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At $70K you should sign up for food stamps. It's a pauper salary in NYC. Might even have to eat cat food.
Like dude, what is seriously wrong with you...if you have to question whether $70K is a good salary to live off of, then I seriously have to question the worth of a college degree.
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70K start for financial services is above average (norm is 40-60K recession). What warrants that salary? Abosolutely nothing. It's called working smart. Get a degree that's valuable and commands that salary. Lot of sacrifices comes with it though. You have no life period. If you are willing to give that up then sure. Simply put, us bankers sell our souls, free time, everything for money.
I could go into even more detail, but sure why not. Financial modeling is so easy that even a 6th grader could probably do it. Plenty other jobs more difficult. However, here is the difference. Realistic example:
A financial model saved a firm 60 million dollars and sold $20 billion worth of derivatives. No other field will you experience a cash flow like that. No other field where you will work on projects of that magnitude. Till you start working on multi million/ billion dollar deals can't say nutin. Believe it or not, hedge funds, FAs, analysts, only charge 2% fees. For example, if an asset management firm manages $4 trillion and charges 2%, the firm takes home per annum $80 billion dollars + 30% returns. You play with money, you'll make money.
Last edited by MilksFavoriteCookie; 03-13-2013 at 12:46 AM..
As some others mentioned $70k is pretty standard for the top financial services firms. If it's banking you're usually looking at a $65-$75k base plus a bonus of $50k+ depending on performance. But you're also working 90-100 hours per week and likely don't have much time to spend any of your money on anything except rent and suits.
Also pretty standard for middle-office or even some back-office jobs at the top firms but the bonuses there are likely negligible. A friend of mine was expecting maybe a $5k bonus in 2011 and it came out to be less than $1,000.
But at the end of the day, living in Manhattan on only $70k pretax can be a stretch depending on where you end up settling in. But much better than other entry-level jobs like $35k in PR/advertising or trying to move sixth-floor walkups 10 blocks from the subway as a starting rental broker.
At $70K you should sign up for food stamps. It's a pauper salary in NYC. Might even have to eat cat food.
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Maybe the OP needs a different perspective: The guys in the big white truck collecting garbage make about $68,000 (w/o overtime) in the early part of their career in NYC.
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