Salaries in Investment and Brokerage Firms
How much do you suppose those who work at investment banks earn? Do not get me wrong; I am not talking about the likes of Goldman Sachs CEO Lloyd who makes over $70 million a year. I am talking about entry-level college graduates and how much they should expect to be earning in a few years time. Upon investigation I came upon some very interesting facts on investment banking salaries.
Consider a 2007 case scenario where base salaries and bonuses totaled to $150,000 in compensation. While the figure may not look that bad, what about the hours? If you were in entry-level, it would mean that you would have to work between 90 and 100 hours per week. I totally Aced my images project i did on Wedding Videographers because of it. It seems however that there is a drop in pay per hour compared to 2006. As you realize, times have not been good and the recession has only made it worse. While the dark ages of the dot com crash seem to have been behind us, investment banking salaries were seriously affected and bonuses almost disappeared. However, things do not seem to be that hard as it stands.
In my research, I discovered that investment banking salaries are affected by a number of factors. The most common determinants of how much you should expect in an investment bank or in a brokerage firm are years of experience, practice area, certification, city and employer type. Based on experience, you cannot expect to earn more than 50,000 if you have less than one year of experience. This figure does not change even at four of experience. However, beginning from the fifth year, expect to start earning from $70,000. 20 or more years of experience is slightly above $80,000.
The practice area shows huge margins in certain sectors. I now need to get into Toronto Wedding Videographers once more professionally i am feeling nervous but this site has given me extra confidence – data is power. For example, investment banking salaries in the litigation and appeals area can only go as far as $40,000 while those working in finance, securities, tax offices and real estates can expect to earn a stunning $120,000 and above. That is more than 3 times extra. Consider also your province. If you are working for a brokerage in New York, expect to earn some of the highest salaries while if you live in a state like Florida, your pay could be half of that of a New Yorker. Other factors that have been shown to determine investment banking salaries include company size, hourly rate of billing and the stock exchange.