6 Figures Yet?

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XSellSide

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How long did it take you in this industry to get to a 6 figure salary or when do you realistically anticipate you'll be there?

Been in the industry 6 years. Thought I'd be there within 5, but it's probably another 1-2 years off. :-|

Of course, my ultimate goal is two commas.
 
Do you mean total comp or salary? If salary, I'm still far from it although I've only been out of school about 3 years. If I land the research job I'm currently in the running for, I just might cross the six figure mark total comp wise, which would be phenomenal for me given my expectations.
 
Let's go with total comp, pre-tax as the measure.



Edited 1 time(s). Last edit at Friday, September 15, 2006 at 03:08PM by XSellSide.
 
Good point...base salary or total comp? There is a HUGE difference. Base salary does not change that much as you move up on the sell-side, but if you're ex-sell side you must know this already.

If it's total comp, one can earn six-figures in the first year in front-office sell-side (though 33-40% will go to Uncle Sam)
 
2 years from the start of my "finance" career.

However, I went into network engineering right out of college. So, total time since graduating college was 5 years.
 
What are your credentials though? Charter? No Charter? How many exams? MBA? No MBA? Does my trust fund count?...........
 
no cfa exams, no mba, top university, good grades, nice guy



Edited 1 time(s). Last edit at Friday, September 15, 2006 at 05:33PM by numi.
 
Once again, everyone is focused on the revenue and not the cost side of the equation, y'all should say where you're living too, b/c 6 figs in NYC/BOS/SF ain't the same thing as 6 figs in the flyover states.
 
xabat77 Wrote:
-------------------------------------------------------
> Once again, everyone is focused on the revenue and
> not the cost side of the equation, y'all should
> say where you're living too, b/c 6 figs in
> NYC/BOS/SF ain't the same thing as 6 figs in the
> flyover states.


I did a comparison between NY and Atlanta using the Salary.com cost-of-living calculator (http://swz.salary.com/CostOfLivingWizard/layoutscripts/coll_start.asp)

If you made $100K in NY, then:

The cost of living in Atlanta, GA is 44.8% lower than in New York, NY. Therefore, you would have to earn a salary of $55,225 to maintain your current standard of living.

Employers in Atlanta, GA typically pay 15.1% less than employers in New York, NY. Therefore, if you take the same type of job in the same type of company in Atlanta, GA you are likely to earn $84,861.

+$29,635 = net change in disposable income



Edited 1 time(s). Last edit at Friday, September 15, 2006 at 07:24PM by CFAAtlanta.
 
"Once again, everyone is focused on the revenue and not the cost side of the equation, y'all should say where you're living too, b/c 6 figs in NYC/BOS/SF ain't the same thing as 6 figs in the flyover states."

Very valid point. However, I think "cost of living" is a really hard thing to properly judge, since everyone will spend an entirely different amount to live. If you're living in Atlanta and going out for dinner to nice restaurants 7 nights a week, and buying a lot of really expensive stuff, you could easily burn through the extra $29,635 of disposable income, and actually end up saving less than a frugal person living in NY.

I think the 100,000 mark is mostly a psychological thing. The difference between $99,800 and $100,000 won't buy more than a few tanks of gas, but I think it appears to be a bigger difference than it really is simply because the extra $200 pushes you into the 6-figure territory.

Maybe we should be comparing not only gross salary and location, but also how much you are able to save.
 
i know people that made 200-300k 2 years into the game coming right out of university, and thats in a city that dosnt even have much of a IB industry.

i envy those @#$%&

of course they were sell siders and that is total comp, i think you have to slog around for 5-7 years become a VP and start making some rain before you earn a six figure base around here



Edited 3 time(s). Last edit at Friday, September 15, 2006 at 09:41PM by SeanC.
 
CFAAtlanta Wrote:
-------------------------------------------------------
> xabat77 Wrote:
> --------------------------------------------------
> -----
> > Once again, everyone is focused on the revenue
> and
> > not the cost side of the equation, y'all should
> > say where you're living too, b/c 6 figs in
> > NYC/BOS/SF ain't the same thing as 6 figs in
> the
> > flyover states.
>
>
> I did a comparison between NY and Atlanta using
> the Salary.com cost-of-living calculator
> (http://swz.salary.com/CostOfLivingWizard/layoutsc
> ripts/coll_start.asp)
>
> If you made $100K in NY, then:
>
> The cost of living in Atlanta, GA is 44.8% lower
> than in New York, NY. Therefore, you would have to
> earn a salary of $55,225 to maintain your current
> standard of living.
>
> Employers in Atlanta, GA typically pay 15.1% less
> than employers in New York, NY. Therefore, if you
> take the same type of job in the same type of
> company in Atlanta, GA you are likely to earn
> $84,861.
>
> +$29,635 = net change in disposable income

yeah, thats great for calculating how staples like rent and utilities cost, but people who play this game arent worrying about spending 30% of their take home on a home. cost of living expenses are a far greater concern for the poor and middle class. As far as i know, bimmer m5's, rolexes, gucci shoes and armani suits cost the same everywhere.
 
SeanC Wrote:
-------------------------------------------------------
> As far as i know, bimmer m5's, rolexes, gucci
> shoes and armani suits cost the same everywhere.

Sorry cat, on the right track but not bang on. Compare US to Aussie Beemer prices and US to USVI Rolex prices. Law of one price is a myth. You can take a trip to the caribbean for free with the money you can save on a money watch.
 
Hey you are right but you gotta start somewhere with some model to compare things. The important thing is to remember limitations of the model. Otherwise even the CPI data that keeps riling the market would seem useless.
 
Another thing to consider is taxes, which take a gigantic bite out of your paycheck in NYC (muni. taxes) and California (very high state income taxes).

Florida = No state income taxes (thank you tourists!!!)
 
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