Can you make massive money in investment banking?

Original post by serions871

Same, if I become a banker I dont know what I'm actually gonna do with the money aha

I don't know how to cope with my expenses if I don't become a banker...

It's great money for a young person, but nowhere near the "don't know how to spend it" level. Examples: watches (a 10k watch isn't even considered a truly expensive one), clothes, life in general (rent in London, dining, etc) and then you have more meaningful ones such as boat, car, house... 80K (before taxes) is not "f***-you money".

(edited 7 years ago)

Reply 364

Original post by Elchapojr

Compared to living on an average salary, I imagine you'd struggle a lot less
I mean, you can buy a terraced house in a suburb with that money, and have a good car, that's good enough really

Not for everyone...

Reply 365

username738914

Original post by usualsuspects

I don't know how to cope with my expenses if I don't become a banker...

It's great money for a young person, but nowhere near the "don't know how to spend it" level. Examples: watches (a 10k watch isn't even considered a truly expensive one), clothes, life in general (rent in London, dining, etc) and then you have more meaningful ones such as boat, car, house... 80K (before taxes) is not "f***-you money".

"...£10k watch isn't even considered a truly expensive one..."

"...more meaningful ones such as boat.."

U wot

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(edited 7 years ago)

Reply 366

Trapz99

Original post by usualsuspects

I don't know how to cope with my expenses if I don't become a banker...

It's great money for a young person, but nowhere near the "don't know how to spend it" level. Examples: watches (a 10k watch isn't even considered a truly expensive one), clothes, life in general (rent in London, dining, etc) and then you have more meaningful ones such as boat, car, house... 80K (before taxes) is not "f***-you money".

This is kind of an entitled attitude, a banker or trader earns more than like 95% of people their age. I don't think most of them have £10,000 watches or a boat and they probably don't want to. You shouldn't expect to have these things when you're in your mid twenties.

Compared to 99.9% of people on the planet, you have a pay package that unbelievable if you're earning £60000 as an accountant in your thirties and have a house and a car.

(edited 7 years ago)

Reply 367

peanutbuttercup

18

Original post by Reformed

yes but its not as rewarding as baking your own cakes and selling them for profit

Investment baking

Reply 368

Commercial Paper

Original post by Elchapojr

Compared to living on an average salary, I imagine you'd struggle a lot less
I mean, you can buy a terraced house in a suburb with that money, and have a good car, that's good enough really

Yes but as a banker you have to live close to the office due to the excessive hours, at least in your junior years. You could never move further out into the suburb, especially with Southern Rail at the moment.

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Reply 369

Original post by Princepieman

"...£10k watch isn't even considered a truly expensive one..."

"...more meaningful ones such as boat.."

U wot

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First one is a fact.
Was just providing examples of how to spend money and of things you can't get on an analyst's salary and must save towards. (Well, there was an article on The Economist about sharing economy for "luxuries", like boat sharing for who doesn't own one).

Reply 370

Trapz99

Original post by usualsuspects

First one is a fact.
Was just providing examples of how to spend money and of things you can't get on an analyst's salary and must save towards. (Well, there was an article on The Economist about sharing economy for "luxuries", like boat sharing for who doesn't own one).

I've got a £5 watch from a market stall in East London, £10k is truly expensive, trust me

Reply 371

Commercial Paper

Original post by usualsuspects

First one is a fact.
Was just providing examples of how to spend money and of things you can't get on an analyst's salary and must save towards. (Well, there was an article on The Economist about sharing economy for "luxuries", like boat sharing for who doesn't own one).

Original post by Trapz99

I've got a £5 watch from a market stall in East London, £10k is truly expensive, trust me

I don't even wear a watch. What's the point?

You don't really need one unless you're a mid-level or above banker.

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Reply 372

Original post by Trapz99

This is kind of an entitled attitude, a banker or trader earns more than like 95% of people their age. I don't think most of them have £10,000 watches or a boat and they probably don't want to. You shouldn't expect to have these things when you're in your mid twenties.

Compared to 99.9% of people on the planet, you have a pay package that unbelievable if you're earning £60000 as an accountant in your thirties and have a house and a car.

I am not planning to buy a boat in my twenties, nor a watch above 10k, but I will have other expenses to cover what remains from that 70-80K.

Reply 373

Original post by Commercial Paper

I don't even wear a watch. What's the point?

You don't really need one unless you're a mid-level or above banker.

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Not sure it's up to me to explain what the point of watches is... I have one. But they do get in the way with the keyboard, that's true.

Original post by Trapz99

I've got a £5 watch from a market stall in East London, £10k is truly expensive, trust me

It's expensive, but watch fans wouldn't class it among the really really expensive watches.

Reply 374

NickAlex12

14

Original post by Commercial Paper

You guys would be surprised, the money doesn't actually go as far as you'd expect after rent, national insurance, tax, student loan repayments, pension deductions etc. Also it's difficult to buy a decent property in and around London due to the extreme house prices without a massive deposit.

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Original post by Commercial Paper

You guys would be surprised, the money doesn't actually go as far as you'd expect after rent, national insurance, tax, student loan repayments, pension deductions etc. Also it's difficult to buy a decent property in and around London due to the extreme house prices without a massive deposit.

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When there are people living on £30k in London, I'm pretty sure £100k can give you a similar lifestyle. You can buy a good two bedroom flat for around £500k, around £2500 a month.

Reply 375

Commercial Paper

Original post by serions871

When there are people living on £30k in London, I'm pretty sure £100k can give you a similar lifestyle. You can buy a good two bedroom flat for around £500k, around £2500 a month.

I'm sure people do live on less but it's not a race to the bottom. There is an irony in your post that, if you're in the top 3% of earners in the UK, the best you can do is a two bedroom flat? You're correct, of course, but people here make out like you'll be living the high life in a playboy mansion with models and bottles whereas the reality is, yes - you'll be living in a cramped two bedroom flat.

Reply 376

gr8wizard10

Original post by Lay-Z

I'd rather have a life though, you can earn similar in the public sector after a few more years and have much better work life balance

public sector salaries don't match up in the slightest

Reply 377

username738914

Original post by Lay-Z

After 10-15 years in senior positions you'd be surprised

Tell me about these public sector jobs with high six to seven figure potential comp figures after 10-15 years

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Reply 378

MajorFader

It's also a dangerous job.
An intern died a few years back due to a epileptic seizure because he did 3 all nighters.

Not cool man.

Reply 379