Front-office salary - What should I expect? Newbie? (2 Viewers)

[Vagabond]

40 hrs/week is never the case for auditors..maybe in june/dec...especially as you move into a senior role.

i'd say on average 55 hrs/week

That's rubbish.

When was the last time you've looked at a yearly staff utilisation report for the big4?

A senior manager or above, maybe yeah. But then saying most staff would do such hours is not fair weighting across the grades.

Edit: Wait, were you the guy that works for EY?

If you're sure about what you're saying then I'm smiling!

 

[§eraphim]

The latter is true, former is not. 1st yr derivatives salespeople (on a good desk) make as much 1st yr IBD analysts (and a 1st yr structurer on my desk made more than 200 all-up last year, dont think any 1st yrs in ibd made that).

To original poster: 80-100k is standard base for 1st yr in derivatives sales/structuring/trading.

Thank you for your reply.

Derivative sales/structuring seem to require similar pitching skills as to that of a IBD analyst. Is that a reason why their compensation is not too far off from one another?

For derivative sales/trading/structuring, what does the percentage bonus range over?

 

[Conspirocy]

'The sky fell in and it rained fire'
By Evelyn Yamine

March 13, 2008 12:00am

CITY workers watched in amazement as balls of fire fell from the sky last night.

Staff at accounting and law firm PricewaterhouseCoopers were forced out of their Sussex St office after the neon sign on the top level burst into flames just before 9pm. Workers who converged on the footpath below were moved on as the letters began to melt and balls of fire rained down 27 storeys.

Firefighters unable to reach the blaze were forced to stand and watch as the fire burnt itself out.

Surrounding streets were blocked off, causing traffic chaos in the city.

PwC worker Michelle Chew was one of the 26 people evacuated from the building. She said she was working late with four colleagues when she saw "flake-like" debris and then fire embers falling past the level 13 window.

"They were just falling down the building," she said.

Onlooker Lusiano Afeaki said: "There was just balls of fire coming down from the top. It was like a waterfall of fire."

A Fire Brigade spokesman said an electrical fault was believed to have caused the fire.

http://www.news.com.au/dailytelegraph/story/0,22049,23366711-5001021,00.html

This one goes out to all the people who want to work in accounting and actually believe the work life balance spin. Now I'm not saying it is complete bull, but if you just read the bit in bold I think it will highlight just how much auditors are actually working.

Also how stupid can the people at PwC be they stood under the sign after being evacuated...

 

[Soros]

Thank you for your reply.

Derivative sales/structuring seem to require similar pitching skills as to that of a IBD analyst. Is that a reason why their compensation is not too far off from one another?

For derivative sales/trading/structuring, what does the percentage bonus range over?

0-50%

 

[redruM]

That's rubbish.

When was the last time you've looked at a yearly staff utilisation report for the big4?

A senior manager or above, maybe yeah. But then saying most staff would do such hours is not fair weighting across the grades.

Edit: Wait, were you the guy that works for EY?

If you're sure about what you're saying then I'm smiling!

not too sure what the point of your post was?

you sort of dismissed my post, then sort of agreed to it...and the post reaked of an obnoxious pwc cadet (pretty sure my memory is correct).

 

[Vagabond]

Redrum, I'm dismissing your post because I've spent time reading staff time reports and know for a fact that people do not average 55 hours a week. I'm just trying to understand whether you pulled this 55/hours out of thin air from your impressions or whether you're actually basing it on something you know for a fact, which would be based on EY internal data, in which case what you're saying is undisputable and I feel bad for EY auditors.

"This one goes out to all the people who want to work in accounting and actually believe the work life balance spin. Now I'm not saying it is complete bull, but if you just read the bit in bold I think it will highlight just how much auditors are actually working."

Lol.. It doesn't say how many workers? Out of a few thousand people I don't think its farfetched to have a few stay back that late. Especially considering lots of people like to stay back and study for their CA, special projects, etc.

Furthermore, 1/3 of the building is non-pwc, and I fail to see how a news reporter could differentiate from Pwc staff and passers by in the city.

Didn't you study 'telling the truth'?!?

 

[lizbon]

Redrum, I'm dismissing your post because I've spent time reading staff time reports and know for a fact that people do not average 55 hours a week. I'm just trying to understand whether you pulled this 55/hours out of thin air from your impressions or whether you're actually basing it on something you know for a fact, which would be based on EY internal data, in which case what you're saying is undisputable and I feel bad for EY auditors.

"This one goes out to all the people who want to work in accounting and actually believe the work life balance spin. Now I'm not saying it is complete bull, but if you just read the bit in bold I think it will highlight just how much auditors are actually working."

Lol.. It doesn't say how many workers? Out of a few thousand people I don't think its farfetched to have a few stay back that late. Especially considering lots of people like to stay back and study for their CA, special projects, etc.

Furthermore, 1/3 of the building is non-pwc, and I fail to see how a news reporter could differentiate from Pwc staff and passers by in the city.

Didn't you study 'telling the truth'?!?

vagabond, i dunno if you realise this but ur glorified "pwc internal data" is probabaly based on what people submit for timesheets and most people put less hours than they actually work esp on a client. Just because the data suggest pwc has "great" work life balance and people avg 40 hrs a wk doesn't mean squat.

while i agree 55 hr's is abit of an exaggeration, but auditors do work long hours at least 1/3 of the year. i rck 45-50 is a more reasonable estimate.

 

[Vagabond]

vagabond, i dunno if you realise this but ur glorified "pwc internal data" is probabaly based on what people submit for timesheets and most people put less hours than they actually work esp on a client. Just because the data suggest pwc has "great" work life balance and people avg 40 hrs a wk doesn't mean squat.

while i agree 55 hr's is abit of an exaggeration, but auditors do work long hours at least 1/3 of the year. i rck 45-50 is a more reasonable estimate.

I know they work long hours at points. I'm just pointing it out very much the case of work hard then work little. It's all in fluctuations rather than anything consistent. I also agree that your estimate is far more reasonable as an average. I didn't say people average 40 hours either.

Also, understating time is not widespread practice.

I also assume when people go out for drinks etc. at 3pm they charge a full day.

 

[ShortBear]

Thank you for your reply.

Derivative sales/structuring seem to require similar pitching skills as to that of a IBD analyst. Is that a reason why their compensation is not too far off from one another?

For derivative sales/trading/structuring, what does the percentage bonus range over?

50%-100% generally. (though i've heard of other banks paying less in more flow areas - eg 30k)

Comp is a function of how much value you contribute and how much money your desk makes. Although the derivatives desks usually end up subsidising other areas (especially IBD, and also prop desks when they have bad years), so the difference is not as great as it should be.

 

[velox]

As Newbie said, probably $85-95k plus 50-100% bonus. Although I have a slight feeling the bonus component will be curtailed for FI (for this year anyway)

Thought this was right.

 

[§eraphim]

Are there are any professional development courses of relevance to derivatives structuring/trading/sales? Off the top of my head, it seems the following could be useful.

- afma dealer accreditation diploma
- bloomberg certification
- maybe a masters in quant finance or equivalent (Wilmott CQF)

- mba???