Becoming a Partner at Goldman Sachs

dl2276 said:
wtf is O&G ?
Click to expand...

Sorry all - Yes its Oil and Gas. Though Obstetrics and gynecology sounds better :p

Of coarse to get to those high numbers people have to make sacrifices. In Finance it is very long hours, cra* work, much **** kissing etc.

In O&G (oil and gas) it often requires living in remote and unfavourable conditions. For me it means living in Kazakhstan for more than 6months of the year.

Blacky
 
Hi Blacky,

I'm also in O&G (insert secret virtual handshake here) and agree there's some solid mullah in this space at present. But I'm a head office type so don't get as much action as the guys in the field welding and stuff. I'm the regional Supply Chain Manager for OneSteel Piping Systems and we supply the O&G market up here in QLD. I'm not on silly money though, six figures with a 2 in front not a 6...

But I am getting cold calls from agencies offering me bigger roles in industrials with six figure 3 in front salaries. Its a good time to be in the mining game! :D

Which company do you work for?

Cheers mate,
Michael
 
Interesting stuff. I used to be in the galvanizing game a while back.

I'm currently working in West Africa as a beanie, money is good. Being away from home for 11 weeks at a time, not so good.
 
Rolf Latham said:
600 k

is that per month ?

ta
rolf
Click to expand...

That is probably right. A partner managing director (PMD) at Goldman I hear makes a $600k yearly base and a basic $2m bonus. Then anything on and above that depends on which business you run and how much revenue it contributes. Its not uncommon to be getting $5m+ as basic comp at that level.

I believe that I know of a former partner for around 7 years at Goldman that is reportedly worth $100m (my estimate is maybe $50m - $70m+).

http://nymag.com/nymetro/news/bizfinance/biz/features/15197/

Back to the VYBerlinaV8's point though - I disagree that you have take big personal risks to be at that position. I believe that investment banking (corporate advisory) is actually one of the lower risks jobs for the rewards that you make. I.e. be semi competent, rock up to work everyday and just hang in there and you should be worth at least a couple of million dollars in say 10 years.
 
ermen said:
be semi competent
Click to expand...

geeze I hope not..............cant comment on OS stuff, but I do have clients with 7 figures PAYG incomes............and they aint semi competent at much.........usually highly skilled, VERY intuitive and achievement focussed folk.

ta
rolf
 
ermen said:
Back to the VYBerlinaV8's point though - I disagree that you have take big personal risks to be at that position. I believe that investment banking (corporate advisory) is actually one of the lower risks jobs for the rewards that you make. I.e. be semi competent, rock up to work everyday and just hang in there and you should be worth at least a couple of million dollars in say 10 years.
Click to expand...

Not sure about investment banking, but certainly the case in IT. We found out yesterday we lost a major bid - we're now waiting to hear which execs will be 'replaced'...
 
Well I reckon if you want the big bucks and thing you can do...it's oz so give it a go. Otherwise glory to those that do ;-)
If I thought I could crack 7 I'd give it a go.....why not??
But I earn enough now and I'm happy with playing with my investments and other various hobbies. Past a certain point more money is not a motivator.

But what I think the key point is that what rankles ppls ire is not the few who can run at this level, but the big bonuses on top of salary they get that are not linked to ROI?
And I think the original point of the post may have been with the example of OB's bail out of the company with gov momey when execs got jets and bonuses when they did not perform. I think that was the point of the post?
Otherwise was the post just Aussie tall poppy envy?
 
MichaelW said:
Hi Blacky,

I'm also in O&G (insert secret virtual handshake here) and agree there's some solid mullah in this space at present. But I'm a head office type so don't get as much action as the guys in the field welding and stuff. I'm the regional Supply Chain Manager for OneSteel Piping Systems and we supply the O&G market up here in QLD. I'm not on silly money though, six figures with a 2 in front not a 6...

But I am getting cold calls from agencies offering me bigger roles in industrials with six figure 3 in front salaries. Its a good time to be in the mining game! :D

Which company do you work for?

Cheers mate,
Michael
Click to expand...

Hello my brother (virtual secret hand shake).

I have only been in the game for about 2 years, Im a commercial manager for a relatively small training company (YKK). Im not based in Oz so my salary (similar to yours by the sounds) isnt really comparable. I am on a higher salary than I would be for doing the same in Oz, I guess its a comprimise for making me live in Kazakhstan for 8months of the year.
My plan is to get some good international experiance and then return to Oz.

Like someone said before though, past a certain point and the money is not really relivant. If someone told me they would tripple my salary - but I had to work the other 4months of the year. I would laugh and walk away. Sorry - not interested in working another day longer. Then again, if the boss said he is cutting my salary in half, but knocking off another 3months work/year - I would jump at it!

Generally speaking someone on $1mil/pa would be managing a project of a couple of billion. If they can save the company 1% (or increase the revenue by the same) they have paid their salary for the next 10years!
I guess where it urks people is like with the banks where they lose a bucket, wipe out families investments and still get paid a couple of mil despite this.

Cheers
Blacky
 
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