I Think Wall Street Is Still A Good Place To Be If You Are Living In NYC (Hope: mortgage, lawyers)

[BigBazooka]

I graduated from a highly reputable college in NYC, with a undergrad degree in computer science, in 2003. Joined a big commercial bank on wall street right after graduation, through campus interviews, on the fixed income trading desk, as the most junior analyst.

First year: base 60,000 + 55,000 bonus.
Second year: base 65,000 + 50,000 bonus.
Third year: base 65,000 + 85,000 bonus.
Fourth year: base 75,000 + 125,000 bonus
Fifth year: base 80,000 + 35,000 bonus
This year (became VP): base 95,000 + ?

Despite market dislocations, my job looks relatively stable (and it is
highly related to mortgage trading, but not subprime), and everyone who graduated my year who went to Wall Street are still working on Wall Street, whether in the same firm they first joined or in another firm. I personally do not know a single friend or colleague who is without a job on Wall Street, and for those that were laid off, they all found better higher paying jobs in the same field on the Street.

My hours are not bad at all: roughly 7:30am - 6:30pm. Three or four times month I may stay late (~10pm. After midnight is extremely rare). And maybe once a month I have to work on a Saturday or Sunday.

I live in a good high rise building on UWS, with 2 roommates. I have plenty of time to hang out with friends on the weekends (movies, bars, etc).

Yes, I did not make as much as in my first 2 years as what say law school graduates may make in the their first 2 years (in new york), but I did not have to pay for 3 years of law school tuition, and my pay increases dramatically with experience. Similar arguments applies to medical school graduates.

So, if you are in NYC, why would you go to law school or med school, or any other line of work, if you can work on wall street?

[Viralmd]

Maybe because not everyone finds it interesting work? I know nothing could bore me more than working in finance.

[BigBazooka]

Well if you really find it uninteresting, then it is another story. But what about it that you find uninteresting?

[middle-of-nowhere]

I see that you are a CS major. I was one myself, and kept to technology since graduation. I should really be in SF or Silicon Valley, but I love NYC and I find that the smaller technology community here is actually pretty good and does have a future. I have never been tempted to go do a tech job at a financial services company because of the hours and the lack of workplace flexibility normally afforded at tech companies.

How did you shift from CS to a full-fledged job in finance on Wall Street? Ever since Google and some others came to town, tech people suddenly don't have to work at financial services companies to be at a stable place.

[BigBazooka]

They hire any engineering/science based majors...

[Moderate Guy]

Originally Posted by BigBazooka

I graduated from a highly reputable college in NYC, with a undergrad degree in computer science, in 2003. Joined a big commercial bank on wall street right after graduation, through campus interviews, on the fixed income trading desk, as the most junior analyst.

First year: base 60,000 + 55,000 bonus.
Second year: base 65,000 + 50,000 bonus.
Third year: base 65,000 + 85,000 bonus.
Fourth year: base 75,000 + 125,000 bonus
Fifth year: base 80,000 + 35,000 bonus
This year (became VP): base 95,000 + ?

Despite market dislocations, my job looks relatively stable (and it is
highly related to mortgage trading, but not subprime), and everyone who graduated my year who went to Wall Street are still working on Wall Street, whether in the same firm they first joined or in another firm. I personally do not know a single friend or colleague who is without a job on Wall Street, and for those that were laid off, they all found better higher paying jobs in the same field on the Street.

My hours are not bad at all: roughly 7:30am - 6:30pm. Three or four times month I may stay late (~10pm. After midnight is extremely rare). And maybe once a month I have to work on a Saturday or Sunday.

I live in a good high rise building on UWS, with 2 roommates. I have plenty of time to hang out with friends on the weekends (movies, bars, etc).

Yes, I did not make as much as in my first 2 years as what say law school graduates may make in the their first 2 years (in new york), but I did not have to pay for 3 years of law school tuition, and my pay increases dramatically with experience. Similar arguments applies to medical school graduates.

So, if you are in NYC, why would you go to law school or med school, or any other line of work, if you can work on wall street?

Couple of good reasons - we NEED more doctors in the good old USA including NYC where we end up having to import them from abroad. We have a glut of lawyers so we probably don't need more of that bunch anyway. Not everyone values high finance/big bucks as an end in itself but seek employment that combines personal gratification with one's occupation and a comfortable life.

BTW, with all the high finance trumpet that you are blowing, I see that you still need a bunch of roommates to enjoy the high lifestyle.

[Viralmd]

Many people, including me, find finance BORING. In fact, I think MOST people find it mind-numbing. For the same reason anyone else might find something boring. There doesn't have to be a reason. I zone out when I see spreadsheets...Doesn't hold my interest. Never has.

[Otis_Nevins]

You've made a lot of money, fast. Stick with it. It's no where near as "hard" as law, engineering (!), or medicine and you're not responsible for anything other than your immediate surroundings so to speak. In five years, you're in charge of things. The learned professions don't usually allow that to happen for time periods like ten to fifteen years or more. Finance is good, steady work and is important to the economy.

[Pivot Point]

Earning a high income is certainly wonderful. Good for you!

However, I found that a high paycheck couldn't really compensate me for the stress that comes with higher levels of responsibility for work that I didn't like. After a while the novelty of having a high income wore off, and I was miserable.

If you're one of the lucky few who truly enjoys doing work that brings a high income, then fantastic; you've got the best of both worlds--contentment and wealth. Unfortunately that's not the case for most. People often get trapped into doing work that they don't like, but can't get out of because they're mired in responsibilities and debts.

It's a waste of your life to spend most of it doing something you really do not like and that doesn't give you a sense of fulfillment. I think it's more important to be content.

[Moderate Guy]

Originally Posted by Marie1249

Earning a high income is certainly wonderful. Good for you!

However, I found that a high paycheck couldn't really compensate me for the stress that comes with higher levels of responsibility for work that I didn't like. After a while the novelty of having a high income wore off, and I was miserable.

If you're one of the lucky few who truly enjoys doing work that brings a high income, then fantastic; you've got the best of both worlds--contentment and wealth. Unfortunately that's not the case for most. People often get trapped into doing work that they don't like, but can't get out of because they're mired in responsibilities and debts.

It's a waste of your life to spend most of it doing something you really do not like and that doesn't give you a sense of fulfillment. I think it's more important to be content.

Totally agree. Unfortunately, I think for most of us, it's hard to find that career that provides that ideal combo of good income/personal fulfillment. It's a great goal to have. I've found that the way to achieve that for me is to work around the status quo - I work at my day job for the income and pursue my true passions during the evening/weekend. Hopefully the latter will one day provide the income for me to dispense with the day job.

We all should strive to get as close as possible to our ideal.