How do Tech guys expect to get for bonus in IB?

  • Thread starter Thread starter Ryan
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AnoopRN said:
Ryan, in the initial phase of your career, you should be more bothered about studying this industry and enhancing your skills. Career choices must not be dictated by money alone. This is a common pitfall.
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I think it's good to be asking these questions, and while money shouldn't be the only consideration, it's perfectly fine for it to be a primary consideration among other primary things (like hours worked/lifestyle- something that gets overlooked by college students.)

My advice to Ryan would be to spend the first two years quietly watching what people do and whether he would have fun doing it. When I showed up two years ago, I thought I wanted to be a trader. The problem is that most traders have not-so-intellectually challenging jobs. Then I thought I'd like to be a desk quant, but those guys work 70 hours a week and look like they're 50 when they hit 35 from all of the stress. I realized that working as a quant in research would probably be the most interesting and enjoyable job.
 
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Spends less than $30K/year in NYC (OK, Jersey City) (post-tax dollars).
 
I live in "outer borough" and of the many QN members here I know personally, I can count on one hand the few who lives in the city and pays 2K or more for a small studio.
There are many ways to live large and there are ways to live on a budget. Frugality is the new hip. If people can survive as a student, they should survive with 100K salary.
 
I was looking at craigslist and some other places, and it seems like there are plenty of studio apartments available in Manhattan itself for like $1500-1800 range.

http://newyork.craigslist.org/searc...nAsk=1400&maxAsk=1800&bedrooms=&neighborhood=

If you are making 100K, I would assume you would take home 5K per month after taxes, and can afford to pay ~1800 per month if you are not married. Add another ~1500 for other expenses living comfortably and you still save ~1500 per month, which comes to ~20K saving per year. Usually in most good companies, insurance is taken care of already.

I have seen it written a lot of places that landlords look at your yearly salary and are willing to rent you the apartment if you make atleast 40 times the monthly rent. So that means a person making $80K per year can afford a ~2k per month apartment...so the one making $100K should have something to spare.
 
The thread becomes interesting :) Anyway, thank you very much for all the knowledge/thoughts shared here. I start to realize how important that u have good mentors/friends on street is.
 
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