Hey there! Sign in to join this conversationNew here? Join for free
    • TSR Support Team
    Offline

    20
    ReputationRep:
    TSR Support Team
    (Original post by Elchapojr)
    You can make £100000 in your late twenties, not many jobs where you can do that. Although, on an hourly basis you'll be earning less than a McDonald's burger assembler
    You can make that in your third year at a bank. And that saying doesn't apply to markets folks.

    Posted from TSR Mobile
    Offline

    1
    ReputationRep:
    (Original post by Princepieman)
    You can make that in your third year at a bank. And that saying doesn't apply to markets folks.

    Posted from TSR Mobile
    Yeah true, I just hear it a lot. Third year?? Oh my days, that's huge for a twenty four year old. Even after taxes, that's like triple what my family income is lol
    • TSR Support Team
    Offline

    20
    ReputationRep:
    TSR Support Team
    (Original post by Elchapojr)
    Yeah true, I just hear it a lot. Third year?? Oh my days, that's huge for a twenty four year old. Even after taxes, that's like triple what my family income is lol
    Yeah. £60k base + £40-70k bonus.
    Offline

    1
    ReputationRep:
    (Original post by Princepieman)
    Yeah. £60k base + £40-70k bonus.
    No wonder it's so freaking competitive, gotta have respect for those who've made it and are making a killing
    Offline

    13
    ReputationRep:
    (Original post by Elchapojr)
    Yeah true, I just hear it a lot. Third year?? Oh my days, that's huge for a twenty four year old. Even after taxes, that's like triple what my family income is lol
    Same, if I become a banker I dont know what I'm actually gonna do with the money aha
    Offline

    1
    ReputationRep:
    (Original post by serions871)
    Same, if I become a banker I dont know what I'm actually gonna do with the money aha
    They probably buy nice cars, and houses in London are really expensive. They probably invest some of it in stuff like rental properties to provide a stable side income, since they could get fired easily
    Offline

    20
    ReputationRep:
    (Original post by Elchapojr)
    They probably buy nice cars, and houses in London are really expensive. They probably invest some of it in stuff like rental properties to provide a stable side income, since they could get fired easily
    (Original post by serions871)
    Same, if I become a banker I dont know what I'm actually gonna do with the money aha
    You guys would be surprised, the money doesn't actually go as far as you'd expect after rent, national insurance, tax, student loan repayments, pension deductions etc. Also it's difficult to buy a decent property in and around London due to the extreme house prices without a massive deposit.

    Posted from TSR Mobile
    Offline

    1
    ReputationRep:
    (Original post by Commercial Paper)
    You guys would be surprised, the money doesn't actually go as far as you'd expect after rent, national insurance, tax, student loan repayments etc. Also it's difficult to buy a decent property in and around London due to the extreme house prices without a massive deposit.

    Posted from TSR Mobile
    Compared to living on an average salary, I imagine you'd struggle a lot less
    I mean, you can buy a terraced house in a suburb with that money, and have a good car, that's good enough really
    Offline

    2
    ReputationRep:
    (Original post by Commercial Paper)
    You guys would be surprised, the money doesn't actually go as far as you'd expect after rent, national insurance, tax, student loan repayments etc. Also it's difficult to buy a decent property in and around London due to the extreme house prices without a massive deposit.

    Posted from TSR Mobile
    Totally agree with this. The public view of what it means to work at a bank is very inflated in terms of glamour and salary. London prices are very high and after taxes and other expenses, you're not left eith ridiculous amounts.

    Having said that, this depends on your rank level and the more senior you are and depending on what role you have at the company there is the potential to make a lot of money. But it's not as much as people assume!

    Posted from TSR Mobile
    Offline

    20
    ReputationRep:
    (Original post by serions871)
    Same, if I become a banker I dont know what I'm actually gonna do with the money aha
    I don't know how to cope with my expenses if I don't become a banker...

    It's great money for a young person, but nowhere near the "don't know how to spend it" level. Examples: watches (a 10k watch isn't even considered a truly expensive one), clothes, life in general (rent in London, dining, etc) and then you have more meaningful ones such as boat, car, house... 80K (before taxes) is not "f***-you money".
    Offline

    20
    ReputationRep:
    (Original post by Elchapojr)
    Compared to living on an average salary, I imagine you'd struggle a lot less
    I mean, you can buy a terraced house in a suburb with that money, and have a good car, that's good enough really
    Not for everyone...
    • TSR Support Team
    Offline

    20
    ReputationRep:
    TSR Support Team
    (Original post by usualsuspects)
    I don't know how to cope with my expenses if I don't become a banker...

    It's great money for a young person, but nowhere near the "don't know how to spend it" level. Examples: watches (a 10k watch isn't even considered a truly expensive one), clothes, life in general (rent in London, dining, etc) and then you have more meaningful ones such as boat, car, house... 80K (before taxes) is not "f***-you money".
    "...£10k watch isn't even considered a truly expensive one..."

    "...more meaningful ones such as boat.."

    U wot

    Posted from TSR Mobile
    Offline

    21
    ReputationRep:
    (Original post by usualsuspects)
    I don't know how to cope with my expenses if I don't become a banker...

    It's great money for a young person, but nowhere near the "don't know how to spend it" level. Examples: watches (a 10k watch isn't even considered a truly expensive one), clothes, life in general (rent in London, dining, etc) and then you have more meaningful ones such as boat, car, house... 80K (before taxes) is not "f***-you money".
    This is kind of an entitled attitude, a banker or trader earns more than like 95% of people their age. I don't think most of them have £10,000 watches or a boat and they probably don't want to. You shouldn't expect to have these things when you're in your mid twenties.

    Compared to 99.9% of people on the planet, you have a pay package that unbelievable if you're earning £60000 as an accountant in your thirties and have a house and a car.
    Offline

    18
    ReputationRep:
    (Original post by Reformed)
    yes but its not as rewarding as baking your own cakes and selling them for profit
    Investment baking
    Offline

    20
    ReputationRep:
    (Original post by Elchapojr)
    Compared to living on an average salary, I imagine you'd struggle a lot less
    I mean, you can buy a terraced house in a suburb with that money, and have a good car, that's good enough really
    Yes but as a banker you have to live close to the office due to the excessive hours, at least in your junior years. You could never move further out into the suburb, especially with Southern Rail at the moment.

    Posted from TSR Mobile
    Offline

    20
    ReputationRep:
    (Original post by Princepieman)
    "...£10k watch isn't even considered a truly expensive one..."

    "...more meaningful ones such as boat.."

    U wot

    Posted from TSR Mobile
    First one is a fact.
    Was just providing examples of how to spend money and of things you can't get on an analyst's salary and must save towards. (Well, there was an article on The Economist about sharing economy for "luxuries", like boat sharing for who doesn't own one).
    Offline

    21
    ReputationRep:
    (Original post by usualsuspects)
    First one is a fact.
    Was just providing examples of how to spend money and of things you can't get on an analyst's salary and must save towards. (Well, there was an article on The Economist about sharing economy for "luxuries", like boat sharing for who doesn't own one).
    I've got a £5 watch from a market stall in East London, £10k is truly expensive, trust me
    Offline

    20
    ReputationRep:
    (Original post by usualsuspects)
    First one is a fact.
    Was just providing examples of how to spend money and of things you can't get on an analyst's salary and must save towards. (Well, there was an article on The Economist about sharing economy for "luxuries", like boat sharing for who doesn't own one).
    (Original post by Trapz99)
    I've got a £5 watch from a market stall in East London, £10k is truly expensive, trust me
    I don't even wear a watch. What's the point?

    You don't really need one unless you're a mid-level or above banker.

    Posted from TSR Mobile
    Offline

    20
    ReputationRep:
    (Original post by Trapz99)
    This is kind of an entitled attitude, a banker or trader earns more than like 95% of people their age. I don't think most of them have £10,000 watches or a boat and they probably don't want to. You shouldn't expect to have these things when you're in your mid twenties.

    Compared to 99.9% of people on the planet, you have a pay package that unbelievable if you're earning £60000 as an accountant in your thirties and have a house and a car.
    I am not planning to buy a boat in my twenties, nor a watch above 10k, but I will have other expenses to cover what remains from that 70-80K.
    Offline

    20
    ReputationRep:
    (Original post by Commercial Paper)
    I don't even wear a watch. What's the point?

    You don't really need one unless you're a mid-level or above banker.

    Posted from TSR Mobile
    Not sure it's up to me to explain what the point of watches is... I have one. But they do get in the way with the keyboard, that's true.

    (Original post by Trapz99)
    I've got a £5 watch from a market stall in East London, £10k is truly expensive, trust me
    It's expensive, but watch fans wouldn't class it among the really really expensive watches.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    What's your favourite Christmas sweets?
    Useful resources

    Articles:

    Guide to investment bankingGuide to consultancy

    Featured recruiter profiles:

    Deutsche Bank logo

    Deutsche Bank is recruiting

    "Thrive in an international banking environment"

    Quick link:

    Unanswered investment banking and consultancy threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • 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.