| Topic Name: |
mobility at gs |
| Message Name: |
good luck |
| Date Posted: |
03/15/2006 |
| In Reply To: |
I am not sure if you work at goldman. Now it is true tech people dont make as much as superstar traders or some brilliant IB guy does but i know people in tech (vp's) in front office IT making 400-500K total comp after 7 years which i think is not bad at all and is not too far below what Ibanking people make on an average.
In addition, i have been working as a strat for two years and my bonus comes from equities and has usually been 10-15% lower than the trader i work with.
last year it was 75K. So i am not sure how are you claiming all these things about techs and strats being underpaid.
And they are not respected ???? This is completed new to me.
But to give you some credit when you say those guys getting monster bonuses aren't in strats you could be right depending upon how you define monster bonuses.
Ibankers are not the ones who make monster bonuses either, they surely are up there at the top when you average out their salaries and some of them do make monster bonuses (a handful of them only)
The real money is made by superstar trader. So, if a good strat is working with a superstar trader, their bonus is also huge. Now i know you may be inclined towards ibanking for some reason and i dont want to discourage you, but some of my class mates who joined the firm with me but in ibanking are actually making less than me after 2 hours.
But i have to admit, strat's job is highly stressful. And there is no reason to believe that they would be making more than me in future. So it all comes down to what group you are in and what you do. Not even 1% of people are making the kind of bonus that you are claiming they do (like the ones on tv).
And not everyone makes REAL money like the ones you are talking about that you hear on T.V no matter what group IBD or trading. Offcourse i am in it for the money and so far i have not been dissapointed at all. I just wanted to correct some things stated here so that wannabes gs employees are not mistaken about anything.
It is a great firm to be in, people in ibanking or trading dont make money exclusively, everyone has their shot at it.
Bottom line is you need to perform.
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| Message: |
1. don't compare what the top people make in 1 division with what the average guy makes in another.
2. analyst ibanking is all about getting the name on your resume. it doesnt get worth it until about 4 years into an associate.
even so, i still find it hard to believe that if you did, say PWM over the summer, you'd get into an IBD group fulltime.
3. goldman is a great place to work in certain divisions, no doubt about it. the point is whether u can easily transition to a P&L group - not from say an eqstrat to eqstrat, but from eqstrat to ficc trading. try it. if you do end up as a trader or something of the sort after a couple of years, i'll eat crow.
4. you are not disappointed because the last year has been
amazing for finance in general, this year looks to be more the same.
good luck.
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