vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Specifically on the subject of maxing out your 401k, there are several downsides: The employer match usually only applies to the first 6%. Some employers offer no match at all. You listed the match as a pro, but I think it should be pointed out that you can usually get this benefit without maxing out your plan. The investment options are limited. Usually there is at least one fund available from all the common investment classes, but these may not be your preferred funds if you were able to choose for yourself. Fees can be very high. If you are working for a small to medium size company, the fees for each fund will often be higher than for the same funds in a plan offered by a large company. Fees are usually related to the dollar amount of assets under management. Each person has a different tax situation, so if you are single and making 6 figures, you might still be in the 25% bracket even after maxing out your 401k, but the same person filing jointly with a spouse that makes less could get down to the 15% bracket with a smaller contribution. I meet my retirement savings goals without maxing out the 401k. As long as the amount is above the employer match amount, my second priority is to funnel as much money as possible in to my IRA (because I get lower fees and better investment options from Vanguard).
I really don't see myself doing this in the future. Sounds like youve answered your own question without reddits help. If you genuinely cant stand the job, then quit and go intern for a food service position or some other position in the retail world, the areas you actually have interest in. When it comes down to it, you shouldn't feel like stabbing yourself at work.
Absolutely take advantage of getting your series 7. Sure, you're first position will likely sponsor you, but think of this as having Something on your resume that no other grad will have.   If I interviewed a grad who I liked, and he/she still had an effective series 7 license, I'd be drawn to hire him/her. The money id save the comp on sponsoring them and the initiative it shows to receive the 7 while in college would give you more bonus points then anyone else.
"We don't seem to have (m)any expats or Australians on the site yet, but I'll share what I have learned. I'm taking advantage of your profile information listing you as a software developer. A friend of mine is currently doing a study of national IT professional societies for his MBA project. One of his goals is to understand which funding models are effective in the absence of mandatory licensing. (Consider: Most developers don't need to be a member of an organization in order to practice.) Such organizations you or others may be familiar with are the British Computer Society (BCS), the Canadian Information Processing Society (CIPS), or in the U.S. the Association for Computing Machinery (ACM) and IEEE Computer Society (IEEE-CS). To the point: My friend told me recently that the Australian Computer Society (ACS) makes money by assisting the Australian government in determining immigration eligibility. So I went to the ACS site and started digging: ""The Australian Computer Society (ACS) is the designated professional assessing authority for persons seeking to apply for Skilled Migration as IT (Computing) Professionals [...]"" See ACS's Pre-application Skills Assessment (PASA) page. That page also links out to the Australian Government's Department of Immigration and Citizenship, in particular to a document titled General Skilled Migration (PDF). Here are some interesting points I discovered, relating just to fees: The government recommends if you do want professional help to use a registered migration agent. There will be fees for such an agent. See MARA - What does it cost to use an Agent? Currently: AUD1500 - AUD4000, or ~ £850 - ~ £2270. There will be a fee for the immigration application process itself. See Professionals and other Skilled Migrants visa charges - outside Australia. Currently: total of AUD 6035, or ~ £3420. Also: ""You also need to have your skills assessed by the relevant assessing authority as suitable for working in your nominated occupation."" (page 7) ... and you need to do that before you even apply.
No, the odds are pretty good.  If you ask any questions about religion, it's safe to assume that they factor into the hiring decision (otherwise, why would you ask them?).  Showing that they were just asking out of curiosity is going to be pretty tough.
Some of the other people working there aren't half bad. But the best ones usually walk out or get fired for wanting little things like ""respect"". I actually went to college. I have job skills. I almost didn't get hired because of this - but you know, I convinced them I was desperate to have *something* getting me by. A few former college classmates who also work/ed there vouched for me on that. I've charted how the quantity of most products going off of special that our computers order actually assumes the same number of sales as when it was *on special!* I was in the process of deriving a better algorithm for this... and I enjoy *that* work. But after I pointed this problem out to my manager, I was laughed at. We literally throw away entire dumpsters full of product every month because it passes the expiration date, and management groans and complains about this. Yet my observation of how this happens was laughed at and shrugged off. And just the icing on this cake: I still haven't gotten that second work shirt that I was promised after 90 days. I've been there for 8 months. Those long hours on back to back to back days don't always give me the opportunity to do laundry. Then they complain when I reek at work, sweating as I rush the 20+ pound boxes of cat litter onto the shelves. Fuck 'em. Fuck 'em hard, fuck 'em long, and fuck 'em with something hard, sandpapery, and with splinters. Gimme a few more months to demonstrate that I can hold a job, and I'm going to get a job at... Fuck, everywhere else around here is just like this, and I don't know the people or have a portfolio of works in fields where I could actually use my Math degree."
Yeah, if they actually did that - that is, defame your professional name with no merit -  they would be in big trouble.  Thats the kind of stuff you take to a lawyer and they have a field day with, at least if the evidence is there.  I'm glad you left that place - it sounds awful.  You should leave them a very honest Glassdoor review, to help future generations not have to go through the same stuff.    Also, if they withheld OT wages from you, and you can prove that, and it hasnt been a extrodinary long time, I feel very confident you could wistleblow on them with your department of labor in your state and collect.  I know thats probably not your style, but thats money you are owed.  Hows the new job?
In your situation I would get out my spreadsheet, estimate what I would be making and how that compares to my current market wage, and go from there. At the end of the day it is your decision, hope I have helped you by asking questions.  Goodluck mate!
No you don't.  You remove the job in this country and send it to another.  People would mind less if they were given the option of following their job to the new country with its cost of living reduced with their new wage.  Probably few would take the option, but at least you would not be SOL.
"Kids, know some shit about your bank before hopping on the crazy train. GS doesn't have an ""M&amp;A division"" and even partners make less than 1M salary - notoriously.  And whether you're at Goldman or anywhere else, nobody wants to hear ""I think investment banking is cool because there are a lot of rich people and I would like to be rich, that's just amazing to me""  And learn to tie your tie. What a fucking goober"
I'd say yes! I wish I had a more quantitative background.  Especially if you go to a target school, it's a good move. Goldman now employs 100% more STEM majors than finance majors. Just went to an info session a few months ago.
Wall Street salaries are rather exorbitant but its influence is far from insignificant.  Do you know where pensions come from? The money that veterans and retirees rely on to survive. Hedge funds.  How do the firms and companies that employ all those workers listed in greater numbers? Institutional money management AKA hedge funds as a small subset.   A company in distress and is in threat of laying off thousands of employees. What can help it? A private equity firm that will actively work to save and restore the company, for it's own profit, but the employees will still have jobs.   NO large company with tens of thousands of employees can exist right now without the capital raising and transaction advisory services of an investment bank. Stock trading as a means to grow personal wealth would not exist.   While true these institutions make a disproportionate amount money, you must consider why. Nearly all front office jobs on Wall Street have 6am-8pm hours. Investment banking analysts have up to 100 hours a week, that's sweatshop salary per hour. Hedge fund managers wake up at night sweating to check Asia markets to see if they'll still have a job. These are not the suburban 9-5 jobs where you can actually have weekends. The high salary comes from an extremely rare skillset that's taught only from experience not in schools, high stress and commitment, and the highest quality of labor (mostly ivy leaguers on Wall Street, they've worked their asses off for these jobs).   Salary has to do with supply and demand. I have the upmost respect for janitorial workers because they do what we don't want to do, but their pay isn't great because anyone can be a janitor. If most people in the country could build a portfolio with a sharpe ratio higher than 2 that billions of pension dollars would rely on, then we won't have such high hedge fund salaries, for example
To give you an idea, HBS will often do interviews at McKinsey offices. Accounting has nothing to do with what we're talking about and the pay grades are completely different. A partner at KPMG or PWC is going to make as much as some 5 years out in a good investment bank.
MBA here. I had a relatively well-paying job with great benefits and tuition reimbursement. I ended up leaving it for a much lower-paying job though.  Why did I do that? I was miserable. The job was to do only as I was told. Also, they changed my project scope to something completely different after 4 months. I also was in a terrible city with no friends. I hated my job and eventually I hated my life.  I've since moved back to where I went to college.  I hate that business publications talk about MBA's like we're all mindless robots looking for the highest paycheck at Goldman Sachs. I'll gladly take friends, a better location, and a comfortable salary over anything else.
OCTOBER 18, 2017 by John Gapper Goldman Sachs making too little money is not the worst of the world’s problems. But inside the investment bank’s New York headquarters, it feels like an insult. Goldman is not suffering a financial crisis, as it did in 2008 when it officially converted to being a bank holding company amid panic that the whole of Wall Street could collapse. It faces something deeper: an identity crisis. It used to be the role model for many rival banks — envied even while resented for its single-minded focus on investment banking and trading. But as Tuesday’s disclosure of a 26 per cent fall in its bond trading revenues confirmed, banking has changed. Instead of lenders such as JPMorgan Chase wanting to become as glamorous as Goldman, it needs to be more like them. This is a telling moment, albeit less dramatic than 2008. Investment banking enjoyed a lucrative two decades, spurred by globalisation and financial liberalisation. Goldman’s revenues rose briskly from its initial public offering in 1999 to 2007, and boomed in 2009. It could do no wrong financially, although it turned out to have done wrong to some of its customers. But guess what? Regulation works. Governments and central bank supervisors set out to make complex trading in bonds and derivatives, the securities business in which Goldman specialised, more expensive and less profitable. The rules now favour deposit taking and lending instead of wizardry. No one really planned the second aspect of the bank’s difficulty. The huge dose of monetary easing since the crisis has damped volatility and made markets more predictable. Hedge funds, themselves under pressure, no longer need to reward Goldman and others for taking on financial risk. Goldman’s bond and commodities trading division — from which emerged a cadre of leaders including Lloyd Blankfein, its chairman and chief executive — tells its own story. It used to occupy two floors of the New York office but has shrunk to one as Wall Street’s total bond trading revenues have halved since 2009. More prices are calculated by computers than humans. When you rely heavily on one engine and that engine sputters, you are in trouble. The bank’s financial advisory and capital raising division is performing well and it has an investment management arm.
Wealth Management Analyst at major bank in NYC - I averaged 55-60. I had a close friend who worked for an NYC insurance firm and averaged just over 40.  During the summer, they also got out early on Fridays.  Early career pay wasn't great, but he consistently used the hours as a selling point to bring me over.
it's not that i suggest those areas of finance instead, its that those are areas of finance and most consulting isn't finance.  in consulting you'd have a 'financial services' alignment where you do bitch work for a goldman or a bank of america. do you view that as finance consulting? if you want to do modeling or valuation or asset allocation, go straight to that type of job. you'll be hard pressed to find it in consulting (not saying you won't, just hard)
"While a top tier software engineer may be more inclined to accept a job at Google, you better believe they're also being recruited by Goldman Sachs and Bridgewater.   The ""Quant fund"" concept isn't unique, Two Sigma's recent success however is."
Hey man. First of all, having a firm understanding in SE is a blessing! Finance firms are actively looking to hire with software engineering skills from tech. The closer to your background skills, the easier it will be to get a job. If you don't want to be a programming drone for Goldman, i'd say algo trading or being a quant at a hedge fund would be an awesome gjg. If you definitely want to do investment banking (m&amp;a/ibd), focus on spinning your story and background targeting tech companies.   Just make sure you know why you want to go into finance and that role vs SE. Make sure you truly try to understand what investment banking/algo trading is and can explain it to your grandma. Above all, network, network, network. Good luck.
Well I'd consider Citadel Securities a prop shop and all the others besides for bridgewater prop shops as well. And I do work FO,thanks for the appreciation, but was hired there after 3 years of trading experience.   I guess it depends on what you are comparing the loads of kids hired to because I really can't think of many professions, especially in finance, that have less kids hired straight out of undergrad.   And Evercore and Laz are making over 100k but bottom bucket at JPM and GS did not make all in salary over 100k this year.
He is the absolute outlier there, then. Investment banks like Goldman are notorious for everyone who works there putting in 100+ hour weeks. That work may not all be intellectually challenging, but I don't know what your friend expected from an entry level role. They're not going to be entrusting an entry level trading analyst to be doing anything important at all. Your friend probably made slide decks for 80-120 hours a week. Not intellectually challenging at that level, but physically brutal. An intern literally died a few years ago from being overworked.   The intellectual challenge likely does not come until you reach a higher rung in the company, which I guarantee he did not do in 2 years. But ask him about the hours he put in at Goldman.
Do you work with low-skilled employees? Specifically, do you ever have to manage them? I am going to make the assumption that you do not based on the comments you are making. It is impossible to say ALL of anything is a certain way. I'm not suggesting that at all. I'm going to specifically talk about averages. It seems like you've never been around the average.  The average minimum wage employee doesn't have a high school education. It is fairly safe to say that they continuously are not developing skills that provide value both to themselves and others. If a person refuses to provide more for society, should society fill the gap?  You suggest that people who are poor didn't get there because of their own right. Are people who are self-made millionaires (on average) good with finances? Why would that be? If yes, why do you assume those that are successful are so because of their own merit but cannot be blamed for failure?  Seattle is a nice place. My exterior painter is doing a job there right now. It's a 3 month job. He is painting 1,000 apartments. He took 7 guys with him that he pays around $1,750 a week plus room and board. He had to take 7 guys with him because he can't find workers up in Washington. Can you imagine that? People in Seattle have not developed the skill of exterior painting. That's the reality of your job market. Even further, companies do have massive incentives to move to cheaper locations. The starting salary of large corporations varies wildly based on cost of living. Goldman Sachs will offer nearly $100k a year starting to work in the NYC branch compared to $65-70k in Houston.
depends IB is a huge area, are they quant traders, portfolio construction researchers, ML researchers, data engineers,analysts, software engineers?  One year in $150k is unlikely however if a trader, quant trader or quant researcher, software engineer certainly possible. $1m by 30 good luck I own a recruitment business for IB's, HF's, its not common to earn $1m at a bank, certainly not these days, buyside again very difficult but more likely.   I work with directors/MD's predominantly and Barclays for sure will not pay that by there 30, they have some MD's on million dollar sums but they are not common. They have a hell of a long road before they get there, at Barclays he could be canned in 2 years regardless of his performance.  Citi VP's are capped at $180k base if you perform exceptionally matching bonus realistically between 30-50%of base, though this can vary.  Depending on the role typically goes like this: associate - 2 or 3 years, then VP 3- 5 years, director 7-10 years MD 12-15 years + depending on area, role, bank you join. Each area is different.  If you go into finance research your area it's highly competitive, if you cannot explain your enthusiasm for finance and why you want to do it beside money you will find it hard.  School is not that important JP hires shit tonnes from Baruch and Lafayette College its about your GPA. Learn to code Python, KDB+/Q, C++ and Matlab are decent languages that are universally used.  EDIT - Citi also pay higher than Barclays generally across the board.
haha yeah.   what industry are you in and did you try to get the trading position? I'm in the computer science industry and got the highest paying intern job at silicon valley last summer I don't see why banks and walstreet can't toss a dime to their finance students
"I think there's a sub~~ject~~ for this financialcareers or something.   I'll just say, as your career goes on, every ""next"" place you interview for will ask what your last salary was and partly base their offer on that. So taking a job like this that bumps you up considerably pays off for every other job you get down the road."
Goldman’s bond and commodities trading division — from which emerged a cadre of leaders including Lloyd Blankfein, its chairman and chief executive — tells its own story. It used to occupy two floors of the New York office but has shrunk to one as Wall Street’s total bond trading revenues have halved since 2009. More prices are calculated by computers than humans. When you rely heavily on one engine and that engine sputters, you are in trouble. The bank’s financial advisory and capital raising division is performing well and it has an investment management arm. But it lacks a consumer powerhouse like Morgan Stanley’s wealth management operation, or the lending and credit card activities that drive banks such as JPMorgan. The humbling truth for Goldman is that US retail banking has become not only more reliable than investment banking, but more profitable. JPMorgan’s balance sheet is three times the size of Goldman’s and its retail banking arm made a 19 per cent return on equity in the third quarter, compared with Goldman’s 11 per cent. The best historical comparison for Goldman’s predicament is, ironically, the JPMorgan of the 1990s. JPMorgan was a blue-chip corporate bank but found that this business was no longer profitable enough as lending margins fell. It launched an effort to return to investment banking, having been separated from Morgan Stanley in 1935 by the Glass-Steagall Act. JPMorgan had a good stab at it, compensating for the fact that Goldman and others dominated Wall Street’s “bulge bracket” by pioneering credit derivatives (which later turned out badly). But it could not make enough progress alone and settled for being bought by Chase Manhattan in 2000. “Both [banks] have struggled to keep pace with the rapid growth of the leading investment banks, which are in businesses that have been far more lucrative than the lending business at the core of commercial banking,” the New York Times noted in its account of the merger. Seventeen years and one financial crisis later, JPMorgan has reversed this order of profitability. So Goldman is now trying to do the opposite of the old JPMorgan by adding banking to investment banking. JPMorgan’s former dilemma has not gone away — lending to blue-chip companies is not much of a moneymaker.
"Since a lot of the companies in your source are public accounting firms, I'm interested in if these salaries are similar to what they (PwC, EY, Deloitte, etc...) pay their entry level accountants? How about entry level advisory accountants? Do their accountant salaries ever approach the level of their ""consultants""?"
[The website you mention](http://managementconsulted.com/consulting-jobs/2012-management-consulting-salaries-undergraduate-post-mba/# ) has starting salaries for those with undergrad degrees at $60,000, and as I mentioned above are not including bonus or 401k match.  My information is 5 years old now and is not too far off. $60k to work 100 hours a week is not worth it, at least not to me. That's why I recommended to get his/her MBA so they can get into the business at a six figure salary.  Source: I've been in the financial industry for 5 years now.
Very true. I work in corporate finance and the hours are typically 9-6, but when we have our annual operating plan or some sort of deliverable we'll stay past 8.  But here, because analysts get overtime (time and a half) we rarely work past 10 (anything past 12 hours in double time!)  The work life balance is quite fantastic! However, the pay is not what it would be if you chose banking or consulting (it's comparable $60k but no bonuses).
Like I said - I can't directly comment on exec and partner salaries, as I'm not (yet) at those heights. (what is an Accenture Director/VP? Do you mean Senior Exec?)   But we weren't discussing where the better pay is - we were discussing IPOs and competition. I'm in the IT security &amp; risk management space and every second bid sees Accenture going up against Deloitte and IBM, and normally a few boutique firms.  Things may be different in both the pure management consulting space and the outsourcing/full service space, but in technology consulting there's certainly competition in a meaningful sense.
Dude all of Chicago's finance district recruits out of UIC. No you aren't going to work for a Goldman or a Getco but you will be in a great spot to work at a Chase or a BMO for example. Plus internships should be easy to get here.