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I don't know where you get this absurd idea. I attended Ivy league schools, but my parents were FAR from wealthy, my classmates' parents were, on the whole, NOT wealthy. Most of us were paying off loans long after we graduated. We were SMART, not wealthy.
Your envy is most unbecoming.
Why should an employer pay an enormous salary to someone with minimal or no experience? Would YOU pay someone right out of school, perhaps with a so-so internship, the same as one of your seasoned staff? I suspect you wouldn't.
bwuuaahahahah ViralMd = Good Will Hunting
all i meant is a whole lot if not all the ivy league undergrads come from well off families either in the upper middle or upper class. I did not mean Larry Ellison kind of rich. I just meant that their parents can afford to help them out.
I agree except for the fact that he specifically was talking about finance. I assume he does not mean working in a mail room for Citigroup but it would help if he gave us more specifics about what kind of job.
Believe me, I agree with you. It is presumptuous to think that *every* new graduate is going to make upwards of $50k. I know people who don't make that 10 years out of college and they have masters degrees. Unfortunately they are masters degrees in fine art, english, etc.
NYC is a difficult place to get your start in. Entry level jobs rarely pay enough to live comfortably on (though maybe that could be said of any entry level job anywhere, you've got to start somewhere). I always make the recommendation that unless you are going to come in and immediately be marketable (Ivy league finance guys for example) it is better to go work somewhere more manageable for two years and get some experience under your belt. It certainly helps you get a leg up on the thousands of new grads that pour into this city each summer.
Alright heres the scoop.
-Major in Economics/emphasis on finance.
Heres some job *examples* that I was looking at---
US-NY-New York City-Finance Associate - Analyst/Project Coordinator (http://jobview.nytimes.monster.com/getjob.asp?JobID=66895834&JobTitle=Finance+Associa te+-+Analyst%2fProject+Coordinator&fn=548&sort=rv&lv=1 1&cy=us&locMap=nyt%3anew_york_city&vw=b&AVSDM=20 08-01-03+15%3a32%3a00&pg=1&seq=11 - broken link)
There are many, many entry-level jobs in this field in NYC. And it's amazing how diverse the salaries are.
Another option is going bigger and "trying out" for something like KPMG or Ernst & Young. The salary for those would be lower but the experience gained and the benefits almost make up for it.
BTW, I was looking at places in Astoria and there weren't too many. Most were 1 bdrms. for around $1400-1900 and they looked like projects. However I found some nicer looking places in Brooklyn Heights/Dumbo area.
I haven't checked out Hoboken yet.
What I'm getting at is that most jobs I looked at in NYC only paid around 35-45k per year. (+health/dental/401k). How do they expect someone to live off that in the city??
I entered the NYC job market in 1969, and four of those years was working part-time while completing college part-time. But in almost 40 years, I have never made over $35. Part of that was my choice -- working in the not-for-profit sector. But it does gall me to see a 22-y-o with a Bachelor's expecting more than "only" $35-40, plus bennies. Probably expect 4 weeks vacation the first year, too, right?
And yes, I realize that housing costs have exploded, but there is in your post a most unattractive tone of entitlement.
I entered the NYC job market in 1969, and four of those years was working part-time while completing college part-time. But in almost 40 years, I have never made over $35. Part of that was my choice -- working in the not-for-profit sector. But it does gall me to see a 22-y-o with a Bachelor's expecting more than "only" $35-40, plus bennies. Probably expect 4 weeks vacation the first year, too, right?
And yes, I realize that housing costs have exploded, but there is in your post a most unattractive tone of entitlement.
Entitlement?? The only thing I feel that I am entitled to is a decent standard of living.
It amazes me that with the prices of housing now anyone can afford to live decently on $35k. in NYC, unless you have had your place since 1970, have a spouse with another income, etc. I mean, I did the math and with student loans to pay off, rent, food, utilities, etc. it gets extremely tight.
Ask anyone on here and I'll bet they will say that $35k is fairly low in NYC-even for entry level (w/ a degree).
In no way do I think that I am entitled to 4 weeks vacation, so I'm assuming that was an exaggeration.
I'm a bit late to this post but I'll post anyway. I entered the NYC job market right out of college in 2003. I had a college degree from a good school, had a great internship and got a job at a MAJOR magazine and was paid less than $30,000. Employers don't care how you're going to make it living in the city. They know that they can offer a low entry level salary because there are enough candidates out there that WILL take that salary. A ton of college grads move to the city every year and there are so many of them out there, employers can really offer whatever they want. I took the job but I had help from my parents (occasional groceries and stuff since they lived in the area) but I paid my own rent, utilities, taxes, etc.
To put things into perspective-I know live in Texas and recently was told an entry level salary for my field. It was over $10,000 more than NYC and it is SO much cheaper to live here.
My advice-get a roommate and cut back on your spending.
Colokev, excellent point about low-balling on the entry level salaries. NYC is absolutely flooded with new grads every summer who come to live the city lifestyle. Employers don't pay much for these jobs because with everyone basically on even footing, as far as experience goes, they don't have to. This may be more true in creative fields where jobs are in even shorter supply (MTV is notorious for paying virtually nothing) but you will feel the effects of the glut of candidates in any field.
Oh yeah, if the job headaches aren't enough wait until you start apartment hunting in Spring/Summer when all the grads move in. Yikes!
Colokev, excellent point about low-balling on the entry level salaries. NYC is absolutely flooded with new grads every summer who come to live the city lifestyle.
Lowballed on the salary because you'll put up with anything to be here.
Highballed on the rent and broker fee because you'll put up with anything to be here.
Colokev, excellent point about low-balling on the entry level salaries. NYC is absolutely flooded with new grads every summer who come to live the city lifestyle. Employers don't pay much for these jobs because with everyone basically on even footing, as far as experience goes, they don't have to. This may be more true in creative fields where jobs are in even shorter supply (MTV is notorious for paying virtually nothing) but you will feel the effects of the glut of candidates in any field.
Oh yeah, if the job headaches aren't enough wait until you start apartment hunting in Spring/Summer when all the grads move in. Yikes!
jeffcon,
I posted a little bit more specific about the jobs a few posts ago if you didn't see it cause I saw earlier you said something about it.
Yeah entry level salaries in NYC are notoriously low because of the constant inflow of colelge grads from outside of the area.
Don't feel so bad though. I have heard about newly minted lawyers making $35k in Manhattan (in the private sector, not public).
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