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

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    To be honest, it is not easy to become a banker. The media are extremely misleading. A lot of people in banking earn nothing like this and the front office investment bankers in their junior years don't either - will after they become more senior.

    To become a front office investment banker (the division that most people quote for high pay, although no one ever goes near hedge funds pay):

    - straight A's and A*s in all your GCSEs
    - straight A/A*s in your A-Levels, usually very difficult A-Levels
    - admission to a top target university (Oxbridge/LSE etc..) which let's face it you won't get without a lot of extra-curriculars and other things that set you apart
    - do well in your degree or at least get a first if you're not from a target
    - have good networking skills
    - have leadership experience
    - have extra-curriculars
    - have good knowledge (required for interviews)
    - get multiple internships
    - survive the extremely long and rigorous recruitment process with multiple interviews, stages and tests
    - be willing to have no social life
    - be willing to work with little holiday in your first few years
    - be willing to work 70-125 hours a week (including all-nighters toward deal deadlines)
    - through all of that, just generally be flawless in all basic competencies
    - get a job and find that actually not only are you selling your soul and sacrificing your life for three to five years, but actually the pay is only 45k-100k which divided by all the hours does not work out as much as you might think
    - put up with everyone hating you even though you've only just graduated and had nothing to do with the financial crisis
    - then work hard to try and get promoted to a more senior level where the pay is higher
    - get an MBA from a top business school and/or a CFA (again getting into a top business school is extremely challenging and will also involve more tests)

    ...Quite honestly, if you've survived all of that and got promoted to a level that pays high amounts then you deserve it.

    I would also highlight that the employees paid one million plus in banks is less than 0.5%, hardly outrageous.

    And would also like to point out that most top footballers earn per week what most bankers earn in a year.

    I don't really have a problem with bankers being paid large sums if they have contributed positively. And yes, an executive can contribute positively and have the bank make a loss (RBS: all the fines made up a large loss of which he had nothing to do with).

    And the notion that all bankers have just got a job because their dad is one is rubbish. Yes some bankers get there through networking, but the majority work for it/can't network unless they are good enough.

    That's all I have to say

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    (Original post by will2348)
    To be honest, it is not easy to become a banker. The media are extremely misleading. A lot of people in banking earn nothing like this and the front office investment bankers in their junior years don't either - will after they become more senior.

    To become a front office investment banker (the division that most people quote for high pay, although no one ever goes near hedge funds pay):

    - straight A's and A*s in all your GCSEs
    - straight A/A*s in your A-Levels, usually very difficult A-Levels
    - admission to a top target university (Oxbridge/LSE etc..) which let's face it you won't get without a lot of extra-curriculars and other things that set you apart
    - do well in your degree or at least get a first if you're not from a target
    - have good networking skills
    - have leadership experience
    - have extra-curriculars
    - have good knowledge (required for interviews)
    - get multiple internships
    - survive the extremely long and rigorous recruitment process with multiple interviews, stages and tests
    - be willing to have no social life
    - be willing to work with little holiday in your first few years
    - be willing to work 70-125 hours a week (including all-nighters toward deal deadlines)
    - through all of that, just generally be flawless in all basic competencies
    - get a job and find that actually not only are you selling your soul and sacrificing your life for three to five years, but actually the pay is only 45k-100k which divided by all the hours does not work out as much as you might think
    - put up with everyone hating you even though you've only just graduated and had nothing to do with the financial crisis
    - then work hard to try and get promoted to a more senior level where the pay is higher
    - get an MBA from a top business school and/or a CFA (again getting into a top business school is extremely challenging and will also involve more tests)

    ...Quite honestly, if you've survived all of that and got promoted to a level that pays high amounts then you deserve it.

    I would also highlight that the employees paid one million plus in banks is less than 0.5%, hardly outrageous.

    And would also like to point out that most top footballers earn per week what most bankers earn in a year.

    I don't really have a problem with bankers being paid large sums if they have contributed positively. And yes, an executive can contribute positively and have the bank make a loss (RBS: all the fines made up a large loss of which he had nothing to do with).

    And the notion that all bankers have just got a job because their dad is one is rubbish. Yes some bankers get there through networking, but the majority work for it/can't network unless they are good enough.

    That's all I have to say

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    You're exaggerating the time demands. IBD is extremely demanding on time, but most other divisions are far less so.

    My circle of friends are bankers, most are happily married with children, and became so sub-30 years old.

    Of course they are talented, intelligent and very shrewd people, you have to be to make it to the top.
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    (Original post by Sir Fox)
    He is being sarcastic, quite obvious from the '$373,000' comment. Or a troll.
    my immediate thought, i just read the whole thing sarcastically.
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    How is earning that amount of money being underpaid? If they were on minimum wage, I could see their point.
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    (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?
    You could have just said "I'm trolling, please neg me" and saved yourself the word-splurge.
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    If you put an anonymous survey to any worker they're going to say they'd like more money. It doesn't mean they're going to get it...

    A few weeks back people were moaning about MPs saying the same thing...
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    Bankers underpaid, I must be going mad. They are overpaid and get god knows how much in bonuses.
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    Trolling is an artform and you OP are it's master.
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    Yes they're right, it's dead hard to use a calculator. Such labour deserves millions.
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    (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?

    This is a fantastic troll, 10/10 for effort.

    There was a tv show on not so long ago about a man who worked his way up a plumbing business and now owns his own company. He tried to increase job fulfillment levels of his staff, and asked everyone their issues in regard to wage. 90% of people said they felt they were underpaid, and the truth of the matter is, we're all just greedy. In my opinion, bankers don't deserve anywhere near the wages their getting now, but then again neither do footballers, etc.
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    Are there any professions where 67% people don't think they're underpaid?

    Pay someone £300k a week to clean dirty toilets and within a short period of time they will think they deserve what they are paid. It is no different for bankers.
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    I suspect that most of the 67% will be young bankers who are probably underpaid for the amount of work they do. However they tolerate the hard work in hopes of earning a fortune when they are older.

    Banking has a tournament structure to pay. A very few people are paid huge huge amounts and this is used to motivate people who are paid less to work hard because such huge pay packets are dangled in front of them.

    It is much like other professions such as football where the very top earn huge figures whilst everybody else fights it out trying to get to the top.
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    How awful, maybe we should have a benefit concert or something?
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    (Original post by will2348)
    To be honest, it is not easy to become a banker.
    There are many things that it's not easy to do where the people who do them aren't paid six or more figure salaries for it.
 
 
 
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