The Student Room Group

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Reply 1
No ****


:wink:
Goodfella333
Just attended a cass bussiness school taster course for people who plan to work in the City, and the careers advisor just told us that AVERAGE salaries for a Golman sachs employee was £525,000 PA. And yes this include all workers including the cleaners and caterers. I haven't done statisitcs but if cleaners and caterers dont earn that much, this must mean there must be a large amount of workers who are on lucrative deals, well over £525,000 PA.


Its true, and of course cleaners aren't earning any where near that figure. However, remember that pay in IB is largely based on bonuses which are entirely based on personal performance. The pay is not guranteed just because you're a banker at GS.
Reply 3
An article in The Independent today stated "$521,000" was the average salary.

http://news.independent.co.uk/business/news/article344842.ece
Reply 4
I don't want to shatter the thread starters dreams but if they get dollars and pound sterling mixed up I don't think IB is for them.

Investors will suddenly their profit shrink or grow by half over night :biggrin:
Reply 5
The cleaners all got a massive bonus back in year 2000. I 'think' each cleaner received £38,000 each as a bonus, whilst traders obviously got a lot more. This was done on a loyalty scheme on how long staff members were working there for.
I've heard that figure before and it doesn't surprise me. Imagine what the average salary is at Cedar Partners :wink:
its just silly - they dont deserve that much. and this isnt coming from an IB reject...
Who's to judge who deserves what?
Reply 9
Why dont they deserve that much? That isnt the base salary, it is including their bonus, which is performance related. The better they perform, the better the bonus, so they have obviously worked to get that much. As mentioned, not everyone will be on that salary...The top top guys at the top (lol, you know what I mean!) will increase the average pay a hell of a lot....
Anyone you reffering to specifically :p:
Reply 11
ashmufc
Anyone you reffering to specifically :p:

When people get into IB then they realise why people are paid so highly.
Reply 12
bally
When people get into IB then they realise why people are paid so highly.


Not really. Everything gets done for them.
They are there for their knowledge and research. They sit at a desk all day with as much support and assistance as possible.
Heh, say that when in you realise on New Year's Day that you just missed New Year's Eve, because this is the 18th consecutive day you've been present in the office, but only returned home 14 times.
'its just silly - they dont deserve that much. and this isnt coming from an IB reject...'

Wages should and to a large extent are determined by the market. There is no 'morality' involved in wages it all comes down to scarcity.
Reply 15
Olek
Heh, say that when in you realise on New Year's Day that you just missed New Year's Eve, because this is the 18th consecutive day you've been present in the office, but only returned home 14 times.


Just trust me when I say they work long hours, but never do they sleep over! A lot of them are gone by 6pm. They are there early, but not late. They fail to see lunch breaks, thats why every floor has its own kitchen and microwave.

What you see, is when they are failing to reach their maximum bonus potential, and are now pushing themselves to get to that target. Who is benefitting at the end of the day?
Reply 16
walshie
Just trust me ..... Who is benefitting at the end of the day?



Their clients.
Reply 17
City bound
Their clients.


Don't make me laugh. No one goes to work to help clients; you got work to earn money :rolleyes:
Reply 18
walshie
Don't make me laugh. No one goes to work to help clients; you got work to earn money :rolleyes:


Their clients are benefiting from them working like demons to get their bonuses. That's the answer, for the way I interpreted the question anyway.
Reply 19
forever_lost
'its just silly - they dont deserve that much. and this isnt coming from an IB reject...'

Wages should and to a large extent are determined by the market. There is no 'morality' involved in wages it all comes down to scarcity.


Excellent point, couldn't have put it better myself. Though regulation exists for a reason (not to say that I'm favourable to legislating on "maximum wages").