vania-janet/multiturn-rag-retrieval-data huggingface dataset:
They're a quant fund and most of their employees are software engineers and data scientists so it's not exactly shocking that this is what their offices look like.  They're primarily competing for talent with Google, not Goldman Sachs or Bridgewater.
&gt; Pay, especially bonuses is very good compared to many other sectors.  This.  I just scored a database dev gig in finance after spending five years or so doing it in another industry.  The pay bump is staggering.
Here is one the links for Goldmansachs. Not to state the obvious, but most of their research is only available to their clients. http://www.goldmansachs.com/research/equity_ratings.html
This is the problem the Republican party has backed themselves into. The idea that, somehow, compensation is *ever* correlated to job creation. Because it isn't. It never has been, especially in CEO pay. Chief executives mostly get payed based on performance, return on investment, increases in shareholder value, etc. This is, in fact, how it works in most front-office jobs on wall street, whether you're an analyst (very low) or a managing director (higher up). As an example, note that both B of A and Goldman's CEOs got their pay cut by a third. They also get these huge increases because all of their wages are public, so people are well aware that there are *very* good counteroffers from other employers.
Sorry to call you out on this, but your numbers are definitely off. If someone takes you seriously you'll be misleading them and I'd like to avoid that. Maybe you had this conversation with your friends many years ago when salaries were lower?  The big consulting firms all have set base salary and signing bonus for all entry level positions in the US. Everyone in the starting class out of undergrand has the same starting salary (across all geographic regions). Depending on the firm and your performance, you then receive a year end bonus (or no bonus at all). For MBB, you can expect close to a 6 figure salary in your first year. With an MBA, you're closer to $200k with bonus.  Source: I work for a top consulting firm, but here are some hard figures: http://managementconsulted.com/consulting-jobs/2012-management-consulting-salaries-undergraduate-post-mba/#
"http://online.wsj.com/public/resources/documents/goldman0424.pdf ""At the heart of Goldman Sachs‘ sales and trading business is our role as a ―market maker.‖  As a  market maker, the firm stands ready, willing and able to buy and sell financial instruments at the  initiation of our clients.  Goldman Sachs‘ clients expect the firm to do so, regardless of whether  the other side of a transaction has been identified or is readily available. """
70 isn't all that bad. And being a fund manager at a top fund is not the highest paying job per se. What's critical is to be a partner, or found your own fund, or have some ownership stake. There are sales people and lawyers who make more than PMs because they own/run the firm.   And I would say it's impossible to do anything in finance anymore without a degree.
You need to look at where the profits are coming from. In this case, compressed wage growth and extreme cost-cutting. I mean shit, Dimon ripped out all of JPMs Bloomberg terminals. Work happiness at banks are much lower and people are leaving, save for at certain types of banks. The profits are just coming from employees. Overtime is a lot lower to non-existent in right to work states and you'll pull 10-30 hours over what you signed on for on a weekly basis.   If you're not aware of what capital requirements are then I really can't dive into this. I suggest you read up on Basel 3, the US system, liquidity cover ratio (LCR) and then understand generally what products yield more and the risks attached to those.   If you do know those then I feel like you know where my response is going, but I'm happy to get into it more.
I interned at GS last summer and I am returning fulltime after graduation. In my experience and those I've encountered, it is very much dependent on where, front vs back, in the bank you work. Most software development jobs at GS seem to be 9-5. If you write software in front-office parts of the bank like trading, though, hours generally get worse (but pay is better!).
The title accepts as fact the attempted smear campaign by Goldman against Smith.  Only read the summary of the report over at Bloomberg (not the report itself) but the argument appears to be that Smith did not raise these concerns about Goldman at any time while employed there except at the very end just after he had written the NYT op-ed.  Goldman is trying to pawn off Smith as a disgruntled former employee.  However, the fact that Smith didn't get the raise he sought does not necessarily mean his assertions about the culture at Goldman are incorrect.  The point being that Goldman has not proven Smith is a fraud.  They have only proven he has an axe to grind.
Agreed. This is such an open ended question with no real answer. I assume you're asking for recruitment into the finance industry, which honestly recruit from a wide variety of schools depending on the division within the firm and which firm location the firm is hiring for. Its more about the program in the school, than the school itself (business/finance/comp sci/electrical engineering/physics/math programs). Also bank alumni also play a large role in recruitment, and are sometimes whom you might speak with during an interviews and at career days. Most of the recent bank grads I know are from Rutgers, MIT, UPenn, Penn State, Princeton, Carnegie Mellon, Villanova, NYU, Stevens, etc...the trend here is North East schools close to NYC (where I work).
Will it possible that they will credit my salary in my India bank account from US as normal process, If i work for them from here? There is no issue for an US based company to pay you a salary in India. You can get funds in your own savings account. You need to calculate and pay taxes on your own.
Who's to say this guy does not have the merits that got him placed into this job? He graduated from Princeton and worked for Goldman - he's obviously a bright guy. Why, then, do you assume he didn't earn the job on his merits?
Let's take an example: IBM has about 430,000 employees worldwide.  Assume the average yearly salary is $80K (it's probably less, since a lot of jobs are offshore).  If every employee took 10% of their pay as stock, that's $132 million every two weeks.  But IBM's market capitalization is about $153 billion, so stock purchases would be less than 0.1% of that.
"You call it ""gutting the core values"". I call it generating shareholders value. I used to be in investment banking and I'm now at a fortune 50 company. The amount of $$$ wasted on incompetent employees is incredible.  ""The result is very quick employee burnout and turnover, and zero work-life balance."" What's wrong with this? You will attract a bunch of driven, hungry people who don't care about going home at 6pmor coming in to work during the weekend. Works fine for Goldman Sachs. Of course there is a limit. 3G can only do this for a certain type of jobs."
This More or Less podcast has a fantastic section on executive pay in the US and UK. With some economists whose research determined that there is basically no relation between remuneration and performance.  In Germany, Switzerland etc where there are different rules and factors there is less overall executive pay and it is far more tied to performance.   http://downloads.bbc.co.uk/podcasts/radio4/moreorless/moreorless_20120511-1640a.mp3
"In finance  What kind of amorphous bullshit is that? There are literally hundreds of different things that can varyingly be termed ""in finance"". If you want the traditional big bank job working as a spreadsheet monkey, very fucking difficult right now. Masters in finance doubling down on a BS: if it's from Princeton, great, if it's from Blue Mountain State, whatever. A CFA is getting common but it might help - it probably won't hurt at least.   If you mean ""as a big shot trader for a hedge fund"" the answer is precisely impossible with only that on your resume. If you mean entry corporate finance, it's certainly possible (although you should not listen to anything I say in this regard as I've successfully avoided learning much about the subject thus far and have no intention of changing that, thus am as roughly as reliable on that as a wet paper towel)."
&gt; Smith earned $15 million in total compensation in 2016, including a $1.5-million base salary and $7.3 million in stock awards, according to the company’s securities filings.  &gt; As of Dec. 31, his pension was valued at $18.4 million, the filings showed. Smith is entitled to that pension “under any circumstances,” Gutzmer said.
"This is a very uninformed statement. Becoming an executive of a large corporation under the age of 30 (or even 35) is extremely unheard of. It's an unbelievable accomplishment.  It's very likely that having an affluent family (is this even confirmed?) helped this guy a TON when he was a kid: he got a good education and was able to get into Princeton. After that, though, this guy was on his own. Getting a job at Goldman, doing well enough in it to get a PE job, doing well enough at that to get additional PE jobs and eventually becoming a partner, and doing well enough at that to becoming a fucking CFO at 29... you don't do that because of ""connections"". You do that because you balled out at your job, you worked ridiculous hours, you outperformed your coworkers for promotions, etc; which this guy certainly did.  There are a lot of affluent people that get into great colleges like Princeton, disproportionately so. But there are lots of ""regular folks"" that get into those schools too, and once they get there they have the same opportunity to excel in their careers. Comments to the contrary are woefully uninformed."
Accenture has several levels of partner. I'd be really surprised if it topped out at 250k because that's not very much even for a public company and also doesn't fit with the lifestyle of a few partners. I googled around a bit and there was an AMA on (of all places) reddit about a year back from somebody claiming to be a partner at Accenture, who reported 300k for a new partner, up to 1M+ for more senior ones (excluding equity) which actually sounds more reasonable to me.   Second observation: higher partner compensation does not systematically imply higher bill rates. Private companies doesn't pay dividends, for example, and partner compensation is not the only expense. Bankers in public banks can make that much and none of them are partners - viz. UBS &amp; co. (performance-based bonus at Accenture for non-partners - and Senior Executives are not necessarily partners - can reach 20k, no problem. Hell, a consultant might make almost that)
Eh, you hear this argument all the time, but it doesn't actually work out that way in the real world, though, because corporate pay structure is extremely malleable over time.   If a company makes $100M one year, it will pay the investors what they're expecting, the low-level employees what they're willing to tolerate (which is often the minimum wage), and then the upper management whatever is left (i.e. whatever the company can afford to attract the best management). By bumping up the minimum wage, the main effect is that it forces companies to change their pay structures (which are currently ridiculous - the U.S. CEO-to-avg-worker pay is around 200:1; Japan and Germany are around 15:1, IIRC).  Feel free to dig deeper into the numbers and the studies if you want further evidence, but even a cursory glance at our history (or the current situation in Australia) shows that the effects of a high minimum wage on both inflation and unemployment are largely overstated.
I am sure the foot soldiers are hardworking honest people the problem is as you go up the ranks, it gets dirtier.  Check into how Greece got into the position it is in today. Also look into CDOs and the sub prime collapse and who profited from it. Check out how incestuous the relationship is between top staff at Goldman and financial regulation bodies.
consultant here. i've worked at some of the companies you've listed. what about finance and consulting are you interested in? unless you're in a fairly specialized group, your first 2 year will have very little to do with anything finance. you sorta just get tossed round where people need you until you find a network and find your own niche.  anyways, if you want finance . . . don't do consulting. go do equity research or banking or asset management.
Where are you getting this statistic about it being a high paying job ON AVERAGE?   There are many many many dipshits with finance degrees working in fund accounting making 30K a year, with absolutely no prospects.   Also - when OP realizes what a dogshit career finance is for MOST people (pay is nowhere near what people think it is, and the lifestyle is hell), and that its dominated by morons with deep pockets, he will need something to fall back on.
Except the survey didn't have that result and your new title is just as incorrect. Not everyone got a pay raise. That doesn't even begin to pass the smell test.  http://www.guardian.co.uk/business/2011/dec/14/executive-pay-increase-america-ceos  &gt;  The Russell 3000 measure of US stock prices was up by 16.93% in 2010, but CEO pay went up by 27.19% overall. For S&amp;P 500 CEOs, the largest companies in the sample, total realised compensation – including perks and pensions and stock awards – increased by a median of 36.47%. Total pay at midcap companies, which are slightly smaller than the top firms, rose 40.2%.  The average increase was between 27-40% depending on who you count, but that doesn't mean there were across the board increases.
Hey guys, I graduated in economics and I want to apply to different positions and jobs. Especially financial controlling is a field I'm really interested in. If some of you work in this branche, could you tell me what are the things you like/dislike the most in your jobs?
Alright bud- I took the day off today so I'll play along. I'm going to focus my answers to be US-centric because this is the realm in which I have experience; if you're from elsewhere then accept my apology in advance. &gt; So you're saying a company has no responsibility whatsoever to ensure its employees make fair wages? No, I'm not saying that- a company has a legal responsibility to ensure employees make wages considered fair under the FLSA, for one, including any municipal or state laws surrounding employee pay. As far as I know, litigation surrounding Uber's FLSA issues is still pending and as I'm not a federal judge I can't weigh in on the legality of their various pending lawsuits. &gt; That the market will determine a person's salary based on their valuability? I'm also not saying that- it's weird of you to keep putting words in my mouth. I don't disagree with that sentiment but I definitely didn't argue it as a point in my earlier comment. &gt; What if market forces align to reduce wages in order to increase profitability? Market forces do this on a regular basis at the corporate level- this is called a negative profit margin and it's literally happening right now (or probably in about 10 minutes when the NYSE opens) with a company who's product you're using to write this comment. It'll also probably trend back upward in the time it takes me to finish this comment. Unfortunately salaries and compensation packages for employees of most types are flat and focused on averages based on something called math. The concept is more technically referred to as profit equals revenue minus cost, with cost being a floating variable dependent on (you guessed it) market forces. This gets a lot more complicated as you delve into specifics and as you seem to have a fairly untenable grasp on business operations as it is I'm worried it's futile to get too much more specific. &gt; That's exactly what's happened in the last 30 years and people like you protecting corporate greed is the reason why living wages has stagnated barely matching inflation while executive salaries have skyrocteted.
"But what if I am getting paid salary from a source in India? In other words, it may be that in India a research assistant at a college on average earns a third of what a research assistant like me earns here in US. In that case, even if my cost of living there is much less, so is my salary. There are sites that provide a good guidance for what the average salary for an profession with x years of experience would be. Of course some would get paid more than average. So you can try and make a logic, if in US say you are being paid more than average, you would be paid more than average elsewhere. Plus If moving from Developed to Developing country, one has the Advantage of positive pedigree bias. There are also websites that would give the Purchasing Power Parity for quite a few currency pairs. The Real difficulty to find is whether the Lifestyle you have in a specific country would be similar in other country. If you compare like for like it becomes slightly skewed. If you compare equivalence, then can you adjust. A relevant example my friend in US had a Independent Bungalow in US. It was with Basement and attic, 2 levels of living space with 4 bedroom. He shifted to India and got a great salary compared to normal Indian salary. However this kind of house in India in Bangalore would be affordable only to CEO's of top companies. So is living in a 3 room apartment fine? There are multiple such aspects. Drinking a Starbucks coffee couple of times a day is routine for quite a few in US. In India this would be considered luxury. A like for equivalent comparison is ""One drinks 3-4 mugs of Coffee"" in US, and average Indian drinks ""Tea/Coffee 3-4 mugs"". In India the local Tea / Coffee would be Rs 10 - Rs 20. A Starbucks would come with starting price of Rs 150. The same applies to food. A McBurger in India would be around Rs 100. The Indian equivalent Wada Pav is for Rs 10. A Sub Way would be Rs 150. A Equivalent Mumbai Sandwich around Rs 25.
In investment and corporate banking, Analyst is a catch-all term for entry level positions. They are expected to be proficient in Excel and financial markets/modeling, but not necessarily programming unless it's a Quant role. Specifics are different for every group but the common factor is time at the office. They work at least 60 hours a week.  In my experience the only certification that matters to employers is CFA and it's an intense multi-year commitment. But passing the Level 1 exam would look good on a resume.  Analyst can mean different things in research or corporate finance, but I don't have much experience there.
"Sorry I thought the subreddit this was posted to gave an implicit field but I should've specified.  To clarify, I meant the general field of finance and investment banking.  I meant less traditional means of entry into that field. There was a post about someone getting recruited by by McKinsey with a PhD in theoretical physics. While thats sort of ""out there,"" I meant more along the lines of Econ/poly sci/actuarial studies etc."
Compliance is the future of finance in the U.S.A.  Stop bitching and be grateful for the fact that you are being given a chance.  There are millions of people working for extremely low equivalent pay around the world.   (The average salary for a college graduate in Shenzhen, China is $475 per month.  Don't think for a second that these grads aren't as smart or hardworking as you.)  Look around and appreciate the modern marvels of engineering, public utilities, and technology that surround you.    Applaud the fact that your fellow citizens are conscience enough to clean up after themselves.  e.g. using proper receptacles.    Take pride in the fact that you are bright, talented, and moving forward   Good luck.
A combination of market research and tax law would likely be the combination used to set the salary. An elaboration of each: Taxes - In Canada and the US there can be differences in how payments are treated if they are salary,e.g. payroll taxes such as CPP, Social Security and others may apply in this case as well as personal income tax rates, or dividends, which may have different treatments in some jurisdictions I believe. If salary above $250,000 is taxed at 40% and dividends are taxed at 15%, which rate would you rather pay? (This is hypothetical as no jurisdiction has been noted here yet.) Most provinces and states in North America will tax the first few dollars at rather low rates and so it isn't bad to take a nominal rate of $1 or so in salary as usually the higher rates exist for higher salaries. Executive Compensation has come under scrutiny in recent years though it is usually a mix of salary, bonuses, and stock either restricted or options. Market Research - Some companies may research what other small public companies would pay executives as the salary may have to be approved by a board of directors in some cases. At least this would be how I remember things being decided in small companies I worked for in Washington State and the province of Alberta. In a lot of company cases, excess earnings are stored and if there is enough of a pile then a special dividend may be given out though some corporate structures like REITs force dividends to maintain their tax status. Note the payment in dividend here requires that the President be able to dictate what happens with the cash in the bank of a company which isn't going to be the case for the regular employee. Also, the dividends here would go to all the shareholders and thus if there are people besides the President owning shares they would also get their portion based on what they own.
Just read that citi is planning to return 132% of their expected earnings to shareholders over the next year in the WSJ. How does a bank return more to its shareholders than what it makes? Also banks requesting payouts in these stress tests of 100% of expected future earnings.   Am I missing something? Doesnt make much sense to me.   Hope someone sees this thanks.
How much finance and software engineering you're looking to do? I had a pleasure to work with a guy who did support (high level) for internal equity trading platform at IB (much less pleasure to work with). He moved to algo trading at another IB some time ago. He told me he started with 0 finance knowledge but by the time he was leaving by my account he was magician in proficiency in both fields. Took only a year or so.