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No Experience? No Problem. Private Equity Lures Newbie Bankers With $300,000 Offers.
Annual recruitment drive starts earlier this year as firms try to get a jump on preferred candidates
Private-equity titans are used to competing for billion-dollar buyouts. Now they are squaring off for 22-year-old spreadsheet crunchers...
An industrywide scramble is underway this week to hire young investment bankers.
Welcome to private equity’s annual recruitment, the frenzied window of interviews and fast-expiring job offers that firms use to fill their junior ranks.
Those lucky enough to get offers will finish their two-year bank analyst programs and start at private-equity firms in the summer of 2020, with salaries that can exceed $300,000.
Six figure salary
subtract
* expensive food since you have no time to cook
* expensive cost of living in NYC where you need $150K just to survive
* doctor bills for all the heart attack level stress imposed from the long work
* paying for car crashes since one is driving sleepy from lack of sleep
take the remainder and divide it by the 100 hour weeks and they're making minimum wage.
Six figure salary
subtract
* expensive food since you have no time to cook
* expensive cost of living in NYC where you need $150K just to survive
* doctor bills for all the heart attack level stress imposed from the long work
* paying for car crashes since one is driving sleepy from lack of sleep
take the remainder and divide it by the 100 hour weeks and they're making minimum wage.
Usually investment banks provide breakfast, lunch and dinner to employees, to compensate for the long hours.
You do not need $150k to survive in NYC. Not remotely.
Doctor bills are covered by insurance.
People rarely drive to work in NYC. IB tend to send employees home in an Uber if they work late. Otherwise, it's the subway.
Usually investment banks provide breakfast, lunch and dinner to employees, to compensate for the long hours.
Not daily.
Quote:
You do not need $150k to survive in NYC. Not remotely.
You do if you have to live near the investment bank. They're in Manhattan. And that's expensive to live in.
People who work 100 hours a week don't have time to take an hour commute home and back.
They are, by necessity, required to live close to their job site.
Quote:
Doctor bills are covered by insurance.
Not at 100% and the employer does not pay 100% of premiums.
Quote:
People rarely drive to work in NYC. IB tend to send employees home in an Uber if they work late. Otherwise, it's the subway.
Those who work 100 hours a week don't have time to take subways or ubers. They're living close to the bank they're working in - and that is expensive in Manhattan.
My key focus has always been bankers, traders, venture capitalists, hedge fund managers and all things finance so let review the payscale that someone successful in a front office revenue generating division at an investment bank or hedge fund SHOULD earn. I'm more **** with medical but finance is me. ****ing bankers is my 'thing', you know.
Level 1 - Analyst : When a person first graduates from their Ivy league and walks into Goldman Sachs they are called analysts;. Whether they are mergers and acquisitions analysts, equity capital market analysts, sales and trading anaysts they are analysts.
Salary: At firms such as Goldman Sachs Analysts at age 22 fresh out of college earn about $60,000/PS40,000 BASE. Bonuses vary but usually $40,000ish (my friends got that). Let that sink in.. There are 22-26 year olds on Wall Street making $60,000-$100,000 a year. Let that sink in because it will let you realise that requiring a lot from a man in his 40's is nothing. There are 24 year olds on Wall Street earning 6 figures okay ?!
Those figures are with performance bonuses. If you don't perform, you aren't paid. I don't see the problem with someone making big money if it's performance based.
OP, sorry people don't seem to bother reading the article. Although not heavy on details, the article is pretty interesting and most here seem to have missed the point. it's kinda like going from the NFL's contract and draft structure to the NBA's. Instead of at least somewhat proving yourself to get to a big money contract (ie, work for a year in the industry), the companies are now going after college kids before they have even graduated, using their own diagnostic and personality tests to gauge who will be successful.
Quote:
Originally Posted by LizfromtheBronx
Usually investment banks provide breakfast, lunch and dinner to employees, to compensate for the long hours.
You do not need $150k to survive in NYC. Not remotely.
Doctor bills are covered by insurance.
People rarely drive to work in NYC. IB tend to send employees home in an Uber if they work late. Otherwise, it's the subway.
Liz is spot on. The article also suggests that they are curtailing the long hours to improve retention rates.
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