Starting salary of 100k, is that realistic?

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Slim and proud
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#1
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#1
I have a friend who is after a job that at least pays 100k after completing an MBA at Wharton.


So far she's only ever worked in the states and was recently on a $6000 a month internship. Before she did her MBA she was working in middle office on a trading floor. She went to Yale university for her undergrad.


Speaking as a British I told her that her salary expectations in the UK might be unrealistic, because that's really executive level. However I do know that in the states they generally pay more.


I was wondering what people's thoughts on this are. Is she being realistic and am I being naive?
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Glider Gun
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#2
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#2
Assuming you mean $, then yes. £100k is not realistic at all though.
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queensboy
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#3
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#3
Ah man, we can't take anything with us upstairs. Be happy with what you get, it could all just end tomorrow.

$100k dollars is pretty realistic in the US for IB, because she would be joining at Associate Level rather than Analyst Level.
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queensboy
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#4
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#4
Though in the UK, as an Associate she could demand at least £60K starting, which would be around $90k
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queensboy
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#5
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All these US firms apparently let people join at Associate if they have a MBA. Which is not bad, considering that the MBA isn't that taxing of a masters in the relative sense.
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queensboy
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#6
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#6
But I wouldn't be able to join at Associate, because I have a Msc, haha. Sucks doesn't it.

Adding on, a MBA is not a degree you can get onto straight away from undergrad. They require around 3 years real work experience plus an undergrad. So she would be mid 20s at least, so she can in a way demand £60k.
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queensboy
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#7
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Though what you do with all that money, god forbid. But apparently the demand is there to attract the "top talent".

Plus, come on, Wharton MBA, she must be in a mountain of debt. That MBA must cost an arm, a leg......and the other leg, haha.
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Slim and proud
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#8
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(Original post by queensboy)
Though what you do with all that money, god forbid. But apparently the demand is there to attract the "top talent".

Plus, come on, Wharton MBA, she must be in a mountain of debt. That MBA must cost an arm, a leg......and the other leg, haha.
(Original post by queensboy)
But I wouldn't be able to join at Associate, because I have a Msc, haha. Sucks doesn't it.

Adding on, a MBA is not a degree you can get onto straight away from undergrad. They require around 3 years real work experience plus an undergrad. So she would be mid 20s at least, so she can in a way demand £60k.
She's 29 this year. Yes, she's in a lot of debt, hence wanting a 100k salary. Yes, she means in £.

I don't know if she believes me that it's not possible in the UK. The highest earning friends I have are earning in the 60-80k bracket. I'm 30.
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Slim and proud
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#9
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#9
(Original post by Glider Gun)
Assuming you mean $, then yes. £100k is not realistic at all though.
I meant £

Actually, she was recently put in touch with a JP Morgan senior, who suggested something along the line of she's a little bit too naive or young in her thinking.
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queensboy
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#10
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#10
(Original post by Slim and proud)
She's 29 this year. Yes, she's in a lot of debt, hence wanting a 100k salary. Yes, she means in £.

I don't know if she believes me that it's not possible in the UK. The highest earning friends I have are earning in the 60-80k bracket. I'm 30.
She needs the experience to demand £100k. If she has the experience, it's possible. Though probably not at associate level.

£100k is a starting point for most VP positions in investment banks. But to get to VP, you need the degrees and more importantly the experience at analyst and associate level.
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Mr M
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#11
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#11
(Original post by Slim and proud)
She's 29 this year. Yes, she's in a lot of debt, hence wanting a 100k salary. Yes, she means in £.
She might get it if she travels 30 years into the future.
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Slim and proud
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#12
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#12
(Original post by queensboy)
She needs the experience to demand £100k. If she has the experience, it's possible. Though probably not at associate level.

£100k is a starting point for most VP positions in investment banks. But to get to VP, you need the degrees and more importantly the experience at analyst and associate level.
Yes, totally agree.

She's lacking in both data analysis and consultancy skills.

I don't work in finance but I do work in a data driven consultancy and the girl who mentors me is an Oxbridge mathematician. She builds really complex algorithms and models, that my little brain can't comprehend. Such skills are what my friend would really be needing to gain before she can run.
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goape
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#13
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#13
Yes, get a job at Stratton Oakmont Inc
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ClickItBack
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#14
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#14
(Original post by Slim and proud)
I have a friend who is after a job that at least pays 100k after completing an MBA at Wharton.


So far she's only ever worked in the states and was recently on a $6000 a month internship. Before she did her MBA she was working in middle office on a trading floor. She went to Yale university for her undergrad.


Speaking as a British I told her that her salary expectations in the UK might be unrealistic, because that's really executive level. However I do know that in the states they generally pay more.


I was wondering what people's thoughts on this are. Is she being realistic and am I being naive?
$100k base salary is very easy.

£100k total comp at a bank is possible.

£100k base comp is not going to happen in a bank, but is probably obtainable at some firms. I know people who were on £250k total comp in their first year of work. However an MBA from Wharton is not a suitable qualification for those kinds of jobs.
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KeepYourChinUp
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#15
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#15
A starting salary of £100k is totally unrealistic. I would expect a FTSE 100 company (banking) to hire an MBA with a salary of between £30,000 and £40,000. A friend of mine who graduated from Oxford with a 1st in Maths and a Masters in Econimcs and got a job as a corporate investement banker and started on £38,000 and a company car, phone, laptop, free healthcare etc.

3 years on and he is now earning a basic salary of £55,000 but gets upwards of £250,000 in bonuses for completing certain goals. He basically gets 1% of every investment he makes from his clients and most of them invest over £100,000 so the bonus soon starts staking up.

You should see the car he drives, sometimes I think I picked the wrong career! haha
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M1011
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#16
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#16
(Original post by KeepYourChinUp)
A starting salary of £100k is totally unrealistic. I would expect a FTSE 100 company (banking) to hire an MBA with a salary of between £30,000 and £40,000. A friend of mine who graduated from Oxford with a 1st in Maths and a Masters in Econimcs and got a job as a corporate investement banker and started on £38,000 and a company car, phone, laptop, free healthcare etc.

3 years on and he is now earning a basic salary of £55,000 but gets upwards of £250,000 in bonuses for completing certain goals. He basically gets 1% of every investment he makes from his clients and most of them invest over £100,000 so the bonus soon starts staking up.

You should see the car he drives, sometimes I think I picked the wrong career! haha
Your post reeks of nonsense. FTSE 100 company banking? Clearly you have no idea what you're talking about.


(Original post by queensboy)
Though what you do with all that money, god forbid. But apparently the demand is there to attract the "top talent".

Plus, come on, Wharton MBA, she must be in a mountain of debt. That MBA must cost an arm, a leg......and the other leg, haha.
Why have you posted five times in a row? It's just spam...
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KeepYourChinUp
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#17
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#17
(Original post by M1011)
Your post reeks of nonsense. FTSE 100 company banking? Clearly you have no idea what you're talking about.
There are hundreds of investment banking companies and I'm saying, to stand any reasonable chance of getting a decent starting wage, you should aim for an investment banking company which is in the FTSE 100 list.
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M1011
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#18
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#18
(Original post by KeepYourChinUp)
There are hundreds of investment banking companies and I'm saying, to stand any reasonable chance of getting a decent starting wage, you should aim for an investment banking company which is in the FTSE 100 list.
Which evidently proves you are not knowledgeable about the subject, or indeed probably do not understand what the FTSE 100 actually is (please do not respond with a Google definition).

Are you familiar with Citi, Credit Suisse, Deutsche Bank, Bank of America, Goldman Sachs, J.P.Morgan, Morgan Stanley or UBS? None of those will appear in the FTSE 100, yet they're 8/9 of the commonly accepted bulge bracket investment banks (biggest and most profitable banks).
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kka25
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#19
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#19
(Original post by Slim and proud)
She's 29 this year. Yes, she's in a lot of debt, hence wanting a 100k salary. Yes, she means in £.

I don't know if she believes me that it's not possible in the UK. The highest earning friends I have are earning in the 60-80k bracket. I'm 30.
What sort of debt are we talking here?
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KeepYourChinUp
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#20
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(Original post by M1011)
Which evidently proves you are not knowledgeable about the subject, or indeed probably do not understand what the FTSE 100 actually is (please do not respond with a Google definition).

Are you familiar with Citi, Credit Suisse, Deutsche Bank, Bank of America, Goldman Sachs, J.P.Morgan, Morgan Stanley or UBS? None of those will appear in the FTSE 100, yet they're 8/9 of the commonly accepted bulge bracket investment banks (biggest and most profitable banks).
I mentioned the FTSE 100 because isn't his friend looking for a job in the UK?

"Speaking as a British I told her that her salary expectations in the UK might be unrealistic"

I assumed she was coming to the UK. All the banks you mentioned are not in the FTSE 100 because the FTSE 100 is for the UK.

What exactly are you trying to prove here? I'm saying that in the UK your absolute best chance to land a high starting salary would be with a top investment bank, IE one that is in the FTSE 100.

Am I done explaining myself to you?
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