salary and tax rates in London and Milan's Investment banks Watch

comique
Badges: 0
#1
Report Thread starter 9 years ago
#1
Hi, I'm a non-EU national and thinking of going to Uni Bocconi in Milan for undergraduate. Do you know the average salary of fresh graduates in Milan's investment banks, and also in London?
How much is the tax rate? I heard, it's abt 38% in Milan and 40% in London
What sort of other state/social security contributions should I expect, and how much?
Thanks.
0
quote
reply
PorcineAviation
Badges: 12
Rep:
?
#2
Report 9 years ago
#2
(Original post by comique)
Hi, I'm a non-EU national and thinking of going to Uni Bocconi in Milan for undergraduate. Do you know the average salary of fresh graduates in Milan's investment banks, and also in London?
How much is the tax rate? I heard, it's abt 38% in Milan and 40% in London
What sort of other state/social security contributions should I expect, and how much?
Thanks.
Google.
0
quote
reply
KLL
Badges: 11
Rep:
?
#3
Report 9 years ago
#3
http://news.efinancialcareers.co.uk/...ewsItemId-1344
"Living and working in Milan" from 2000 tho

http://nachrichten.efinancialcareers...newsItemId-599 sorry for it beeign german, run it through a translator.
but it says that salary in frankfurt and italy for fixed income earn 70-100% more than in london
0
quote
reply
PorcineAviation
Badges: 12
Rep:
?
#4
Report 9 years ago
#4
(Original post by KLL)
http://nachrichten.efinancialcareers...newsItemId-599 sorry for it beeign german, run it through a translator.
but it says that salary in frankfurt and italy for fixed income earn 70-100% more than in london
Lol. It seems plausible they forgot about currency conversion.
0
quote
reply
KLL
Badges: 11
Rep:
?
#5
Report 9 years ago
#5
(Original post by Benh842)
Lol. It seems plausible they forgot about currency conversion.
or maybe/more likely its because germans and italians are jsut more conservative investors generating more revenue for fixed income sales folks?
0
quote
reply
PorcineAviation
Badges: 12
Rep:
?
#6
Report 9 years ago
#6
(Original post by KLL)
or maybe/more likely its because germans and italians are jsut more conservative investors generating more revenue for fixed income sales folks?
Read what you wrote back to yourself. Then amend accordingly.
0
quote
reply
Inter-Company
Badges: 0
Rep:
?
#7
Report 9 years ago
#7
(Original post by KLL)
or maybe/more likely its because germans and italians are jsut more conservative investors generating more revenue for fixed income sales folks?
L.O.L.
0
quote
reply
KLL
Badges: 11
Rep:
?
#8
Report 9 years ago
#8
(Original post by Benh842)
Read what you wrote back to yourself. Then amend accordingly.
???
0
quote
reply
Banachi
Badges: 0
Rep:
?
#9
Report 9 years ago
#9
KLL's argument is not that stupid.
Except hedge fund and central bank sales all other London based FI sales ppl cover their national markets and most of these markets are pretty small compared to the German speaking part of Europe and yes, Germany is quite conservative about equity portfolios.
I have been in both Frankfurt and London office of a leading bank. Of course the European office is smaller but I would not be surpurised if the average Frankfurt guy makes more sales credits than a London guy, of course except for hf/cb sales.
0
quote
reply
KLL
Badges: 11
Rep:
?
#10
Report 9 years ago
#10
German asset managers, insurance companies and pension funds have a mch much higher ratio of bonds and much less stocks comapred to britsh and american funds...

http://www.ipe.com/news/German_pensi...cer__31031.php
The average equity exposure of German CTA pension vehicles shrunk from 27% to 19% over the last year because some funds rebalanced their already low holdings.
http://www.europeanpensions.net/page...ht-Germany.htm
Pensions fund investments in Germany have escaped the worst ravages of market turmoil. This can mainly be attributed to their more conservative style of investment policy. Equity allocations, at the ten to 15 per cent level for regulated pension vehicles, are relatively low by comparison to pension funds elsewhere in Europe.
0
quote
reply
comique
Badges: 0
#11
Report Thread starter 9 years ago
#11
Right, thanks for the article. (I speak german,but not too well, so I still needed the translator).

But, I still need some information about the disposable income after tax. I'm thinking whether it's worth to go to Bocconi or it's better to go to the US as I need to save up for MBA.

So, the salaries are competitive. But, then, tax in italy is 38% then social security is abt 9%, that'll leave only abt 50% of your wage and nothing much for savings, is that the case in your country?
For example, if a fresh graduate in Milan earns salary+bonus 45K euro pa, he'll be left with abt 20k?
btw, how much is the average fresh graduate pay and Bonus in the I-banks in your country?
0
quote
reply
President_Ben
Badges: 13
#12
Report 9 years ago
#12
Graduate salaries don't really matter...
quote
reply
KLL
Badges: 11
Rep:
?
#13
Report 9 years ago
#13
well unless he gets his bonus upfront he probably has to live off somethign for the first year.
also you're assuming that the bonus will make up the largest portion of the salary in future, which mightnot always be the case
and all the graduates who will be getting no or an insignificant bonus this year and maybe for some years to come... they probably also have a different oppinion
0
quote
reply
X

Reply to thread

Attached files
Write a reply...
Reply
new posts
Latest
My Feed

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.

Personalise

Do you like exams?

Yes (205)
18.81%
No (661)
60.64%
Not really bothered about them (224)
20.55%

Watched Threads

View All