Gouman Wrote:
-------------------------------------------------------
> LOL. I can tell you�re an old grizzly. I don't
> think you know what you�re talking about. I go to
> work everyday where 25 year old kids like my self
> are starting out making 60k with a 50-100% percent
> bonuses, depending on how well our firm does
> overall, MBAs and CFAs are getting 120k with the
> same bonus as stated above. Everyone writes VBA,
> or is actively learning it at least. People move
> up fast or their gone fast, the person I work for
> made VP in 3 years she's 28 or 29, of course we
> are one of those firms where it seems like
> everyone is VP. Nevertheless with the title comes
> added responsibility and compensation.
>
> Let me assure you these are not senior people, or
> hot shots, these are first, second, and third year
> associates/analyst who just know their stuff and
> work hard. Most are working only 12 hour days,
> basically market hours + 4 more.
>
> Senior people are making way more. I've noted on
> this forum that the quant I sit next to came in at
> 240k with less than 10 years experience. Rumor is
> our group managing director banked close to 10
> million last year since the market we are in
> boomed. In general everyone came out smiling
> especially when those bonuses were handed out.
>
> You may not want to believe it probably because
> you've been working for decades and are making
> 15-20% more than some kid half your age just
> getting started. Our group manages 50 of 150
> billion with less than 40 full time people and the
> interns. Were banking about 200 million in fees.
> Expenses are overhead, blackberries, laptops,
> T&E's, IT infrastructure; the point is it isn�t
> much so there is plenty of mullah to go around at
> the end of the year.
>
> Note, our firm is small < 150 billion under
> management. Big firms like Piper, Morgan,
> Jefferies, Merrill are delivering much more
> lucrative packages than my shop. Bloomberg
> reported the average salary for all Goldman
> employees was 600k. People at shops a third their
> caliber are likely seeing a third their average
> salary which is still no pittance.
>
> Look, it's plain to see in my eyes, the hardest
> part about working in high finance is getting in.
> Once you�re in if you can stay in your likely to
> do really well. Of course if you work in some cow
> town you�re going to work for peanuts. However if
> your in LA (where I work) or any other financial
> center e.g. NY, SF, St. Paul, Chicago firms have
> to pay up to keep talent period. Those non-go
> getters who stay in Biloxi, Ithaca, and east
> Podunk don't really care about making money
> obviously. Anybody who does would move to any of
> the places stated above and goes for the gold. You
> may not make partner at Goldman but a smart person
> who is driven should make triple the 65k those who
> stay in small towns do.
>
> With respect to dilution of jobs, I don't buy it.
> I think demand for qualified finance professionals
> far outstrips demand today and will in the
> foreseeable future. The hard part is weeding out
> the hopefuls who don't cut it. CFAs will continue
> to be in high demand despite increasing
> enrollment. Also, most of the growth in CFAs is
> overseas which is another chink in your pathetic
> argument considering your argument refers to the
> U.S. job market.
>
> In the U.S. the employment market is trending
> towards jobs that require highly educated
> professionals trained in mathematics, sciences,
> technology. Our educational system is not
> producing suitable candidates, that�s a fact.
>
> In conclusion, you�re just a hater. You probably
> over the hill, work in East Podunk for peanuts, I
> bet you have a couple kids, a bunk wife who has
> your ball in a vice grip; you likely live an
> average and a boring life. Unlike you, many of us
> on this board have got are sh*t together, were in
> our early 20s and in position to pursue the most
> interesting and high dollar value positions. So
> don't come here and try to make it seem like I
> don't know what I'm talking, I'm no dreamer, and
> I'm speaking from experience. Trust me pal my
> internship ends in a few weeks, I graduate and
> could become full time, in three years I'd have a
> CFA and 3.5 in years of experience including the 6
> month internship. I have no doubt I'd be bringing
> in 100k plus. Instead I'm sticking around and
> doing a second baccalaureate in mathematics so I
> can apply to a joint financial engineering/MBA
> program and I'm still sitting for CFA in the mean
> time. We'll talk in a few years and see how much I
> don't know. Jerk.
Impossible is nothing.