My roommate works at apple and I work at Amazon and we both live in the Bay Area making a really good amount of money but he talks about those who graduated from college and got into investment banking as those who are making a stupid amount of money. Are we in the wrong field? TC: ~390k
Have you ever needed to sleep at the office when staffed on a live deal? Both buy-side and sell-side banking get rough (except maybe some VCs).
Lol $390k out of college? Naw bro you made a good choice
About 2 years experience
Ha yeah you made the right choice bro. IB works employees up to 100/week for barely that.
390k and you live with a roommate š¤¦āāļø
Tryna buy a house in two years without a mortgage in Texas š¤
https://www.wallstreetoasis.com/resources/industry-reports/investment-banking
Given how much work they do, how stressful the environment is, and the lack of remote work, this seems not worth it at all
There is a reason one of the top questions someone interviewing always asks is āwhat are my exit optionsā. The reality is people see it as a two year thing and then they leave to try and work at a hedge fund or private equity or even in corporate development. The people who are older are just idiots in it and also the ones who treat people poorly. You will literally sit there not doing work for long stretches and then all of a sudden an MD (equivalent to a vp in tech) comes by and asks for a PowerPoint that you stay up all night doing. Why he couldnāt have asked earlier is something nobody knows but they all do it just to get that two year experience and then leave.
Sounds like he has grass is greener syndrome.
This is exaggerated. My brother works at Goldman and his comp has been closer to whatās reported on WSOā¦
Yeah I donāt think this is correct. I did banking out of undergrad at a bulge bracket and my TC was only like ~$110k in the first year including the half bonus, and was ~$165k the year after (as a high performer). Comp has definitely increased in the last 7 years (I think base salary is like ~$100k-110k now?) but itās nowhere close to $250k. I made the switch over to tech and Iām glad I did. Tech is definitely a better deal when factoring in WB
The biggest difference is that IB is a winner take all game. So everyone is going all out, 100h a week making OK money in a death fight to get one of the few top positions Think of it like the acceptance rate to Harvard vs all the valedictorians..valedictorian... If you end up being that 1% IB banking will endow you with unlimited money. If you end up below that it's a monumental waste of time and burnout. Making bullshit money (150-300k) In tech, the 1% make a shit load, the 10% still make a lot, the 50% still make a good amount. Tech is not a winner take all. So expected value of tech is much higher
I agree with this. And the ones who make it out usually already come from well connected wealthy backgrounds since thatās how you succeed in rainmaking as an MD.
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The $/hr are much less in IB. You work a ton more
Is there oncall in IB
Yes. You will forget what on call means when youāre on call every weekend.