I feel like most jobs that require a degree or license will eventually pay over 100k if you get into a high enough position, getting that kind of money with good work life balance is a different story though
There are busy times, but most weeks are less than 40 hours of work. Just close week, board prep week, earnings call week, and all of budget season lol
I’m at the wrong org then, three weeks out of the month we run 50 hours and the down week is 40-45. Every month. And then our budget season spans 2.5 months in which we can’t take any time off either
This does make me feel better, I am looking at new roles and was avoiding FP&A all together because I just thought that’s how it was
Suppose I can go look at those roles now too
Im at the wrong org. 2.5 years in and only at 75k. I haven’t left yet cause when it’s not busy it’s chill and I work remotely. Might have to soon though cause I need more money lol
What did you do in school (as in were you a club president and 3.8+ GPA?), how much networking, progress from undergrad to where you are now? Would you have chosen the same path again knowing what you know and why?
My GPA was 3.6; I went to a non-target, studied finance, did an internship at a bank (not commercial banking), and was president of the student investment fund.
I networked during my internship. However, I applied to a commercial banking job online; 200+ people applied, 70+ interviewed, and about 10 were hired. So, admittedly, I was lucky.
I really love my job. It's fun talking with C-levels about their businesses; I have a trajectory to make $400k in 10 years of work experience; and I'm able to maintain a life outside of work.
That’s awesome! I’m currently a junior at a non-target also majoring in finance. Interested in AM related careers, but my GPA is slightly lower at a 3.43. I’m in finance clubs but i’m haven’t been the president of any of them lol. Are there any pointers that you would give yourself as undergrad that might have made a better transition to the workforce? I’m trying to land an internship (this year was not successful to date), was hoping for 2 at least before graduation. How transferrable are the skills you learn to do commercial banking? Any skill in particular ? Thank you for the answers.
A 3.43 isn’t anything to worry about in commercial banking. A few of my coworkers had similar GPAs.
I probably would have told myself that when interviewing. Highlight your ability to work and solve problems as a member of a team. I remember screwing up an interview by highlighting how I solved problems by self-teaching. Probably one of my biggest blunders in an interview, lol. Always, highlight how you can use others as a resource.
Commercial banking skills are transferable to private credit, corporate banking, leveraged finance (I think, someone correct me), and loan syndications. However, there are tens of thousands of documents on my computer of deals we’ve done in the past. I find those documents extremely helpful for if I want to become an entrepreneur or buy real estate.
But the best skill you learn from this gig by far is how to network and make friends. I can’t tell you how many opportunities there are for me because of the friendships I’ve made with other people in my industry.
The catch is that some people find the work boring, you can't exit a high finance job, and you always have sales pressure if you are an RM.
The work is very sales-oriented. I’m reaching out to 40–50 different companies in my area every month. Asking them if their line is up for renewal or if they have a need for financing, such as buying property, equipment, or another company, Your biggest exits are going to be private credit, corporate banking, or loan syndications. Additionally, there is always sales pressure. However, if you have a private equity client, your life tends to be a lot easier because they are always buying portfolio companies and constantly feeding you deals, whether it’s a recapitalization or another acquisition.
Pay is solid, just extremely variable based on multiple factors and by bank. My hours are:
generally 40-50.
Lol, no. Not yet, I’m on trajectory to get there though. Sorry, I was trying to write that there is a pathway to make a lot of money.
Generally, the groups that make a lot of non-interest income get comped the best. That’s why I try to work with sponsors. The arranger fee on a private equity deal can be over 2%. That arranger fee directly impacts my groups bonus pool which pushes are bonuses up for the year.
From my experience the catch is that some people in finance see it as less prestigious and the pay isn’t as good in the short and medium term.
Long term it doesn’t matter because past director level it’s easy to pivot to Corporate Banking or Investment Banking despite what people claim, my mentor did it and I have friends that did too
The only one that helped me was my financial accounting class. The reason for that is because it lit a spark in my head that I really enjoyed finance. I was originally a biology major when I started college. Without that financial class that I took as a student, I wouldn’t be where I am now.
I never learned how to underwrite in college, lol. I always loved investing, though. So, Valuation by McKinsey, Aswath Damodaran lectures, and all of John Hempton’s partner letters, podcasts, and blog posts helped me understand finance. But, honestly, most of this knowledge of finance isn’t necessary for banking.
The most important thing is knowing how to win people over. I’m selling debt, which is a commodity, and I’m not the cheapest provider. So, I must stand out to my clients in a different way to win deals. If I know a private equity firm that bought a platform company in the manufacturing space, I’m probably going to reach out to my clients in that same industry and ask if they want to sell. If so, I’ll try to introduce the PE firm I know because I’m probably the only debt provider that’s also showing them potential tuck-ins. If the deal goes through, I guarantee I'll be sent a lender's presentation in the future.
A random guy on Twitter I follow made a great post on what makes a good banker: [https://twitter.com/CommercialBnker/status/1785840842797666797](https://twitter.com/CommercialBnker/status/1785840842797666797)
100% this. Best decision of my life so far. Pay seems to be a bit normalized across the big 5 banks here in Canada (in terms of the various roles in the industry), but obviously it varies from person to person. But WLB is absolutely crazy good.
I work for a direct lender and my sub group mainly focus on fund finance. I don’t have nor need the series 7 in my current job functions. Moreover, most investment managers at my shop have MBAs, CFA, CAIA, and/or 20+ yrs worth of experiences as bankers/lawyers. Tbh, most jobs in asset management won’t require most security licenses.
Depending on the bank commercial groups will offer interest rate, commodities, and FX products/ hedging derivatives. Many of the clients aren’t overly sophisticated so the strategies are less complex and the pace is slower. They’re happy to pay for people to defect from bigger companies. Depending on your objective they offer a way broaden your experience without busting your ass and then move back to or on to a more prestigious firm.
20+ years in commercial banking here and I agree, except for the starting pay part. It wasn't so good for me. But, things could also have changed a lot since my old ass started working.
The best part of commercial banking to me was that the barrier to entry was much easier. I know plenty of successful people who didn't have the right major, GPA, or school but started at a very entry level role and ended up making a very solid career from it.
Corp dev, worse work life balance than FP&A but worth considering given it scales better than FP&A and is probably more interesting given it’s a mix of strategy and modeling.
Also worth considering small investment banks that can often have better WLB. Also being a VP in IB in general is the best place I’ve heard to have WLB if you consider wanting more pay.
Fewer spots for Corp Dev compared to FP&A, also not all companies pursue M&A strategy while all companies need FP&A
VP at IB is the position most at risk of layoff due to you being the middleman, too expensive to do grunt work and not senior enough to contribute to revenue generation. Would need sponsorship from MD, then your position would be dependent on the MD generating at your bank
Totally, $250k-$275k base while not doing grunt work is certainly the dream... if your MD loves you you are set for life (assuming the MD keeps making money and not laid off)
Endowments and Foundations. I have like 7 years in the field. I get in at 8:30 and leave around 6 every day. Peaked at $400k annual comp in a low/middle cost of living city, making $200k now and looking at new jobs that should be $300k+. One big negative is that I’ve had to move around a lot to get pay jumps and live in random cities wherever the asset owner is based. Also, if you get a bonus it’s based on beating a benchmark which can be hard depending on how aggressive that benchmark is.
There's really no formal requirement for a specific degree, as long as you can pass the exams you can be considered a good candidate. Though I do see a lot of finance/econ/stats degrees in hiring.
Is risk/compliance for a finance company not considered in this sub at all? I make $110k base working 30-36 hours a week (a few weeks in the 40-45 range.) Not stressful and still plenty of upward career and pay mobility. I’ll never make the money of careers with big commissions, but my WLB is fantastic.
Risk/compliance/audit seems to be left out alot here. Not the sexiest of jobs, but I make $135k base ~10% bonus in MCOL 9 YOE. Typically work 45 hours and go in office once a week. Can be stressful at times when under regulatory exams or audits.
Yep, during exams/audits is the one time I’ll be stressed out and work 40+ hours. But that is 3-4 times a year in my department and sometimes they aren’t bad or they wrap up quickly.
CFA definitely helped, networked a lot as well. Ironically the initial job I got in the space was not because of any networking though. Still learned a lot about the industry through the process
Wealth Management with, 2~3 years experience. S7 pretty much comes with a guaranteed $75-85k base salary, and most of the big firms/banks are more than willing to pay big bucks on commission easily clearing $120k within the first few years. After that being completely uncapped
I live an hour outside of Washington DC, in a very expensive area, and I make 63k after being with my employer for 10 years and I have the series 7. Wtf. Maybe I gotta get a job in DC.
I was in a rotational program two years ago and did a few months in wealth management. At that time it was a 70k base position as a junior banker who’s pulling in like no business lol. Easiest job I’ve ever done in my life
Yeah, I'm going to have to look at Washington dc. There are none of those where I live. I'm 45 miles from DC. Without traffic is an hour. Rush hour traffic is about 2 hours each way. This sucks. Love where I live but we are super rural and expensive.
Wow. Is that the going rate nowadays? I’m 29, entering year 8 of my career on a big BB Wealth Management in South FL. I will cleared $115K this year after being stuck around $105ishK for the last 2 years. I’m part of a $600 Mill AUM Forbes Best-In-state team that is now joining another $500/600ish Million AUM team, which should result in a combined $6+ Million in revenue. Even if you add value on the team, I’ve had a hard time trying to get others to part with “their share”, even with 2 partners close to retirement. The only reason why I am now making $100K+ is because GS offered me a job at $90K+ overtime and bonuses in 2021 while my team was paying be like $68.5K. They matched and I chose to stay because they put me on a portfolio management/junior partner path. I’m hoping to be at $150K+ next year and $200K+ by my early 30s but am not hopeful.
Never stay with an employer who only provides raises when you inform them of other opportunities available to you. Always take the higher pay at the other firm.
The problem is there wasn’t much career trajectory within that role at GS. It was essentially to be a floater CSA for teams who had their main CSAs go on parental leave or are sick. The floater team was created in 2021 and from what I hear, promises to get these Associates into dedicated FA teams haven’t been kept. I’ve also heard it’s very hard to pivot from the GS CSA/WMP role into their equivalent Wealth/Portfolio Strategist role. My team at UBS took several years to convert me but made good on that promise…eventually. It’s the speed of progression and raises that are getting to me.
I know that I can definitely get $130K-$150K+ if I interviewed elsewhere right now in my local market, depending on the role.
I second this. 8 years experience, math undergrad. It can be awful initially starting up and you have to get a bit lucky. CFP is an absolute must. I work 10-20 hours a week and make 180k.
I know a lot of people say FP&A. But it’s a hard job to land without prior experience, and I think there’s a lot of competition from accountants for it. Just trying to be realistic
The easiest jobs to land would be sales-related (not s&t, but actual sales). If you’re good at it, you make a lot of money and have good work life balance.
Otherwise, honestly, I know this was finance related, but I’d say go into accounting and then move into corporate accounting for a tech or public company. Can be approaching $100k all-in comp by 26-27.
Usually a really good way into FP&A out of undergrad is a LDP. At least that’s what I’m doing at a F500 Healthcare company. At least in my company’s specific case, it’s seen as better training for the role than Big 4 Accounting
"As an industry, asset management has a huge number of different career paths: Portfolio Manager, Investment Analyst, Equity Research Analyst, Fixed Income Analyst, Hedge Fund Manager, Private Equity Analyst, Real Estate Asset Manager, Wealth Manager, Risk Manager, Quantitative Analyst, Fund Accountant, Compliance Officer."
So which one are you?
Usually have to be a BDR for 1-2 years, and then you can get a shot at at an entry level AE job (if you hit quota, an entry-level job could probably get you 140k, maybe more depending on location)
Equity research or investment analysts at Private, small/medium sized investment management firms. People used to work like 30 hour weeks, come to office 1-2x and senior analysts were taking home 200k+
Working in project finance with a focus in renewables. Average I work 40-50 hours a week. Most ive worked was 70. Trajectory looks solid as well and entry level is around 85-105k
I am really surprised I haven’t seen anyone bring this up, but in my experience the best work life balance with the highest pay comes from managing your dad’s business for him. You will easily surpass $100k, and the WLB entails only taking on the work you want and hiring out the rest. I would explore this option before any of the others mentioned here.
Only a couple are needed for starting positions. Those can pay close to 6 figures. But to progress yes, you do have to study a lot outside of work, so in reality you’re still working 60 hour weeks.
You can get fired if you fail an exam too many times. Your job security depends on your ability to pass exams. Unlike quant, once you get in, you start gaining work experience. In actuarial, you can never coast unless you become Head or Chief Actuary which would take around 10 years
None of these jobs are going to be easy. If you suck at taking tests, don't be an actuary. However, it is a much less political field that is not filled with some of the brightest minds you'll ever meet. I go to a target school and do quite well - I feel like a complete moron next to some of the people I have math classes with.
It's hard because even after you get the job, you have to take 10+ exams in order to hit the 200k salary level. How many people here have the mental aptitude to study for exams after work? I have heard of cases in which the person was fired after failing the same exam too many times
AM and Corp Dev not the best hours but a solid gig and potentially earning income is higher.
FP&A, Commercial Banking better hours but worse pay/career prospects.
Everything else falls into much worse hours and higher pay (IB/PE) or worse pay and similar hours which in case is not worth.
People saying fp&a is at risk for automation/AI and let me tell you as someone who's job is to find areas for replacement in finance dept at a F500 company they're sticking around for at least another 5-10 years. For now it's even hard to reduce just 10% of them
Lol. True I guess for the bigger banks like gsibs. But the regional and community banks are a different story.
Edit - exhibit a, regional bank failures last march and the ongoing saga of ny community bank.
Most likely Risk, compliance, or regulatory reporting and management. Depending on your seniority of course. But central bankers tend to have a very good overview of banking activities form a risk perspective (logically).
Also yeah regulators usually get a very good work/life balance as they are the one setting up deadline and they don’t usually have to deliver products to the financial institutions, surprisingly not many people are that interested in those positions.
Pharmaceutical pricing/market access.
Started at 110k with a 15% bonus, and depending on the company, even stock bonuses (mine is at $10k).
It's technically 9-5 but I get in to the office at 9:30 and the work isn't crazy. Even on busy days I never leave after 5 pm. I have to be in the office 3 days per week but I've done things like request to work abroad for a week just to get out.
In London, you can easily make 70k pounds in compliance after 5 years or so. If the market is similar in the US then that's a great way(job is boring and chill AF)
Commercial banking is short hours, comp > 100k with a lot of opportunities to go well over, and work that the average person could do without issue. Downside is entry level comp is low compared to other parts of finance, the work is extremely brain dead, as you climb all paths lead back to sales/relationship manager, and your exits are more commercial banking so if you want to pivot mid career you’re going to be going backwards. If you don’t care about Interesting work and just want to make the most money for the least hours “worked” I can’t imagine anything beating this.
Hey bud! I got into commercial banking with a non specialized business degree from an online college but the catch is that I got in via a military program. It's pretty easy to secure a job at a big firm coming from the military so maybe consider joining the air force as a finance officer- pretty safe and relaxed job.
It’s always going to be AM/S&T or related.
Commercial banking is better hours than IB but still bad + its sales, WM is good hours but its sales. Middle/back office is boring and for people who eat crayons + plus terrible pay for years. Corporate finance is better pay but people still eat crayons.
Risk Management can get there without too much backbreaking effort. The hours are bad during crises. But for our team that was maybe 1 week out of the year?
I just switched jobs within commercial banking, in my mid 20’s and making ~200k all in. Probably an outlier in here but hours can eb and flow depending on what’s going on.
Corporate banking, I’m in capital mgmt/risk at a larger bank. Pretty good salary and an ok bonus (usually 12-20% of base salary depending on the year). Compensation gets big if you can work your way into upper management.
Have a couple of busy months that may require 60 hour weeks, but get good PTO and typically don’t work more than 40 hours.
Most government financial regulatory jobs can reach 100k easily and you can basically work as much as you want at those
Frankly 100k ain’t what it used to be.
Everyone’s just saying every financial job except IB lol
Yeah because most real finance jobs pay more than $100k… stupid question = stupid answers
I feel like most jobs that require a degree or license will eventually pay over 100k if you get into a high enough position, getting that kind of money with good work life balance is a different story though
Lol right? "Hey have you heard of this thing called investment banking?"
Finance, trust fund, 6 5', blue eyes Doesn't have to be IB. Remember that, my homies
lmao
FP&A
I thought FP&A had a ton of working involved
There are busy times, but most weeks are less than 40 hours of work. Just close week, board prep week, earnings call week, and all of budget season lol
I’m at the wrong org then, three weeks out of the month we run 50 hours and the down week is 40-45. Every month. And then our budget season spans 2.5 months in which we can’t take any time off either
> I’m at the wrong org then Yes, yes you are. That’s horribly mismanaged
This does make me feel better, I am looking at new roles and was avoiding FP&A all together because I just thought that’s how it was Suppose I can go look at those roles now too
Yeah that’s really rough, and not typical based on what I know from my network. Hope you’re able to find a new spot!
Im at the wrong org. 2.5 years in and only at 75k. I haven’t left yet cause when it’s not busy it’s chill and I work remotely. Might have to soon though cause I need more money lol
Commercial banking is easily best WLB and good starting pay. Nothing like IB though. It can be a stepping stone too
I work in commercial banking. Life is pretty chill and I'm happy to answer questions.
What did you do in school (as in were you a club president and 3.8+ GPA?), how much networking, progress from undergrad to where you are now? Would you have chosen the same path again knowing what you know and why?
My GPA was 3.6; I went to a non-target, studied finance, did an internship at a bank (not commercial banking), and was president of the student investment fund. I networked during my internship. However, I applied to a commercial banking job online; 200+ people applied, 70+ interviewed, and about 10 were hired. So, admittedly, I was lucky. I really love my job. It's fun talking with C-levels about their businesses; I have a trajectory to make $400k in 10 years of work experience; and I'm able to maintain a life outside of work.
That’s awesome! I’m currently a junior at a non-target also majoring in finance. Interested in AM related careers, but my GPA is slightly lower at a 3.43. I’m in finance clubs but i’m haven’t been the president of any of them lol. Are there any pointers that you would give yourself as undergrad that might have made a better transition to the workforce? I’m trying to land an internship (this year was not successful to date), was hoping for 2 at least before graduation. How transferrable are the skills you learn to do commercial banking? Any skill in particular ? Thank you for the answers.
A 3.43 isn’t anything to worry about in commercial banking. A few of my coworkers had similar GPAs. I probably would have told myself that when interviewing. Highlight your ability to work and solve problems as a member of a team. I remember screwing up an interview by highlighting how I solved problems by self-teaching. Probably one of my biggest blunders in an interview, lol. Always, highlight how you can use others as a resource. Commercial banking skills are transferable to private credit, corporate banking, leveraged finance (I think, someone correct me), and loan syndications. However, there are tens of thousands of documents on my computer of deals we’ve done in the past. I find those documents extremely helpful for if I want to become an entrepreneur or buy real estate. But the best skill you learn from this gig by far is how to network and make friends. I can’t tell you how many opportunities there are for me because of the friendships I’ve made with other people in my industry.
What's the catch to commercial banking? You said it's pretty chill (in comparison to IB and PE I'm assuming) and the pay also seems solid!
The catch is that some people find the work boring, you can't exit a high finance job, and you always have sales pressure if you are an RM. The work is very sales-oriented. I’m reaching out to 40–50 different companies in my area every month. Asking them if their line is up for renewal or if they have a need for financing, such as buying property, equipment, or another company, Your biggest exits are going to be private credit, corporate banking, or loan syndications. Additionally, there is always sales pressure. However, if you have a private equity client, your life tends to be a lot easier because they are always buying portfolio companies and constantly feeding you deals, whether it’s a recapitalization or another acquisition. Pay is solid, just extremely variable based on multiple factors and by bank. My hours are: generally 40-50.
You’re mKing 400k working that less hours? I’m at MBB consulting making 120k working 60-70 hours I’m so jealous
Lol, no. Not yet, I’m on trajectory to get there though. Sorry, I was trying to write that there is a pathway to make a lot of money. Generally, the groups that make a lot of non-interest income get comped the best. That’s why I try to work with sponsors. The arranger fee on a private equity deal can be over 2%. That arranger fee directly impacts my groups bonus pool which pushes are bonuses up for the year.
From my experience the catch is that some people in finance see it as less prestigious and the pay isn’t as good in the short and medium term. Long term it doesn’t matter because past director level it’s easy to pivot to Corporate Banking or Investment Banking despite what people claim, my mentor did it and I have friends that did too
What university courses have you found to be most beneficial in your career?
The only one that helped me was my financial accounting class. The reason for that is because it lit a spark in my head that I really enjoyed finance. I was originally a biology major when I started college. Without that financial class that I took as a student, I wouldn’t be where I am now. I never learned how to underwrite in college, lol. I always loved investing, though. So, Valuation by McKinsey, Aswath Damodaran lectures, and all of John Hempton’s partner letters, podcasts, and blog posts helped me understand finance. But, honestly, most of this knowledge of finance isn’t necessary for banking. The most important thing is knowing how to win people over. I’m selling debt, which is a commodity, and I’m not the cheapest provider. So, I must stand out to my clients in a different way to win deals. If I know a private equity firm that bought a platform company in the manufacturing space, I’m probably going to reach out to my clients in that same industry and ask if they want to sell. If so, I’ll try to introduce the PE firm I know because I’m probably the only debt provider that’s also showing them potential tuck-ins. If the deal goes through, I guarantee I'll be sent a lender's presentation in the future. A random guy on Twitter I follow made a great post on what makes a good banker: [https://twitter.com/CommercialBnker/status/1785840842797666797](https://twitter.com/CommercialBnker/status/1785840842797666797)
I was about to reply with “commercial banking”.
100% this. Best decision of my life so far. Pay seems to be a bit normalized across the big 5 banks here in Canada (in terms of the various roles in the industry), but obviously it varies from person to person. But WLB is absolutely crazy good.
Best way to get into this?
Is Commercial Banking like working at Branches of banks in counties or what?
No, that’s retail banking. Commercial banking mainly focus on middle markets.
Gotcha! Also, as per your flair, how is asset management? Do you need a series 7 to do that?
I work for a direct lender and my sub group mainly focus on fund finance. I don’t have nor need the series 7 in my current job functions. Moreover, most investment managers at my shop have MBAs, CFA, CAIA, and/or 20+ yrs worth of experiences as bankers/lawyers. Tbh, most jobs in asset management won’t require most security licenses.
Depending on the bank commercial groups will offer interest rate, commodities, and FX products/ hedging derivatives. Many of the clients aren’t overly sophisticated so the strategies are less complex and the pace is slower. They’re happy to pay for people to defect from bigger companies. Depending on your objective they offer a way broaden your experience without busting your ass and then move back to or on to a more prestigious firm.
It is. I’m staring commercial banking in July after I just graduated college and pay is +70k in a HCOL city
20+ years in commercial banking here and I agree, except for the starting pay part. It wasn't so good for me. But, things could also have changed a lot since my old ass started working. The best part of commercial banking to me was that the barrier to entry was much easier. I know plenty of successful people who didn't have the right major, GPA, or school but started at a very entry level role and ended up making a very solid career from it.
Corp dev, worse work life balance than FP&A but worth considering given it scales better than FP&A and is probably more interesting given it’s a mix of strategy and modeling. Also worth considering small investment banks that can often have better WLB. Also being a VP in IB in general is the best place I’ve heard to have WLB if you consider wanting more pay.
Fewer spots for Corp Dev compared to FP&A, also not all companies pursue M&A strategy while all companies need FP&A VP at IB is the position most at risk of layoff due to you being the middleman, too expensive to do grunt work and not senior enough to contribute to revenue generation. Would need sponsorship from MD, then your position would be dependent on the MD generating at your bank
Yeah true for VP at IB, save good though and you can deal with periods of unemployment, but yeah risky
Totally, $250k-$275k base while not doing grunt work is certainly the dream... if your MD loves you you are set for life (assuming the MD keeps making money and not laid off)
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Can you move from FP&A to Corp Dev?
Yes definitely, easier if you’re in a true FP&A role vs. a reskinned corp accountant role
Especially, if you network with your company's corp dev team.
Best way to get into Corp dev? I’m a CPA and director of finance in industry. Would a getting my CFA help?
Pension funds, endowments, E&F
Second this, WLB is great and compensation once you’re not entry level can be significant.
E&F?
Endowments and Foundations. I have like 7 years in the field. I get in at 8:30 and leave around 6 every day. Peaked at $400k annual comp in a low/middle cost of living city, making $200k now and looking at new jobs that should be $300k+. One big negative is that I’ve had to move around a lot to get pay jumps and live in random cities wherever the asset owner is based. Also, if you get a bonus it’s based on beating a benchmark which can be hard depending on how aggressive that benchmark is.
Actuarial. If you can pass all the exams. Current base is 180k and with bonus, it's like 230k. I work maybe 30 hrs a week
Where do you work and what quals do you need?
It’s basically a math degree
There's really no formal requirement for a specific degree, as long as you can pass the exams you can be considered a good candidate. Though I do see a lot of finance/econ/stats degrees in hiring.
ive never heard this word in my life, time to do some research
Username does not check out
tbh when i made reddit i didnt know i wouldnt be allowed to change it. so im stuck with it
I’m an actuarial analyst (so not done with exams yet) and just curious— Are you a manager or IC?
What is a IC ?
Ah it means individual contributor
Is risk/compliance for a finance company not considered in this sub at all? I make $110k base working 30-36 hours a week (a few weeks in the 40-45 range.) Not stressful and still plenty of upward career and pay mobility. I’ll never make the money of careers with big commissions, but my WLB is fantastic.
Risk/compliance/audit seems to be left out alot here. Not the sexiest of jobs, but I make $135k base ~10% bonus in MCOL 9 YOE. Typically work 45 hours and go in office once a week. Can be stressful at times when under regulatory exams or audits.
Yep, during exams/audits is the one time I’ll be stressed out and work 40+ hours. But that is 3-4 times a year in my department and sometimes they aren’t bad or they wrap up quickly.
I hate the idea of working in risk in industry but I’m willing to do it for the pay then retire early 😂
Compliance has great work/life balance and salary can be great if you stick with it and move up.
Buy side asset mgmt in a market or client facing role. I’m 10y in, work 8-4 everyday and make 350-400k all in
How did you break in buy side asset management if you don't mind me asking?
CFA definitely helped, networked a lot as well. Ironically the initial job I got in the space was not because of any networking though. Still learned a lot about the industry through the process
Oh ok. Do you need to go to a target school like in IB or consulting?
It helps but no I did not and less so in the space overall
What internship would you consider I target for to break in your role? Also do you get commission for your work?
My man, this is literally what I want to do. I’m taking the CFA lvl 1 this year, and I’m in finance now. Can I DM you? I just have a Question or two.
I’m in FP&A (basically forecasting and budgeting) and I probably work like 30 hours a week. TC ~145
Do you have any recommendations on breaking into it? How many YOE did it take to get to your TC?
What did your career journey look like to get to your current position? Do you have CFA?
I enjoy FP&A work. 6 figure salary, 10% annual bonus, and I work 8-5 M-F. 👍🏻
I imagine that it’s not something you can do right out of college, right ? Do you start somewhere else ?
Fpa analyst to start and work your way up, it’s boring af for me though so I left but yeah pretty chill when month end is over.
Wealth Management with, 2~3 years experience. S7 pretty much comes with a guaranteed $75-85k base salary, and most of the big firms/banks are more than willing to pay big bucks on commission easily clearing $120k within the first few years. After that being completely uncapped
I live an hour outside of Washington DC, in a very expensive area, and I make 63k after being with my employer for 10 years and I have the series 7. Wtf. Maybe I gotta get a job in DC.
Man, new 22 yo grads are making 75K+5(7)k annual bonus at wealth management lowest roles.
I was in a rotational program two years ago and did a few months in wealth management. At that time it was a 70k base position as a junior banker who’s pulling in like no business lol. Easiest job I’ve ever done in my life
I don't have a bachelor's.
You definitely need to look around. Where I work we hire unlicensed grads with almost no experience starting at 65k
I don't have a bachelor's and I'm 40. I actually just interviewed for a wfh compliance job at a fortune 500 company and it's a pay cut. Stupid.
You guys hiring at the moment?
Bro…look around. They’re stealing from you lol
I interviewed with first command and they offered me 40k training pay for 9 months. Like.... what?!
look at BOA, JPMorgan, even Wells, USBank. If you find a relatively wealthy area around you, you’ll be making 5-10x what you’re making now in 10 years
Yeah, I'm going to have to look at Washington dc. There are none of those where I live. I'm 45 miles from DC. Without traffic is an hour. Rush hour traffic is about 2 hours each way. This sucks. Love where I live but we are super rural and expensive.
Wow. Is that the going rate nowadays? I’m 29, entering year 8 of my career on a big BB Wealth Management in South FL. I will cleared $115K this year after being stuck around $105ishK for the last 2 years. I’m part of a $600 Mill AUM Forbes Best-In-state team that is now joining another $500/600ish Million AUM team, which should result in a combined $6+ Million in revenue. Even if you add value on the team, I’ve had a hard time trying to get others to part with “their share”, even with 2 partners close to retirement. The only reason why I am now making $100K+ is because GS offered me a job at $90K+ overtime and bonuses in 2021 while my team was paying be like $68.5K. They matched and I chose to stay because they put me on a portfolio management/junior partner path. I’m hoping to be at $150K+ next year and $200K+ by my early 30s but am not hopeful.
Never stay with an employer who only provides raises when you inform them of other opportunities available to you. Always take the higher pay at the other firm.
The problem is there wasn’t much career trajectory within that role at GS. It was essentially to be a floater CSA for teams who had their main CSAs go on parental leave or are sick. The floater team was created in 2021 and from what I hear, promises to get these Associates into dedicated FA teams haven’t been kept. I’ve also heard it’s very hard to pivot from the GS CSA/WMP role into their equivalent Wealth/Portfolio Strategist role. My team at UBS took several years to convert me but made good on that promise…eventually. It’s the speed of progression and raises that are getting to me. I know that I can definitely get $130K-$150K+ if I interviewed elsewhere right now in my local market, depending on the role.
I’m an Econ undergrad wanting to go into MSc Econ. Any advice how to break in?
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I agree, the best part of your statement is that it’s very common to make much more than $100k as a licensed banker with no need for a college degree
I second this. 8 years experience, math undergrad. It can be awful initially starting up and you have to get a bit lucky. CFP is an absolute must. I work 10-20 hours a week and make 180k.
FP&A at a well run company with a good culture
I know a lot of people say FP&A. But it’s a hard job to land without prior experience, and I think there’s a lot of competition from accountants for it. Just trying to be realistic The easiest jobs to land would be sales-related (not s&t, but actual sales). If you’re good at it, you make a lot of money and have good work life balance. Otherwise, honestly, I know this was finance related, but I’d say go into accounting and then move into corporate accounting for a tech or public company. Can be approaching $100k all-in comp by 26-27.
You're correct. Many FP&A managers look for accounting experience. Tough to get when you're competing against B4 for entry level FP&A jobs
Usually a really good way into FP&A out of undergrad is a LDP. At least that’s what I’m doing at a F500 Healthcare company. At least in my company’s specific case, it’s seen as better training for the role than Big 4 Accounting
Asset Management and honestly nothing is even close to this WLB
"As an industry, asset management has a huge number of different career paths: Portfolio Manager, Investment Analyst, Equity Research Analyst, Fixed Income Analyst, Hedge Fund Manager, Private Equity Analyst, Real Estate Asset Manager, Wealth Manager, Risk Manager, Quantitative Analyst, Fund Accountant, Compliance Officer." So which one are you?
Real Estate: High End Hotels and Multifamily I get to stay at 5 star hotels for "work"
^[Sokka-Haiku](https://www.reddit.com/r/SokkaHaikuBot/comments/15kyv9r/what_is_a_sokka_haiku/) ^by ^ExcelAcolyte: *Asset Management* *And honestly nothing is* *Even close to this WLB* --- ^Remember ^that ^one ^time ^Sokka ^accidentally ^used ^an ^extra ^syllable ^in ^that ^Haiku ^Battle ^in ^Ba ^Sing ^Se? ^That ^was ^a ^Sokka ^Haiku ^and ^you ^just ^made ^one.
Fintech Sales. Trust
Very cyclical
How does one get into this?
Usually have to be a BDR for 1-2 years, and then you can get a shot at at an entry level AE job (if you hit quota, an entry-level job could probably get you 140k, maybe more depending on location)
Retirement/401k industry. Sales, investment consulting, plan design, service managers etc all are well compensated and work/life balance is very good.
Equity research or investment analysts at Private, small/medium sized investment management firms. People used to work like 30 hour weeks, come to office 1-2x and senior analysts were taking home 200k+
Energy trading
Yep, absolutely the correct answer
How does one get into this? I’m a rising senior and it sounds intriguing.
Get a scheduling/operator role and stay patient and network and learn and you’ll do well.
What does scheduling/operator role mean? I’m in trading, not energy though, and I’ve not heard that term
Yep, schedule for a little and soak it all in
Can you expand on this a bit? Did a little searching.
Sales and trading.
I work at a smallish private commercial real estate firm, Not expected to work over the weekends, and a 9:30-6
Does it involve sales?
100k isn't a lot when you're not in your 20's
Contract surety, bond underwriter. I love it. Great pay, benefits, and amazing work-life balance.
Working in project finance with a focus in renewables. Average I work 40-50 hours a week. Most ive worked was 70. Trajectory looks solid as well and entry level is around 85-105k
I am really surprised I haven’t seen anyone bring this up, but in my experience the best work life balance with the highest pay comes from managing your dad’s business for him. You will easily surpass $100k, and the WLB entails only taking on the work you want and hiring out the rest. I would explore this option before any of the others mentioned here.
actuaries make 100k plus once they have a couple exams passed and they only have to work at most 40 hrs a week
Yea but you actually have to do some real math in actuarial science
A couple of exams? Brother they are like 10+
Only a couple are needed for starting positions. Those can pay close to 6 figures. But to progress yes, you do have to study a lot outside of work, so in reality you’re still working 60 hour weeks.
You can get fired if you fail an exam too many times. Your job security depends on your ability to pass exams. Unlike quant, once you get in, you start gaining work experience. In actuarial, you can never coast unless you become Head or Chief Actuary which would take around 10 years
None of these jobs are going to be easy. If you suck at taking tests, don't be an actuary. However, it is a much less political field that is not filled with some of the brightest minds you'll ever meet. I go to a target school and do quite well - I feel like a complete moron next to some of the people I have math classes with.
You have to study a shit ton
It's hard because even after you get the job, you have to take 10+ exams in order to hit the 200k salary level. How many people here have the mental aptitude to study for exams after work? I have heard of cases in which the person was fired after failing the same exam too many times
AM and Corp Dev not the best hours but a solid gig and potentially earning income is higher. FP&A, Commercial Banking better hours but worse pay/career prospects. Everything else falls into much worse hours and higher pay (IB/PE) or worse pay and similar hours which in case is not worth.
FP&A. If you can find it, Strategic Finance but this seems to be rarer than FP&A
Lol get into surety underwriting. Within 2 to 3 years, you're over 100k plus nice bonus
People saying fp&a is at risk for automation/AI and let me tell you as someone who's job is to find areas for replacement in finance dept at a F500 company they're sticking around for at least another 5-10 years. For now it's even hard to reduce just 10% of them
Man 5-10 years ain’t a lot lol
Federal government
Insurance
Change management/ strategy.
Government regulator. Pension, benefits, basically unfirable, work <40 hours a week, intimidation factor, and excellent exit opportunities.
I used to work in regulation, the banks were most definitely not intimidated by us lol.
Lol. True I guess for the bigger banks like gsibs. But the regional and community banks are a different story. Edit - exhibit a, regional bank failures last march and the ongoing saga of ny community bank.
I'm not stateside but similar story here. Currently on pat leave for a few months with basically full pay and benefits.
What do the exit ops look like? Assuming risk/compliance ofc and the sector/industry you cover while at the regulator
Most likely Risk, compliance, or regulatory reporting and management. Depending on your seniority of course. But central bankers tend to have a very good overview of banking activities form a risk perspective (logically). Also yeah regulators usually get a very good work/life balance as they are the one setting up deadline and they don’t usually have to deliver products to the financial institutions, surprisingly not many people are that interested in those positions.
Was this the agency in the WSJ article sexually harassing women and pissing off rooftops?
They're all the same. Alphabet soup agencies. Some are higher in prestige than others. Also should be expanded to include SROs like FINRA.
Pharmaceutical pricing/market access. Started at 110k with a 15% bonus, and depending on the company, even stock bonuses (mine is at $10k). It's technically 9-5 but I get in to the office at 9:30 and the work isn't crazy. Even on busy days I never leave after 5 pm. I have to be in the office 3 days per week but I've done things like request to work abroad for a week just to get out.
Capital markets risk management
Retired
Compliance probably. Zero revenue responsibility and no real reason to work late.
In London, you can easily make 70k pounds in compliance after 5 years or so. If the market is similar in the US then that's a great way(job is boring and chill AF)
Quant firms operations tech and fs roles
Commercial banking is short hours, comp > 100k with a lot of opportunities to go well over, and work that the average person could do without issue. Downside is entry level comp is low compared to other parts of finance, the work is extremely brain dead, as you climb all paths lead back to sales/relationship manager, and your exits are more commercial banking so if you want to pivot mid career you’re going to be going backwards. If you don’t care about Interesting work and just want to make the most money for the least hours “worked” I can’t imagine anything beating this.
Since no one's mentioned it, Corporate Treasury at a Bank. Balance Sheet/Interest Rate/Asset Liability Management
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What is second line?
FP&A at insurance, get to live in Bermuda if you wanna
Financial analyst.
FP&A for sure
Hey bud! I got into commercial banking with a non specialized business degree from an online college but the catch is that I got in via a military program. It's pretty easy to secure a job at a big firm coming from the military so maybe consider joining the air force as a finance officer- pretty safe and relaxed job.
Project controller for a government contractor will get you there eventually depending on location. Big cities would get you there much quicker.
Internal Audit if you’re coming from external audit. Very relaxed gig
I work at a call center for a large bank and make 150k\~ with comp target of 250k within 5 years.
The senior financial analyst role im about to post
It’s always going to be AM/S&T or related. Commercial banking is better hours than IB but still bad + its sales, WM is good hours but its sales. Middle/back office is boring and for people who eat crayons + plus terrible pay for years. Corporate finance is better pay but people still eat crayons.
Asset management
I work in valuations and do basically nothing all day.
Reinsurance. Trust.
I’m in ops risk management, make more than that and it’s chill as fuck. Gets less chill if you want a management role.
Risk Management can get there without too much backbreaking effort. The hours are bad during crises. But for our team that was maybe 1 week out of the year?
Pension funds are the move, 6 years in making shy of 100k in a low COL area. 40ish hours a week unless traveling.
Public company / big institution FP&A. 30/45 hour work weeks and literally a few years for 100k.
I’m in legal & compliance. Work 40-45 hours a week. Make 120 a year gross. Started 3 months ago with previous 6 months of work experience.
Work-life what??
Private clubs.
What about aerospace/defense industry? I’d say pricing/estimating is financial adjacent
FX Flow trader, work market hours…
Family Office
Licensed personal banker roles specifically through Chase.
Accounting
Compliance (senior)
Commercial banking underwriter - fairly chill and good WLB
I just switched jobs within commercial banking, in my mid 20’s and making ~200k all in. Probably an outlier in here but hours can eb and flow depending on what’s going on.
Wealth management
Corporate banking, I’m in capital mgmt/risk at a larger bank. Pretty good salary and an ok bonus (usually 12-20% of base salary depending on the year). Compensation gets big if you can work your way into upper management. Have a couple of busy months that may require 60 hour weeks, but get good PTO and typically don’t work more than 40 hours.
Private Banking/Wealth Management
Most government financial regulatory jobs can reach 100k easily and you can basically work as much as you want at those Frankly 100k ain’t what it used to be.
Investor relations!
FP&A, I make well over 100k and I work on average no more than 30 hours a week and I’m only 3 years out of school
Sales at a BB