What's a goor careed for high-end income?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
| IT, Sales IT |
Anonymous
I used to work on Wall Street (investment banking, then buy-side at a long/short hedge fund) and "Finance" is such a broad term and it's thrown around liberally. There is a BIG difference between "front office" and "middle" or "back office." The folks complaining about not making much in finance or "never making that kind of money" are most likely not in the "front office," or revenue generators (i.e. bankers, traders, portfolio managers, hedge fund analysts). There is another distinction between sell-side (investment banks) and buy-side (hedge funds, mutual funds, private equity). If you're in a front office finance job, you can make very good money and you can easily get paid several hundred thousand dollars into the millions. But, there is generally ZERO job security. If you don't perform, you can easily get fired or get a donut at the end of the year (zero bonus). And competition is incredibly tough. At the fund, we made the mistake of posting the job on Bloomberg (which still eliminates the riff-raff since you need Bloomberg access to see the job posting), and we got hundreds of resumes...many Harvard MBAs, Wharton, etc... A true high-paying finance career can generate a "high-end income," but it can be very difficult to find a replacement job if you get blown out...and it happens all the time. Lots of people leave finance because they can't find another job. If you love money, front office finance jobs are great. But, to land those jobs, you have to have top-notch credentials (it's the expectation) or super strong connections. I love money and it was awesome getting bonuses, but the jobs can be a grind, particularly on the sell-side. Buy-side, on the other hand, is pretty awesome. |
Anonymous
| Neurosurgeon. But the ick factor is high. |
Anonymous
Yes, OP. You don't present as "impressive." |
Anonymous
+1 to infinity. "goor careed" - yes, I can see that you are going to be the next "master of the business universe", OP. |
Anonymous
|
There are no good careers for high-end income. In some careers, there is good income for top performers.
Sales, as others have mentions, can have very high incomes. That is because you are paid based on what you sell, and if you are good (i.e., you sell a lot), you will get paid a lot. You could be selling houses, cars, IT products, medical supplies. If you sell one house a week in this area, you are looking at 400K income. Most agents sell 1 house every month to every other month. Most people that try sales do not make the big bucks. Medical profession is an exception. Most specialists can make 300K+. However, to get there, they have to do medical school, internship, residency, fellowship, and then have a few lean years up front. So, at best, they start making the big bucks at 35. And they have to work a lot of hours to earn the money. Per hour worked over the lifetime, a doctor does not make that much. I do not know enough about finance to comment. Personally, I am doing ok. My lifetime earnings are 2.5 mil. I did this with no education debt (grad school paid for by Research Assistantships). Assuming the trend continues, and I retire at 67, earning will be 6.7 mil, or (assuming 40 hrs/wk), with about 3 mil for retirement |
Anonymous
|
If you end game is to earn money as quickly as possible, working for somebody is not the answer because it requires investment in terms of time, effort, and training.
The biggest earners are those who are entrepreneurs, such as real estate investors. Of course, not all people are fit to be one and there is a high risk and high reward aspect to that. If you are generally risk averse and really just want a "comfortable" salary, set your threshold a little lower to like 150-200k. |