rolen27

What are they?

futurenyustudent

Ibankers, traders, hedge fund managers, private equity fund managers, management consultants, inhouse corporate lawyers, CEOs, any executive officers, professors at Harvard Law/Wharton, real estate agents in affluent areas, stockbrokers, entrepreneurs, etc...

That's all I can think of.

futurenyustudent

I forgot one...Venture Capitalist.

rolen27

But is it true that 1. Your career as an investment banker ends at 35 in which you are too old for the job, what do you do then? and 2. They make more money because they work very long hours so they are not the best paying jobs by hour?

futurenyustudent

1. Yes. You can do any number of things...anything that is finance-related. (Financial Advisor comes to mind). Many people do corporate finance and then become CFOs and make tons of money.
2. Yes. They work long hours.

vampiro

well by the time you reach most probably you will move onto some higher avenues of financial industry....and i dont think your career ends at 35 coz most people are made MD's or VP's by that age....some bankers move to their own firms too...
If u want to do something good in any field you will have to work extra hard..

rolen27

my mom says she knows a family doctor who opened up his own Practice. He makes 500 000 a year , does not work long hours, and has a low stress job. Is there something Im missing here?

sammy101

any doctor that makes $500,000+ a year is not your average doctor, he must be a surgeon or in your case self employed. But the Average 4th year associate or VP in Investment Banking makes half a million/yr.

Drew00

Engineers make a hefty paycheck. As do Pharmacists

boomer01

LOL...Engineers don't make that much unless they move into management. I do agree that they have the highest starting salaries of all majors.

dcfca

nope, depends

you can continue to advance in the ranks in IB

you can move to a field like PE if you're a top analyst at one of the top groups within an ibank

you can move to Corporate Dev, you work and develop strategy for a corporation, people say that this work is extremely rewarding

if you're a trader within an i-bank you can make the move to a hedge fund

you can just go to work somewhere in a F500 company

etc, many different possibilities.

dcfca

also, lawyers can go into IB too.

Bruce Wasserstein the head of Lazard started out at Cravath I think.

pip-pip

Money magazine just released its list of the best jobs for the next 10 years. It's based on expected growth and average salaries. #1 was a software engineer. #2 was a college professor.

vampiro

^^ those jobs are listed there because of the job security they offer and because of good availability...both of which are non-existent in competitive fields like ibanking,Law,high level Management etc...
If u consider Money only then nothing comes even close to beating these jobs...

pip-pip

Sure, that's true. And if you read my post, I did indicate that they were based on a very limited criteria.

Occasionally, though, I wonder how it breaks down per hour. Imagine a lawyer makes $300,000 a year, and works and commutes about 85 hours a week, 50 weeks a year, that's about $70 an hour before taxes. Using the Money Magazine average salary for a professor, $85,000, and typical professor hours (35 hours a week 40 weeks a year); there's only a $10 difference per hour in pay. Additionally, there are other opportunities to make money--royalties and consulting, for example. Anyway, I'm planning on doing a Ph.D., I was just counting on starving afterwards, so I was a little pleased when I saw those rankings.