What's the appeal of working on Wall Street?

[Anonymous]

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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.

It is, but I left. Money was great, but I got NO fulfillment from it. Now, had I done it at 22, that may have been different. I ended up in IB with a law degree b/c the bankers were struggling with the docs. Long story. I stayed 4 years b/c it is a young person's game. By the time I went to structured finance, I was married with 2 kids. I got no fulfillment from it.

You are so out of touch. It is a privilege to think about fulfillment. Many people grind away at worse jobs and aren't paid enough to support their families.

Yes, because your options are to work monster hours making $500K/year or grind away at a job that doesn't support your family If you are smart enough to work on Wall Street, you are smart enough to find another less stressful/more fulfilling job if that's what you want.

Where do you people GET this stuff?

Are you purposely dense? Yes, you can get other jobs. That's exactly what people do after their 2-year stint is over. But there aren't really that many entry-level jobs that allow you to pay off $60,000 while also sending money home because your parents need your support too.

Oh please. The vast majority of college grads heading to Wall Street come from well-to-do families. They don't have college loans and they sure as hell aren't supporting their parents.

Flat wrong. Supporting families immediately after college, maybe not. But majority well-to-do, hardly. Smart and aggressive are the most common traits. Sales and trading groups typically look for the hungry and not the entitled types.

Do you have data to back this up? Considering that so many Wall Street employees come from elite colleges, almost all of which pledge to meet students' full financial need, it doesn't really follow that large numbers of them are struggling financially in the way you describe. The people who are from truly poor families aren't likely to have much, if any, loan burden (though they might opt to send money home to their parents). The ones who do have giant loans got them because they actually *are* from reasonably well-to-do families that didn't qualify for much financial aid.

[Anonymous]

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.

It is, but I left. Money was great, but I got NO fulfillment from it. Now, had I done it at 22, that may have been different. I ended up in IB with a law degree b/c the bankers were struggling with the docs. Long story. I stayed 4 years b/c it is a young person's game. By the time I went to structured finance, I was married with 2 kids. I got no fulfillment from it.

Member of bar? What did you move to?

Education then nonprofit. Don't regret my IB experience at all - just wish I would have done it after undergrad.

[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.

It is, but I left. Money was great, but I got NO fulfillment from it. Now, had I done it at 22, that may have been different. I ended up in IB with a law degree b/c the bankers were struggling with the docs. Long story. I stayed 4 years b/c it is a young person's game. By the time I went to structured finance, I was married with 2 kids. I got no fulfillment from it.

You are so out of touch. It is a privilege to think about fulfillment. Many people grind away at worse jobs and aren't paid enough to support their families.

Yes, because your options are to work monster hours making $500K/year or grind away at a job that doesn't support your family If you are smart enough to work on Wall Street, you are smart enough to find another less stressful/more fulfilling job if that's what you want.

Where do you people GET this stuff?

Are you purposely dense? Yes, you can get other jobs. That's exactly what people do after their 2-year stint is over. But there aren't really that many entry-level jobs that allow you to pay off $60,000 while also sending money home because your parents need your support too.

Oh please. The vast majority of college grads heading to Wall Street come from well-to-do families. They don't have college loans and they sure as hell aren't supporting their parents.

Flat wrong. Supporting families immediately after college, maybe not. But majority well-to-do, hardly. Smart and aggressive are the most common traits. Sales and trading groups typically look for the hungry and not the entitled types.

+1. I met all kinds of people.

[Anonymous]

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.

It is, but I left. Money was great, but I got NO fulfillment from it. Now, had I done it at 22, that may have been different. I ended up in IB with a law degree b/c the bankers were struggling with the docs. Long story. I stayed 4 years b/c it is a young person's game. By the time I went to structured finance, I was married with 2 kids. I got no fulfillment from it.

You are so out of touch. It is a privilege to think about fulfillment. Many people grind away at worse jobs and aren't paid enough to support their families.

I am hardly out of touch. You work 60 - 80 hours a week for the money and see if it's worth it. I worked at big law and even that was more fulfilling.

[Anonymous]

Anonymous wrote:

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.

It is, but I left. Money was great, but I got NO fulfillment from it. Now, had I done it at 22, that may have been different. I ended up in IB with a law degree b/c the bankers were struggling with the docs. Long story. I stayed 4 years b/c it is a young person's game. By the time I went to structured finance, I was married with 2 kids. I got no fulfillment from it.

You are so out of touch. It is a privilege to think about fulfillment. Many people grind away at worse jobs and aren't paid enough to support their families.

Yes, because your options are to work monster hours making $500K/year or grind away at a job that doesn't support your family If you are smart enough to work on Wall Street, you are smart enough to find another less stressful/more fulfilling job if that's what you want.

Where do you people GET this stuff?

Are you purposely dense? Yes, you can get other jobs. That's exactly what people do after their 2-year stint is over. But there aren't really that many entry-level jobs that allow you to pay off $60,000 while also sending money home because your parents need your support too.

Oh please. The vast majority of college grads heading to Wall Street come from well-to-do families. They don't have college loans and they sure as hell aren't supporting their parents.

Flat wrong. Supporting families immediately after college, maybe not. But majority well-to-do, hardly. Smart and aggressive are the most common traits. Sales and trading groups typically look for the hungry and not the entitled types.

Uh huh. Sure.

Your view coming from some imagined belief for how the world works...that only the rich get richer. Mine comes from having run a sales and trading desk at Goldman, with a personal background as first generation to college. I wonder who has more credibility on the subject?

[Anonymous]

Anonymous wrote:

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.

It is, but I left. Money was great, but I got NO fulfillment from it. Now, had I done it at 22, that may have been different. I ended up in IB with a law degree b/c the bankers were struggling with the docs. Long story. I stayed 4 years b/c it is a young person's game. By the time I went to structured finance, I was married with 2 kids. I got no fulfillment from it.

You are so out of touch. It is a privilege to think about fulfillment. Many people grind away at worse jobs and aren't paid enough to support their families.

Yes, because your options are to work monster hours making $500K/year or grind away at a job that doesn't support your family If you are smart enough to work on Wall Street, you are smart enough to find another less stressful/more fulfilling job if that's what you want.

Where do you people GET this stuff?

Are you purposely dense? Yes, you can get other jobs. That's exactly what people do after their 2-year stint is over. But there aren't really that many entry-level jobs that allow you to pay off $60,000 while also sending money home because your parents need your support too.

Oh please. The vast majority of college grads heading to Wall Street come from well-to-do families. They don't have college loans and they sure as hell aren't supporting their parents.

Flat wrong. Supporting families immediately after college, maybe not. But majority well-to-do, hardly. Smart and aggressive are the most common traits. Sales and trading groups typically look for the hungry and not the entitled types.

Do you have data to back this up? Considering that so many Wall Street employees come from elite colleges, almost all of which pledge to meet students' full financial need, it doesn't really follow that large numbers of them are struggling financially in the way you describe. The people who are from truly poor families aren't likely to have much, if any, loan burden (though they might opt to send money home to their parents). The ones who do have giant loans got them because they actually *are* from reasonably well-to-do families that didn't qualify for much financial aid.

Don't be silly. Financial aid is only for undergrad. Do you believe that only people with rich parents deserve to go to grad school? I met many people who were socking away money like no other because they knew they needed to continue schooling, mom and dad (if one even existed) lived in a shitty rental with a HHI of $30K, and often they were the oldest child with many siblings in the pipeline whose lives they could greatly improve if they just took one for the team and grounded away for 70-80 hours a week.

[Anonymous]

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.

It is, but I left. Money was great, but I got NO fulfillment from it. Now, had I done it at 22, that may have been different. I ended up in IB with a law degree b/c the bankers were struggling with the docs. Long story. I stayed 4 years b/c it is a young person's game. By the time I went to structured finance, I was married with 2 kids. I got no fulfillment from it.

You are so out of touch. It is a privilege to think about fulfillment. Many people grind away at worse jobs and aren't paid enough to support their families.

I am hardly out of touch. You work 60 - 80 hours a week for the money and see if it's worth it. I worked at big law and even that was more fulfilling.

It is obvious you have never been poor and have never had the responsibility of lifting up an entire family or even community. You can stop talking now.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

Ummm ... it's because working on wallstreet is MUCH more than working 50 hours a week.

And if you're in the position to get hired by Goldman, you're in a position to find a career that is much more interesting and humane, that still pays well.

That said, I am sympathetic to your general point. But there's a huge difference between a good, solid career and working on Wall Street.

This is not true in my experience. My husband started on Wall Street (equity analyst at one of the big banks which is actually no longer on WS itself), worked there for a few years, went for MBA, went back, then left for greener pastures because we didn't want to raise kids in the city. Now makes seven figures working 55 hours a week. Portfolio manager. Small city, no commute. People don't work those grueling hours all their careers. Junior people are called grunts for a reason.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.