News, Life after a six-figure salary. (money, business, good, school)
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You'd be surprised who's making high fives or six figures these days. A waiter/waitress in a nice NYC or Boston restaurant who hustles can make $300 a night, which extrapolates to $75k a year if he/she works five nights a week. Heck, toll collectors in these parts average $70k.
I don't see how in one breath, someone can say, "Oh, 100k is just oodles of money" while at the same time acknowledging that as time passed, 12k went from being an awesome salary to a poor one. I'm not saying that 100k isn't doing very well, but it really isn't the huge lifestyle leap people think it is.
It was hard back then to break into ibanking sector and make 100k rite outta college. You gotta graduate from a selected top schools or even ivies.
People only talk about finance fresh grads that make 100k in ibanking, but what they don't know is for 1 person making 100k in ibanking, I know about 5 or so finance grads that make low salary - maybe even 1/2 of my engineering salary.
So rather than talking down these young professionals who make 100k, you should ASK how they become succesful and make that much money... right?
Since there seems to be a lot of misconception on this thread, i'll try to clarify a few things. These 'young professionals' who are making 6-figures right of college work usually in investment banking/sales&trading/hedge funds/private equity. Starting salary for most of these places is 65-70k/year + annual bonus. In years past, salary was 60k and first/second year analysts were making about 80k to 110k. This was when the market was good. In 2008, annual bonuses for first year analysts topped out at 50 or 60k. For 2009, it's looking more like 15-20k.
So, how do you get one of these jobs? 1) You go to a top university/college or 2) You network like crazy, do internships, knock on doors, and hope for a chance or 3) You have some automatic "in" (like if your parents/uncle/aunt/whoever is a high up at a bank).
So yes, plenty 22 and 23 year olds make six figures, especially in financial hubs like NYC. Would I say they are the ones contributing to this financial meltdown? Definitely not. More often than not, these analysts are just doing what they're told, making pitchbook after pitchbook, correcting/editing drafts of documents and trying to help in anyway they can.
you got to make that kinda salary in NY where an apt costs $800 for a 1brdrm. Here in San Antonio, that would be $400. A house, in CA, costs $500k, in Texas, $150k. For some reason the costs of certain living expenses are extremely outrageous.
Those six figure salaries? how many years of college? how much are you still repaying, loans? what kind of degree do you have? also, what kind of job are you doing, and how many hours a day are you working. one other, is it commissions, or straight salary?
Q: how many years of college?
A: Undergraduation and Postgraduation
Q: how much are you still repaying, loans?
A: Most of it repaid.
Q: what kind of degree do you have?
A: Masters in Money Banking and Finance (I am also a Chartered Financial Analyst)
Q: also, what kind of job are you doing,
A: I am in to Portfolio Administration and Trading (was).
Q: and how many hours a day are you working
A: 10 to 10 easily
Q: is it commissions, or straight salary
A: Straight salary
Yes, I graduated and hold my Masters from London School of Economics (A very reputed University in Engand, UK). And yes, we had interships for all the students. And yes, I studied/worked VERY hard to be on top grades (at least 17 hours a day).
Most people do not major in jobs that afford them 6 figure incomes.
There are many poor, yet educated, people.
I respect people who can sit through and endure (my opinion for me) dull economics classes/finance/anything with numbers.
I am not a numbers person so I will never have the value (in this culture) of someone with a MS in Economics or Finance.
Money makes the world go around, unfortunately.
Rakhi--your degree would be like someone in the USA going to the Wharton School of Business, I guess. Those people would EXPECT to get good salaries and work hard for them.
The rest of us, well, you still need artists and writers to dream the dreams and break up the monotony.
So, RAKHI, how is that job, those people you work with started being human with you yet, or still treating you like the outsider?
Thanks for checking on me Sinsativ. I am still an outsider but I have learnt to deal with it. It doesnt bother me anymore.
Gypsysoul, I fully agree with you. Everyone deserve to be respected irrespective of the profession they are in or irrespective of the pay.
Rei,
MBA in Finance and MA in Economics are different subjects. With in Economics it self you have sub-divisions..mainly Micro (from an idividual perspective) and Macro economics (usually nation/world wide). Further to that you can specialize in International economics, Labour economics, capital markets and many more. Starting from governments to big corporations, depending on your specialization you can get a job. Be it an advisory role in the government or an acting representative of a company, its a very challenging role to be in.
Finance again is a huge subject. You have soooo many specilizations. I dont know where to begin. There are Derivatives, Corporate Finance, portfolio management etc. There is of course Accoutning side within Finance. Like i said, its a huge subject...if you are interested to know one particular aspect of finance, I will be able to go further.
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