£70k starting salary!!

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I will explain the situation:

This guy I know is applying for History at UCL, Warwick, Oxford, St Andrews and Sussex.

He claims that after uni, he can go straight into a job in IB earning £70,000 a year. Straight away. Without a maths-related course. With no experience....

I have read that the average graduate salary in IB is around £35k per year. Is this guy the biggest tool in the history of mankind or is there some truth in his claim?

Cheers

(Oh, and he got rejected from Oxford the other day.)

Oh he believes that does he. He's not the biggest tool in history but I am sure this dick will surely make a good attempt at the leaderboard by being a right ****er at uni.

It's not impossible but a lot of stuff is stacked against him.

Reply 21

atheistwithfaith

Yeh, well when I graduate and then spend 3 years getting a PhD, and then get a post-doc job I will get paid £24,000!!!!

Wait a second...

Reply 22

Quady

Original post by atheistwithfaith

Yeh, well when I graduate and then spend 3 years getting a PhD, and then get a post-doc job I will get paid £24,000!!!!

Wait a second...

If you wanted money then you did some very poor planning.

But I guess you decided to do something you wanted which you knew had subdued earning potential.

Reply 23

narusku

Many solicitors' firms welcome their newly qualified employees with a salary of £70,000+

Reply 24

TCW

Original post by narusku

Many solicitors' firms welcome their newly qualified employees with a salary of £70,000+

Yep, there's a law undergrad at Cambridge starting at £94k. Highest I've heard this year.

Reply 25

Lord_Farquad

Original post by jasbir909

Most of the people in this thread have no idea what they are talking about. Your friend is probably referring to base + bonus which is easily 70K for first years. See this thread for this years compensation numbers:

http://www.thestudentroom.co.uk/showthread.php?t=1396235

These figures are a little higher in the U.S, in the ball park of $135,000 or 84K GBP.

(edited 13 years ago)

Reply 26

adam0311

Original post by Lord_Farquad

In all fairness, you aren't getting $135k without an MBA or some post grad work. Undergrad only will get you $60k-$70k.

Lawyers in the US get 160k at NY firms. I've seen those with offers of 190k. That's after 7 years of schooling (4 years undergrad plus 3 years for law school since law is postgrad in the US). Four years after completing law school in the UK, one could easily be making 75k GBP, but also be 2 years closer to partner. Whoever gets to partner quicker makes the most IMO. More income potential in the UK IMO considering additional schooling needed in the US.

Reply 27

Makubex

wonder when i will get the chance to earn all those money !!!

Reply 28

adam0311

Original post by Lord_Farquad

WTF are you talking about? This is a thread about investment bankers not lawyers. First year investment bankers in the US get $70K base + $10K sign on + $50-65K end of year bonus.

Woaaa chill bro. No need to get hostile. This isn't call of duty.

I was responding because lawyer salary was mentioned in a previous post and you brought up US salary. I interpreted your first $135k estimate as base, not combined. My fault there.

Now with regards to salary estimate, your estimate in year end bonus is probably a bit high in this market. $60k is more likely base. Those who have an MBA will likely get twice the base.

(edited 13 years ago)

Reply 29

Lord_Farquad

Original post by adam0311

Wasn't intended to sound hostile. $60K is not the base. $70K is the base like I said earlier, it was not an estimate. Every major bank on Wall Street pays the exact same starting package. My bonus 'estimate' was not an estimate either. $50-65K WAS paid out to first years in 2010. You can read about it here:

http://www.mergersandinquisitions.com/2010-investment-banking-analyst-bonuses/

(edited 13 years ago)

Reply 30

Michel Foucault

Original post by Lord_Farquad

I was wondering when someone was gonna come along and point out this out...in fact I was planning to refer to that very thread myself! Still, lol at all the people dismissing it with such certainty then being categorically proven wrong. Just goes to show, if you don't know what you're talking about then don't post...

Reply 31

President_Ben

Money at the start doesn't matter.

But what the hell, I graduated from UCL. In my first year, my bonus was over 100k. Base was just there to help me pay some bills over the year.

This is an industry of winners. Get over it.

Reply 32

Curriculum:Vital

It could happen, but its unlikely. While it is true that you can go into Investment Banking with any degree, I don't think this person can count on it happening. Firstly there is huge competition for places, so if he's got a history degree it should be from an extremely good university, unless he has got contacts in the City in which case this is a completely different thing.

I have been a headhunter for years in the City and those sorts of salaries are normally given to people at Associate level - ie. with a couple of years experience behind them.

Hope this helps.http://www.curriculumvital.com

(edited 13 years ago)

Reply 33

JakeF

Original post by adam0311

Last time i looked at my contract, at current exchange rates, my base in Singapore is $103k with an 8% tax rate. Effectively my disposable income is the same as it would be if i were on £95k starting.

£75k at the Magic Circle is possible after year 2. Easy.

What the hell does it matter anyway.

(edited 13 years ago)

Reply 34

Nizzay!

Yes you can but you lose your soul in the process.

Reply 35

asdfg0987

What does that even mean

Reply 36

newts2k

Original post by jasbir909

Very unlikely with a history degree as they often look fr people with more numerical, challenging degrees. If he knows people, its more likely but even then he will have to perform very well.

Reply 37

Zweihander

Original post by Nizzay!

Yes you can but you lose your soul in the process.

You're assuming they had souls to begin with.

Reply 38

*Ivy*

Yes, it is possible. I know a girl who graduated from Cambridge (although I can't remember what her degree was in), and she was earning £70,000 straight out of uni. She doesn't have a life outside her job though, and she's in the office until the early hours virtually every day. If you want to be earning big bucks like that, then you don't leave your office for the first few years.