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Do you think £100k is a good salary?

60k isn't much and 100k isn't special, 4-5 years in to his career?

Outside of a very select few careers, that simply isn't true.

Yes, but he's an Oxford maths graduate. He wants to compare to his peers, not the general working population.

Reply 41

Freak Out

15

Original post by M1011

100k = 100,000

100,000k = 100,000,000

Yes it is a lot less, but what is your point? Everyone in the 'real world' discusses gross salaries. All the averages you hear about are gross. It's just a stupid thing to assume net, because you'd essentially be using an incomparable figure compared to everybody else.

I haven't had a paid job yet so I don't know everything and was just asking an innocent question, there's no need to call it "stupid". And I thought it might be after tax just because I'd personally only talk about the money I brought home.

I guess I misread your first question. I thought you were asking me for which reason people only talked about gross salary as opposed to net, and I thought the answer was because it sounds like they have more than they do, but I think you were questioning me on why I would possibly think it would be after tax when people only give the gross figure, which I now know.

Original post by Dinasaurus

Here is his quote:
I used to think this was really good pay, but now I look at lawyers esp barristers and i-bankers and less technical financial jobs and they can all pay like over 500,000 plus and easily over 100,000k.

As you can see, 100,000k is 100,000x1000. 100 Million?

Oh right, but it was obvious they meant 100k and not 100 million. :redface:

(edited 10 years ago)

Reply 42

M1011

19

Original post by Dirac Delta Function

Yes, but he's an Oxford maths graduate. He wants to compare to his peers, not the general working population.

Even so, 100k 4-5 years in? No, it won't be the highest, but I think you're selling it short (even though it is probably a troll by the OP).

http://unistats.direct.gov.uk/subjects/employment/10007774-G100

Some interesting info there from Unistats. Guess you have to take these things with a pinch of salt, but 29k after 6 months isn't exceptional or indicative of mega bucks. While I agree that as courses go, Maths at Oxford will be top end employability and earnings wise, 100k is still a heck of a lot (60k is a more normal figure).

Reply 43

DimaTae

OP

Hey thanks for all the replies guys. I don't mean to sound like a greedy and stupid dickhead. Obviously what I earn now is considerably above the median and in the top percentiles but note I work and study long hours so my hourly pay is hardly that high.

Plus since I have stated I get 0 job satisfaction and 0 prestige or recognition for my job the only thing I am getting out of the job is the money hence I'm asking is it worth it and could I be doing something much more worthwhile.

I really regret not becoming a doctor as I am passionate about helping people, or if just for the money a banker or lawyer, because compared to the latter two, I get paid very little, unless I'm mistaken but I get the impression it is easy for a lawyer or banker to make 100k plus or even 7 figures. I am sure law is boring and repetitive as well but at least people respect lawyers and bankers as a high prestige profession (whether they hate them on a personal level or not)

Its just after 6 years I wake up every morning thinking why, when I could have chosen anything in the world, I chose a boring number crunching insurance job

I haven't done much research and I guess here is not the best place to ask as it is mostly full of students. I just wanted to know whether I really am being stupid and deluded to be dissatisfied with my salary and whether changing careers is realistic

Reply 44

natninja

21

Original post by DimaTae

Hey thanks for all the replies guys. I don't mean to sound like a greedy and stupid dickhead. Obviously what I earn now is considerably above the median and in the top percentiles but note I work and study long hours so my hourly pay is hardly that high.

Plus since I have stated I get 0 job satisfaction and 0 prestige or recognition for my job the only thing I am getting out of the job is the money hence I'm asking is it worth it and could I be doing something much more worthwhile.

I really regret not becoming a doctor as I am passionate about helping people, or if just for the money a banker or lawyer, because compared to the latter two, I get paid very little, unless I'm mistaken but I get the impression it is easy for a lawyer or banker to make 100k plus or even 7 figures. I am sure law is boring and repetitive as well but at least people respect lawyers and bankers as a high prestige profession (whether they hate them on a personal level or not)

Its just after 6 years I wake up every morning thinking why, when I could have chosen anything in the world, I chose a boring number crunching insurance job

I haven't done much research and I guess here is not the best place to ask as it is mostly full of students. I just wanted to know whether I really am being stupid and deluded to be dissatisfied with my salary and whether changing careers is realistic

If you change sector (say to being a quant at an IB being the obvious choice) you would probably have to be prepared to take a substantial pay decrease for the first few years as you'd start out at a more junior position I'd imagine - but then again I may be wrong.

What I'm wondering is why as an Oxford maths grad you ever wanted to go into insurance anyway with the whole of the rest of the financial sector open - afterall, actuaries are said to be those too boring for accountancy....

Reply 45

Brevity

11

Original post by natninja

If you change sector (say to being a quant at an IB being the obvious choice) you would probably have to be prepared to take a substantial pay decrease for the first few years as you'd start out at a more junior position I'd imagine - but then again I may be wrong.

What I'm wondering is why as an Oxford maths grad you ever wanted to go into insurance anyway with the whole of the rest of the financial sector open - afterall, actuaries are said to be those too boring for accountancy....

Quants are those who have PhDs in Quantitative Economics: the OP would have to get one before he could be a quant. Quants easily make £100k starting, no problem.

You don't have to be particularly numerate to be an accountant. Some mathematical skill is actually required to be an actuary. Being an actuary is a tradeoff: you don't get paid as much as IB front-office roles, but the hours you have a much, much lighter, and the environment less stressful. This appeals to some people, it doesn't appeal to others.

Reply 46

McMurdo

11

Original post by Dima-Blackburn

Are you serious? Of course it's a good salary!

Obviously this is not that serious... He might be sincere about his disdain for the job, but to think he's being serious when he asks if 100k is a good salary, is beyond foolish. He knows perfectly well it's a brilliant salary.

Reply 47

natninja

21

Original post by Brevity

Quants are those who have PhDs in Quantitative Economics: the OP would have to get one before he could be a quant. Quants easily make £100k starting, no problem.

You don't have to be particularly numerate to be an accountant. Some mathematical skill is actually required to be an actuary. Being an actuary is a tradeoff: you don't get paid as much as IB front-office roles, but the hours you have a much, much lighter, and the environment less stressful. This appeals to some people, it doesn't appeal to others.

I could have sworn a quant is a quantatitive analyst but evidently I stand corrected :smile:

I am aware of the mathematical skills involved in both the accountancy and actuarial professions and both require some degree of numeracy, though unarguably an actuary has to be far more numerate - but on a personal level working with statistics doesn't interest me...

Reply 48

Mark85

16

Original post by Brevity

Quants are those who have PhDs in Quantitative Economics: the OP would have to get one before he could be a quant. Quants easily make £100k starting, no problem.

Nope. A quant is a quantitative analyst. Typically, they have phds in applied maths, physics, statistics or a masters in financial maths or any field where they will have been involved in significant computation and/or coding. It may be that they go on to make £100k but starting salaries are much lower. The vast majority if quants are overpaid glorified programmers.

Source: my missus is doing a maths PhD and knows a few quants and people looking to get into that line of work.

(edited 10 years ago)

Reply 49

Iron Lady

It's good, but not great. It would be better if the government kept its greedy paws away from it.

Reply 50

TheGreat1

2

It a brilliant salary, even your current 60k. I used to think that when i grow up, ill be earning 100k+ a year easy but now that i've matured, i realize that anything over 40K is good.
Both my brothers earn "just" 16k a year and they've been working a good few years now so my message is take what you have for granted, there are thousands(millions?) of people who would kill to be in your position.

Reply 51

anony.mouse

15

Original post by DimaTae

.

oh get off your high horse. You know it's a good wage.

Original post by Harley SMU

Average UK salary is just under £30K I believe, so think yourself lucky!

I was at a presentation about student finance and i think they said an average of about 20k for those without a degree and i can't remember what they said for those with a degree. Something like, on average 100k more over a career ?

Reply 52

cleveradam

9

I would happily take that.

Reply 53

Solid.Snake

12

Nope I'm afraid that a salary of 100k is a pitiful pathetic amount.
You're going to have a miserable life living on the streets struggling to survive... :rolleyes:

Reply 54

F1's Finest

21

Original post by DimaTae

Hey thanks for all the replies guys. I don't mean to sound like a greedy and stupid dickhead. Obviously what I earn now is considerably above the median and in the top percentiles but note I work and study long hours so my hourly pay is hardly that high.

Plus since I have stated I get 0 job satisfaction and 0 prestige or recognition for my job the only thing I am getting out of the job is the money hence I'm asking is it worth it and could I be doing something much more worthwhile.

I really regret not becoming a doctor as I am passionate about helping people, or if just for the money a banker or lawyer, because compared to the latter two, I get paid very little, unless I'm mistaken but I get the impression it is easy for a lawyer or banker to make 100k plus or even 7 figures. I am sure law is boring and repetitive as well but at least people respect lawyers and bankers as a high prestige profession (whether they hate them on a personal level or not)

Its just after 6 years I wake up every morning thinking why, when I could have chosen anything in the world, I chose a boring number crunching insurance job

I haven't done much research and I guess here is not the best place to ask as it is mostly full of students. I just wanted to know whether I really am being stupid and deluded to be dissatisfied with my salary and whether changing careers is realistic

Above the median.

LOL

Reply 55

CoolStoryBroo

15

Original post by Bill_Gates

100k after tax not all that really in the big picture. Lifes about profit not salary. At the end of the day the firm employing you makes more off you than you make off them. Think big.

Preach brother!

Reply 56

DimaTae

OP

Original post by natninja

If you change sector (say to being a quant at an IB being the obvious choice) you would probably have to be prepared to take a substantial pay decrease for the first few years as you'd start out at a more junior position I'd imagine - but then again I may be wrong.

What I'm wondering is why as an Oxford maths grad you ever wanted to go into insurance anyway with the whole of the rest of the financial sector open - afterall, actuaries are said to be those too boring for accountancy....

I personally know quants as well and many have a PHD in financial maths/engineering etc or at least a masters and financial maths.
That is one area I definitely do not want to go into, I don't know why people view is as some amazing combination of high level mathematics with finance because it essentially is just a computer programming job.

Programming is the most boring thing I can imagine, its the worst part of my current job. All these jobs so called advanced mathematical modelling are no more than repetitive computer programming

Reply 57

non

15

Original post by DimaTae

I personally know quants as well and many have a PHD in financial maths/engineering etc or at least a masters and financial maths.
That is one area I definitely do not want to go into, I don't know why people view is as some amazing combination of high level mathematics with finance because it essentially is just a computer programming job.

Programming is the most boring thing I can imagine, its the worst part of my current job. All these jobs so called advanced mathematical modelling are no more than repetitive computer programming

what about investment banking? I'm not so knowledgeable about it but jobs in FO (front office) such as M&A pay very well or management consultant. go to IB&C forum for these jobs or other high paid ones, they will give advice without much trolling (hopefully).