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Would you be happy on 40k per year as your final salary?

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Reply 60
Avatar for Noble.
Noble.
17
Original post by poohat
Getting a good quant job without a phd is very rare but not impossible - if you had (e.g.) a distinction in Part III you could probably do it.


Where does a Credit (Desk) Strat fall on the spectrum of good quant jobs, in your opinion? I'm guessing not highly because they weren't particularly interested in checking whether I had a 2:1/1st so far in my undergrad :lol:
Original post by Princepieman
Nope.

My dad's max salary was £140k (as a senior engineer) combined with my mom's salary our max household income was ~£180k. That was enough to send 3 kids through private primary education - he passed away, sadly, when I got to secondary school.

My goal is to surpass that and break into the higher 6 figures (with luck 7 figures) in order to provide the same opportunities I had as a kid to my future family.

I'd class that as a very respectable early career salary. If one goes into banking, consulting, law or tech (silicon valley firms) that can be achieved straight out of undergrad.

Ideally, in the late stages of my career I'll be a tech entrepreneur with a net worth rather than a salary to worry about.


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Original post by Noble.
It's one of the reasons I'm not particularly seeking quant roles (and, to be honest, I'd much rather be on one of the more quantitative trading desks than be a quant/strat). That said, at the start up I have an offer from, everyone else has a PhD and I managed to get to the final round with MS to be a Strat, so while it's much harder getting a decent Quant gig from an undergrad (and I question how interesting the work given to a Quant straight out of undergrad vs. a PhD will be), it isn't impossible.



a quant without a phd will never see 200k , pre=tax
Original post by lewif002
Nice! What career ambitions do you have? :smile:


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I want to become a successful freelance journalist, which is difficult enough. I'm still young, though, so I could decide to go into academia instead. Whatever career I decide to follow, I'm more interested in producing good writing than receiving a higher salary. Though they are not always mutually exclusive, I'm not naive enough to assume that one day I'll be making loads of money and my future happiness ultimately doesn't hinge on that. :smile:
Some very ambitious individuals in this thread, however, I feel sorry for the delusional ones.
Reply 65
Avatar for Noble.
Noble.
17
Original post by frigg113
a quant without a phd will never see 200k , pre=tax


Perhaps. As I've said though, I don't want to be a straight quant.
That's only 24k a year after income tax, and then on top of that there's rent/mortgage, transportation, food, having a life, family...nah I wouldn't be able to do it, not for long at least
Ha, I'd love to see people react to their own posts on here in 20 years time. Given that this number would rise with inflation it's a comfortable salary and depending on where you live and how much your partner would earn if you had one, I think it's plenty to live on.
Money isn't everything and I'm pretty sure you could easily live on this amount without money problems which is all I really want from a job.
Reply 68
Avatar for NutE
NutE
12
I'd be happy with anything over 30k :smile: I've grown up with lots of financial difficulties so I'm sure my life would finally be great with that sum of money :smile:
Reply 69
Avatar for poohat
poohat
18
Original post by Noble.
Where does a Credit (Desk) Strat fall on the spectrum of good quant jobs, in your opinion? I'm guessing not highly because they weren't particularly interested in checking whether I had a 2:1/1st so far in my undergrad :lol:


would class it as "not a quant job"
Reply 70
Avatar for Noble.
Noble.
17
Original post by poohat
would class it as "not a quant job"


Haha, fair enough.
Original post by Katie_G_x
Ha, I'd love to see people react to their own posts on here in 20 years time. Given that this number would rise with inflation it's a comfortable salary and depending on where you live and how much your partner would earn if you had one, I think it's plenty to live on.
Money isn't everything and I'm pretty sure you could easily live on this amount without money problems which is all I really want from a job.


That's why I don't want to make an estimate of what I want to achieve. In a couple of years (if I'm on TSR) I'll probably look back on that post and cringe so hard.
Reply 72
Avatar for poohat
poohat
18
Original post by J-SP
If you are a single person with no kids, £40k is pretty comfortable, even for London standards.


Hardly. A one bed flat in a reasonable (not good) area is about £1200 month. Throw in council tax and bills and thats £1500/month, or £18k/year just for housing. Your Oyster card is £1k/year, and lets say you spend £60/week on food, so your basic living costs are around £22k/year

After tax+student loans+7% pension saving, your gross income of £40k is around £26k/year net, so you have £4k left over for socialising, holidays, luxuries, etc. Thats not far off poverty, and good luck saving for a house.

Of course, you could always share a flat but that is literal poverty, and not something you really want to be doing in your 30s (obviously its expected if you are a student)


If you had a family, then you will have more income than £40k (let's assume the second income is half that) then you would have enough to cover a 80% mortgage on a £300k property.
The second income will be pretty much entirely spent on childcare costs unless you have family living nearby to provide free childcare.
(edited 8 years ago)
Original post by Noble.
Perhaps. As I've said though, I don't want to be a straight quant.


so through what job do you intend to be making mid 6 figures
Reply 74
Avatar for Noble.
Noble.
17
Original post by frigg113
so through what job do you intend to be making mid 6 figures


You can eventually make that in pretty much any front-office role.
Original post by Noble.
You can eventually make that in pretty much any front-office role.


Yep. Software developers at hedge funds/prop shops/tech startups/large SV firms can probably get there eventually too.

If you go the top MBA route most corporate strategy/corporate development/consulting/PE roles can get you there as well.

The issue is actually breaking in.

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Original post by alexschmalex
That's only 24k a year after income tax, and then on top of that there's rent/mortgage, transportation, food, having a life, family...nah I wouldn't be able to do it, not for long at least


How exactly do you work that out?

Your take-home on a £40,000 job after tax and National Insurance would be £30,287.20.

Assuming you also have to pay back your student loan- if you have one- if you started your course after Sep 2012 that would be £1710 which would make your take home £28,577.20 or £2381 a month- where is the other £4500 tax coming from ?


Most of you on this thread need a reality check there are millions of people living on far less than this-the average income is just over £27,000. There is one thing to be asperational but many of you are delusional :wink:
Reply 77
Avatar for A5ko
A5ko
3
I'd be happy, I'm not particularly money driven. I have enough for everything I need, any more would just be blown on unneeded tat, or in a bank gathering dust.
Original post by Noble.
You can eventually make that in pretty much any front-office role.


dont disagree. but you said a quant role. what quant FO role are you trying to get into

http://www.quantstart.com/articles/The-Top-5-UK-Universities-For-Becoming-A-Quant
Original post by watchingyouwatch
How exactly do you work that out?

Your take-home on a £40,000 job after tax and National Insurance would be £30,287.20.

Assuming you also have to pay back your student loan- if you have one- if you started your course after Sep 2012 that would be £1710 which would make your take home £28,577.20 or £2381 a month- where is the other £4500 tax coming from ?


Most of you on this thread need a reality check there are millions of people living on far less than this-the average income is just over £27,000. There is one thing to be asperational but many of you are delusional :wink:


The people who post 'you are all delusional' are just rep fishermen who want to stand on a self-righteous podium.

Get over yourselves.

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