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    (Original post by Noble.)
    £50k+ hopefully.
    Doing?
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    (Original post by Slowbro93)
    Doing?
    Trading, although a decent portion of the £50k I already earn working essentially as a 'mathematics consultant' on a rather large ongoing android/iOS project.
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    £60-70k all in, hedge fund FICC trader
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    (Original post by Wisefire)
    I just don't get this thread. If (yes, IF) I get to a university like UCL/Warwick/LSE, surely £50k by about 30 would not be ridiculously exceptional, like what you make it out to be (dependant on degree/experience)? 30 is 8-9 years after graduation/that many years work experience, at minimum. The term 'young professional'... Just what exactly does that imply, salary-wise? I'm just saying, surely most that go to top universities DO eventually make it to becoming a large part of senior professionals/the upper-middle class, right?
    £50k by about age 30 is not ridiculously exceptional at all, generally on a graduate career your first salary might come in at £25k-£35k and your first big promotion (eg when you have completed a professional qualification) might be £40-50k. Someone entering a grad career aged 22 would probably be looking to make that jump aged 26 to 28.

    After that, in the public sector, the salaries flatline: you can get promotions but they typically bring much higher levels of responsibility and workload, along with increases of say £10k salary.

    In the private sector they can be much higher but as always the laws of supply and demand rule. If you want to earn a high salary working for someone else, then you need to be working in a field where there is high demand for your field and not many people can do it. Note that high demand doesn't necessarily mean there are a lot of people wanting to hire you, it's related to their willingness to pay, ie how lucrative is this field and how much profit are they making for operating in that field. So if they are involved with oil exploration and there are many millions of dollars potentially available, if you have skills that will facilitate them unlocking those profits then they have a high willingness to pay top dollar for you.

    I think with young ambitious students that want to be really rich they have to decide whether their definition of really rich is £100k, £200k or is it something pushing beyond that, because it gets progressively more and more difficult and competitive to earn those kind of salaries working for someone else. If you are really focused on the top end then IMO your best bet is self-employment, you have to start up a business that does well, and have a product that people want. Get in with the innovation clusters that sort of thing. Some people hit the jackpot with one idea and others are just good at being entrepreneurs, they start up, get the business to a certain size, sell up; start another, sell up. It's like property development but without the limitations, if you have very high ability the returns are higher.

    Then when you have got a certain level of credibility, success and money behind you as an entrepreneur you can make money through investing in other start-ups. Spot who looks like they are on to a winner but need your experience, invest in them in return to equity, and make them a success, then your equity stake soars in value. This also brings with it the respect and kudos of being seen as a top business person.
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    (Original post by MagicNMedicine)
    £50k by about age 30 is not ridiculously exceptional at all, generally on a graduate career your first salary might come in at £25k-£35k and your first big promotion (eg when you have completed a professional qualification) might be £40-50k. Someone entering a grad career aged 22 would probably be looking to make that jump aged 26 to 28.

    After that, in the public sector, the salaries flatline: you can get promotions but they typically bring much higher levels of responsibility and workload, along with increases of say £10k salary.

    In the private sector they can be much higher but as always the laws of supply and demand rule. If you want to earn a high salary working for someone else, then you need to be working in a field where there is high demand for your field and not many people can do it. Note that high demand doesn't necessarily mean there are a lot of people wanting to hire you, it's related to their willingness to pay, ie how lucrative is this field and how much profit are they making for operating in that field. So if they are involved with oil exploration and there are many millions of dollars potentially available, if you have skills that will facilitate them unlocking those profits then they have a high willingness to pay top dollar for you.

    I think with young ambitious students that want to be really rich they have to decide whether their definition of really rich is £100k, £200k or is it something pushing beyond that, because it gets progressively more and more difficult and competitive to earn those kind of salaries working for someone else. If you are really focused on the top end then IMO your best bet is self-employment, you have to start up a business that does well, and have a product that people want. Get in with the innovation clusters that sort of thing. Some people hit the jackpot with one idea and others are just good at being entrepreneurs, they start up, get the business to a certain size, sell up; start another, sell up. It's like property development but without the limitations, if you have very high ability the returns are higher.

    Then when you have got a certain level of credibility, success and money behind you as an entrepreneur you can make money through investing in other start-ups. Spot who looks like they are on to a winner but need your experience, invest in them in return to equity, and make them a success, then your equity stake soars in value. This also brings with it the respect and kudos of being seen as a top business person.

    Yeah, that was my exact point (that £50k at 30 is not exceptional). That's what I was trying to say, in response to a number of people saying things along the line of "you'd be doing very well if you were on twice the average salary at that age" etc, as if barely anybody had the chance to get there... A lot on here make the realm of 30/40/50k seem like all they can ever aim or hope for. I can appreciate if that's cos they're in a field that pays little/their qualifications aren't high enough, or they're not ambitious enough, or just don't care.

    As with the supply/demand thing, I'm aware. Getting into a growing industry/one with high possibilities equates to higher pay, or a greater likelihood of being at the director/CEO position when it's grown and you're established in it. Good example of growing sector: tech/Silicon Valley-style pay.

    Entrepreneurship? My dream, and the only way I'll get rich under my definition. But I'd want to have no staff in my business for as long as possible. The only problem is: how do you literally start a business? OK, you've got to plan your idea/the structure of it, and the good/service of yours. But if it's a physical good, where do I go to literally create it? Where's that machine that can create it? How do I get/where do I go to, to officiate/list my business officially? How do I try to get a patent? All these questions; I need to educate myself big time before I start a business.

    That's why I might try and get an MBA. Teaches me the skills/processes to start one, or it alternatively allows me to get a job that pays £80k+, with room for big increases, which isn't half-bad.

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    Entrepreneurship? My dream, and the only way I'll get rich under my definition. But I'd want to have no staff in my business for as long as possible. The only problem is: how do you literally start a business? OK, you've got to plan your idea/the structure of it, and the good/service of yours. But if it's a physical good, where do I go to literally create it? Where's that machine that can create it? How do I get/where do I go to, to officiate/list my business officially? How do I try to get a patent? All these questions; I need to educate myself big time before I start a business.

    That's why I might try and get an MBA. Teaches me the skills/processes to start one, or it alternatively allows me to get a job that pays £80k+, with room for big increases, which isn't half-bad.

    Posted from TSR Mobile[/QUOTE]

    Use the internet? And i'm not criticizing but i'm not sure that having an MBA will automatically give you the skills you need to be a successful entrepreneur, sometimes you need a little flair for it aswell. I'll admit I know essentially nothing about the qualification though and from your posts you seem very driven and committed to succeed so i'm sure you will.

    Also, to register a company I believe you have to go to Companies House ☺
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    (Original post by Wisefire)
    Yeah, that was my exact point (that £50k at 30 is not exceptional). That's what I was trying to say, in response to a number of people saying things along the line of "you'd be doing very well if you were on twice the average salary at that age" etc, as if barely anybody had the chance to get there... A lot on here make the realm of 30/40/50k seem like all they can ever aim or hope for. I can appreciate if that's cos they're in a field that pays little/their qualifications aren't high enough, or they're not ambitious enough, or just don't care.
    You have to remember this is a student forum and the majority of students don't really know what they want to do and don't have massive ambitions, or if they do, don't have credible ideas of how to get there.

    You can't really judge yourself against people whose ambitions are totally different to yours.

    (Original post by Wisefire)
    As with the supply/demand thing, I'm aware. Getting into a growing industry/one with high possibilities equates to higher pay, or a greater likelihood of being at the director/CEO position when it's grown and you're established in it. Good example of growing sector: tech/Silicon Valley-style pay.
    Yes, the one that I wish I'd known about before going to uni was Big Data Analytics, there is already a huge bottleneck here as big data possibilities are just emerging but there are far too few people with the analytical skills required to use it so those that are are getting inflated salaries. For that you'd basically need to study a statistics type course at MSc level.

    (Original post by Wisefire)
    Entrepreneurship? My dream, and the only way I'll get rich under my definition. But I'd want to have no staff in my business for as long as possible. The only problem is: how do you literally start a business? OK, you've got to plan your idea/the structure of it, and the good/service of yours. But if it's a physical good, where do I go to literally create it? Where's that machine that can create it? How do I get/where do I go to, to officiate/list my business officially? How do I try to get a patent? All these questions; I need to educate myself big time before I start a business.

    That's why I might try and get an MBA. Teaches me the skills/processes to start one, or it alternatively allows me to get a job that pays £80k+, with room for big increases, which isn't half-bad.
    I think your attitude is great and unlike some of the students that are all "big talk" about how much they are going to earn you at least have some concept of what you will need to do to get there and how it won't just fall in to your lap. However I think the MBA and being an entrepreneur are different things, there's value in an MBA but it's not really something that will teach you how to do a start up.

    There are loads of resources to educate yourself about how to be an entrepreneur and what it involves, also there are entrepreneurship events and things, you can learn about the practicalities of things (like how to get finance, how to take on your first employee, how to start exporting, how to get your second round of finance) from things like business link, business in you, start up britain and these type of websites.

    Also when you are more informed and starting to get your ideas look in to things like innovation centres, maybe while you're at uni try and organise a day to go to one, talk to a few people there. these are where there are lots of innovative high-growth start-ups clustered together so they can take advantage of being next to each other, some of these grow very fast and earn high returns. What you want to do is start getting your info and ideas from people who've achieved things and have positive attitudes rather than talking to people that will just tell you you have no chance (which is what you will get on most internet forums).
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    (Original post by Quady)
    Or bump stupid dev crap and go into project management.
    hmm, I don't think I'd like to work as a project manager too much pressure
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    (Original post by ManifoldManifest)
    Or you might die while toiling away at the profitable thing you hate and dreaming of your happy retirement. Being miserable now for possible later is a risk.
    That risk has always been there, since you were born, you can't really say that as a valid point, also greater risk does mean greater reward.
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    (Original post by StevenJH)
    Entrepreneurship? My dream, and the only way I'll get rich under my definition. But I'd want to have no staff in my business for as long as possible. The only problem is: how do you literally start a business? OK, you've got to plan your idea/the structure of it, and the good/service of yours. But if it's a physical good, where do I go to literally create it? Where's that machine that can create it? How do I get/where do I go to, to officiate/list my business officially? How do I try to get a patent? All these questions; I need to educate myself big time before I start a business.

    That's why I might try and get an MBA. Teaches me the skills/processes to start one, or it alternatively allows me to get a job that pays £80k+, with room for big increases, which isn't half-bad.

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    Go on Dragons' Den .
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    (Original post by Dilzo999)
    Go on Dragons' Den .
    Think the quotes got mixed up there haha? Good idea though for the guy who posted, get your thinking cap on, let them sort it and live nice lool
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    The typical career trajectory (where I am anyway) is starting salary of 25k, rising to 40-45k in 3 years (age 25/26) and then making manager level at age 28/30 of £60-70k excluding bonuses.




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    (Original post by tengentoppa)
    Really? In IB? And what is the salary like at the more junior scale?
    This is in Compliance - Starting salaries are mixed as it depends on what experience you have got prior to graduation I started on £40k moved up to £95k in 6 months. If you know the industry and get broad exposure in the long term there aren't many limits to how much you earn. Compliance Officers are up there amongst the highest earning individuals.
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    (Original post by AnharM)
    My A-Level Chemistry teacher, who is around 34 years old, earns around £50,000. He's Head of Science in his school, so he has a lot of responsibility. I told him that's a lot of money, but he goes it ain't...teachers get all the holidays, which is great.
    I remember when i was in sixth form (wow, you know you're getting old when you say that... And I'm 20 today...) my maths teacher who was also head of maths said he earned £50k which i think is bloody impressive but, being head of dept must give you a hell of a lot of responsibility but a massive pay rise too.

    I wouldn't mind earning that kind of money (certainly no financial trouble) but, i don't know what it would be like to be head of dept with THAT much responsibility.
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    (Original post by AnharM)
    My A-Level Chemistry teacher, who is around 34 years old, earns around £50,000. He's Head of Science in his school, so he has a lot of responsibility. I told him that's a lot of money, but he goes it ain't...teachers get all the holidays, which is great.
    Sorry about late reply, kept saying to myself i would reply but kept putting it off until I just thought, just do it...
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    (Original post by Wisefire)
    Well I'm aiming for A*AA, hopefully A*A*A at my peak. Problem is, I'm going to be doing AS retakes alongside A2s. A-levels would have still been done within the two years, but it would be with AS retakes. Also, my IGCSEs were only 1A* 4A 5B 1C. I'm pretty damn feaful/worried that even if I get A*AA or better next year, I'll have very little chance of getting into Oxbridge/Imperial/LSE/UCL/Warwick. LOL, well Oxbridge/Imperial is outta the question, sure. But what about the other 3 (Warwick, UCL or Imperial)? I know the course that you do at university basically has little significance (that's the case in all things really, aside from banking too), so it's just about the uni brand... Well, what do you think my chances are of getting into ANY top 6 banking target uni, with those 2 major limitations of mine? Which course/s would you say are the least competitive/easiest for me to get in, at a top university. Something like Economics with Economic History at LSE can't be that oversubscribed, and the requirements are only AAB. Hell, even Management at LSE... Again, only AAB. If I get A*AA and STILL don't get in for that course (this is in my gap year/reapplication of course), I'll be very, very depressed. I'd like to avoid that, and just get into one of the top 6... So, what sort of courses do you think should I go for, considering how I only do maths, economics and history. This reply's for everyone in general... Anyone? What would you recommend. Surely if I get A*A*A I won't be rejected from LSE for Economics with Economic History/UCL Economics & ----- etc?

    LSE do prefer one sitting/no retakes, sure. But what UCL courses should I consider/pursue, in these circumstances?
    To be honest, the more I read about you the more I think you are suited to life at the Big 4. I know someone exactly like you, he's just been promoted to manager at the age of 26 in industry after being out of big 4 for 2 years.. He's on 60-70k now at least.

    But more importantly, he's managed to get there by literally not wanting to have a social life, being a slave to his job (he works 12 hours a day whether he needs to or not) admitting he enjoys reading IFRS standards as bedtime reading.
    He's a little obsessed with money and status and has managed to work his way up quickly as he has been recognised for his work ethic. You could totally be that guy, if you're not disgusted by accountancy.


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    I guess how much you need to earn depends on whether you have expensive tastes. I have friends who earn 40k who are always scraping for money at the end of the month and panicking about it and friends on 25% less who have a fat savings account and are content. “Annual income twenty pounds, annual expenditure nineteen ninety-six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”

    Money gives you more options in life, sure, but it also traps you if you up your lifestyle every time you get a pay raise. I've never really wanted a lamborghini, but I want to be in the postion where if I wanted or needed to I could leave my job and the country the next day and know I'd be all right for six months. It's freedom, for me.

    I also think that the poster above who mentioned his friend in corporate law exaggerated a little maybe. Even with bonuses I find it near impossible to credit that any associate is earning that in the UK. The highest salary I've ever heard of for someone qualified for three years is about 125k http://www.rollonfriday.com/InsideIn...8/Default.aspx (and that is after a legal conversion course, a compulsory vocational year, two years of training contract and then three years of working as a lawyer). Oh, and 10-12 hours a day is absolutely standard. 10 hours is pretty much the minimum. Most lawyers at that level in the very top UK firms are actually earning 80-90k. If you want to make money, go into banking!
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    (Original post by compliance1)
    This is in Compliance - Starting salaries are mixed as it depends on what experience you have got prior to graduation I started on £40k moved up to £95k in 6 months. If you know the industry and get broad exposure in the long term there aren't many limits to how much you earn. Compliance Officers are up there amongst the highest earning individuals.
    Woaaaah :eek:
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    ~30k within 2 years after leaving University, towards the end of my career, ~75k+
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    (Original post by salterjo3)
    Most lawyers at that level in the very top UK firms are actually earning 80-90k. If you want to make money, go into banking!
    Do you mean corporate law lawyers with 3-5 years of experience/aged <30, earning 80/90k? Or do you mean senior ones earning only 90-90k? Earning 80-90k before 30 would be great. If you're not earning 125k+ as a junior one/after your conversion course, how many years of experience would you need to firmly be within 6 figures? I might consider doing a law conversion course to get into corporate law if I fail to get into banking (hopefully having done an economics degree from a top 10 uni, if not banking target), I might consider doing a law conversion course to get into corporate law, instead of finance... I'm quite good/passionate about expressing my opinions; at least, I'm articulate, to an extent.
 
 
 
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