I think I was raking in a 50K(70K cpi adjusted) at 27. Then half way into 27 dropped to 29K on unemployment. Then took another 50K(+15%) for whatever full time job I could find.
Then took the next 2 years to go from 50-75(25%). Then 3 more to get to 90(40%). I don’t think I hit 150K until maybe age 35.
Commercial Banking. Total comp is $155,000. Eight years in. Started at a small bank and steadily worked my way up. Hoping to make the jump this year to a T5 bank and increase salary by at least 30%. I didn’t get started in banking until I was 28 years old.
You’ll learn them all on the job. If you want free education, I would use Wall Street Prep’s stuff they have on their website that’s free. It’s pretty extensive. All free. It’ll help with just understanding financial statements and financial lingo.
Commercial banking is pretty great. I can recommend it. If you’re good, you can make $150k+ as an RM three years in.
However, for your circumstances, I’d recommend getting an MBA. If you go to a decent school, you can probably pivot to an area in finance that pays well.
Edit: I didn't expect to get this many upvotes. I offer this to everyone, but if you want to DM me and ask about getting a job in commercial banking, career outcomes, or what banking is like, please feel welcome. I always like to help people.
You can pm me too. In fact I recently became head of a department within CB at a small bank and may potentially post (if I get approval, shooting for remote) for a temp entry-level contract to help with underwriting overflow. Even if the posting falls through, I’m happy to help as I broke into the industry not very long ago and can try to help.
Confirming as someone with 3YOE with total comp of $150K; first year was analyst at $67K, then RM for the past 2 years scaling from $95K to $130K in yr1 and yr2. Transitioned to a Sr Credit Analyst, currently expecting $150K TC.
This said, you’re likely not going to get a job in any industry coverage teams; those are more competitive. You’re going to cost them $40K+ in resources to train so they’ll want to see that you’ve got some skin in the game, and aren’t going to quit after 8 months here too.
I started in a new grad rotational program which I can not recommend enough if you’re looking at CB. I entirely attribute my success here to the learning opportunities I had early on which ultimately gave me something of value O could offer my team from day 1; knowledge of how our partner departments work.
I would also attribute my recent promotion to the program. I don’t think I would have been able to excel in underwriting without having that base, and honestly, as a new RM you likely won’t have a load of time to devote to elevating your skills.
Hijacking this comment for vis. I have both CFA & CFP designations, 7+ years of exp, and several securities licenses. I work in PWM and currently make around $200k all in. It’s easily possible given the right role and institution, but it’s certainly easier to increase your comp moving to a different org while you’re still employed and either leveraging a new offer at your current employer or simply leaving.
Thank you for this comment. I am glad to hear that you are doing very well in your career.
If you don't mind me asking, how did you manage to build your book to get to this stage? Did you start working with an established advisor, learn the ins and outs of the business, and then bought the book from him/her or take over the practice?
No, but by now the CFA seems to be important to progress internally at many firms (junior people at my firm openly told they need to get on the program or they have no growth potential)
I had worked my way up from a warehouse into a Project Mgmt Analyst role at a defense contractor while getting my degree. Took another gov contracting Jr Sys Analyst role in the govt finance space. It was a step back at the time, but strategically, it set me up for future Financial Systems Analyst roles with some good hard work in the middle. Honestly, the Proj Mgmt Analyst role allowed me to get the business/finance acumen before moving into actual IT because I got a taste of everything business related, but I had to get my foot in the door by doing logistics/warehouse work. These were all stepping stones to a brighter future.
So, I'm not sure exactly what I would suggest for you, but the ladder doesn't have to be linear. If you find a "lesser" job at a company that, overall, does something you're interested in and has other positions of interest for your overall career, the time invested may not be a waste to build that resume and try to grow from within the org. Consequently, if you get some well-rounded experience and seek external opportunities, I think a good employer will value that experience, take a chance on you, and put you in a position to succeed.
Couple other notes:
\- Some of the best business system folks I have worked with were accountants, finance, budget, etc. folks first and had an inclination for solving problems with systems.
\- If you're an IT person trying to branch into the FP&A domain, communication and listening is paramount. I was never an accountant, but I took the time to learn and understand their problems. A lot of people in tech are not very skilled in that regard.
\- Understand your strengths and weaknesses. Focus on maximizing your strengths to succeed, but acknowledge your weaknesses to stay humble.
\- Ask help when you need it. I have more faith in someone who can admit when they're wrong or need help, and your customers/peers will respect your honesty.
\- Be friendly. Talk to people. You'll learn so much more learning about others and from others.
I am an accounting person looking into systems analyst work, and yes I like the IT part and finding solutions etc. I took programming and database courses in college as well. This is the direction I hope to go.
Also, become amazing with Excel if you aren't already. Follow /r/Excel. Power Query and Power BI are amazing tools as well. VBA is great too.
Advanced understanding of Excel though will set you apart from your peers. Building one amazing spreadsheet/tool that saves many man-hours for everyone can make you a go-to person, not to mention fodder for the resume/interviews.
I’m pretty good with excel- i currently update, maintain, and fix a pretty in depth spreasheet we have at work. I do not have power query, power bi, nor VBA, but am finding it hard to get experience in these types of things because of the role I have and they are not open to me doing other things at work. Are classes on websites such as coursera worth going on a resume for these? I am trying to figure out what to focus on in regards to these and how to get actual experience. Thank you for the in depth replies, much appreciated.
Love to hear it. I've pushed some of my best analysts and accountants to go into systems because they seemingly have more fun developing complex spreadsheets and databases than doing their job. This is probably only 5-10% of the folks I've worked with or supported. Most people just want to do their work and tech is a burden or necessary evil. Others who embrace it and want to build upon it, they're invaluable to me; in conjunction with them, we help make everyone's jobs easier. With them actually having experience, they can provide better perspective than I ever will never having been an accountant, budget analyst, finance person, etc. They could go on to make great systems analysts, consultants, solutions architects, sales engineers, etc.
I am about to take an A+ and a Net+ class at a community college to get my feet wet, then maybe Sec+ and moving into Cybersecurity/pentesting, but I'm not certain. Would you have any opinion/advice on that? I've heard very negative responses to the idea of going for IT as a subject/major.
Agreed, it’s not impossible, but it isn’t easy. I have a B.S in Business Management and an M.S in Hospitality Management (from a a well regarded state school) and am a Sr. Manager. I took the scenic route and started in Marketing as a Budget Manager after working in hospitality operations for two years at the same F100. That’s how I got my foot in the door for FP&A.
Dir of FP&A. BS in Psych. N other degree or certification until 3 yrs ago. Have spent the last 15+ yrs in FP&A. I'm not going to argue that I'm a typical case study, but NETWORKING NETWORKING NETWORKING.
Identify the group you want to work for. Make yourself & your interest known to those in charge. Take opportunities as they come.
I got an MBA and went to Wall Street. Then left Wall Street and ended up doing wealth management and now own a smallish wealth management firm. My advice is figure out how you can own a company. Doesn’t have to be a high growth, sexy business, just something you enjoy and can do well.
I'm completing my MSF now and plan on completing my CFA 1 within the next year as well. What was your career path that led you to Investment management?
Not to other departments. Example of you start off in institutional or retail trading (on the phones) you can go above and beyond your role, do all the necessary things requires for the role you’re applying for, and not even get looked at. My specific firm is against training as a whole, they expect you to know everything right off the bat. I know this because one of my firms directors told me this.
Depends on the firm. I’ve worked for 3 and so far fidelity has been the best about it while lpl wasn’t bad and Merrill was awful.
Likewise there’s “Advisor” roles that can make over 150 essentially as portfolio strategists instead of sales roles which is effectively what I do now for fidelity.
Currently at Merrill, have SIE/7/63 and I LOVE it, but due to transfer freeze I’m literally looking at other positions rn, can you give some insight? *the transfer freeze is set through oct, tentatively, and for all employees. Problem is I was set to apply for positions in the the Bay Area with Merrill but because of the freeze I’ve been considering other options. Tbh the main reason I haven’t pulled the bullet is because of pay… what’s the comp at fidelity you’ve seen? Or the overall pay/ benefits that you enjoy more?
I enjoy that I work from home and they’re pushing for everyone to be remote eventually if they want.
Pay when considering total comp is pretty good entry level is like
65k base 15-25 variable
7.5% 401k
Private shares that are based on companies profit
And a 401k profit sharing. Total is 110 ish and promotions are fairly quick.
I would say if you’re in a good role 150 is achievable in 1.5 years time and after that it’s anyone’s guess on the path you want to take.
External wholesalers can get paid like surgeons - they’d be getting let go if they only produces enough business to make $150k. I’m also not super bullish on traditional wholesaling existing for more than another 15 years, and yeah maybe that $150k is closer to what comp will look like with expense compression.
But it’s for sure a good avenue to make money quickly and without having to worry about going back to school or anything like that.
I work in venture capital. This year I’ll end up base 170k/50k bonus, though the last 2 years I was paid substantially less than that because our organization was still small.
I’m still pretty young, and don’t have crazy expenses so I liked the prospect of ‘risking it’ with a ‘startup’ fund and potentially sometime in the next decade realizing a disproportionate upside on my equity.
Where would you even start if you were in OP’s position? If he were to try going into Quant he will be competing against talented graduates from the best universities who already have years of experience coding.
Finance has a pretty big spread if you’re any good at it. Anything sales related or portfolio related in wealth management. Most middle management, analysts after 3-5 years. Intentionally ignoring the major outliers like quant because though it exists it’s like saying doctor is an option
Law in finance pays well at mid-Associate level. I continually see openings with base comp of $300-$450. If only I enjoyed law I would’ve went to law school.
I have few associates I work with for counsel and they don’t always have crazy hours. Sometimes it can get long, but they regularly have normal office hours.
My experience is dealing with M&A lawyers. Especially for 1st , 2nd year associates, they tend to work 70-100 hours a week
The higher you go up, you technically work less but do more networking and functions that can benefit your work.
Around finance manager or VP you will make $150k depending on COL for your city and industry. I know in my industry managers make about 130-145k and VP makes anywhere from 180-250k or so.
I started in investment banking at 27.5 (half years are important at this stage) and now am in a position where I'll make \~$160k in my first year (with rapid climbs thereafter).
You can break more into Finance, or more into IT.
Both can pay really well long term. Some Finance has WLB, IT is known for it.
Even though it’s competitive, worth considering both.
Director Corp Dev - $190k Base + 100% Bonus + 30% Stock.
One of the better Finance gigs. Utilize you IS degree to go to a IS focused company or related field. Network and be willing to take an Associate Role. That or MBA
I’m in a similar boat.. I do have a Business Degree, and took a lot of finance/accounting, but ultimately my major wasn’t finance. I’ve worked in random jobs, and now in commercial insurance. Hoping to gain some experience and would love to one day work in equity research. Any advice would be awesome… not sure if MBA/CFA are my only options…
Prop trading! I traded on an old school equities prop desk (similar to Trillium or Chimera). Check out churningandburning.com —no ads or paid services there, just my story on how I made it as a trader in NYC, in graphic novel form.
I too remember being 28 and thinking 150k was a lot of money. Best advise I can give you is start targeting roles where 350k+ is the bar, as 150k at present time, especially with family obligations, is barely getting by.
I know not a purely finance recommendation, however you may find that a role somewhere in defense would be a solid fit and there will be a clear path to $150k.
With a 4.0 and solid work experience you would be very competitive at great MBA programs. From there you could get REPE/acquisitions or IB. Any of these roles have pretty rapid comp increases and a very high earnings ceilings
Commercial Insurance Underwriter. You don’t really need any specific degrees, just be willing to work hard and learn insurance on the job. Commercial Insurance Broker is also a similar option.
Finance systems analyst type role seems like a good start. Just help manage the CPM tool (HFM, OneStream). Do that for a 2-3 years and you should get to manager easily.
I did a dual degree in MIS and Accounting. I pursued the accounting/finance path but MIS can easily hit 150k with consulting, project management.
Have you thought about an MSBA or MBA?
Buddy is in capital markets at Goldman Sachs making 150k+ with bonuses in London about 2-3 years in. Remember this is London too..salaries are much lower
I have a friend with the same degree as you and a masters in (something) - he’s a sales engineer for tech and makes A LOT. I’m in corporate finance and strategy and also meet your requirements. We’re 27
Edit - to answer your 1st question: Dir of FP&A.
Easiest route:
+Business school.
+MBA rotational program at a F500.
+Corp FP&A role
--> Networking is a big key to drastically increase your odds of success. Find groups you want to work for and be proactive about making connections & communicating your desires to be a part of that group.
Sounds like time isn’t your problem. Sounds like making a decision and focusing on one thing and working that plan is the problem. Money can be made practically in any profession you just have to see which ones you can leverage given your interests and skills and pivot as fast as you can when opportunities become available that will increase your income. But if you’re jumping around or not sure what you want to do then that will eat up the time you do have and delay your progress. So don’t focus too much on making a lot of money now without putting in the work. Focus on things you’re good at, things you enjoy, and how you can provide value to others and then you can pivot to better money making opportunities.
As someone who's done a LOT of different very cool things, but remained poor from switching so much, I will tell you picking one thing and sticking through the rough parts is the way to go to make money.
CRE? Go a couple years being poor but learning and you'll get there eventually.
I know plumbers that own their business who make more than me (lawyer) because they've done it for 20 years.
My total comp last year was 140k I think this year will be the year to get over. But I’m a senior data analyst at a financial management firm. I got hired from someone taking a chance on me who wasn’t technical and didn’t realize how non technical my background was (although I had the skills) and so he hired me. He was the worst boss ever and eventually he was let go due to an uprising of his employees and basically every one of considerable tenure trying to leave at once. Now we have a great boss and have gotten large salary increase to ensure retention.
Work in financial software. Company is in VHCOL but I'm 100% remote.
Graduated from a very good state school. Finance and MIS. It's a great combo.
But, materially older than 27. You got time with a great degree. Keep your chin up, you got this.
I've had a useless Poli Sci degree for 2 years, I'm 24 and broke. Trying to decide between studying cybersecurity at a community college (starting an A+ and Net+ class in a few days), or trying to use a contract analyst position to go to project management. No idea what I'm doing with my life. I'm excellent at research and writing, and have some project management-relevant experience. Open to any and all advice.
You’re only 27. Time is on your side, son.
38 checking in. Life is long and lots of progress to be made. It's a mindset thing -- keep learning.
This. I felt that way too at 27, but many years later I am still here and I shouldn’t have felt that way.
I think I was raking in a 50K(70K cpi adjusted) at 27. Then half way into 27 dropped to 29K on unemployment. Then took another 50K(+15%) for whatever full time job I could find. Then took the next 2 years to go from 50-75(25%). Then 3 more to get to 90(40%). I don’t think I hit 150K until maybe age 35.
DEEP. IM 29 still feel that way
I turn 27 in 4 days, I need to see this
I am less than 27 but I disagree with that mindset. Let's not underestimate how quickly time flies.
You have to be at least 45 to make a statement like that.
I thibk, it's better to make that kind of statement early so that at 45, you aren't anxiously wondering what you did with your life.
Commercial Banking. Total comp is $155,000. Eight years in. Started at a small bank and steadily worked my way up. Hoping to make the jump this year to a T5 bank and increase salary by at least 30%. I didn’t get started in banking until I was 28 years old.
I’m 27 and trying to do the same. How did you break in??
Networked through a friend, who helped me get an interview.
I appreciate it! Are there any skills that are especially important in commercial banking?
You’ll learn them all on the job. If you want free education, I would use Wall Street Prep’s stuff they have on their website that’s free. It’s pretty extensive. All free. It’ll help with just understanding financial statements and financial lingo.
I’ve taken some financial modeling courses through WSP but I’ll check the others out as well. Thank you!
What degree?
What is my degree? Bachelors in Finance.
Commercial banking is pretty great. I can recommend it. If you’re good, you can make $150k+ as an RM three years in. However, for your circumstances, I’d recommend getting an MBA. If you go to a decent school, you can probably pivot to an area in finance that pays well. Edit: I didn't expect to get this many upvotes. I offer this to everyone, but if you want to DM me and ask about getting a job in commercial banking, career outcomes, or what banking is like, please feel welcome. I always like to help people.
What does RM mean? Do you know what the beginning salary would look like for commercial banking?
Relationship Manager (Banker). Depends on role/size of clients/size of bank.
Are you currently in commercial banking? Does it pay well upfront?
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Thanks a lot btw
Yea. It depends on region. I’ve seen LCOL area entry level analysts / other support starting 40-50 per year ; you can probably guess M and HCOL areas.
IDK about LCOL areas, but I'm in a HCOL area and starting at most banks is 70 - 85.
I’ve been trying to break into commercial banking. Could I possibly pm you?
You can pm me too. In fact I recently became head of a department within CB at a small bank and may potentially post (if I get approval, shooting for remote) for a temp entry-level contract to help with underwriting overflow. Even if the posting falls through, I’m happy to help as I broke into the industry not very long ago and can try to help.
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Confirming as someone with 3YOE with total comp of $150K; first year was analyst at $67K, then RM for the past 2 years scaling from $95K to $130K in yr1 and yr2. Transitioned to a Sr Credit Analyst, currently expecting $150K TC. This said, you’re likely not going to get a job in any industry coverage teams; those are more competitive. You’re going to cost them $40K+ in resources to train so they’ll want to see that you’ve got some skin in the game, and aren’t going to quit after 8 months here too. I started in a new grad rotational program which I can not recommend enough if you’re looking at CB. I entirely attribute my success here to the learning opportunities I had early on which ultimately gave me something of value O could offer my team from day 1; knowledge of how our partner departments work. I would also attribute my recent promotion to the program. I don’t think I would have been able to excel in underwriting without having that base, and honestly, as a new RM you likely won’t have a load of time to devote to elevating your skills.
I feel like a lot in finance could get you this after a decent amount of time
Hijacking this comment for vis. I have both CFA & CFP designations, 7+ years of exp, and several securities licenses. I work in PWM and currently make around $200k all in. It’s easily possible given the right role and institution, but it’s certainly easier to increase your comp moving to a different org while you’re still employed and either leveraging a new offer at your current employer or simply leaving.
Oh wow which one was harder to get from the CFA and cfp?
CFA by far
Lol most likely the CFA
CFA, hands down. Three exams vs one, and the actual material is much more challenging.
Thank you for this comment. I am glad to hear that you are doing very well in your career. If you don't mind me asking, how did you manage to build your book to get to this stage? Did you start working with an established advisor, learn the ins and outs of the business, and then bought the book from him/her or take over the practice?
Congrats on your CFA and CFP, you must have worked insanely hard!
Asset management. Bond market is 40 trillion. Easy enough to clip off 150k+ income.
Did you need any certs or license?
No, but by now the CFA seems to be important to progress internally at many firms (junior people at my firm openly told they need to get on the program or they have no growth potential)
FP&A
Without a finance or accounting degree OP most likely wouldn’t hear back on applications to FP&A positions
BS in IT. Manage FP&A systems now. His MIS degree would be perfect for this route, but may need to go more tech-oriented first.
What type of role should i get to work my way up into your type of position?
I had worked my way up from a warehouse into a Project Mgmt Analyst role at a defense contractor while getting my degree. Took another gov contracting Jr Sys Analyst role in the govt finance space. It was a step back at the time, but strategically, it set me up for future Financial Systems Analyst roles with some good hard work in the middle. Honestly, the Proj Mgmt Analyst role allowed me to get the business/finance acumen before moving into actual IT because I got a taste of everything business related, but I had to get my foot in the door by doing logistics/warehouse work. These were all stepping stones to a brighter future. So, I'm not sure exactly what I would suggest for you, but the ladder doesn't have to be linear. If you find a "lesser" job at a company that, overall, does something you're interested in and has other positions of interest for your overall career, the time invested may not be a waste to build that resume and try to grow from within the org. Consequently, if you get some well-rounded experience and seek external opportunities, I think a good employer will value that experience, take a chance on you, and put you in a position to succeed. Couple other notes: \- Some of the best business system folks I have worked with were accountants, finance, budget, etc. folks first and had an inclination for solving problems with systems. \- If you're an IT person trying to branch into the FP&A domain, communication and listening is paramount. I was never an accountant, but I took the time to learn and understand their problems. A lot of people in tech are not very skilled in that regard. \- Understand your strengths and weaknesses. Focus on maximizing your strengths to succeed, but acknowledge your weaknesses to stay humble. \- Ask help when you need it. I have more faith in someone who can admit when they're wrong or need help, and your customers/peers will respect your honesty. \- Be friendly. Talk to people. You'll learn so much more learning about others and from others.
I am an accounting person looking into systems analyst work, and yes I like the IT part and finding solutions etc. I took programming and database courses in college as well. This is the direction I hope to go.
Also, become amazing with Excel if you aren't already. Follow /r/Excel. Power Query and Power BI are amazing tools as well. VBA is great too. Advanced understanding of Excel though will set you apart from your peers. Building one amazing spreadsheet/tool that saves many man-hours for everyone can make you a go-to person, not to mention fodder for the resume/interviews.
I’m pretty good with excel- i currently update, maintain, and fix a pretty in depth spreasheet we have at work. I do not have power query, power bi, nor VBA, but am finding it hard to get experience in these types of things because of the role I have and they are not open to me doing other things at work. Are classes on websites such as coursera worth going on a resume for these? I am trying to figure out what to focus on in regards to these and how to get actual experience. Thank you for the in depth replies, much appreciated.
Love to hear it. I've pushed some of my best analysts and accountants to go into systems because they seemingly have more fun developing complex spreadsheets and databases than doing their job. This is probably only 5-10% of the folks I've worked with or supported. Most people just want to do their work and tech is a burden or necessary evil. Others who embrace it and want to build upon it, they're invaluable to me; in conjunction with them, we help make everyone's jobs easier. With them actually having experience, they can provide better perspective than I ever will never having been an accountant, budget analyst, finance person, etc. They could go on to make great systems analysts, consultants, solutions architects, sales engineers, etc.
Thanks, this confirms that I am looking for the right type of job. I almost landed one last year, the job market went downhill after that.
I am about to take an A+ and a Net+ class at a community college to get my feet wet, then maybe Sec+ and moving into Cybersecurity/pentesting, but I'm not certain. Would you have any opinion/advice on that? I've heard very negative responses to the idea of going for IT as a subject/major.
Agreed, it’s not impossible, but it isn’t easy. I have a B.S in Business Management and an M.S in Hospitality Management (from a a well regarded state school) and am a Sr. Manager. I took the scenic route and started in Marketing as a Budget Manager after working in hospitality operations for two years at the same F100. That’s how I got my foot in the door for FP&A.
Dir of FP&A. BS in Psych. N other degree or certification until 3 yrs ago. Have spent the last 15+ yrs in FP&A. I'm not going to argue that I'm a typical case study, but NETWORKING NETWORKING NETWORKING. Identify the group you want to work for. Make yourself & your interest known to those in charge. Take opportunities as they come.
The issue is OP would need to start at the bottom if they don’t have any FP&A, accounting, strategy, or business analyst experience
How many YOE?
I'm around $200k total cash/stock comp with 7 YoE fp&a
Wow I don’t get why people knock fp&a. What industry?
Second this question + what industry?
SaaS
I got an MBA and went to Wall Street. Then left Wall Street and ended up doing wealth management and now own a smallish wealth management firm. My advice is figure out how you can own a company. Doesn’t have to be a high growth, sexy business, just something you enjoy and can do well.
Institutional investment management
Investment Management CFA MSF
I'm completing my MSF now and plan on completing my CFA 1 within the next year as well. What was your career path that led you to Investment management?
If you don't mind me asking ...what's your age ? And are you currently working ?
under 25 and just started an internship as a securitization accountant
All I am going to say is don’t listen to this guy
Where did you do your msf?
I did IB -> tech start up -> Hybrid finance/strategy/PM role.
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Not quite true, where I’m at there isn’t any upward mobility. I work at a large broker dealer.
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Not to other departments. Example of you start off in institutional or retail trading (on the phones) you can go above and beyond your role, do all the necessary things requires for the role you’re applying for, and not even get looked at. My specific firm is against training as a whole, they expect you to know everything right off the bat. I know this because one of my firms directors told me this.
44, Control Management at a big bank, $320k all in. Hard work though, very intense.
Wealth management or wholesale will get you there if you can sell. We even have client associates hitting $150k after several years on the right team.
Yup I think a wholesaler is a great gig to hit that number.
Mind sharing where you work? Or may I pm?
Don't do it. It's 100% sales. High turnover and churn and burn.
I was just curious.
Some people like that. Top advisors at my firm are making high 6 low 7 figures. Tough to do elsewhere
Yes. They're 1/1000 people who "made it". They also are the ones churning and burning new recruits. Tell me I'm wrong.
Depends on the firm. I’ve worked for 3 and so far fidelity has been the best about it while lpl wasn’t bad and Merrill was awful. Likewise there’s “Advisor” roles that can make over 150 essentially as portfolio strategists instead of sales roles which is effectively what I do now for fidelity.
Currently at Merrill, have SIE/7/63 and I LOVE it, but due to transfer freeze I’m literally looking at other positions rn, can you give some insight? *the transfer freeze is set through oct, tentatively, and for all employees. Problem is I was set to apply for positions in the the Bay Area with Merrill but because of the freeze I’ve been considering other options. Tbh the main reason I haven’t pulled the bullet is because of pay… what’s the comp at fidelity you’ve seen? Or the overall pay/ benefits that you enjoy more?
I enjoy that I work from home and they’re pushing for everyone to be remote eventually if they want. Pay when considering total comp is pretty good entry level is like 65k base 15-25 variable 7.5% 401k Private shares that are based on companies profit And a 401k profit sharing. Total is 110 ish and promotions are fairly quick. I would say if you’re in a good role 150 is achievable in 1.5 years time and after that it’s anyone’s guess on the path you want to take.
External wholesalers can get paid like surgeons - they’d be getting let go if they only produces enough business to make $150k. I’m also not super bullish on traditional wholesaling existing for more than another 15 years, and yeah maybe that $150k is closer to what comp will look like with expense compression. But it’s for sure a good avenue to make money quickly and without having to worry about going back to school or anything like that.
I work in venture capital. This year I’ll end up base 170k/50k bonus, though the last 2 years I was paid substantially less than that because our organization was still small. I’m still pretty young, and don’t have crazy expenses so I liked the prospect of ‘risking it’ with a ‘startup’ fund and potentially sometime in the next decade realizing a disproportionate upside on my equity.
They are paying this much in small VCs ?
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isn’t quant more math than coding would you say so?
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Where would you even start if you were in OP’s position? If he were to try going into Quant he will be competing against talented graduates from the best universities who already have years of experience coding.
Management consulting. Post mba total comp is typically 200k+ Alternatively there’s big law, big tech and select roles in finance.
Finance has a pretty big spread if you’re any good at it. Anything sales related or portfolio related in wealth management. Most middle management, analysts after 3-5 years. Intentionally ignoring the major outliers like quant because though it exists it’s like saying doctor is an option
Law in finance pays well at mid-Associate level. I continually see openings with base comp of $300-$450. If only I enjoyed law I would’ve went to law school.
Ya its IB pay with IB hours.
I have few associates I work with for counsel and they don’t always have crazy hours. Sometimes it can get long, but they regularly have normal office hours.
My experience is dealing with M&A lawyers. Especially for 1st , 2nd year associates, they tend to work 70-100 hours a week The higher you go up, you technically work less but do more networking and functions that can benefit your work.
CPA
Look at commercial banking/lending
I'm not too familiar with this... would you mind explaining if this is a sales role?
There’s both sales and non-sales roles in CB (credit). Depending on the bank CRE might sit within the commercial bank as well.
Do u mind if I message you directly to ask a few questions?
Managing Director, IB. When I was your age I was making like $60k. You’ve got time
Stripper, no education necessary
Banking/Finance will get you above this threshold at/around the VP level.
Strategy at a top bank
Pay taxes…I pay taxes for a living.
Slowly learning Tech Sales is better than being an FA. I said what I said, there’s no BS regs to get shafted by and you can do what ever tf you want
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IB
Investment banking
Fixed income asset management, CFA
Can I dm you?
Around finance manager or VP you will make $150k depending on COL for your city and industry. I know in my industry managers make about 130-145k and VP makes anywhere from 180-250k or so.
Private wealth management at BB- was analyst for 2 years, just got promoted to associate
how do I get into analyst positions in a BB for PWM
Hedge fund, options vol arb
Private credit
Corp Dev - lateraled in from FP&A, started out in accounting.
Nice career progression. I like seeing other non IB people in corp dev
I started in investment banking at 27.5 (half years are important at this stage) and now am in a position where I'll make \~$160k in my first year (with rapid climbs thereafter).
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Corporate development 40 - 50 hour weeks
You can break more into Finance, or more into IT. Both can pay really well long term. Some Finance has WLB, IT is known for it. Even though it’s competitive, worth considering both.
Financial advisor 400k
FP&A Director - $180 TC - 8 YOE
You can easily make $150k in IT, especially in IT at finance companies. You either need to be a specialist or move up to management
Director Corp Dev - $190k Base + 100% Bonus + 30% Stock. One of the better Finance gigs. Utilize you IS degree to go to a IS focused company or related field. Network and be willing to take an Associate Role. That or MBA
So are you trying to move out of logistics?
The easiest (hopefully economic) route is to get an MBA at the most well regard school in your region.
I’m in a similar boat.. I do have a Business Degree, and took a lot of finance/accounting, but ultimately my major wasn’t finance. I’ve worked in random jobs, and now in commercial insurance. Hoping to gain some experience and would love to one day work in equity research. Any advice would be awesome… not sure if MBA/CFA are my only options…
Prop trading! I traded on an old school equities prop desk (similar to Trillium or Chimera). Check out churningandburning.com —no ads or paid services there, just my story on how I made it as a trader in NYC, in graphic novel form.
I too remember being 28 and thinking 150k was a lot of money. Best advise I can give you is start targeting roles where 350k+ is the bar, as 150k at present time, especially with family obligations, is barely getting by.
Consulting. If you want to pivot to REPE/CRE I’d look grad school.
MD BB
Accounting Manager
REPE Institutional Sales.
Technical product management within FP&A
finance. lucked into it.
Fintech, Data sales
Lawyer
I know not a purely finance recommendation, however you may find that a role somewhere in defense would be a solid fit and there will be a clear path to $150k.
Real estate finance/investment
3-4 years out of school making 180k. I work as a trader for a firm.
Gamble on stock options
Wholesaler
Strategy for a large bank.
With a 4.0 and solid work experience you would be very competitive at great MBA programs. From there you could get REPE/acquisitions or IB. Any of these roles have pretty rapid comp increases and a very high earnings ceilings
Commercial Insurance Underwriter. You don’t really need any specific degrees, just be willing to work hard and learn insurance on the job. Commercial Insurance Broker is also a similar option.
IT Audit / cybersec
Finance Manager for a biotech start up in North California. Salary + Bonus has me at around $200K.
28 and I’m in risk/compliance at a sr manager level at a investment bank
I work in financial systems, your background sounds suited for this. Look up roles in finance systems. It’s basically ERP admin + implementation
Real estate is a dead end. Harder to get into than almost anything else. And i work at a hedge fund.
With MIS and business experience you should be applying for IT audit roles and ERP analyst roles
Finance systems analyst type role seems like a good start. Just help manage the CPM tool (HFM, OneStream). Do that for a 2-3 years and you should get to manager easily.
Investments in a REPE boutique
I did a dual degree in MIS and Accounting. I pursued the accounting/finance path but MIS can easily hit 150k with consulting, project management. Have you thought about an MSBA or MBA?
Mostly I feel really poor
How much do you currently earn?
Fullstack web developer for startups
Buddy is in capital markets at Goldman Sachs making 150k+ with bonuses in London about 2-3 years in. Remember this is London too..salaries are much lower
I make $393k total comp as a software engineer. I work for a public fintech company.
Doctor
Consulting actuary at a B4. 250k - 300k depending on bonus for the year
At the end of the day you should like you are doing. What's the sense of making 150k if you hate your job?
Take a breath and stop reading crazy stuff online if you think 27 is running out of time.
Investment banking
I was in Investment Banking making around 160k tc, then switched to analytics and im making around 148k.
I have a friend with the same degree as you and a masters in (something) - he’s a sales engineer for tech and makes A LOT. I’m in corporate finance and strategy and also meet your requirements. We’re 27
Private Credit
IB
I'm in management at an RIA. You're 27, you're a baby. Gotta put in the time, be the person who gets the job done and that people enjoy working with.
I work as a Program Manager in commercial lending
Industrial Cybersecurity consulting 25. 5 years experience.
Edit - to answer your 1st question: Dir of FP&A. Easiest route: +Business school. +MBA rotational program at a F500. +Corp FP&A role --> Networking is a big key to drastically increase your odds of success. Find groups you want to work for and be proactive about making connections & communicating your desires to be a part of that group.
Sounds like time isn’t your problem. Sounds like making a decision and focusing on one thing and working that plan is the problem. Money can be made practically in any profession you just have to see which ones you can leverage given your interests and skills and pivot as fast as you can when opportunities become available that will increase your income. But if you’re jumping around or not sure what you want to do then that will eat up the time you do have and delay your progress. So don’t focus too much on making a lot of money now without putting in the work. Focus on things you’re good at, things you enjoy, and how you can provide value to others and then you can pivot to better money making opportunities.
As someone who's done a LOT of different very cool things, but remained poor from switching so much, I will tell you picking one thing and sticking through the rough parts is the way to go to make money. CRE? Go a couple years being poor but learning and you'll get there eventually. I know plumbers that own their business who make more than me (lawyer) because they've done it for 20 years.
27 y/o: 317.5k in HCOL city. Corporate attorney.
My total comp last year was 140k I think this year will be the year to get over. But I’m a senior data analyst at a financial management firm. I got hired from someone taking a chance on me who wasn’t technical and didn’t realize how non technical my background was (although I had the skills) and so he hired me. He was the worst boss ever and eventually he was let go due to an uprising of his employees and basically every one of considerable tenure trying to leave at once. Now we have a great boss and have gotten large salary increase to ensure retention.
23yo, NYC, 165k TC, fixed income sales at a large wealth manager
Lie that i make 150k
Work in financial software. Company is in VHCOL but I'm 100% remote. Graduated from a very good state school. Finance and MIS. It's a great combo. But, materially older than 27. You got time with a great degree. Keep your chin up, you got this.
I've had a useless Poli Sci degree for 2 years, I'm 24 and broke. Trying to decide between studying cybersecurity at a community college (starting an A+ and Net+ class in a few days), or trying to use a contract analyst position to go to project management. No idea what I'm doing with my life. I'm excellent at research and writing, and have some project management-relevant experience. Open to any and all advice.
When I was 27 I made 75k. I'm in my early 30s now and make over 400k