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    (Original post by mayavara)
    Student loan you should be able to pay off with your summer internship and your golden handshake. If you have a decent job then enjoying life to the full in London and having plenty of money to spare is more than doable.

    Say you have a £60k salary, which everyone who is Associate in a bank (= have worked for 2yrs since graduating) is on. That's £5k a month.

    Tax & NI = £1.6k/mth
    Mortgage on a £500k property = £2.3k/mth
    Food/drink including restaurants and top nightclubs = £500/mth
    Holidays to European cities = £500/mth
    Fashion, toys, etc = £400/mth

    Living a luxury lifestyle and you're nearly breaking even there - now take into account your annual 6 figure bonus and the interest you'll get on having a bit in the bank and you're safe.

    London... earn twice as much, spend twice as much = save twice as much.
    100,000

    60,000 at 40 % = 36,000

    5k = no Tax = 5 k

    35,0000 at 23.5 % = 26775

    = 67.7k

    National Insurance at 11 % = 60.253

    /12 = 5021k per Month


    What, 2.3k on rent from a 500k property?

    leaves with 2721

    Shopping/Food, what, 600?

    ~ 2121

    And if you get a "nice car", that probably takes it down to maybe 1000 - 1200 per month. Student loan has also been left out. Tuitions fees for most is like 3k each year. 3k loan. That's like 6k each year = 18k. I never knew banks gave out 18k golden hellos.

    From what I understand, it is only the minority of IBers who make "good" bonuses.

    What do you get for a 500k property in London? A 2 bedroom flat? Depends which zone you are in I guess. But go to the US and check out what you can get for 300k.

    You probably have to do (approximately) 6am to 7pm, in a what is perceived to be highly stressful environment (if you like that though, cool).

    Having said this, IB is probably one of the most likely careers to really excel in (even though apparently it's the minority), unless you're a partner in a multinational or set up your own business. My girlfriend's Dad is an Investment Banker. The house is just amazing. She tells me how hard he has worked and still works.

    Also you mentioned associate in a bank? You might want to check this out from someone who just started:

    http://www.thestudentroom.co.uk/show...4#post10105864
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    (Original post by WoWZa)
    Also you mentioned associate in a bank? You might want to check this out from someone who just started:

    http://www.thestudentroom.co.uk/show...4#post10105864
    In accountancy and consultancy you start as an "Associate", in IB you start as an "Analyst" then move on to Associate (in anything form 1-3yrs, typically 2-2.5). The titles aren't comparable between different sectors though.
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    Hahah..have finally grown up (sorta) now, been doing lots of parties for London grads. Who are you btw, have we met?
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    http://www.onrec.com/content2/news.asp?ID=18797
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    The best paid job is being a technology analyst in an investment bank. They have ridculous bonuses which would put first years on over £100k a year. VoIP contractors is another highly paid job, they earn from £500 - £600 a day. Don't believe me visit www.kingdavidnwaeze.com and see all.
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    offshore is decent.
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    (Original post by Chassez)
    Hahah..have finally grown up (sorta) now, been doing lots of parties for London grads. Who are you btw, have we met?
    Uh huh.
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    (Original post by sunspoon)
    Read 'Yet Another Intro to Analysis' by Victor Bryant.
    It isn't really a defining book but it gives an insight into what actuaries do.
    I've read that book. Does it :\?
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    You bumped this thread?
 
 
 
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