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Anonymous wrote:French Lit
Carpenter (apprentice to master carpenter)

No clue but does truly beautiful work. He’s supporting himself.

That's fantastic! Sounds like you raised an interesting person.

I love this one too.

+1 love, love, love this. I wish more people would go down this path.

+2. But like this kid AFTER he got his education.

Or at least business education. If you're going to be self-employed, you need to have a lot of skills in managing your business, which includes the financial and marketing ends.

Our cousin is a Master Carpenter. He is highly sought after and travels the world because of his skills yet it is the business end that keeps tripping him up. Fortunately, now one of his sons is working with him and that young man has a business degree. The family is now much more financially stable with the son managing the business.

It is one thing to be a master at your craft, it is entirely another to be master of your craft and be able to live off of it because you know how to manage the business end of things.

Yep. I'm European and one of my elementary school friends is a semi-famous artist. She comes from a family of artists, so she grew up in the industry, and is SO GOOD at marketing herself and managing the business. She hires a PR firm and is a superb salesperson - she doesn't have kids and travels the world to galleries.

Anonymous wrote:Do investment bankers really make 300k after 2 years?

The bank's salaries are the biggest expense and yes, pay is great at the top ones or boutique. There are smaller, regional IB firms (there are a couple in DC area too) and newcomers like M&T Bank and those pay much much less. (Big) banking has NO W/L balance. We had to work more than 100 hours and I got so many UTIs because I couldn't use the bathroom enough. My friend got shingles in his 20s. Lots of cavities (nobody had time to go to the dentist), lots of coke to stay awake. Most burned out after 2 years, went to grad school to do something else or move to the industry related to their group. Lots in research try to transition from the sell side to the buy side, where the schedule is better and $ is good. If you survive and are able to backstab most of the analysts, the bank pays for 2 years of MBA (Stern is great and in the city) and then you become a VP, make more $, torture the analysts, and backstab more to get to MD. My understand is that law is the same but with slightly lower salaries, as if you don't have partner potential, you are asked to start looking around.
IMO, going for big consulting like Bain and McKinsey is better, as the salaries are great and the W/L balance is better. The work is fun and easy too, as you don't have to implement anything, like Accenture.

Anonymous wrote:Econ
Tmt I-banking
250k

Harvard or Haverford?

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Anonymous wrote:French Lit
Carpenter (apprentice to master carpenter)

No clue but does truly beautiful work. He’s supporting himself.

That's fantastic! Sounds like you raised an interesting person.

I love this one too.

+1 love, love, love this. I wish more people would go down this path.

+2. But like this kid AFTER he got his education.

Or at least business education. If you're going to be self-employed, you need to have a lot of skills in managing your business, which includes the financial and marketing ends.

Our cousin is a Master Carpenter. He is highly sought after and travels the world because of his skills yet it is the business end that keeps tripping him up. Fortunately, now one of his sons is working with him and that young man has a business degree. The family is now much more financially stable with the son managing the business.

It is one thing to be a master at your craft, it is entirely another to be master of your craft and be able to live off of it because you know how to manage the business end of things.

Do investment bankers really make 300k after 2 years?

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Anonymous wrote:Teaching in Asia, serving in the Peace Corp, running a day camp at a luxury hotel in Hawaii, etc are brilliant life experiences for 22 yr olds! Too many parents want their kids to join the rat race immediately out of college and there’s no reason. No future employer or graduate program will ever see their experiences as anything but a plus.

They’ll all join us in mortgages, health insurance premiums, retirement contributions, long commutes, and societal expectations soon enough. Hell, they’re only 22!

+1.

I did this in the early 90’s. Taught in Japan and traveled all over Asia. I had incredible experiences and made life long friends. After returning to the US, most of my friends hadn’t really done much. No regrets.

I agree! My 2021 grad is living her best life in Japan with the JET program. She’s currently on a New Years trip with a group of new friends posting pictures of temples and hiking, all while perfecting the Japanese she studied in college. I think she’s making $32K but her rent is $250/mo and she has a bunch of money invested that she saved during college that she can use when she gets back.

Being able to move half way across the world and figure out how to thrive is a huge accomplishment!

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Anonymous wrote:CS & Econ double major
IB
$340,000

Yeah sure one year after graduating

2 years.

GS?

GS is not paying 340k to anyone 2 years out of college.

Investment Banks paid record amount of bonuses for 2021. Besides, Citadel is paying 450-550k for grads 2 years out. 340k probably includes bonuses.

None of you guys know what you're talking about. I've been teaching in business school for 15 years. The quoted salary is so far outside of reality that it is ridiculous. Think 100k-150k for a very nice IB starting salary for an undergrad. I think it's telling that two people earlier in the thread thought IB is "international banking." This site is truly full of buffoons. Now, if we're talking MBA or PhD, that's a different story.

You forgot the bonuses. Bonuses have been ridiculous for the past two years. Salary for fresh grad is about 100k and bonus is about 60k. There is a signing bonus of about 45k making the compensation about 200k for incoming analyst for front office positions.

It could definitely be 340k after 2-2.5 years.

Contingent on being a great performer and getting promoted to associate, agreed. Normally associate promotion wouldn't be until after 3 years though so I'm still calling BS on this post

I have a kid in IB (strats) and he was promoted to Associate after 2.5 years and all his friends were promoted to Associates after 2.5 years. Analysts leave if they are not promoted after 2.5 years and they get contacted by recruiters every week with enticements to leave to double their salaries after few weeks on the job.

Say 2.5 years one more time……I dare you.

2.5 years.

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Anonymous wrote:Political Science '15
$300K (inclusive of base salary and RSUs), internal strategy role
First job out of school, management consulting, paid $70K base and a $7K sign on bonus

Again, how are you a management consultant if you have never been in management?????

NP
The new graduates do most of the business research.

Anonymous wrote:I always think of a consultant as an expert in their area. How do you consult if you are just starting out? I’m just a lowly Speech Pathologist so I know in my field, I better be in expert if I am consulting on anything. Can someone please explain what exactly they do?

Henchmen hired to downsize workforce, implement budget cuts, write “objective”/“expert” reports justifying what client wants to do anyway.

Major: communications fourth tier school (1992)
Job pre kids (late 90’s to 2001) marketing $75k
quit and had kids and stayed home.
Back at work 6 years ago - administrative assistant $50k (but I like my job. It’s also 8 minutes away and I always had to commute on metro before, so much time and money wasted on that, so worth it)

Anonymous wrote:Political Science '15
$300K (inclusive of base salary and RSUs), internal strategy role
First job out of school, management consulting, paid $70K base and a $7K sign on bonus

Again, how are you a management consultant if you have never been in management?????

Political Science '15
$300K (inclusive of base salary and RSUs), internal strategy role
First job out of school, management consulting, paid $70K base and a $7K sign on bonus

I always think of a consultant as an expert in their area. How do you consult if you are just starting out? I’m just a lowly Speech Pathologist so I know in my field, I better be in expert if I am consulting on anything. Can someone please explain what exactly they do?

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Anonymous wrote:Business at a t-25
English teacher in Asia
$27k

Wow what a bum

What a great life experience! Sometimes, the experience is worth more than the money. I assume this teacher can come back to the States and begin a new career earning more but it’s much tough to start a career then leave to live abroad for the experience.

+1. It’s a great life experience. I know a few people my age who did it (or something similar) their first couple years out of college and went on to great careers in fields unrelated to teaching. I wish I’d done it.

I did a similar program in France and was paid even less. But I had an incredible experience living on a strict budget abroad and navigating my first year out of college with all the ups and downs, put my French degree to good use, and learned a lot about teaching. Wouldn’t change it for a moment—I even got to walk the red carpet at the Cannes film festival (seriously!). I made a lifelong friend from Germany and we still visit each other. I’m about 15 years post graduation and have an amazing career at a nonprofit, have paid off my student loan debt including from grad school, have a good amount saved for retirement despite getting a slower start, and own a home—so financially it didn’t seem to set me back at all. If my own kids told me they were going to do what I did and get paid peanuts but live abroad for a year or two I’d say GO FOR IT!! You have your whole life to work and be a part of the rat race.

Anonymous wrote:

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Anonymous wrote:French Lit
Carpenter (apprentice to master carpenter)

No clue but does truly beautiful work. He’s supporting himself.

That's fantastic! Sounds like you raised an interesting person.

I love this one too.

+1 love, love, love this. I wish more people would go down this path.

+2. But like this kid AFTER he got his education.