What's the appeal of working on Wall Street?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Listen, I worked on Wall Street, but was a little older. It's a great spring board for so MANY careers! I wish I went to Wall Street after college or grad school. I didn't understand the world of VC or hedge funds, etc until I was an investment banker.

FYI - $500K is just base. The money is in the bonus.

Duh! The problem though is that a large portion of this bonus is in stock that vests over time.

No, it isn't. My first year, I saw lots of Maserati's come into the garage. Lots of friends got caught in the recession. The pattern was that they would take out home equity lines to live on and then pay them back when their bonuses came. Problem was that in 2008, there were no bonuses.

The rules have changed. At least for the big banks. Read up.

banks yeah, but you understand that there are LOTS of different finance firms that were not affected by that legislation? Fwiw, my husband makes 250k base plus typically 500-750k cash plus 250-500k equity grants (grants are different from options, they're an outright gift) which vest over three years. It's *really* good money, we don't live in Manhattan or the tri state area, and the hours aren't bad (55-60).

[Anonymous]

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Postal worker's son from the Bronx, who grew up in public housing. Farmer's son from Barrington, Illinois . Farmer's son from Willey, Illinois. The last three chairmen of Goldman Sachs. Not exactly to the manor born.

Wall Street is the ultimate meritocracy. As long as you can work hard and make money, it doesn't matter what your family background is.

Yep, that's exactly what Wall Street wants the brilliant and hard-working first gen Princeton student to think: There is NO WAY to gain financial stability for you and your family other than coming to work for us! It's the natural progression, fait accompli, manifest destiny!

I totally agree that first gen students don't have the same luxury to decide to take a $25k/year publishing job in NYC after graduation. I wouldn't fault a first gen student for choosing to go to Wall Street either. However, there are many other options to make a very good living and support your family than going to Wall Street.

No one said there was no way, we just said it was the fastest and surest way. The other career can wait a few years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

Are you kidding? Fulfilling roles in medicine pay way less than your cosmetic surgeon or dermatologist.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why are people in here acting like making money isn't a desirable goal? FYI if you said something like that, you MIGHT want to check your privilege. The only people who say money doesn't matter are people who grew up with it and can't imagine life any other way.

These days, most highly educated professionals are expected to work AT LEAST 50 hours a week but usually more. I don't know about you, but if I'm going to spend 10 hours a day at work no matter what, I'd rather make the 500k + (extremely hefty bonus) salary rather than the 50-250k salary.

You act like the people on Wall Street are breaking the cycle of poverty or something. Um, I mean maybe there's some of those, but let's be real. The vast majority of people on WS grew up perfectly comfortable.

Not necessarily. Anecdotally, that was not my experience. My experience is that people who are hungry for money tend to be those who did not grow up with much.

The only people who were willing to work 70-80 hours for the long term grew up poor. Because only people who didn't have money thought it was worth it to burn their youth like that.

No, I have a relative doing this at great expense to himself and his family. We grew up solidly middle class. He's addicted to the prestige and doesn't know what else to do with himself. It's very sad.

For the set of people who have the ability to make it to Wall Street, middle class is poor. Completely different reference point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Postal worker's son from the Bronx, who grew up in public housing. Farmer's son from Barrington, Illinois . Farmer's son from Willey, Illinois. The last three chairmen of Goldman Sachs. Not exactly to the manor born.

Wall Street is the ultimate meritocracy. As long as you can work hard and make money, it doesn't matter what your family background is.

Yep, that's exactly what Wall Street wants the brilliant and hard-working first gen Princeton student to think: There is NO WAY to gain financial stability for you and your family other than coming to work for us! It's the natural progression, fait accompli, manifest destiny!

I totally agree that first gen students don't have the same luxury to decide to take a $25k/year publishing job in NYC after graduation. I wouldn't fault a first gen student for choosing to go to Wall Street either. However, there are many other options to make a very good living and support your family than going to Wall Street.

No one said there was no way, we just said it was the fastest and surest way. The other career can wait a few years.

But it's not really the fastest and surest way -- not if you manage only 2-3 years and then mentally and emotionally burn out. That's exactly what Wall Street wants you to think: it's the fastest and surest (and therefore your obligation to do it).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

Ok

You realize that a lot of people have NO interest in being a doctor right? You're dealing with the foulest stuff. Blood, organs, strange human bodies. I have not the slightest interest in touching random bodies, most of which are probably dirty and smell bad. Fucking gross.

Besides, which, it's inaccurate imo to say there is no point to finance. Do you have a 401k or a pension plan? If you have a 401k, do you invest in mutual funds? Someone somewhere along the line is most likely making decisions that affect your investments , with the ultimate goal of growing your (and a lot of other people's) money so you can retire someday and not have to work until you drop dead. But that is totally worthless right? No benefit to society.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

Are you kidding? Fulfilling roles in medicine pay way less than your cosmetic surgeon or dermatologist.

God, you're so deeply in it you can't even see. The point is YOU DON'T HAVE TO PICK THE CAREER THAT MAKES THE MOST POSSIBLE MONEY! There are many other considerations. And yet, a huge percentage of HYSP undergrads go to Wall Street because they think there's no other option for them, which is pretty crazy when you think about it. Literally the most privileged kids in the WORLD and Wall Street has created a culture where they believe that Wall Street is a place they must go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why are people in here acting like making money isn't a desirable goal? FYI if you said something like that, you MIGHT want to check your privilege. The only people who say money doesn't matter are people who grew up with it and can't imagine life any other way.

These days, most highly educated professionals are expected to work AT LEAST 50 hours a week but usually more. I don't know about you, but if I'm going to spend 10 hours a day at work no matter what, I'd rather make the 500k + (extremely hefty bonus) salary rather than the 50-250k salary.

You act like the people on Wall Street are breaking the cycle of poverty or something. Um, I mean maybe there's some of those, but let's be real. The vast majority of people on WS grew up perfectly comfortable.

Not necessarily. Anecdotally, that was not my experience. My experience is that people who are hungry for money tend to be those who did not grow up with much.

The only people who were willing to work 70-80 hours for the long term grew up poor. Because only people who didn't have money thought it was worth it to burn their youth like that.

No, I have a relative doing this at great expense to himself and his family. We grew up solidly middle class. He's addicted to the prestige and doesn't know what else to do with himself. It's very sad.

For the set of people who have the ability to make it to Wall Street, middle class is poor. Completely different reference point.

Yup. FYI people who work in finance at high levels think 800k is poor. That is how good the money is.

http://www.theatlantic.com/business/archive/2016/07/sam-polk-wall-street/492101/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Money. Nothing else.

I like money as much as anyone else, but to have to live in NY and work 70+ hours a week to get it? No thank you.

If you're successful it's A LOT of money. Crazy money. Like multimillion dollar apartment in Manhattan and multimillion dollar Hamptons beach house money. And many people work that many hours in non Wall Street jobs and don't make nearly that kind of money.

that's like saying if you are a successful ballplayer, it's a lot of money and crazy money.

With the up and out structure and burn out rates - most who start on WS don't see that kind of money.

Not a good analogy. The number of people on wall st who end up with 7 figure income is a lot higher than the number of people playing in the nba or whatever. Plenty of people end up in very high paying jobs at hedge funds, senior leadership of companies, etc. if you are set on being wealthy and you're smart, it's probably your best first move after college. Or at least it was if you graduated in the 90s/2000s era. Not sure if things have changed since then.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

Ok

You realize that a lot of people have NO interest in being a doctor right? You're dealing with the foulest stuff. Blood, organs, strange human bodies. I have not the slightest interest in touching random bodies, most of which are probably dirty and smell bad. Fucking gross.

Besides, which, it's inaccurate imo to say there is no point to finance. Do you have a 401k or a pension plan? If you have a 401k, do you invest in mutual funds? Someone somewhere along the line is most likely making decisions that affect your investments , with the ultimate goal of growing your (and a lot of other people's) money so you can retire someday and not have to work until you drop dead. But that is totally worthless right? No benefit to society.

LOL LOL LOL!! Wall Street fought for the right to rip off my 401k plan. Wall Street in its current iteration is a drain on society, not a benefit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why are people in here acting like making money isn't a desirable goal? FYI if you said something like that, you MIGHT want to check your privilege. The only people who say money doesn't matter are people who grew up with it and can't imagine life any other way.

These days, most highly educated professionals are expected to work AT LEAST 50 hours a week but usually more. I don't know about you, but if I'm going to spend 10 hours a day at work no matter what, I'd rather make the 500k + (extremely hefty bonus) salary rather than the 50-250k salary.

You act like the people on Wall Street are breaking the cycle of poverty or something. Um, I mean maybe there's some of those, but let's be real. The vast majority of people on WS grew up perfectly comfortable.

Not necessarily. Anecdotally, that was not my experience. My experience is that people who are hungry for money tend to be those who did not grow up with much.

The only people who were willing to work 70-80 hours for the long term grew up poor. Because only people who didn't have money thought it was worth it to burn their youth like that.

No, I have a relative doing this at great expense to himself and his family. We grew up solidly middle class. He's addicted to the prestige and doesn't know what else to do with himself. It's very sad.

For the set of people who have the ability to make it to Wall Street, middle class is poor. Completely different reference point.

Yup. FYI people who work in finance at high levels think 800k is poor. That is how good the money is.

http://www.theatlantic.com/business/archive/2016/07/sam-polk-wall-street/492101/

That's not the point. PP was saying that poor kids will be willing to work on Wall Street because they are the only ones hungry for money. My point was that plenty of not-poor kids do it too. All you're saying is that once you get on Wall Street you have a distorted view of money. Actually, that kind of proves my point, so thanks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

Ok

You realize that a lot of people have NO interest in being a doctor right? You're dealing with the foulest stuff. Blood, organs, strange human bodies. I have not the slightest interest in touching random bodies, most of which are probably dirty and smell bad. Fucking gross.

Besides, which, it's inaccurate imo to say there is no point to finance. Do you have a 401k or a pension plan? If you have a 401k, do you invest in mutual funds? Someone somewhere along the line is most likely making decisions that affect your investments , with the ultimate goal of growing your (and a lot of other people's) money so you can retire someday and not have to work until you drop dead. But that is totally worthless right? No benefit to society.

LOL LOL LOL!! Wall Street fought for the right to rip off my 401k plan. Wall Street in its current iteration is a drain on society, not a benefit.

What in the world does your rambling even mean? Why don't you just stash cash in your mattress then? You sound just smart enough to do it.

[Anonymous]

According to one of my Ivy classmates, he went to WS because he didn't know what else to do. And that's the truth for most people. So you might as well make a lot of money at it.

Most people aren't born with an innate talent or knowledge that there's something they absolutely love doing and must pursue that career path. Many times your interests aren't viable careers. Or you care about a certain lifestyle more than a lower paying but more satisfying job.

Most people coast through life, to be honest. We're mostly paper pushers, even on here, regardless of the field or occupation. Might as well make tons at it.

FYI no I'm not in finance or on wall street, but I went into a certain profession for similar reasons. I don't love it, it's not particularly satisfying, but I sure as heck like the income from it and because I know I'm very competent at it and I don't hate it, I'm content to do it for the next 30 years till retirement and devote my income to doing things I enjoy on the weekends and vacations.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

Are you kidding? Fulfilling roles in medicine pay way less than your cosmetic surgeon or dermatologist.

God, you're so deeply in it you can't even see. The point is YOU DON'T HAVE TO PICK THE CAREER THAT MAKES THE MOST POSSIBLE MONEY! There are many other considerations. And yet, a huge percentage of HYSP undergrads go to Wall Street because they think there's no other option for them, which is pretty crazy when you think about it. Literally the most privileged kids in the WORLD and Wall Street has created a culture where they believe that Wall Street is a place they must go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From what I've seen investment banking is for scheming swots that don't have the capacity for medical school. Surgeon prestige > banker prestige.

No. It's the difference between people who like sciences (biology or chemistry) vs. people who like math.

Fwiw, money (and probably the hours too) is much better in finance.

Maybe, but being a doctor is incredibly more important and fulfilling to anyone who has a shred of soul.

Ok

You realize that a lot of people have NO interest in being a doctor right? You're dealing with the foulest stuff. Blood, organs, strange human bodies. I have not the slightest interest in touching random bodies, most of which are probably dirty and smell bad. Fucking gross.

Besides, which, it's inaccurate imo to say there is no point to finance. Do you have a 401k or a pension plan? If you have a 401k, do you invest in mutual funds? Someone somewhere along the line is most likely making decisions that affect your investments , with the ultimate goal of growing your (and a lot of other people's) money so you can retire someday and not have to work until you drop dead. But that is totally worthless right? No benefit to society.

Well aren't you an elitist little snob. Sorry other people's cleanliness standards aren't up to your level.