| Topic Name: |
Which Has More Prestige? |
| Message Name: |
Given the fact that |
| Date Posted: |
05/22/2000 |
| In Reply To: |
Finally, some people who are willing to cut through all the politically correct bullshit.
Here's my 2 cents:
BB Trader
You have a good shot at making a lot of money early on, but very little chance at being a CEO anywhere other than at a financial institution. Even there, it is more likely that the bankers will have a better chance at the top spots in the company. In a bear market you are fucked. If technology greatly improves the world of automated trading you are fucked. If you quit trading, but still want to make well over $100,000 you will be dissapointed.
BB Institutional Sales
You have a good shot at a lot of money early on. You have fairly good inroads into the buyside or you could even bail out into retail and make VERY good money (I've seen it done). If you leave financial services you had better have a great MBA because your training won't help you too much in industry. As for "CEO ascension" it could happen in financial services but is not likely outside of finance. In a bear market your income will suck or you will be downsized. You also don't add all that much value to the bank, so I wouldn't be surpised if technology ends up lowering your pay and eliminating many of these jobs. Be prepared to reinvent yourself quickly in such an event.
3rd Tier Corporate Finance
My guess is that at the VP level at a firm like PaineWebber or Prudential you will make between 250,000 and 500,000 in both good and bad markets IF you keep your job. It will be easy to find a job outside of financial services, but expect a pay cut. You may be chopped down to $100,000 when you leave the industry depending on when and how you leave. You will probably always wish you worked for a bigger bank, your hours will be long, and you may be often bored due to lack of deal flow. Your wife may fuck her personal trainer and you might not even make it to the VP level if the markets turn south and they downsize you. If you keep your job the money will always be at least very good, and you will be more likely to "ascend to the CEO Level".
Does anyone else feel differently?
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| Message: |
Given the fact that Pru is paying their analysts like 80-120K a year, the pay might be better there then you think, but I don't know... just because a firm like is not prestigious doesn't mean it won't pay a lot and vice versa.
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