Salary of Entry Level Financial Analyst
- Thread starter minocfa
- Start date
mpnoonan Wrote:
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> PeteyPete Wrote:
> ————————————————–
> —–
> > Only an Ivy MBA will assure an entry level
> > position in finance in this job market.
>
> you are so full of it. i can smell you from here.
> wow. some people never seem to amaze me. WOW
I live about 2 miles from Wall Street…and have friends at SAC, Morgan, GS, Barclays, etc.. All of them are saying the same thing…HIRING FREEZE unless your coming out of Stern, Wharton, or Columbia. In case you haven’t heard, people are getting sh1tcanned left and right at every investment bank, mutual fund, hedge fund, fund of fund, and PE firm. It seems the only people who are hiring are those in financial planning (b/c its totally commission), and those who can raise capital to stem the flow of liquidations.
Perhaps things are different in Nebraska…but here in NY, there are a surplus of highly qualified candidates all vying for the same set of jobs.
I spoke to a friend who works as a research analyst at a premier fund in NY….they posted for a research assistant position and had over 800 applicants inside of 2 weeks. From CFA’s to MBA’s…all for a job offering $40k to start. They wound up hiring someone out of Princeton.
If you think things are peachy, your deluding yourself.
——————————————————-
> PeteyPete Wrote:
> ————————————————–
> —–
> > Only an Ivy MBA will assure an entry level
> > position in finance in this job market.
>
> you are so full of it. i can smell you from here.
> wow. some people never seem to amaze me. WOW
I live about 2 miles from Wall Street…and have friends at SAC, Morgan, GS, Barclays, etc.. All of them are saying the same thing…HIRING FREEZE unless your coming out of Stern, Wharton, or Columbia. In case you haven’t heard, people are getting sh1tcanned left and right at every investment bank, mutual fund, hedge fund, fund of fund, and PE firm. It seems the only people who are hiring are those in financial planning (b/c its totally commission), and those who can raise capital to stem the flow of liquidations.
Perhaps things are different in Nebraska…but here in NY, there are a surplus of highly qualified candidates all vying for the same set of jobs.
I spoke to a friend who works as a research analyst at a premier fund in NY….they posted for a research assistant position and had over 800 applicants inside of 2 weeks. From CFA’s to MBA’s…all for a job offering $40k to start. They wound up hiring someone out of Princeton.
If you think things are peachy, your deluding yourself.
45,000 would be the bottom in a big city, maybe 43k if your firm is a bunch of cheap bastards.
I live in LA. Here 40 is bottom barrel get up and leave after the offer unless you have no other options, 43K is cheap bastards “R” us (but I’ll take it and quit after a year), 45 is about average, 50k is pretty good, anything above 50k usually means you either went to a premier school, have prior experience doing something relevant, or it’s sellers market.
Just my two cents from experience here in LA LA Land.
I live in LA. Here 40 is bottom barrel get up and leave after the offer unless you have no other options, 43K is cheap bastards “R” us (but I’ll take it and quit after a year), 45 is about average, 50k is pretty good, anything above 50k usually means you either went to a premier school, have prior experience doing something relevant, or it’s sellers market.
Just my two cents from experience here in LA LA Land.
Gouman Wrote:
——————————————————-
> 45,000 would be the bottom in a big city, maybe
> 43k if your firm is a bunch of cheap bastards.
>
> I live in LA. Here 40 is bottom barrel get up and
> leave after the offer unless you have no other
> options, 43K is cheap bastards “R” us (but I’ll
> take it and quit after a year), 45 is about
> average, 50k is pretty good, anything above 50k
> usually means you either went to a premier school,
> have prior experience doing something relevant, or
> it’s sellers market.
>
> Just my two cents from experience here in LA LA
> Land.
With a masters in finance?
——————————————————-
> 45,000 would be the bottom in a big city, maybe
> 43k if your firm is a bunch of cheap bastards.
>
> I live in LA. Here 40 is bottom barrel get up and
> leave after the offer unless you have no other
> options, 43K is cheap bastards “R” us (but I’ll
> take it and quit after a year), 45 is about
> average, 50k is pretty good, anything above 50k
> usually means you either went to a premier school,
> have prior experience doing something relevant, or
> it’s sellers market.
>
> Just my two cents from experience here in LA LA
> Land.
With a masters in finance?
If you have no experience in Finance, yeah. I mean you might be at the higher end of the range, but nobody cares if you have a masters and no experience.
Now if you were formerly a market researcher who is a stats wiz, or a department manager who had responsibility for a multimillion dollar budget, you were probably making much more than 50k and may be able to negotiate a higher base.
However, if you don’t have any relevant finance or industry experience, an MS alone is just going to get you a job, not a high salary. Your only going to get entry level responsibility anyways. No manager who’s ass is on the line is going to just trust someone with only textbook/classroom experience to manage any of the financial functions that pay bank.
The MS with two or three years in the trenches cranking out reports, ad-hoc models, cash budgets, P/L and BS models, CAPEX & OPEX forecasts – you could easily get 65K low end and 85 on the high end. The difference is not the degree, it’s the experience.
Note, my assessment is geared more toward corporate finance analysis. However, my friends in all forms of financial services (Big four, IB, AM, Corp Fin) all basically started between 40k and 50k post undergrad. We all have seen guys with MS or MBAs come in with no experience in our respective firms and basically get paid the same thing we get (and they don’t know sh!t about how things work outside of text book land). The only advantage might be how quickly you gain responsibility (mostly due to age and previous work experience in a role with similar level of responsibility) and bonuses (if you get them) are steeper than in financial services, which on average could potentially add as much 20% of base to your over all comp at the entry level pre or post grad.
I’m sure it’s different if you went to Princeton or Wharton for your MS, but for us mere mortals I think my assessment is reasonable.
Edit: Grammer
Now if you were formerly a market researcher who is a stats wiz, or a department manager who had responsibility for a multimillion dollar budget, you were probably making much more than 50k and may be able to negotiate a higher base.
However, if you don’t have any relevant finance or industry experience, an MS alone is just going to get you a job, not a high salary. Your only going to get entry level responsibility anyways. No manager who’s ass is on the line is going to just trust someone with only textbook/classroom experience to manage any of the financial functions that pay bank.
The MS with two or three years in the trenches cranking out reports, ad-hoc models, cash budgets, P/L and BS models, CAPEX & OPEX forecasts – you could easily get 65K low end and 85 on the high end. The difference is not the degree, it’s the experience.
Note, my assessment is geared more toward corporate finance analysis. However, my friends in all forms of financial services (Big four, IB, AM, Corp Fin) all basically started between 40k and 50k post undergrad. We all have seen guys with MS or MBAs come in with no experience in our respective firms and basically get paid the same thing we get (and they don’t know sh!t about how things work outside of text book land). The only advantage might be how quickly you gain responsibility (mostly due to age and previous work experience in a role with similar level of responsibility) and bonuses (if you get them) are steeper than in financial services, which on average could potentially add as much 20% of base to your over all comp at the entry level pre or post grad.
I’m sure it’s different if you went to Princeton or Wharton for your MS, but for us mere mortals I think my assessment is reasonable.
Edit: Grammer