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There are lots of industries in the city that have people living very well in the top tiers of thise industries. The newest influx of moneymakers for NYC, and one expanding rapidly, is the tech industry.
IMHO many confuse the high payouts to persons like Mark Zuckerburg and others as the standard for tech industry, which is rubbish.
Yes, once companies are purchased and or go public those that were there from the start often reap millions not billions. Google, AOL, Microsoft, Facebook, and scores of other successful tech start-ups are proof of this; however that still leaves many more living off credit card cash advances or otherwise shoe string budgets.
WSJ had an article last week how often working for a tech company can be a *very* short term gig, especially for start-ups. If a new employee cannot produce what the owner or whomever wants or thought they wanted they are often out the door in < six months.
There is always some bad in every profession but clearly based on the news the financial industry has a much higher rate of failure--- do you not agree--
I would like to introduce you to my broker-- Bernard
I was speaking of pay not ethics. Nevertheless, accounting firms have had there issues in the past.
Tech, but most likely only if that college is (on the East Coast) MIT or CMU or Cornell.
I'd add Harvard, Yale and Princeton to that list as no small number of tech startups that have gone billions such as Mark Zuckerberg came out of Ivy League colleges.
What do you mean by “do better”? Make more money? Are better at their jobs?
Edward Jones is a retail brokerage firm, not an investment bank. While many investment banks also offer retail brokerage services, it’s usually not where they make their real money.
What I meant is money and job satisfaction. it's a known fact that finance is so thrive in New York, I'm sure there are many other good industries in New York. That's what I would like to know about New York. At the same time, here is what I think, When a industry like finance is so attractive that so many people with strong ability want to get in, they can make the industry thrive, but I think that can also make it harder for people to make it in the industry? not saying compeptition is not good, only it gets too big.
to me, Edward Jones and insurance companies are belong to Finance, do people make ok money by working for those companies? not big money.
What I meant is money and job satisfaction. it's a known fact that finance is so thrive in New York, I'm sure there are many other good industries in New York. That's what I would like to know about New York. At the same time, here is what I think, When a industry like finance is so attractive that so many people with strong ability want to get in, they can make the industry thrive, but I think that can also make it harder for people to make it in the industry? not saying compeptition is not good, only it gets too big.
to me, Edward Jones and insurance companies are belong to Finance, do people make ok money by working for those companies? not big money.
Finance is a very broad industry. Most people don’t know the difference between things like equity capital markets and retail brokerage. In general, the most complicated transactions for the largest companies are done in New York. Similar but smaller transactions are done in other places, but the really big stuff that you read about in the newspaper is mostly done here.
That rule applies for most of the top industries in the city. Journalism, publishing, consulting, advertising, law and finance are done all over the country, but the biggest work for the largest clients is done in New York. When GM files for bankruptcy they hire a law firm in Manhattan, not Detroit. When Coca-Cola needs a new advertising campaign, they go to Madison Avenue, not Atlanta, etc.
The so called "financial industry" comprises many various and sundry types of businesses and employees.
If you are a rain maker or close enough to someone that is then yes, you can earn above to way above average compensation. But there are plenty of grunts/lower and even middle level workers that make anything from just decent to barely so wages.
Bank tellers, some managers and others in that sector do not make huge amounts of money. With M&A activity down you aren't finding great money in that area today either.
They may never be Lloyd Blankfein, but I doubt they worry much their place of employment closing up shop and being out of work, or not having available work elsewhere if their business does close up shop.
They may never be Lloyd Blankfein, but I doubt they worry much their place of employment closing up shop and being out of work, or not having available work elsewhere if their business does close up shop.
That is so not true.
Wall Street/financial sector has been shedding jobs in NYC for ages now and has not returned to pre-fiscal crisis/financial system meltdown levels. There are no small numbers of former Bear Sterns, Lehman Brothers, etc... persons still not working in the financial sector and many may never do so again.
Leaving aside the carnage of the past crisis there is more to come in the wake of Dodd-Frank and the "Volker Rule".
Go down to Wall Street and the Financial District and you'll find tens of former office buildings that once housed financial sector or related/support businesses that are now residential.
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