These days, is it better to be an engineer in silicon valley or a banker/consultant at Wall Street. FANG or Goldman/Bain? Comp wise, Wall Street wins in the long run, but the hours and work can be grueling. I know wall St people try to exit to silicon valley, but how about the other way around? Compare and contrast between being a VP of banking vs being a Sr engineer manager
How much does IB make for working 70-80 hours a week??
similar early career, but easy 7 figures after 10
Not necessarily. Majority of bankers end up as one of the thousands of VP’s and your YOE doesn’t matter at that point. Very very few end up making it to managing director and those are the ones making 7 figs. Average IB VP at a large bank makes 400k-600k
FANG is better at first, but Wall Street has a much longer career span and is better in the long run.
At modern qua t funds the hours are probably similar to tech if you read Glassdoor. Who knows if those are legit. Comp wise I think IB has more upside and can be achieved faster than tech. The only person I've heard about was a friend of a friend and they we're looking to retire in their 30s.
So there’s a lot of misinformation here. One of my very good friends is about to be promoted to VP at Goldman. When he started his career as an analyst, he was making 100k out of college including bonus about 8 years ago. After his second year he went off to business school and then came back as an associate. As an associate I think he was making in the 200k-350k range throughout the 4 years as an associate. As a VP, he’ll be ranging from 300k-500k depending on how well his group does. So about 6 years of experience total right now plus B school. He doesn’t expect to become an MD simply because the numbers are against him. Out of 10 VP’s, only 1 makes MD. He regularly works 80-90 hours a week. A slow week would be 60 hours.
is he working as swe or backend trader/ quant? That sets the difference a lot.
Wouldn't a first year quant at Jane street be looking at like 160k base plus 0.5 to 3x bonus?
Which one is better totally depends on you as a person - with a background in Tech and wanting a more balanced life , Tech is better. If you can manage with a bad work life balance and are interested in financial deep dive , banking might be better IFF you are on the IB/trading/Quant side, NOT for regular techies.
What's the TC growth of IB/Trading/Quant? I assume these are nerds coding algos to beat the market, and not suits doing business-y stuff?
IB is suits, quants are nerds , traders could be a mix
wow those hours sound real shitty.
Depends if you like wearing uncomfortable clothes like suits.
I’m gay narcissist who enjoys wearing suit.
Wall Street taders are all going to be replaced by AIs. So stay away from these jobs.
depends on what you're passionate about