So who do you believe; Goldman Sachs juniors now earn up to $500,000 as Wall Street hikes bonuses - Financial News (fnlondon.com)
Provided they work 5 days a week, that's almost 20 hours a day. Besides following the global markets as they open and close around the clock, just exactly what the hell are they tasked to do? Don't forget these are rookie traders, so I imagine they're not given any big responsibilities.
and the future value of growth at the company. Eventually some of them will be making millions working 40 hours/week.
7 days. Most are Investmenr bankers. typical day is starting at 9 and waiting around for meetings. At 5pm working on presentations until 2 or 3 for following days presentations.
- Okay, fine, let's make that 7 days, which would be 14 hours a day. Now just how long are these meetings? Considering that these are meetings that involve junior staff members tells me that it probably ain't very important to the company operation. Also do you really need 9-10 hours (if what you say is correct, from 5 pm to 2 or 3 in the morning) to write up a presentation for the next day? Sorry, but that sounds pretty retarded and a complete waste of precious time that could be utilized in better ways elsewhere. I dunno, if I were the top brass of Goldman, I would get rid of these so-called meetings and presentations and just run a weekend workshop.
Why would I even want the work product of someone working that many hours? We're not talking about digging holes, we're talking about thinking. They're going to be so fried from being up that many hours, that I would not trust their work. Maybe it's just for hazing purposes.
I had brunch with a few young doctors in fellowship yesterday. Depending on the field, they are expecting to start at $400 - 700k / year (private practice). Expecting to be well over that in a few years. These students are from good, but definitely not top med schools. Dermatology / plastic surgery seems to be the most lucrative specialty. Many expect to be earning over $1M / year eventually. One person said they knew of a guy who made $1.7M last year, but had to do a ton of overtime to get that. Long story short, in terms of maximum profit potential, finance wins, no doubt. But if you are willing to work hard, maybe medicine / tech offer a higher probability of achieving a high salary. Not every junior banker at Goldman will become a partner. But most people who make it into med school (not easy or given in itself), will become a doctor and many specializations in medicine pay very well. That said, with medicine, it usually involves a ton of debt and the high salary usually does not come until one is somewhere in their 30s. It's also highly risky. Not uncommon to have 30 hour shifts, many don't make it into med school, and there's some malpractice risk. So the high salaries come for a reason. I had not really considered medicine the best path to pursue if one really wanted to make a lot of money given hard work combined with intelligent application, but these young doctors sure seemed interested in money and I got the impression, that might have been their main motivation for becoming a doctor. Btw, doctors actually do talk and joke about their some of their patients / extreme cases outside of work.