Anyone else get a massive payrise

Deltaberry said:
The pursuit of success and achievement is. And money would be a reasonable proxy in many cases.

Or we can always just hug trees.
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Yes, because there are just 2 polar opposites in life.

I, for one, would be shattered if a potential child of mine told me they wanted to be a nurse.

I mean, they could go and work for Macquarie Bank. That is much better for everyone in society.
 
Dawn said:
One of those that work a very short week?

http://www.vault.com/wps/portal/usa...king-Analyst?id=282&filter_type=0&filter_id=0

For I-banking analysts, it's all about the computer screen. Analysts, especially those in their first year, spend countless hours staring at their computer monitors and working until midnight or all night. Building models, creating "comps," (see sidebar) and editing pitchbooks fills the majority of their time. Many analysts do nothing but put together pitchbooks, and never see the light of day. Hard working and talented analysts, however, tend to find their way out of the office and become involved in meetings related to live transactions.

A typical week for an analyst might involve the following:

Monday

Up at 7:30 a.m. Monday morning, the analyst makes it into the office by 9. Mornings often move at a snail's pace, so the analyst builds a set of comparable company analysis (a.k.a. comps, see sidebar) and then updates the latest league table data, which track how many deals I-banks have completed. Lunch is a leisurely forty-five minutes spent with other analysts at a deli a few blocks away. The afternoon includes a conference call with a company considering an IPO, and at 5, a meeting with a VP who drops a big model on the analyst's lap. Dinner is delivered at 8 and paid for by the firm, but this is no great joy - it is going to be a late night because of the model. At midnight, the analyst has reached a stopping point and calls a car service to give him a free ride home.

Tuesday

The next day is similar, but the analyst spends all day working on a pitchbook for a meeting on Wednesday that a banker has set up. Of course, the banker waited until the day before the meeting to tell the analyst about it. After working all night and into the morning, including submitting numerous changes to the 24-hour word processing department, the analyst finally gets home at 5 a.m., which gives him enough time for a two-hour nap, a shower, and a change of clothes.

Wednesday

Unfortunately, there is a scheduled drafting session out of town on Wednesday relating to another transaction, and the flight is at 8 a.m. Having slept only two hours, the analyst reads his draft of the prospectus on the plane, and arrives with a VP at the law firm's office at 11 a.m., armed with some comments to point out to the group. Many hours and coffees later, the VP and analyst get back on the plane, where the analyst falls dead asleep. After the flight touches down, the analyst returns to the office at 8 p.m. - and continues modeling for a few hours. At midnight, the analyst heads home.

Thursday

The analyst is roped into doing another pitchbook, this one for a merger deal. He frantically works to complete a merger model: gathering information, keying in data, and working with an associate looking over his shoulder. By the time he and the associate have finished the analysis, it is 1 a.m.

Friday

Friday is even worse. The merger model is delivered to the hands of the senior VP overseeing the work, but returned covered in red ink. Changes take the better part of the day, and progress is slow. Projections have to be rejiggered, more research found, and new companies added to the list of comps. At 7 p.m. on Friday, the analyst calls his friends to tell them he won't make it out tonight - again. At 11 p.m., he heads home.

Saturday

Even Saturday requires nearly 10 hours of work, but much of the afternoon the analyst waits by the phone to hear from the VP who is looking at the latest version of the models.

Sunday

No rest on Sunday. This day involves checking some numbers, but the afternoon, thankfully, is completely free for some napping and downtime.

The analyst adds up a total of maybe 90 hours this week. It could have been much worse: at some firms, analysts typically work more than 100 hours per week.
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Did this for 12 months when I was younger and said bye bye.

Though I averaged 80 hours per week over the 12 months rather than 90 or 100.

When I resigned, my boss asked me why I was leaving. I said I don't like this lifestyle. He said "well you knew what you were getting in to". I said "yes, but thinking and doing are two different things. I think I am better suited to playing games at home"
 
Ideo said:
Yes, because there are just 2 polar opposites in life.

I, for one, would be shattered if a potential child of mine told me they wanted to be a nurse.

I mean, they could go and work for Macquarie Bank. That is much better for everyone in society.
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I'd be pretty disappointed in my child if his goal was work for someone - let alone Macquarie Bank.
 
jaycee said:
So yeah basically, if the next 12 month go the same as the last 12 months, you will basically get paid more bonus & more leave loading, for bascially doing the same job. (?)
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leave loading i get it irrespective

as for bonus - it is dependant on the performance of the group and not the individual. so if performance of the group is good everyone gets something

got a cole voucher for my 5 years if that is anything haha.
 
Did this for 12 months when I was younger and said bye bye.

Though I averaged 80 hours per week over the 12 months rather than 90 or 100.

When I resigned, my boss asked me why I was leaving. I said I don't like this lifestyle. He said "well you knew what you were getting in to". I said "yes, but thinking and doing are two different things. I think I am better suited to playing games at home"
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Crazy, I wanted to get in an IB just like any other wannabe finance graduate, never got in.

Hard grind for even 12 months should set one up for life, one could easily move to a smaller fund manager and still earn decent bucks and have a life.
 
Dawn said:
Crazy, I wanted to get in an IB just like any other wannabe finance graduate, never got in.

Hard grind for even 12 months should set one up for life, one could easily move to a smaller fund manager and still earn decent bucks and have a life.
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Well yes, it could do precisely that or something similar, I found out afterwards.

Not sure if that's what I consider "set one up for life" though. My definition of "set one up for life" generally doesn't involve working for any one.
 
Sure don't have to work for somebody else all your life, one can always go on their own after after a few years of employment in high paying jobs.
 
Still requires a leap of faith.

What's someone going to do? Earn $300k for say 4 years, save up say $600k net after expenses and taxes, and then what? It's not a lot of money if you're trying to live off rent or interest, but it's a lot of money if you put some effort in!

It's all in the mindset. If you can't do it with $600k savings at 25 you won't be able to do it at 30 with $1.0m savings.
 
Deltaberry said:
Still requires a leap of faith.

What's someone going to do? Earn $300k for say 4 years, save up say $600k net after expenses and taxes, and then what? It's not a lot of money if you're trying to live off rent or interest, but it's a lot of money if you put some effort in!

It's all in the mindset. If you can't do it with $600k savings at 25 you won't be able to do it at 30 with $1.0m savings.
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You've confused me - what is the solution or is there none & life is a complete waste of time & effort ?
 
jaycee said:
You've confused me - what is the solution or is there none & life is a complete waste of time & effort ?
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The point was:

- for a lot of people, their job is not going to help them achieve what they need (which was what I said earlier), or maybe I just have materialistic/extravagant/ambitious benchmarks

- therefore to make a breakthrough, one usually has to take a leap of faith (eg Nathan Tinkler punting his entire $700k and turning it in to $1.3bn in 6 years or so)

Life is definitely not a waste of time and effort. In fact it's dilemmas like this that make it interesting.
 
Deltaberry said:
The point was:

- for a lot of people, their job is not going to help them achieve what they need (which was what I said earlier), or maybe I just have materialistic/extravagant/ambitious benchmarks
- therefore to make a breakthrough, one usually has to take a leap of faith (eg Nathan Tinkler punting his entire $700k and turning it in to $1.3bn in 6 years or so)

Life is definitely not a waste of time and effort. In fact it's dilemmas like this that make it interesting.
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Depends what one beleives they " NEED ".. many people live their lives and collecting what they need from a job...

Perhaps you're trying to make what youre saying sound more complicated than what it is...

if you want to build somehting , you ahve to work at it...

obviously... for a sh*tload of us, there is no choice to but to work and try to build off that.


I don't see what else someone should be doing i.e the best they know with what they have....
 
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I wanted to be an IB'er until I got to uni. Then I realised my math skills weren't up to scratch and it would be no fun by lunch on my first day!

Would rather stick to investments as at least you are in control of your own destiny rather than getting fired and frantically looking for your next job.

Deltaberry - what is the rate of uni graduate dropouts after the first year at an IB? 67%?
 
JWR said:
I wanted to be an IB'er until I got to uni. Then I realised my math skills weren't up to scratch and it would be no fun by lunch on my first day!

Would rather stick to investments as at least you are in control of your own destiny rather than getting fired and frantically looking for your next job.

Deltaberry - what is the rate of uni graduate dropouts after the first year at an IB? 67%?
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Deltaberry and I have both been through that IB industry - I would say the attrition rate is pretty high. Probably on-par at worst or slightly better than, law firms. I don't think 1/3 of people drop out after first year - they usually leave after 2-3 years after they get so sick of it.

BTW you don't need to have good maths skills - you just need to be a good BSer, like any other corporate job.
 
jaycee said:
Depends what one beleives they " NEED ".. many people live their lives and collecting what they need from a job...

Perhaps you're trying to make what youre saying sound more complicated than what it is...

if you want to build somehting , you ahve to work at it...

obviously... for a sh*tload of us, there is no choice to but to work and try to build off that.


I don't see what else someone should be doing i.e the best they know with what they have....
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You're right... it depends on your own needs. It's actually not that complicated. I was really just speaking from my own perspective. That is, my ideal short-term goal can't be achieved by my job (in the short-term) no matter how I run the scenarios, that's all I'm saying.

And I guess for most people, their ideal goal is (like mine) quite hard to be achieved by their job. Of course, you can always adapt to this by adjusting your goals and expectations and perhaps settle for more achievable goals, which is fine.

To be honest though, materialistically I don't need much so I don't want to start talking about "needs" like what's the bare minimum to survive. When I say needs, I mean what's your goal and what's your purpose. And when one's need is small, usually one is adjusting their "needs" (ie goals) to fit their job.

I'm probably still confusing you. The point really is one probably needs to take calculated risks (I call them punts) to really make a difference to life. And ideally do it earlier. Maybe it's just a Gen Y thing - most of us are pretty anti-jobs. I'd say half our small friendship group has left their jobs before 26 - all to punt, fair assessment Aaron? Except one who punted at 16 and is retired now.
 
Aaron_C said:
Deltaberry and I have both been through that IB industry - I would say the attrition rate is pretty high. Probably on-par at worst or slightly better than, law firms. I don't think 1/3 of people drop out after first year - they usually leave after 2-3 years after they get so sick of it.

BTW you don't need to have good maths skills - you just need to be a good BSer, like any other corporate job.
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Agreed.

I'd say 30% is a fair number after 1 year. 80% is a good number after 3 years.

If you're good at maths, you're probably more suited to be a stochastics mathematics analyst creating trading platforms. For all us other mortals, we settle for building powerpoint presentations with boring charts and made-up numbers.
 
Deltaberry said:
You're right... it depends on your own needs. It's actually not that complicated. I was really just speaking from my own perspective. That is, my ideal short-term goal can't be achieved by my job (in the short-term) no matter how I run the scenarios, that's all I'm saying.

And I guess for most people, their ideal goal is (like mine) quite hard to be achieved by their job. Of course, you can always adapt to this by adjusting your goals and expectations and perhaps settle for more achievable goals, which is fine.

To be honest though, materialistically I don't need much so I don't want to start talking about "needs" like what's the bare minimum to survive. When I say needs, I mean what's your goal and what's your purpose. And when one's need is small, usually one is adjusting their "needs" (ie goals) to fit their job.

I'm probably still confusing you. The point really is one probably needs to take calculated risks (I call them punts) to really make a difference to life. And ideally do it earlier. Maybe it's just a Gen Y thing - most of us are pretty anti-jobs. I'd say half our small friendship group has left their jobs before 26 - all to punt, fair assessment Aaron? Except one who punted at 16 and is retired now.
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It's not confusing at all.... it's quite normal sounding and my understanding before you made your post ... if you want more than the average, which you decide is not enough, it takes more than the average effort - simple

I think we try to make it sound more complicated than that for some reason, maybe cause of the topic at hand, but this is what I understand to apply to every facet of life.. if you want to be a better at cricket (though I'm not so sure why :p) than your average person who can swing a bat in the backyard, you have to practice more than them etc etc... same with anything else, including money.

I don't think money is so unique that it requires different thinking to the rest of life, it is just a part of life, not a whole separate life of it's own.

How you get what you want is up to you. MAny of use have no choice but to get a job, others can ridicule us for that an suggest we will never be this / that or have this / that ..... not sure I see their point but whatever floats their boat I guess, enough people probably throw tall poppy syndrome crap at them too I guess...
 
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