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£37k - a good starting salary?

jonny_stevens555

How does 37k for a new graduate compare with other trainees for trading positions at other companies?

Reply 1

President_Ben

15

37k is good. But I suppose you should think about looking at the longer term. If you're ambitious and talented, you should make the most of it and really seize what or want - or those things that offer as much as possible.

Reply 2

GarageMc

1

If its 37k for the next 10 years then I would reconsider, as pres ben said in the short term good for the long bad.

Reply 3

bally

3

thats 70k~ Aus !!!!!!

Reply 4

Profesh

20

bally

thats 70k~ Aus !!!!!!

Not to mention, 7.78828116 million Japanese yen! And, as everyone knows, a million is an awful lot!

Oh, my; I think I just triggered an embolism!

Reply 5

bally

3

Profesh

Not to mention, 7.78828116 million Japanese yen! And, as everyone knows, a million is an awful lot!

Oh, my; I think I just triggered an embolism!

Eh? I live in australia, hence the comparison.

Reply 6

Johan C

13

Profesh

Not to mention, 7.78828116 million Japanese yen! And, as everyone knows, a million is an awful lot!

Oh, my; I think I just triggered an embolism!

Rofl

Reply 7

*Ridwan*

1

that's a great salary - some exp. people only ever get 30k max so dont worry!

Reply 8

yawn

17

13 stone of genius

How does 37k for a new graduate compare with other trainees for trading positions at other companies?

I think it does probably compare with other companies since the going rate is a reflection on the available market of people. Less people, more money paid by all companies seeking a dearth of applicants.

However, I would ask: Is any job that pays someone who has just completed their undergraduate degree course that amount of money worth it for the destruction of any semblance of life/work balance?

If it means selling my soul to the money god and having no time to spend in leisure pursuits with my family and friends, I'd rather give it a miss thanks. :rolleyes:

Reply 9

CityMonkey

11

yawn

I think it does probably compare with other companies since the going rate is a reflection on the available market of people. Less people, more money paid by all companies seeking a dearth of applicants.

Actually, in IBD demand and profits are high but pay is staying relatively undynamic for juniors.

yawn

However, I would ask: Is any job that pays someone who has just completed their undergraduate degree course that amount of money worth it for the destruction of any semblance of life/work balance?

If it means selling my soul to the money god and having no time to spend in leisure pursuits with my family and friends, I'd rather give it a miss thanks. :rolleyes:

It depends on what you want from life. Yes you give up a large chunk of your youth and best years of your life, but whats the point of having those years when money is always a big constraint as to what you can and can not do? Anyway, by the time you're in your late 20s/early 30s you will have huge amounts of money to play with, when your friends are merely just able to get a mortgaged terrace you'll already have payed off yours on a nice City/Knightsbridge flat and looking to purchase your next big Mercedes or something. I don't know why you call it "selling your soul", its a choice you conciously make. If you become a doctor, you're working just as hard with a LOT of stress for nowhere near the amount of money. And for all the "devil's advocate" image bankers have, they do actually do business on behalf of a lot of charities and NHS or whatever.

By the way, 37K starting salary is only just the official salary, in reality you get about 5-10k as a golden hello, and in the top jobs (i.e. IBD at BB) upto a 35k bonus. There are those that get £70k in their first year, its not unheard of. Then it goes up. I reckon its worth it, its only really the first 4 years or so where your job takes over your life.

Reply 10

Brown Patrick Bateman

10

yawn

However, I would ask: Is any job that pays someone who has just completed their undergraduate degree course that amount of money worth it for the destruction of any semblance of life/work balance?

If it means selling my soul to the money god and having no time to spend in leisure pursuits with my family and friends, I'd rather give it a miss thanks. :rolleyes:

Very fitting username... :rolleyes:

most trading positions you have every evening and weekend off given that you're working market hours.

This concept that any job within IB is ridiculous hours and no life is totally unfounded, it's only certain areas like M&A. I work less hours than friends in consultancy, law and often accountancy. There's actually been a lot more free time to pursue leisure activities than at university.

Reply 11

yawn

17

Chassez

Very fitting username... :rolleyes:

most trading positions you have every evening and weekend off given that you're working market hours.

This concept that any job within IB is ridiculous hours and no life is totally unfounded, it's only certain areas like M&A. I work less hours than friends in consultancy, law and often accountancy. There's actually been a lot more free time to pursue leisure activities than at university.

...and is the remuneration commensurate with the amount of hours you work?

Reply 12

bally

3

Impressive stats there jools! Never thought a geo grad would be a potential banker!

Reply 13

el_capitan

yawn

...and is the remuneration commensurate with the amount of hours you work?

Our (those of us in Markets) per-hour pound compensation is greater than those working in IBD, so yes I think so. My brother never works weekends, very rarely exceeds 65-70 hrs a week and for the compensation he's getting it's damn worth it. We've been to weekend shopping trips in NY, chilled out with our parents and friends in Madrid and have further plans coming up. He's got as much of a social life, if not more, than when he was at Cam so that says something. This argument is boring Yawn. (He yawns)

Reply 14

yawn

17

el_capitan

This argument is boring Yawn. (He yawns)

No, the argument is not boring me, ec -altho' it might be boring someone else! :wink:

Reply 15

President_Ben

15

NB, this is the same yawn who thinks PwC is the best employer out there and the 'Times Graduate Employer rankings' are a sound way to reach that decision.

Reply 16

yawn

17

President_Ben

NB, this is the same yawn who thinks PwC is the best employer out there and the 'Times Graduate Employer rankings' are a sound way to reach that decision.

And this is the same Ben whose prospective employer is listed 47th in said rankings!

Sour grapes, Ben?

Reply 17

CityMonkey

11

yawn

Sour grapes

Doubt a prospective investment banker will have sour grapes towards a procepective accountant. Either way, said rankings rate UBS 27.

Reply 18

President_Ben

15

I think my point of view has been outlined elsewhere. My view of your... 'position' has been too.

As someone who has minimal interest in being a grey suited beancounter, compared to working in investment banking, I really don't have sour grapes. I was so uninterested, I never applied.

You'll find few people thinking the Big 4 is better than investment banking. One is highly competitive, carries greater prestige and is better paid. The other is being an accountant (as it were)

Reply 19

Brown Patrick Bateman

10

yawn

And this is the same Ben whose prospective employer is listed 47th in said rankings!

Sour grapes, Ben?Um, do you know how they compile these rankings? By asking final year university students, most of whom have never worked for a blue-chip firm, who they think would be the best employer to work for, and hence they reel off names of those they've seen plastered across uni. Case in point - Accenture is regularly top 3, most people I know working there really don't enjoy it.

Furthermore, they do this research by handing out a couple dozen forms to final-years, asking them to interview their friends, most people don't bother properly interviewing and just fill the questionnaires in themselves on their behalf.

£37k - a good starting salary?

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