How much do you think is an acceptable starting salary for a Wharton grad?

legendofmax · 10-30-2009, 06:23 PM

I recently graduated from Wharton and can't help but wonder -- I recently got a job offer, but I'm worried that it's too low. I know the economy's in the tank right now, but I just have to wonder. The job's located in Chicago and pays about $50k/year. I had another job offer from New York that I turned down even though it paid $120k -- it was a job I would have absolutely hated. This one's primarily research/financial analyst oriented.

bovertine · 10-30-2009, 06:28 PM

MBA or Undergrad degree?

legendofmax · 10-30-2009, 06:35 PM

Undergrad degree. I am 23.

Grcxx3 · 10-30-2009, 06:36 PM

There is no magic number. It will vary depending on the particular job, the company (or business sector), the geographic location, and how much they want you.

pnthrs11 · 10-30-2009, 06:40 PM

50 isnt bad but I'm assuming your looking at adding a bonus right

xiggi · 10-30-2009, 06:41 PM

LoMax, congrats on the graduation! Doesn't Wharton provide access to comparative data about recent salaries.

I believe that a recent perception is that no salaries are too low, especially if the job fits your desire profile. Many people suffer from the double whammy of having to accept a job they hate AND a lower salary. At least, lower than it used to be.

My suggestion would be to lick your wounds --and perhaps a bit of the Wharton pride-- and hope for a return of the "normal" economy. In today's market, a job for recent graduates is a nice commodity.

legendofmax · 10-30-2009, 06:48 PM

Xiggi! I must say you were instrumental in your advice years back when I was taking my SAT XD Couldn't have gotten into Wharton without you!

In any case, I don't think the 50k includes a bonus -- I'd have to ask, but I'm generally quite bad at asking these types of questions without sounding too entitling. This particular job isn't a dream job by any stretch, but it's money. I just worry that I am settling for something too low. I suppose I could always keep on the lookout for a better job once the economy picks up. It's just been hell trying to find a job during this time. I am also not sure about costs in Chicago -- this is why I posted this question in the Parents forum, since I figure the parents would have a better idea with respect to cost of living and income.

lizard · 10-30-2009, 07:03 PM

As much as you can get.

barrons · 10-30-2009, 07:26 PM

$50K is a good starting level in Chicago. Most financial firms pay a bonus. The COL in Chicago is far less than NYC. But you'll still need a roommate to get a nice apt.

starbright · 10-30-2009, 07:36 PM

The prior poster is right: tons of comparable data available to you at the career center of your business school at Wharton. Both historical data, data across industries, and your peers. I'm surprised you aren't dealing directly with them in your job search- they'd be helping you with the negotiation, going over your resume etc. etc. They have tons of staff who do exactly that- it's their reason for existing- and they know far more than we do.

siliconvalleymom · 10-30-2009, 07:49 PM

The salary is just one part of your compensation.
Take a look at the benefits package. Think about vacation time, health plan, deferred comp plan, etc. Here in Silicon Valley, some firms offer quirky perks that make a difference in your cost of living, like free restaurants on site, free dry cleaning, or free gyms.
Finally, think about what you will be learning and what your life will be like doing this job.
I was the most miserable at the job where I earned the most. The job I loved paid about 25% of the previous compensation. What mattered to me: I was happy to get out of bed in the morning and go to work.

legendofmax · 10-30-2009, 08:05 PM

I have, starbright. The career services at Wharton have been less than ideal. They rarely communicate/help me much. It's frustrating.

silicon: That's exactly why I turned down the NY job. I want to wake up and not dread work every day and still have enough money to be happy with whatever I want to do in life.

legendofmax · 10-30-2009, 08:27 PM

My problem is that it's not a job I am crazy about, and it's not a pay I am super excited over either. I feel like it's just a lot of wasted potential. I did amazingly well when it came to college acceptances, and I've always done REALLY well at what I do, and I'm an extremely hard worker -- I've just had SO many obstacles in the way, and I really have no network of support. Penn's career services have been disappointing to say the least, and I feel like I'm basically alone in this whole job-search process. I feel like I should be shooting for something a bit higher, but I am really not sure what the best approach is.

aj725 · 10-30-2009, 08:35 PM

I also graduated Wharton undergrad -- I'd say a 50k salary is good even for good economic times. While those doing IB in NYC have a salary and bonus in good years, remember that everyone else (doing consulting, marketing, start-ups etc.) has a 50-70k salary and maybe a small year end bonus -- nothing like the IB bonus. One thing I always thought about Wharton was that undergrads always made their salaries out to be higher than they were -- it's a small percentage that's getting a 100k+ offer out of undergrad, even in a good economy. So I wouldn't worry about selling yourself short by accepting that salary.

As for the job itself -- when did you graduate? If it was in May and this is the first or second offer you've gotten, I say you should take it for that reason; you don't want a long span of unemployment after graduation esp. when you have an offer for a perfectly adequate job in finance (ie being a research analyst is a very common path out of wharton undergrad). Even if the job doesn't excite you -- you aren't going to stay forever; most wharton undergrads move on after 2-3 yrs anyway to pursue other jobs, MBAs, other grad programs etc. In this economy there may be movement even quicker, as I have to believe that there are people who are accepting jobs with every intention of finding something different as soon as they can. Also, once you're working you'll realize that even if a job isn't exciting, sometimes day to day life can still be good -- I've definitely had projects that were less than thrilling but I had a good time with them because I happened to have a really good team of co-workers; vice versa, I've had projects that substantively should have been great which turned out to be pretty miserable because of the people. So you won't really know what it's like until you start.

legendofmax · 10-30-2009, 08:43 PM

I graduated last August (needed to take one more class to finish off the Finance concentration, Fnce 206).

Regardless, thank you for that post, aj725. I understand that it's a small percentage making 100k out of college, but I figure if the job paid 70k-80k, I'd be totally content with that, I think. Perhaps even then I am aiming too high? I'm just as strong as any other Wharton graduate -- and I've got a huge tech background to boot. I figure this should make it easier for me to find better work, but I've just become frustrated.

I have this thought that I should ALWAYS be looking for a better-paying job, no matter where I am working... however, I wonder if this is a reasonable thing to do (I figure it would also anger employers if I were always looking for greener grass).