The hoo-hah surrounding investment banking (1 Viewer)

[Vagabond]

The amount of effort needed in each field seems rather similiar and wouldn't earning squat and not being able to spend large amounts of money be sort of similiar?

Err no..

The money is still there, meaning you can quit your job and invest. As invesment bankers do.

Sweatshop workers on the other hand either die or leech of their kids when they retire.... at 70 years of age..

>.<

 

[matt88m]

Yeah but there is got to be other jobs in investment banks besides just investment banking.

he's head of securitised products group, australia if that helps.

 

[iamverystupid]

I don't know if you've noticed... people like ND with actual IB experience have stopped posting here. There're so many people plucking facts out of their a****. Who the F keeps saying IB grads get paid 70k in all the IB-related threads??? They don't, ok?

I'm not sure if you consider the ABC to be a reliable source, but if you do, then it seems you are wrong.

"So investment banking, for example, graduates going into those kinds of roles are earning a median salary of about $71,000 a year. Somebody going into an accounting role, the median salary is about $42,000 or $42,600 a year. Those are median figures and they are a national average as well."


http://www.abc.net.au/am/content/2006/s1790784.htm

If you don't, then I'm sure we can find another one.

 

[theone123]

IB's starting pay is about 85k i heard. Apparantly my friends tell me they have showers and beds there, as they expect you to work overtime for sure lol.

 

[uberlovesounds]

wow beds and bathroom supplied? hilarious!

 

[matt88m]

The definatley have showers...dunno about the beds, deutsche dont have beds.

 

[turtleface]

At one of the top tiers you get a $40 or so meal voucher if you work past 8:00pm. You get a free taxi home if you work past 12:00am.

Showers don't mean anything, even accounting firms have them and you'd have to be on a very big client to have to go past say 8:00pm.

A friend of mine doing work experience at a top tier gets $1350 a week. This roughly = $71,000 first year out. I base this on Big 4 vacationers at my firm who get $1050 a week and when you factor in their loading for annual leave etc, get a similar amount per week as graduates. You have to remember when people say Investment Banking they usually mean proper Investment Banking (i.e. Corporate Finance etc ). All that other peripheral stuff may earn more, like Trading and what not, but it is not really Investment Banking as such.

I know Equity Research Assistant Analysts get about 85K first year out base salary.

 

[Mejc]

At MBL we have showers and the only beds that i have seen are in first aid.

 

[Omnidragon]

I'm not sure if you consider the ABC to be a reliable source, but if you do, then it seems you are wrong.

"So investment banking, for example, graduates going into those kinds of roles are earning a median salary of about $71,000 a year. Somebody going into an accounting role, the median salary is about $42,000 or $42,600 a year. Those are median figures and they are a national average as well."


http://www.abc.net.au/am/content/2006/s1790784.htm

If you don't, then I'm sure we can find another one.

That figure's a bit off... maybe they excluded super? But even so, it's still low.

 

[iamverystupid]

Yeah, i do agree it is a bit low. The recruitment agency Michael Page gives estimates of 70k-120k and I know those are from employee surveys and may be more accurate. Somehow, I don't think these figures include performance bonuses and such, so I can't really say how close to the actual pay numbers they are.

I was under the impression that you were implying IB's were paid less, hence the link. My mistake.

 

[jpr333]

Meh it's only median salary figures, skewed for shiz didnt, we all do stats 101

 

[ND]

Meh it's only median salary figures, skewed for shiz didnt, we all do stats 101

And apparently some did better that others...

 

[ks21]

I was a bit surprised to hear how much risk management grads get paid at IB firms. For example, I got a friend who had a offer for Deutsche Bank Risk Management with 80 K grad salary (which she knocked back). Then again, I guess they work pretty long hours as well.

 

[redruM]

This is probably the best place to ask this question - Where can you find out about the jobs in the finance industry; Corp Fin, IB, etc.? For example - What exactly is Risk Management?

I am thinking one would find out about this through the actual careers section of firms and banks' sites. Just curious if there is anything else out there in terms of a source.

 

[Supra]

Rahul,

http://www.kpmg.com.au/default.aspx?tabid=833
always look at career choices section

and for leet boxden members:
http://www.itsbx.com/showthread.php?t=744559&page=3

 

[redruM]

Rahul,

http://www.kpmg.com.au/default.aspx?tabid=833
always look at career choices section

and for leet boxden members:
http://www.itsbx.com/showthread.php?t=744559&page=3

Thanks for that champ (esp for the bx link).

 

[Newbie]

hey matt (mr shittles)

wassup mr banker

 

[velox]

still here newbie? Did you hear the sad news about Mr Day ?

 

[Newbie]

hmm

i heard he had to quit school because he was really ill

is it worse than that? =(

 

[velox]

hmm

i heard he had to quit school because he was really ill

is it worse than that? =(

Unfortunately yes He passed away this morning after a long battle with cancer.