lower than 600k. There are lies, damn lies, and statistics.</p>
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<p>Obviously finance will not “end,” but Wall Street will not be the same for a long time (especially if the government regulates it). There will always be finance jobs for non Wall-Street companies but they are definitely not as lucrative as Wall Street jobs once were.</p>
<p>Cornellian, median is different from average. That’s why you go to Cornell. Sigh. Just Kidding. Totally JK lol… had to take that cheap shot. </p>
<p>Everything is cyclical. They won’t be as lucrative now. Give it five more years, maybe ten… and people will be flocking to wall street. </p>
<p>Again, I was just kidding about the cornellian thing. please no one take offense to that.</p>
<p>brightest minds aren’t in the public sector. Wallstreet will always be ahead.</p>
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<p>No sh1t, Sherlock.</p>
<p>Maybe you need some help with basic statistical concepts since you were too slow to grasp them well at Penn. The median is insensitive to outliers, whereas the mean isn’t. Large salaries will therefore skew the average, thereby misleading people to believe that GS salaries are higher than they actually are. </p>
<p>My point being – average salary is not a very useful statistic in this situation because a few top Goldman Sachs employees make millions and millions of dollars and thereby skew the average. You need to check out the median in order to see what a typical Goldman Sachs employee makes. </p>
<p>If this explanation is too difficult for you to understand, please PM me, I can explain in further detail and we can stop wasting everyone else’s time, since it looks like you need the help.</p>
<p>wow. what a baby. honestly you are so sensitive. this generation is too sensitive. grow a pair of cojones hombre</p>
<p>clearly you do not understand the concept of humor.</p>
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<p>Not really. </p>
<p>Either:</p>
<p>1) You are clueless about statistics </p>
<p>OR</p>
<p>2) You are very bad at making jokes.</p>
<p>Calling me sensitive won’t make up for either of these facts.</p>
<p>I don’t need to take crap someone who is clueless about statistics… If that makes me sensitive then so be it.</p>
<p>It was a joke. You are trying to make up for it because you did not realize that.</p>
<p>I love how you Cornelians come to the Penn board and say oh yeah its like a crappy state school. Whats the difference between Penn and Penn State… nothing. </p>
<p>Get off our board. just because you are insecure about the school you attend (for no reason at all because cornell is phenomenal) doesn’t mean you should bash another school.</p>
<p>And you are bashing. Because if this article praised Wharton you would not be here at ALL.</p>
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I’ll say it again… either you have a knack for really bad jokes or you don’t know jack about statistics. I think it’s the latter but you are free to say what you desire.</p>
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<p>I did not say this. Where did I claim Penn is a crappy state school? Penn is a great school. </p>
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My, oh my, isn’t that what you did? Bash Cornell? I have not bashed Penn. Seriously, chill out. Take a basic statistics course at Penn and you will be fine. Penn offers a great education, so make use of it and come back and try to understand my posts later. </p>
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<p>My presence on this thread does not indicate bashing. If I had said something bad about Penn here, I would be bashing. But considering how I haven’t I’m not bashing. I like finance and I wanted to discuss it’s future on Wall Street. I’ll come to this board when I want to, thank you very much.</p>
<p>I honestly do not care about this argument. This will end up going back and forth for a while. </p>
<p>I probably am not even going to Penn next year (or Cornell) so my objective view of you bashing Penn has absolutely no basis. So we can end this back and forth. I think we should both be ashamed because we are arguing anonymously over the internet.</p>
<p>How much you make in IBD or M&A depends on how much activity there is in the market. If investment banks are not making much money, then it means that M&A/IPO activity is low, or that other industries (such as high tech) are not doing well either. If there is indeed a new “scientific era,” then you can expect to Wall Street to be taking their cut. </p>
<p>The point of the $600k statistic was to suggest that ibanking will continue to a very lucrative industry despite the current crisis. </p>
<p>There is no data for the median salary of an ibanker. However, for comparison, the median salary of a Google software engineering/programmer is 90-100k, which is close to a first year analyst (as in right out of college) salary–90k.</p>
<p>Salaries in Investment Banking (with bonus)</p>
<p>Job Level | Salary Range | Typical All-in Comp | Prerequisite(degree/yrs experience)</p>
<p>First Year Analyst | $60K - 150K | $90K | Bachelor’s
Third Year Analyst | $120K - 300K | $150K | Bachelor’s
First Year Associate | $150K - 250K | $170K | MBA
Third Year Associate | $250 - 450K | $300K | MBA
Vice President | $350K - 1MM | $500K | 3-6 years
Director / Principal | $400K - 1.5MM | $700K | 5-10 years
MD / Partner | $500K - 20MM | $800K | 7-10 years
Department head | $800K - 70MM | $2MM | 10+ years</p>
<p>(2009 statistics) Sorry I’m too lazy to format it</p>
<p>500k after 3-6 years (depending on whether you have an MBA or not). Looks like the average isn’t too far off</p>
<p>The truth is, many people leave ibanking for better paying careers in hedge funds or similar pay but better hours in private equity. Yet, if you put in the years, 600k is not a difficult figure to reach. However, in almost all other industries, those numbers are impossible to attain unless you go into management or start your own company</p>
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<p>But remember, not everyone at GS is doing investment banking with an MBA, and bonuses are sharply declining in these times. People at GS also go into (relatively) low paying jobs at Goldman such as operations, technology, human resources, etc. 20% of Goldman employees work under their tech department, so techies comprise a significant portion of Goldman’s employees. So that mean of 600K/year is somewhat misleading. And plus, not that it matters, but 500k is significantly less than 600k, statistically speaking. I personally would be happy with either salary though lol.</p>
<p>That’s true, those numbers don’t include any of the back or middle office people. Since we’re talking about wharton though, I think we can safely assume most people won’t be doing IT or HR</p>
<p>unless managing human resources, which I would imagine is a generously compensating career path</p>