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Has anyone taken the CAIA ? Any tips ?
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Completely dependent on location. Either way, pretty easy to cross that threshold in consulting, IB, etc. if you're willing to grind. Corporate may be harder if you're in a LCOL area and not at least a manager.
I make $100k+bonus in a LCOL area as a Sr Analyst, but cost of living calculators online (admittedly flawed but directionally give a decent picture), say my $100k+bonus salary is equivalent to >$185k+ bonus in Brooklyn, >$150k+ in Boston, >$130k+ in Chicago....etc. I'm 29 and took a pay cut last year for a more stable job (so was comfortably in the six figure range prior)
That's just not true in LCOL cities. Is it achievable at a manager title in Corp Finance or in other non corp finance roles in these cities...certainly, but not " standard". Think it's important to realize the average college graduate does not achieve the title of manager or above....which is what it takes to reach 6 figures in many LCOL cities with fewer job prospects. Many people don't ever move from the city they were originally born in, so this is a huge factor when comparing ones comp.
Always gotta put into perspective cost of living with where the money is earned. $100k is becoming the starting salary in NYC at big banks for IB. At the same time, $100k in NYC doesn’t spend the same as $100k in any city that isn’t SanFran.
So it will be harder to cross in an area where cost of living is low than areas with high COL
even in M/LCOL areas, USD100K doesn't feel difficult to cross in any advisory or investment-related finance with a few YOE. Core corporate (in-house) finance might take longer, but hopefully they'd pay for your qualifications to enable you to break that barrier faster in future roles.
Everyone I work with comes out of undergrad and MBAs starting over $125k. NYC though.
Huge caveat lol, like 2x cost of living of many cities in the US
Just wondering what qualifications do you guys have to reach 6 figures
Really depends on what you do. CPA is gold standard in Corp Finance if you have an accounting background and meet the pre-req requirements, FRM is decent in credit risk roles, CMA is appreciated in certain finance teams/by certain companies but not others.
I can't speak to the entire industry, but... You should be able to cross that in 5 years as an FA, even in the Midwest, even without going after HNW. Unless your grid sucks, just $20mm AUM should get you 6 figures.
For certification, it depends on your area and focus. For HNW, you'll need a CFP to make the most of it in most cases. There are so many niches, and different certifications will help in different focus areas.
I make over 100k in middle of no where missouri