Why bankers quit?

Andy Nguyen

NYMag ran an article recently using survey result from 74 current/former finance workers. The result is this infographic.

Cary Ferguson

1) What ex banker rolls on a fixie? Haha (Any Portlandia watchers out there??)
2) Only 3% want to be artists? Does selection bias imply that bankers aren't creative?

Andy Nguyen

50% of these people make less than 100K/year. Probably they quit after realizing Wall Street isn't a get rich quick path they always dream of?

Nicolas Lopez

Its pretty easy to make an infographic based on the opinion of 74 frustrated financiers. Funny how they mention food trucks. If you ever get time to watch a documentary on the start of the current food truck trend, 70% mention coming out of careers in finance.

ThinkDifferent

50% of these people make less than 100K/year.

this survey is not about bankers then. who on earth can make 60K or less working on Wall Street?

Ken Abbott

Managing Director
this survey is not about bankers then. who on earth can make 60K or less working on Wall Street?
There are plenty of entry-level positions at or below this level, depending on the type and size of firm.

Eric Zhang

A lot of bankers wanna get out, but actually more guys want to get in. It's like an endless cycle?..

Jayanthan

they make still less than 60K, and still work around the clock.
Let's suppose
Average work 70 hrs/week
Total hrs in a yr = 70*52= 3640
Avg pay/hr = 60000/3640 = $17.48 Wall street employees are working for$17/hr. Is that even possible?

Ken Abbott

Managing Director
Where do you get 70 hours per week? While many junior investment bankers work those kinds of hours (not necessarily engaged in productive pursuits during that time), I have 29 years of empirical data at five firms that suggests that 50-60 is more realistic.

Jayanthan

Thank you @ Ken Abbott fro the reply

I've just come up with that 70hrs from what I have heard and read. Sorry about that.
Lets say 2 weeks vacation-- to boost up the number
Average work 55hrs/week
Total hrs in a yr = 55*50 = 2750
Avg pay/hr =60000/2750 =21.81 (excluding tax)

Eric Zhang

A lot of young people get into banking with the belief that if they put their heads down and do the grunt work after a few years, they will be able to retire after making their millions or so-called "walk away" numbers.
I definitely agree with this idea. As one of this kind young people, I always think: is it worthy to do that? Before we earn enough money for retirement or "walk away", we may lose too much time or too many chances to live a better life. Maybe that's why so many bankers want to quit.

Jayanthan

I definitely agree with this idea. As one of this kind young people, I always think: is it worthy to do that? Before we earn enough money for retirement or "walk away", we may lose too much time or too many chances to live a better life. Maybe that's why so many bankers want to quit.

does that mean, they don't make money

Andy Nguyen

It's a target that keeps moving further and further. So they end up in a job that they hate but still have to slave away to afford the lifestyle.

Eric Zhang

does that mean, they don't make money
They do make a lot of money. But the utility of money seems not to be so high as they expect

Ken Abbott

Managing Director
Some do well. Others less so.

The ones that do well tend to be the ones with a genuine interest in finance and/or economics, not the ones chasing the \$. For too many, the business ends up being something to which they devote their waking hours in a passionless pursuit of earnings.

Jayanthan

appreciate your response Ken Abbott. Thank you

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