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Im 5.7yrs - currently working as Software engineer in Fidelity Investments . Working late after 7pm IST not suitable to me. Got an offer with Standard chartered bank with 18.5 inhand and Barclays with 20 inhand. Standard Chartered as Specialist - Product Engineer and Barclays as BA4 Both are mentioned as promotions. Which one would be better to go? based on benefits and promotion given to me? In Fidelity investments, we will be getting year end gifts.. will any company provide such benefits?
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Best bet is it put in 2 years, go get a top mba and break into finance that way. If you want to make real money, audit isn’t it
Community Builder
I tried investment banking after b-school after having done TS. I hated it and realized that lifestyle was not for me after my internship.
Mentor
150 is not the cap on accounting jobs. It took me 8 years to get to that salary, though. If you can get into a finance role that will pay 50%+ more than what you currently make, definitely take the job.
Honestly once you're making 70-100k (depending on COL) your happiness will not increase with pay increases. Do what comes naturally, what you are passionate about, and you'll go far. I do best coaching, training, and mentoring. My accounting skills are okay but I'm great at building up my team. It's not my life's dream to be an accounting manager but I also don't dread Monday each week.
You're like 6 months into your career. If you want something else, then make it happen. If all you care about is money, then there are jobs for that.
OP I’m making 130k in my fifth year out if school in deals. Will clear 150 easily next year. Partners make millions, we do well.
That said, bankers clear 200k straight out of school at bulge bracket IB.
Quit?
Maybe the career your friends that you’re jealous of went into?
Community Builder
Finance is a lot less stable. They get hired in good times and fired in bad. Much tougher transition from i banker to other fields. Grass is always greener.
Also - pls remove ibankers from your vocab.
Let’s be honest here... if we could find double pay finance job at the first place, we wouldn’t be doing audit
Personally I’m playing the long game and plan to wrangle my way into head of tax in a public company someday; that salary definitely does not cap out at $150k lol.
Question - how would you make that transition? Would it be right after getting a SM position or staying one/two years as SM? Or would it be after getting promoted as ED?
Only you can answer that question. Everyone has different interests so there isn’t a single best role or industry for everyone. I will say that I wouldn’t let the jealousy of your friends be the driving force for your career change. Money doesn’t always equal happiness.
Don’t choose a career for the money. Choose a career based on what you enjoy doing and where do you want to take your life.
Would you rather be a miserable person making 100k a year with no life? Or be “free” and happy making half that money but enjoy what you do and enjoy your life? It’s your choice, but the latter sounds like a better option.
I’m at 8 years and I’m clearing 150k in tax so maybe your calc is off a bit but also, if you just want money, big 4 isn’t it.
Our friends in finance probably get paid less on an hourly basis in the first few years because they are putting in 100 hour+ weeks year-round. One of my friends was working 120-130 hour weeks for 2 months straight. If you want to subject yourself to that for a few extra bucks, then dive right in. Just remember that the hours in finance will always be much more demanding throughout your career if you really want to be making big big money with risk of being put out onto the street when times are bad. As others have said, accounting is much more stable and to be honest, sets you up with all of the opportunities you would need to live a happy life. I once struggled with the same thoughts as you and I am starting to realize all of the above the further into my career I get. Also, your salary is never capped in accounting, especially in the big 4. It can only go up if you’re willing to put in the work.
Coach
Can I point out that “only 150k” puts you at more than double median household income? Any career that has a trajectory that puts you in that range is a decent career.
Lol money isn't everything. Also don't compare yourself.
Pwc 1 there you go, you found the reason. You are not happy and so should definitely leave.
Don’t settle for less
I mean.. are you.. an auditor.. comparing yourself to an ibanker? Not saying what jobs are better but ib jobs are much more competitive & harder to get. If you can get the job then go for it. If you can’t qualify, no point in comparing what’s not an option for you.
Community Builder
Not necessarily. When the times get bad then there are a lot of bankers on the street. Hope you saved those bonuses. The jr people will work 80-100 hours a week regularly. Or at least they did 10 years ago. If you want private equity then you need to go in as an analyst and go to a top 10 program.
You should do more research and make steps to fix your problem. Unless you are just venting, then, yes, audit does not pay well on a per hour basis, especially if you are on 12/31, 3/31, 10/31 busy seasons. However, if you want to do ‘finance’, reach out to people, network, take the GMAT, take the CPA, take the CFA, learn python and SQL, then network a ton more. Submitting your resume to random portals at your dream job will not get you in. You need to position yourself to be the best applicant possible - no one is going to help you unless you really want a position and you are willing to put the work in to get there (ie. hundreds of cold emails, pass CFA level 1, take a modeling course, or getting all GMAT study guides and trainings if you want to do the MBA route)
Stop comparing yourself to other people.
Perhaps it’s how I grew up, but I always felt that $150K after 10 years is pretty good? Lol. How much can you reasonably expect to making by your early to mid-30s? Anything significantly more than $150K sounds like one would need to be doing exceedingly well. I am 3 years deep into B4, so maybe I don’t want these answers.
Some of my tech friends almost tripled my starting comp