Incomes of careers (2 Viewers)

[StGeorgeDragons]

What would be a good job to do in economics/commerce industry with the highest salary. In general basically because it depends on factors. Like i know CEO's make the highest but what about people that do finance, or accounting or business analyst which is the best career?

 

[Minai]

Investment bankers probably have the highest salaries straight off, same as Actuaries. I was speaking to people at an Ernst & Young function the other night and I've been told the best of the best graduates at big investment banks earn about $90K starting salary - BUT, the work and pressure is pretty intense, since you usually work 12 hour+ days (8am - 8pm for example), so you pretty much earn every cent.

 

[Frigid]

90k, r u kidding?

well for the hours you are working, you better get paid 90k. but you'll have like... no weekends, no life, totally drained all the time.

 

[Supra]

yeh IB and quants make shitloads (more demand overseas for quants), actuaries make a bit as well...if u open up ur own accg/finance practice, in a few years ull mint money as well...i reckon the best degrees u could do would b combined law (for IB or corporate law or something), actuarial double with comp (one way to become a quant), ne actuarial (to become an actuary or an analyst of course)...accg/fin is also very good (creates many oppurtunities)...if u want to become a CF), GENERALLY ull need an accg major, and be a CPA/CA...if u want to become a CEO, MBA would get u there eventually....

It depends on what ur good at and whether u want to stay in australia or go overseas

 

[= Jennifer =]

a good place to look for starting wages is gradlink or something

 

[Left-ism]

thats 90k plus bonuses at the top banks- Goldman, Merry Lynch, Macquarie.
I'm curious about what the requirements are for graduates to get into these banks. Does anyone have insight into this?

From what I've gathered its usually a D-HD average, very strong extra curricular and some relevant work exp. Anyone who already holds a grad. position, could maybe elaborate on what marks, extra curric and work exp they had to get the job.

Much appreciated

 

[theone123]

thats 90k plus bonuses at the top banks- Goldman, Merry Lynch, Macquarie.
I'm curious about what the requirements are for graduates to get into these banks. Does anyone have insight into this?

From what I've gathered its usually a D-HD average, very strong extra curricular and some relevant work exp. Anyone who already holds a grad. position, could maybe elaborate on what marks, extra curric and work exp they had to get the job.

Much appreciated

obviously the brightest of them all are only eligible for these positions since the companies only offer scarce number of positions.

 

[systemx]

yeh IB and quants make shitloads (more demand overseas for quants), actuaries make a bit as well...if u open up ur own accg/finance practice, in a few years ull mint money as well...i reckon the best degrees u could do would b combined law (for IB or corporate law or something), actuarial double with comp (one way to become a quant), ne actuarial (to become an actuary or an analyst of course)...accg/fin is also very good (creates many oppurtunities)...if u want to become a CF), GENERALLY ull need an accg major, and be a CPA/CA...if u want to become a CEO, MBA would get u there eventually....

It depends on what ur good at and whether u want to stay in australia or go overseas

Cool. So to become an investment banker, which major should I choose? And what is a 'quant'?

 

[Korn]

I would suggest you do something you enjoy above something that will get you alot of money, because unless you enjoy what you are doing you are likely to be less productive and perform at a lower rate therefore you wont be considered for the higher paying jobs anyway. So prioritise by putting what you enjoy as #1 then what pays well as 2 OR 3, depending on whether you want to enjoy your life or not.


BTW Anyone know where you can compare the $$ pay Vs working conditions, hours worked, unemployment levels, etc

 

[Left-ism]

obviously the brightest of them all are only eligible for these positions since the companies only offer scarce number of positions.

yes but i was wondering what sort of criteria they use....

 

[SashatheMan]

BTW Anyone know where you can compare the $$ pay Vs working conditions, hours worked, unemployment levels, etc

i guess asking around , and tlaking to people who actually done it

 

[Supra]

think about what korn said first of all...very importnat, no point doin actuarial for the money, u need to liek teh course to be motivated to study and then get ur exemptions...
investment banking- u should ideally aim for combined law, but majors in actuarial, accounting etc (doubled with finance) shud also be fine...as gm (a member of bos who knew a lot about IB) once said, it wont really matter what undergrad u do (ideally it shud b com/law or fin/law) u shud do postrgrad at for example, SIA (Securities Institute)...thatll defnitley get u into IB. As u can see its pretty hard to get into it, and once ur in, u work very long hours, but u get shitloads of money thrown at u, so teh rewards r there for the taking

http://www.boredofstudies.org/community/showthread.php?t=27834&page=1&pp=15
thats like the best thread ever...they talk about IB and Quant analysis

Also for more details on quantitative analysis check this out http://www.wilmott.com/categories.cfm?catid=8 just search for whatever u need to know there...to be a quant u need strong maths AND computing skills (i.e programming)...I have decided taht i wont becomme a quant coz i suck at programming, but ppl doin actuarial/comp (MQ) or actuarial/Software Engineering (UNSW) can get into this profession...but look at the wilmott forums specfically, theres heaps of degrees around to get u where u want to b

 

[#4]

thats bullshit

you probably saw one marketing job that offered 75 grand, if you have 25 yrs experience and a PHD and now MOST marketing jobs offer that. PFT!

 

[clairegirl]

thats bullshit

you probably saw one marketing job that offered 75 grand, if you have 25 yrs experience and a PHD and now MOST marketing jobs offer that. PFT!

ruuuudeee

but yeah i agree with you... u need to be a project manager or something to earn 75k a year for marketing... (my cousin's wife is one she's 32).... a project manager and she's earning 108k a year, she graduated from some sciencey type degree at uws as well lol hehe (i think the degree name had environmental science in it or something)...she's currently completing her MBA at AGSM

....25 years experience is a bit much, i think its aroun 10 years experience without the need ov a PHD and the 25 years experience is a bit much #4

marketing's so much more fun and glamourous than an investment banker though

investment bankers seem boringish and greedy and work orientated (hrrm im thinking in terms of datability btw)

 

[Supra]

investment banking is only boring for those who find commerce, investing, economics types things boring...if ur doin commerce chances r ull like this profession howeveva its long hours...its bloody hard to get in, and i think its more glamourous compared to marketing...investment bankers are NOT greedy, they work xtremely hard, and deserve the salaries they get...work oriented, yes ok thats true...im not saying marketing is bad or nething, its quite good and extremely useful, perhaps more fun as well
but i must stress its not more glamorous tahn IB...ppl in IB have more money and can thus lead more glamorous lives...

on another note, ur cousin's wife is doing very well for herself, MBA is elite...her 100k package is awesome, shell get more than that soon as shes got her MBA
This illustrates another thing, undergraduate studies at a particular university...ppl diss UWS and claim tehy wont get jobs or nething (this is only true to a LIMITED extent in professional areas such as Law, IB, Quantitative fiels etc) even Maq isnt as respected as NSW and Syd, however, wherever u get ur degree from is really irrelevant once u have postgrad qualifications (AGSM or MGSM or SIA etc)

UWS isnt really that bad as people portray, tehre are some really intelligent ppl taht go there because of its location

 

[Meads]

lol...about the MBA thing, my dad worked for McDonalds Corp. and he did a MBA, but like a year later he left and became an owner operator...so im not 100% sure that you are guarenteed a huge pay rise, etc just because you completed an MBA...but i dont want 2 argue or anything

 

[theone123]

investment banking is only boring for those who find commerce, investing, economics types things boring...if ur doin commerce chances r ull like this profession howeveva its long hours...its bloody hard to get in, and i think its more glamourous compared to marketing...investment bankers are NOT greedy, they work xtremely hard, and deserve the salaries they get...work oriented, yes ok thats true...im not saying marketing is bad or nething, its quite good and extremely useful, perhaps more fun as well
but i must stress its not more glamorous tahn IB...ppl in IB have more money and can thus lead more glamorous lives...

on another note, ur cousin's wife is doing very well for herself, MBA is elite...her 100k package is awesome, shell get more than that soon as shes got her MBA
This illustrates another thing, undergraduate studies at a particular university...ppl diss UWS and claim tehy wont get jobs or nething (this is only true to a LIMITED extent in professional areas such as Law, IB, Quantitative fiels etc) even Maq isnt as respected as NSW and Syd, however, wherever u get ur degree from is really irrelevant once u have postgrad qualifications (AGSM or MGSM or SIA etc)

UWS isnt really that bad as people portray, tehre are some really intelligent ppl taht go there because of its location

yeaha look at Allan Moss, a pay increase of 6 mill to 18 mill. no wonder they call macbank the "million dollars factory"

 

[Supra]

yeaha look at Allan Moss, a pay increase of 6 mill to 18 mill. no wonder they call macbank the "million dollars factory"

LOL yeh Macq. Bank is awesome...my aim is to get a job there as an investment analyst and then work my way up

lol...about the MBA thing, my dad worked for McDonalds Corp. and he did a MBA, but like a year later he left and became an owner operator...so im not 100% sure that you are guarenteed a huge pay rise, etc just because you completed an MBA...but i dont want 2 argue or anything

we're not arguing we're merely discussing
u wudnt b guaranteed a pay rise, it depends on what u do with ur MBA...i.e in order to get sig. pay increase, u have to seek management positions (which will be facilitated by ur MBA qualification)...now thats an ascension in the heirachy = more $

MBA is quite difficult and bloody expensive as well, ppl work hard to get the salaries htey deserve...but really i dont think execs shud b gettin like 18million

to be honest id b elated with nething above 250k =P

 

[Meads]

we're not arguing we're merely discussing
u wudnt b guaranteed a pay rise, it depends on what u do with ur MBA...i.e in order to get sig. pay increase, u have to seek management positions (which will be facilitated by ur MBA qualification)...now thats an ascension in the heirachy = more $

MBA is quite difficult and bloody expensive as well, ppl work hard to get the salaries htey deserve...but really i dont think execs shud b gettin like 18million

to be honest id b elated with nething above 250k =P[/QUOTE]

yeh my dad was locked away for 3 years basically in his study...but he already had a management position, and basically Maccas payed for him to do an MBA to improve his qualifications, in case a position higher up came about...cut a long story short, some bloke sold his franchises to the company which happened to be in our area, so it was a one time oppurtunity to ask for one...but i suppose his MBA has not really gone to waste, im sure it has been extremely beneficial for his operations.

 

[Korn]

LOL yeh Macq. Bank is awesome...my aim is to get a job there as an investment analyst and then work my way up

Shit dude, thats what I have thought about getting into