(Investment Banking)
Sure, make the CEO and other senior people several million euros per year on average, leaders can make $ 10 million or more. And the manager of an investment bank may be upwards of $ 20 million to make, at Goldman Sachs CEO Lloyd Blankfein making over $ 70 million in the year 2007.
But what does an entry-level investment banker - an investment banking analyst - actually do? Making six numbers as a 23-year-old straight out of school is fine, but if you work 120 hours per week, you can make it impossible that much per hour, is not it? I really did not know, so I had to investigate this matter and do some math on your own. Could you really work at McDonald's more than you are at Goldman Sachs, at least on an hourly basis?
For investment banking analysts, the best case ever happened in 2007. Base salaries and bonuses $ 60,000 $ 90,000 were for a total of $ 150,000 in compensation. Not bad for a 23-year-old's first "real-world job." But what about the hours? In general, bypass entry-level bankers, 90-100 hours per week in her first year. This could be through a little bit, but we will go with him for now. By 52 weeks (work per year, no, no holidays) and 90 hours per week, you would have earned $ 32.05 per hour in the year 2006-2007. If you had worked 100 hours that would have fallen to $ 28.85.
Even if you had worked 140 hours a week, every week, would you still be at $ 20.60 per hour. And realistically, it is impossible that much consistently, so you have only done better than might. But the times were not always so good. After the crash of the Nasdaq and the beginning of the last major recession, investment banking took a turn for the worst and bonuses disappeared. In 2001-2002, analysts were lucky to get $ 10,000 for their bonuses. You have worked a lot, but mainly on marketing and pitching clients rather than to offer and bring in revenue.
A $ 10,000 $ 60,000 bonus and salary ie $ 14.96 per hour at 90 hours per week. Believe it or not, this is still higher than the wages and McDonald's is actually not so bad compared to many jobs in the United States. But if you had 140 hours per week, consistently, at that time worked? They would have made 9.62 per hour. According to a wiki page response to McDonald's, is the reward of $ 9.30/hour for those under 17 and $ 9.57/hour after "4 months of training."
This is a very low wages, and it looks like even in the worst years of investment banking, analyst hourly wages did not drop low.
Actually, the above is not quite right. What if you earned $ 0 for the bonus and only the base salary of $ 60,000 while working 140 hours per week?
The $ 8.24 per hour would. Finally: below McDonald's wages. It is theoretically possible, less than a McDonald's workers earn as an investment banking analyst, but not very likely.
It could only happen if you worked a ridiculous amount in the worst years of investment banking and got absolutely nothing for your bonus.
Even with a looming recession in the U.S., this scenario seems unlikely to return in the foreseeable future. So should your hourly earnings as Investment Banking Analyst to be sure.
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