Why is my salary so low (2 Viewers)

[khosanman]

As you might know I just got an Analyst level role in private wealth management at a top investment bank here, and I am only getting 43K??

Why is it so little, I hear all these stories about first yearers at investment banks getting so much?

Is it my division? Is it because I got the role not through the traditional grad role, because it was a position created due to growth?

Any ideas?

 

[turtleface]

I think the first years you hear about are working in the Investment Banking (M&A, ECM etc) or Equities Research divisions.

43 is not low for an entry position, it is on the low side for commerce related jobs at top tier level, but I know of ppl at smaller places being offered 33K.

 

[khosanman]

Yeh. I guess it will lead to a much higher salary in the future with them. Well I hope so anyway

 

[seremify007]

I think the first years you hear about are working in the Investment Banking (M&A, ECM etc) or Equities Research divisions.

43 is not low for an entry position, it is on the low side for commerce related jobs at top tier level, but I know of ppl at smaller places being offered 33K.

LOL wow trainee salary doesn't seem so bad^^

 

[MuffinMan]

I wish I earned 43k lol

 

[Chelsea FC]

don't Forget That U Still Have To Pay 'tax' :d

 

[MuffinMan]

don't Forget That U Still Have To Pay 'tax' :d

and hecs too

 

[Gavvvvvin]

And if it makes you feel any better, I know people who shovel shit and make more than you.

 

[Preditor.89.N7G]

If you have come straight out of uni then i think you should be pretty happy with 43k.

 

[redruM]

and hecs too

and chances are super is part of the 43K?

 

[khosanman]

Yeh yeh, im not complaining, I was comparing it to all these stories you hear of all these first year grads in investment banks getting 70+

Can anyone tell me what is the average salary for a first year grad straight into an audit job with a big 4? Very itnerested in this.

 

[khosanman]

Well, my mates doing audit get about what yr getting 42-45K

Bloody auditors! (cant tell you how many times I heard that from clients thinking they were funny)

Glad I left that after 2 months and serving out my notice now. I was getting 42K. But lots of money to be made in auditing, as big shortage

 

[Rorix]

Why is it so little, I hear all these stories about first yearers at investment banks getting so much?

What you've heard is probably IBD salaries..and if it makes you feel any better, they're a lot higher than 70K

 

[khosanman]

43K is pretty good!

I got a grad role at Maccas EMG, rotating through the equities business, and im currently on 38K.

I think its because theres so much demand for these grad roles in the IBs that they can easily offer lower salaries and there will still be hundreds and hundreds of grads who would willingly shed their own blood to get these roles.

Its a race to the bottom.

Yeh good way to put it. Although just as much if not more demand for IBD, but i guess they want the best, and offering a higher salary justifies more the crazy hours they will work and get the best out of them.

 

[khosanman]

43K is pretty good!

I got a grad role at Maccas EMG, rotating through the equities business, and im currently on 38K.

I think its because theres so much demand for these grad roles in the IBs that they can easily offer lower salaries and there will still be hundreds and hundreds of grads who would willingly shed their own blood to get these roles.

Its a race to the bottom.

Also congratulations on getting this position. Sounds like a great role. Heard its a pretty tough environment at macca though compared to goldman sachs, a lot mroe backstabbing to get to the top.

 

[khosanman]

what sort of hours you pulling?

And whats so good about citi?

 

[khosanman]

bloody hell.

Hope Im not doing that.

Its crazy how hard they expect you to work, really leaves no time for anything during the week.

And not to mention on taht salary

 

[lizbon]

38K in equities? there must be some kinda of bonus scheme though right? and didnt CVC pull out of the coles deal ages ago? lol

i noe someone who got into corporate affairs (ie, operations) at macq and they're getting 62k+ super, most IB middle office roles (in sydney) e.g risk management get like 60-70k

big 4 auditors get 45k if i'm not mistaken.

brogs, ur at deloitte right? wat division are you working in?

 

[turtleface]

one of the melb big 4 pays 47K in audit i believe. Mine is 46, which is strange cause I always thought sydney pays higher.

down in melb the retail banks pay like 55 though

 

[velox]

Maybe all those hours are getting to jennyness. Maybe she mean 83k lol. If its 38k, then she is getting $8.69 an hour. Hmmmm....

didnt CVC pull out of the coles deal ages ago? lol

No that was Publishing and Broadcasting Ltd (PBL) Media that Citigroup Venture Capital (CVC) took over ages ago. They are now looking to take over Coles Group.

Are you sure? I was under the impression the only bidder left for CGJ is Wesfarmers...