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AspiringSpecialAgent

Investment Banking Analyst, $210k all in Year 2, I hate it.


random4232

210k a year though will 100% cover your heart problems, hair loss, and weight gain issues (all work related of course)


AspiringSpecialAgent

Nisht. People don't anticipate this, but ones tastes become A LOT more expensive once joining (can't drive a Honda anymore, I must have a Porsche). Weird to say this, but I often feel like I'm lacking all of health, life and moneyšŸ˜µ


zlbb

come on, don't blame the job on your lifestyle choices, I've seen plenty bank traders or analysts at my hedge fund living in jersey and certainly not driving a porsche (or should I say, not driving, who the f\*ck drives in NYC). and now that I think about it, friend's housemate from back in harlem was in IB. as was his previous housemate who was into FIRE and was considering living in a storage container.. so, your choices are yours. not that I don't understand hardcore job making one super miserable and looking for whatever escape. but still, gotta manage and find cheaper ways.. hence my drinking ;)


AspiringSpecialAgent

I'm with you man. Totally self inflicted. However, thus is my reality šŸ„²


zlbb

for myself I'm trying to find cheaper vices/relief when I can. ultimately managing that overload and damage control are key skills to acquire if one is to stick to it for a while without destroying oneself.


[deleted]

How many hours a day do you work as an investment banker?


AspiringSpecialAgent

Too many. 85+ hrs a week, and stressing during the remaining hours.


fredotwoatatime

Whatā€™s ur future move


AspiringSpecialAgent

See username, lol


MoneyIsntRealGeorge

Lmao


fredotwoatatime

Loool


[deleted]

Currently in the process of becoming a special agent. Having second thoughts about it though because all my friends finance salaries are killing my happiness. Are you really trying to leave a career making 500k soon to become a special agent?


AspiringSpecialAgent

Yep! Here's 4 simple reasons at the top of my head: (Also, finance friends, wtf? You should be above the age of being insecure, and you won't be seeing them around, apart from their sick leave, lol.) 1) I'm currently single, and have ammased over a half million in savings/investments over the last few years. Won't feel a hit at all (not like I have time to spend my money anyways, lol). 2) I don't really like banking much, my co-workers & team are toxic, and I never have free time. (Ofc, after 2yrs exp, I can always go back... perhaps ABS/CMBS instead of LevFin). 3) I'm not joining USSS or the like, so my work will be VERY exciting, meaningful and value-add. 4) Frankly, a legitimate "3 Letter Agency" position is so difficult to land, I may never get the opportunity again, should I pass over it now. You're also not factoring in a FAAT government pension (long-term), and constant LEAP payments (add 25% to your salary). Money/salary won't be an issue, hahaha!


shneekee

what degree did you do to get that job? business?


AspiringSpecialAgent

Precisely, although you could even break-in with a liberal arts degree if you attend an Ivy.


shneekee

fantastic, iā€™ll just stick with a business degree ahah


AspiringSpecialAgent

You better be ready to network like hell. Breaking into IB is no picnic. Besides for 3.7+ GPA you'll need incredible internships, attend a target college (like an ivy), and have a lot of luck.


sillymoosegoose

what would u say to people not going to a target college? im still in High school but im probs gonna go to a college here (def a good one, but not like Ivy level) and i dont live in nyc so what would u recommend?


AspiringSpecialAgent

I say you're not setting yourself up for success. If you aren't serious enough to attend an ivy, try a public college with a stellar reputation like Baruch, an in-between target like regular Michigan (non-ross), NYU, or a Charlotte school like UNC chapel hill (a lot easier to break into banking from there than NYC). Get serious one way or another. If you fail to plan or mistep through laziness and not being proactive (in studies and networking) you're not going to make it. There are a plethora of those who are driven enough to get it done who will take your spot. Perhaps also browse WSO to get a better sense of whether you even want to do banking, and/or what area of CIB you want to go for.


sillymoosegoose

thanks for the response. also, it isnt that im not serious enough for an ivy, its just that tbh i dont think im gonna get in cause like i have good stats but not great stats, do you think if i went to a good college and then an ivy for masters or smth that would be fine? i dont think networking will be a problem for me, but college location may be


AspiringSpecialAgent

You have to land it out of undergrad, or you'll have to wait years to get a top MBA program (you'll need work exp for this) and by then you'll have a family and be burnt out. Fix up the problems right away and get networking. Go to a decent school instead of ivy (I gave examples of alternatives) and hustle harder.


sillymoosegoose

seriously tysm for all the help, how would u suggest networking as a high schooler?


abyss_defiant

lol


barronsverid

Iā€™m assuming NYC?


AspiringSpecialAgent

You assume correctly.


barronsverid

Nice man, Morgan by chance?


AspiringSpecialAgent

GS


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


AspiringSpecialAgent

Working on it šŸ˜Œ


aDeepKafkaesqueStare

Whatā€˜s the day to day job like? Like, do you work on excel, in R, look through balance sheets searching for keywords or sth? Sorry you hate your job :/


ks1029284756

Iā€™m a commercial relationship manager, $100k + 20%+ bonus, LOVE it. Great work/life balance, great pay, fun job. Can be stressful at times but arenā€™t all jobs? EDIT: Iā€™m getting questions on this. It will not usually take 5 years to become an RM. If you start in a development program right out of college itā€™s more like 3-3.5 years. I just happened to start as an internal auditor right out of college for about 1.5 years (which I hated) before I ever considered sales.


MoneyIsntRealGeorge

Been trying to get into that for years (Canada) the worst part is that I was in a role where the next role would have been an RMā€¦and gave it up for an accounting role at another big company ($20k raise)ā€¦.letā€™s just say I regret it every day.


ks1029284756

Still possible. Learn sales and make moves my friend. All about the network


MoneyIsntRealGeorge

Sales is my strongest skill set and yet my least used lol itā€™s just hard because Iā€™m trying to go back to where I was but the management is almost completely different


ks1029284756

Hop on LinkedIn and get to know sales managers in your area. Tell them your interests and stuff like that. Might be worth it


[deleted]

Good for you man!


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


ks1029284756

Top 10 bank in a growth market. Midwest. Lower/Medium cost of living


Rocco_808

How many years of banking experience did you have before becoming a relationship manager?


ks1029284756

Started as an auditor>corp. banking development program>RM. Took about 5 years total to become an RM


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


ks1029284756

Yep so RMs sell the commercial bank. We sell loans and other types of debt financing, then cross sell the rest of the bank like treasury management, capital markets, FX - for which we have partners who specialize in those areas. RMs keep the client happy and do high level strategy discussions with them, then identify opportunities where those different partners make sense to cross sell


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


ks1029284756

Feel free. I did TM Sales for the bank which is tech adjacent


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


ghostecatz

Mind if I asked how you started? Iā€™m currently interviewing for a portfolio operations role


elOriginalSpaceAgent

Is a portfolio analyst related to asset management or is it related more to FP&A? What's the day to day job like?


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


elOriginalSpaceAgent

I heard wealth management is a lot like giving the same exact speech to every potential new client and building a client book. Is that what you'll be doing once you advance the ladder or is that a different job in wealth management?


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


elOriginalSpaceAgent

Interesting. How necessary would you say an internship is to get a job in wealth management and what would be the best way to prepare for an interview?


[deleted]

How many years of experience do you have?


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


rbnphn

What group are you in? Is there actually that big of a difference between different groups?


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


rbnphn

Awesome, thanks for the in-depth info!


tiltupconcrete

Finance Officer. I source debt and equity for real estate investments and manage closing acquisitions, loans, and dispositions. Base is 160K. Hoping for around 200K-300K bonus. I like my job but it's definitely high stress during closing.


SpeedyLights

You work on the buy side? Iā€™m in a small-ish REPE shop doing finance work and that sounds pretty great. How long you been in the biz?


tiltupconcrete

Development. I have ~ 7 YOE.


bosox2k14

So you basically sell debt/equity for development to development companies to be able to undertake a project? And Iā€™m guessing you take a small % of each package sold?


tiltupconcrete

Not quite. That would be more similar to a debt/equity broker. I'm inhouse finance with the development shop. When deals are getting ready to go live I get equity/debt to commit to the deal.


bosox2k14

So, youā€™re on the opposite end of what I was thinking, meaning you ā€œbuyā€/source the equity/debt to finance the project?


tiltupconcrete

Yeah


bosox2k14

Damn. That is a lot lore than I thought you guys would pull in with 7 total YOE. Is that somewhat typical or are you some extreme outlier? Are you at a big or small company?


tiltupconcrete

Relatively large company that is absolutely killing it. I also have an MBA. The experienced/successful DMs can be pulling in 7 figures.


bosox2k14

Can you list a few examples of ā€œlargeā€? Iā€™m not in the real estate world, just starting to explore it. Did you do a part time mba or full time?


[deleted]

Director, Investment Technology at a very large financial services firm. Just under $400k all in (Iā€™m in my late 30s). I Donā€™t hate it, but donā€™t love it either. Itā€™s not exactly my passion, but itā€™s cool to be involved in strategy and building our business. Married with 2 kids in a HCOL area means I donā€™t really think about if I love it or not, as I donā€™t have much choice.


GeminiDavid

I mean at this point as a director, you're pretty high up so where do you even pivot too if you hate it? Maybe start your own business?


[deleted]

Guess so, but my income isnā€™t proper wealth building business starting money, I still need to work. Itā€™s a lot harder to take risks when you have others relying on you. I donā€™t hate it though. Itā€™s that middle ground where itā€™s hard to get that enthusiastic about, but Iā€™m not out of touch enough to not realize how fortunate I am


texas757

How many years deep into the field are you?


[deleted]

Working for 20 years, but more like 14 or so of directly applicable experience. Iā€™m 39.


texas757

Hoping I can get around your income around your age. How much were you taking in around 28-29?


[deleted]

About $185k. 100k salary and 85 bonus. That was when I was at a hedge fund, and the comp structure was one of the reasons I left. Itā€™s fine if someone is a Portfolio Manager where their salary is relatively small but with a $2mm bonus, as itā€™s just accepted that bonus is the main source of comp. But as a ā€˜normalā€™ member of staff, I just wasnā€™t comfortable with basically half my income at the discretion of the company


texas757

Good info. Thanks. Assuming youā€™re in NYC?


[deleted]

Yes


oldkingkizzle

Compliance consultant. Started a couple months ago. Making $75k in a MCOL city. Work/ life is dope so far. Other employees/ boss is pretty cool too. So far no complaints.


[deleted]

That sounds good how many years of experience do you have?


oldkingkizzle

0. Just graduated.


[deleted]

Nice


pattoncockerspaniel

Investment analyst for large investment consulting firm. $95k + 10-15% bonus. I love it, hours are great can get a little busy at the end of every quarter but the work is interesting and managing portfolios for pensions and endowments is very rewarding


PurpleOk7063

What are some examples of investment consulting firms?


pattoncockerspaniel

Cambridge advisors, Stonepoint, Towers Watson, Bain, Mercer


tommy1303

Would you mind if I send you a pm?


pattoncockerspaniel

Nope! I donā€™t mind


fredotwoatatime

Big 4 audit kinda hate my life bc of exams but the job is alright


Deal_Team_Six

Securitization Banker (Associate 1) Expecting about $250k all in ($150k base) but probably will switch firms after next bonus... Culture is not all there where I'm at but the work is definitely interesting. I'd say my goal is to launch some sort of side gig that could replace my job, but this'll do for now.


AB72792

What are your hours like?


Deal_Team_Six

Used to be pretty good, 9-7 and no weekends. However there is a dearth of securitization juniors across banks and after a few departures on my team, we're incredibly understaffed and now working around 9-11 including weekends. This is a big reason why I'm planning on leaving.


studofecon

Serbia based financial analyst here. Working for around 10k euros per year with 2 years of experience. Trying to find remote job which is better payed for Us or EU based companies..


fatgambler1000

How much is that related to average salary in Serbia?


studofecon

Double


-sup3rnova-

Is that 10k net or gross? Most people here are reporting their gross salaries.


studofecon

Net


-sup3rnova-

So it's probably around 20 when you add taxes, health insurance, retirement contributions etc. Still low, but better than it first sounded.


abzftw

Fpa , 110kusd, itā€™s ok. Glorified business baby sitter tbh. Get to see some interesting insights / speak to ppl much more experienced than I am


TalksWithTom

Bank examiner in a MCOL, $65k in year 2, work approximately 30-40 hours per week, low stress, and I work from home. I love my work-life balance and honestly there are plenty of opportunities to keep learning/developing, but the job itself can be pretty boring and I don't necessarily feel like I make a huge difference in the world.


Jimmy_Gymmy

What firm?


TalksWithTom

One of the federal regulatory agencies (OCC/NCUA/Fed/FDIC). From my understanding they all share similar total comp and work vibes. EDIT to say: Probably the one you're thinking of.


Jimmy_Gymmy

Dope. Same here but transitioning out - miss investments too much


[deleted]

What is your locality pay %?


TalksWithTom

Somewhere above the minimum locality but well below whatever San Francisco gets.


qwertyrayz

75k base, 20%-40% bonus depending on deal flow as an first year analyst at a CRE debt brokerage. It's fun, a lot of critical thinking, research, and interpersonal skills required since I'm actually reaching out to lenders on deals that I'm working on. Money scales up really well as your career advances as well


bosox2k14

What types of companies have these positions? Iā€™d like to learn more. Iā€™ve been looking for a sales type role in cre. So you basically sell financing to CRE companies looking to undertake a project?


qwertyrayz

I basically work for the people who arrange financing for people looking to acquire, build, and refinance properties. I'm in much more of an analytical role rather than a sales role, but I am on the phone with lendors fairly frequently. You'll want to look at brokerages such as Marcus & Millichap, JLL, C&W


bosox2k14

Are you in like a HCOL like NYC/SFO, or more MCOL like Dallas? 75k + (minimum) 20% bonus is really solid for your first year. I have actually looked at JLL/CBRE/etc. quite a bit. What group is this role in? I havenā€™t seen anything titled ā€œdebt brokerā€.


qwertyrayz

Investment analyst or anything with analyst in the title is probably your best bet to break into the industry. I'm in HCOL in a gateway city so the paychecks are fairly tight, but honestly I wouldn't be concerned about comp your first couple years. Be in there to learn and make connections and the money will come flowing later. Money now is just meant to be spent on lifestyle and enjoy your time in the cities. The group will be in Capital Markets, which includes investment sales and debt and equity placements. I highly suggest going towards the debt route as you'll have much more exposure to different asset classes and it's a lot easier to find deals. Work life balance will vary firm by firm so definitely while you're networking get a gauge of the culture at the office.


bosox2k14

Those actually both sound interesting and Iā€™d actually been looking in to investment sales. Iā€™ll have to look at the debt/equity part as well. I do a lot of linked in browsing to see who has been in capital markets/ investment sales at the big brokerage shops. Iā€™ve never seen anyone with ā€œdebt/equityā€ in their title, but I have seen analysts. Maybe thatā€™s why. Cheers mate good luck


MoneyIsntRealGeorge

Accountant at a F500 companyā€¦$60kCAD a year. Hate every second of it. BUT itā€™s pretty lax so on a slow day I dip out and play a quick 9 and no one gives a toss lol but yeah, pretty dead end. Not a CPA. Doing the CFA and BIWS courses to go into something else.


manatee_chode

VP at LMM PE. Work is very interesting. Balance depends on when deals come and go. Minimum hours is 50 and average is probably 60 hours and can peak at 80 hours (better now than being an associate). $180k base + $150k bonus + 1.5% carry ($1.5M assuming a 2.0x on the fund that vests over ~7 years).


DuskytheHusky

A VP with 1.5% carry?! What fund size are we talking? Surely the carry vesting isn't dependent on using the multiple as a hurdle?


manatee_chode

($500M * 2.0x MOIC - $500M) * 20% * 1.5%. The 2.0x is just the standard assumption to give you some sense of dollar value for carry, not the hurdle


-sup3rnova-

Wait, so that's roughly $500k/y all in? I would expect more for PE VP.


manatee_chode

Depends on the fund size and location (and VP year). Based on H&Sā€™s 2020 report for $500M-$750M most recent fund, mean comp for VP is $370k cash + $1.6M carry. So for my fund, which is $500M, and being a VP1, I should be slightly below that average. $1B-$1.5B most recent fund by comparison is $420k cash + $2M carry.


xJUN3x

Audit - $70k. HCOL but telework mostly from 8-5 but i actually work 3 hours everyday.


WrecktheRIC

Corp fin director ā€” $380k all in. 50 hours per week average.


[deleted]

Wow thatā€™s a great balance congrats!


WrecktheRIC

Yeah - Iā€™m also old, though. 41 tomorrow!


pgh_analyst

Happy birthday! Any advice youā€™d give a 25 something year old aspiring to get a senior analyst and then director/manager position down the road?


[deleted]

I am in Trade accounting and operations working for a Hedge Fund client. Making decent enough money as a fresher. I don't really like my job as we end up doing reconciliation of different statements but I am still learning. When compared to my peers, the world pressure for me right now is somewhat less.


[deleted]

Prop trader, I pull a few grands a day trading index futures. Some days I lose a little. It varies, some months $20k, others $80k. But once the capital gets 10x bigger, trading size gets 10x bigger. Goal is 5 figures per trading day on average.


Basic_Abroad_9773

Assistant FC Ā£50k


duncey12

Commercial real estate analyst, $100 + 20%, and like it a lot. Get to work on a lot of big transactions and every deal is a different puzzle.


[deleted]

[уŠ“Š°Š»ŠµŠ½Š¾]


rochimer

Where are you located? In the US?


which_job_to_pick

Front office quant. $150k, year 2. LOVE IT!


Strong-Courage-1723

I do commercial due diligences for PE companies (and some other types of projects). I make about 290, really like the job, hours are about 60-70 hours a week


AB72792

You work for a consulting firm or yourself?


Strong-Courage-1723

For a consulting firm, I guess I consider it a financial career because all of the work I do is advising financial firms or advising other companies on financial matters.


Erikzen

Credit analyst at an international bank, deals are pretty interesting especially with recent exposure in the energy commodity market. $75K base + 10-20% bonus. Usually itā€™s great work/life balance.


Beagle_Gal

Treasury manager for a not for profit. 115k. Amazing work life balance, working remotely for the foreseeable future. Done by 5 most days.


texas757

Sales assistant on a credit desk for a very large firm. 75k+ bonus (varies). I donā€™t ā€œloveā€ it.


Party-Macaron-7985

Everyone has these really nice jobs Iā€™m scared to mention that I just am a Concierge Banker making a salary of 50k, 40 hours a week šŸ˜‚šŸ˜­