Join TSR now to have your say on this topicSign up now

67% of Bankers say they are underpaid.. and I must agree Watch

    • Thread Starter
    Offline

    0
    ReputationRep:
    http://www.latimes.com/business/mone...,6965267.story

    Over 2/3rds of bankers say they are underpaid, can anyone think of a profession that even comes close to that figure?

    The average wage of a banker, who dedicate themselves to years and years of grueling academic work, is a mere $373 000. Hardly much at all when you have a family to support when you want your kids to have the best education and amenities.

    1/3rd also report being overworked and clinically stressed. A remarkably low figure considering the ravaging they have undergone at the media's hands over the last several years. With the blame for the underclass's insatiable need to borrow to buy frivolous things crashing the economy placed firmly and undeservedly on them. Is it a wonder it isn't 100%.

    Is anyone else as disgusted by this story as I am?
    Offline

    1
    ReputationRep:
    7 posts, 5 red gems? :rofl:

    With posts like that I can see why.
    Offline

    3
    ReputationRep:
    Is this serious?
    Offline

    15
    ReputationRep:
    Investment Bankers have long hours and it is a stressful job no doubt about that. I would say that networking has just as much to do with becoming one as academic work though, they are however both important. Any way you look at it $373,000 per annum is a considerable amount no matter who you are, the can hardly call poverty. Yes, prcies have gone up but the rest of society has also had to make cuts, and bankers need to learn how to cut back on their spending like the rest of us to make their money go further. With decreased bank profits they can hardly expect a raise can they? I'm not against bonuses or high wages, the market dictates that, but they shouldn't be given to award incompetence or as a leaving package, especially at banks that would bailed out by the government. Anyhow this doesn't disgust me, I'm more disgusted that wages from the public sector has been frozen for years now despite rising inflation of cost of living.
    • TSR Group Staff
    Offline

    18
    ReputationRep:
    Well, very few people are going to say they need less money. Is this really all that surprising?
    Offline

    2
    ReputationRep:
    $373 000 is hardly much at all? What. 373000 Zimbabwean Dollars maybe...
    Offline

    13
    ReputationRep:
    I don't think that figure of $363,000 really tells us anything useful. On the one hand you have the executives earning millions, and it's that which drags the overall average salary up. On the other hand, the vast majority of investment bankers are everyday white-collar workers earning perhaps £40k to £80k plus bonuses of £5k or so - still a high salary, but it's not unreasonable considering how hard they work.
    Offline

    12
    ReputationRep:
    (Original post by Arbolus)
    I don't think that figure of $363,000 really tells us anything useful. On the one hand you have the executives earning millions, and it's that which drags the overall average salary up. On the other hand, the vast majority of investment bankers are everyday white-collar workers earning perhaps £40k to £80k plus bonuses of £5k or so - still a high salary, but it's not unreasonable considering how hard they work.
    While I'm inclined to agree that people often overlook the reason for their high pay packets being due to long hours and stressful work, I think that your statement is wrong. The starting salary for an intern/grad scheme analyst is £40k. Straight up, year 1. Now it's up to the worker to decide how much they work towards moving up the ladder, but that figure will only increase as they move from analyst to associate level. If they don't move up to management, it'll probably cap out at around £100k. Bonuses are 5k simply for signing on a lo of the time and average bonus will be about 50% of salary, so likely to be at least 20k, four times your figure.

    As for ultra high earners skewing the data, the big banks will employ about 60,000 people. Of these 60,000, only maybe 100-200 will earn more than a million. That isn't going to considerably skew the data, very few earn these very, very high salaries.
    Offline

    2
    ReputationRep:
    This has to be a joke! A pretty good one at that.
    Offline

    3
    ReputationRep:
    Banking.....is not actually that tough.
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by You Failed)
    While I'm inclined to agree that people often overlook the reason for their high pay packets being due to long hours and stressful work, I think that your statement is wrong. The starting salary for an intern/grad scheme analyst is £40k. Straight up, year 1. Now it's up to the worker to decide how much they work towards moving up the ladder, but that figure will only increase as they move from analyst to associate level. If they don't move up to management, it'll probably cap out at around £100k. Bonuses are 5k simply for signing on a lo of the time and average bonus will be about 50% of salary, so likely to be at least 20k, four times your figure.

    As for ultra high earners skewing the data, the big banks will employ about 60,000 people. Of these 60,000, only maybe 100-200 will earn more than a million. That isn't going to considerably skew the data, very few earn these very, very high salaries.
    That is still incredibly low. Say you were a baker, people begin to buy bread at a rate far too high to sustain, the people buying the bread use very little of what they buy and throw the rest away, then there is a severe bread shortage and the blame is put on you for selling the bread.

    It is the exact same situation, you, the baker, becomes a media pariah just for earning a living,the greedy people wasting the bread are held up as figures of sympathy.

    But according to you this is a field of roses and they have no right to complain. Okay... :rolleyes::rolleyes::rolleyes:
    Offline

    12
    ReputationRep:
    (Original post by Heirophant)
    That is still incredibly low. Say you were a baker, people begin to buy bread at a rate far too high to sustain, the people buying the bread use very little of what they buy and throw the rest away, then there is a severe bread shortage and the blame is put on you for selling the bread.

    It is the exact same situation, you, the baker, becomes a media pariah just for earning a living,the greedy people wasting the bread are held up as figures of sympathy.

    But according to you this is a field of roses and they have no right to complain. Okay... :rolleyes::rolleyes::rolleyes:
    Lol. I have no idea why you're having a go at me. Calm down. In my first sentence I stated that I agreed the consensus of bankers being overpaid generally did not take in to account how long and stressful the job can be. I'm not entirely standing up for their salaries, but I wasn't arguing against them either.

    Simply all my post was doing was refuting the guy who I quoted, in which he claimed that the average banker earned less than the average figure you gave. I made no substantial statement on my opinion of that average figure.

    Relax.
    Offline

    1
    ReputationRep:
    I agree that stress levels, responsibilities and working hours will be well above the norm, but $373k a year (not including bonuses) is still a lot of money. When compared to the money they deal with or they make for other people though, I guess it pales into insignificance and you have a skewed view of what is a generous amount of money.
    Offline

    13
    ReputationRep:
    (Original post by You Failed)
    While I'm inclined to agree that people often overlook the reason for their high pay packets being due to long hours and stressful work, I think that your statement is wrong. The starting salary for an intern/grad scheme analyst is £40k. Straight up, year 1. Now it's up to the worker to decide how much they work towards moving up the ladder, but that figure will only increase as they move from analyst to associate level. If they don't move up to management, it'll probably cap out at around £100k. Bonuses are 5k simply for signing on a lo of the time and average bonus will be about 50% of salary, so likely to be at least 20k, four times your figure.

    As for ultra high earners skewing the data, the big banks will employ about 60,000 people. Of these 60,000, only maybe 100-200 will earn more than a million. That isn't going to considerably skew the data, very few earn these very, very high salaries.
    I'd be interested to know where your figures came from; all I know is what friends who are either trying to get into banking or are already there have told me. But you'd be surprised by how much a small number of very high salaries can skew the mean.
    Offline

    16
    ReputationRep:
    (Original post by Heirophant)
    http://www.latimes.com/business/mone...,6965267.story

    Over 2/3rds of bankers say they are underpaid, can anyone think of a profession that even comes close to that figure?

    The average wage of a banker, who dedicate themselves to years and years of grueling academic work, is a mere $373 000. Hardly much at all when you have a family to support when you want your kids to have the best education and amenities.

    1/3rd also report being overworked and clinically stressed. A remarkably low figure considering the ravaging they have undergone at the media's hands over the last several years. With the blame for the underclass's insatiable need to borrow to buy frivolous things crashing the economy placed firmly and undeservedly on them. Is it a wonder it isn't 100%.

    Is anyone else as disgusted by this story as I am?
    Well they would say they are underpaid. A lot of people in a lot of trades would say they are underpaid. Everyone wants more dosh and many would prefer doing it whilst doing a lot less. You said they earn a mere $373,000. I wouldn't call that peanuts so frankly I have less sympathy if any.
    Offline

    0
    ReputationRep:
    (Original post by Heirophant)
    http://www.latimes.com/business/mone...,6965267.story

    Over 2/3rds of bankers say they are underpaid, can anyone think of a profession that even comes close to that figure?
    Nurses.
    Offline

    12
    ReputationRep:
    (Original post by Arbolus)
    I'd be interested to know where your figures came from; all I know is what friends who are either trying to get into banking or are already there have told me. But you'd be surprised by how much a small number of very high salaries can skew the mean.
    RBS paid only 93 staff over £1 million in 2012, and hires 141,000 staff, while Barclays paid 430 staff over £1 million but employs 150,000 staff. (http://uk.reuters.com/article/2013/0...2713I20130308; http://en.wikipedia.org/wiki/The_Roy...k_of_Scotland; http://en.wikipedia.org/wiki/Barclays).

    So that's only 0.06% and 0.2% of staff, respectively, paid over £1 million. That is not going to be enough to skew the data considerably.

    My figures for internships/grad scheme initial pay are from me personally, as I'm doing an internship this summer and know what the starting pay is.
    Offline

    17
    ReputationRep:
    He is being sarcastic, quite obvious from the '$373,000' comment. Or a troll.
    Offline

    2
    ReputationRep:
    Offline

    0
    ReputationRep:
    (Original post by Lunch_Box)
    must be an imposter cause last time i checked jealousy was a sin

    It wasnt the bankers that caused the credit crunch , it was the retail banks giving mortgages to undesirables, so blame the retail banking managers
 
 
 
Poll
If you won £30,000, which of these would you spend it on?
Useful resources

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.