Your Career

[McLovin]

in some senses yes. I still think as a % of the workfroce FIRE isnt going to lose any ground, just the nature of it may change IB > smaller funds, traditional finance > gas and energy etc etc

Anyone going into finance now needs to understand they are competing for jobs with people way more qualified than them. The salaries are smaller the bonuses are nothing like what they were. The work just isn't there. Back to 2005-2007 Macquarie was flying people from Sydney to work in 2 week stints in London because they couldn't get staff in the UK. I remember working on a project in Poland and we flew in some grads from NYC from one of the big four accounting firms to do some basic admin work for us. These guys were 21-22 straight out of uni and we flew them business class across the Pond put them up in a 5 star hotel, then flew them back every 2 weeks. These days if you're below AD you'd be lucky to even be in business class.

Colleagues I had in the UK are having it even worse, "we're screwed for the next decade" seems to be theme from them.

 

[FIGJAM]

Anyone going into finance now needs to understand they are competing for jobs with people way more qualified than them. The salaries are smaller the bonuses are nothing like what they were. The work just isn't there. Back to 2005-2007 Macquarie was flying people from Sydney to work in 2 week stints in London because they couldn't get staff in the UK. I remember working on a project in Poland and we flew in some grads from NYC from one of the big four accounting firms to do some basic admin work for us. These guys were 21-22 straight out of uni and we flew them business class across the Pond put them up in a 5 star hotel, then flew them back every 2 weeks. These days if you're below AD you'd be lucky to even be in business class.

Colleagues I had in the UK are having it even worse, "we're screwed for the next decade" seems to be theme from them.

some good insight there.

at 23 years of age, I dont expect to set the world on fire in terms of salary. Especially with no degree and experience. The uni degree's that I have looked at are all six year degrees anyway. So that puts me around the age of 30 by the time I am degree qualified.

I don't know anything about past bonuses (apart from them being very nice) and have never worked for a company that handed them out, so I dont expect much there. Only a decent salary for a hard worker who is motivated and ambitious.

Got to start from the bottom where ever I go and work my way up.

Surprised no Lawyers have commented here. I would have thought that there would have been a few in a community like this one.

Cheers,

 

[doctorj]

Anyone going into finance now needs to understand they are competing for jobs with people way more qualified than them. The salaries are smaller the bonuses are nothing like what they were. The work just isn't there.

It won't be long before these folks are locked out of the sector forever. I saw a report recently that something like 40% of the people that were let go in 2010 still haven't found their way back into the sector.

But for now, it is competitive and there are a whole lot more '0s' being given out at bonus time than ever before.

Colleagues I had in the UK are having it even worse, "we're screwed for the next decade" seems to be theme from them.

Probably not far from the truth. There are some fantastic niches where its very busy and overall pay is quite good (IFIs, Actuaries, anyone claiming to know anything about Solvency 2, financial technology, PE in certain emerging markets), but outside that, it's pretty grim. I certainly wouldn't want to be a powerpoint jockey in a bulge bracket M&A meatgrinder at the moment.

 

[CanOz]

I don't know why you just wouldn't want to try this!! ... 19 DOMs!!

 

[FIGJAM]

so why is there so much competition these days?

is it because the markets arent as strong?
people investing themselves?
every man and his dog has a degree?

 

[McLovin]

some good insight there.

at 23 years of age, I dont expect to set the world on fire in terms of salary. Especially with no degree and experience. The uni degree's that I have looked at are all six year degrees anyway. So that puts me around the age of 30 by the time I am degree qualified.

I'd think pretty long and hard about going down that path. ~30 year old grads are generally not what employers are looking for. At 30 you might be just starting to settle down, have kids etc, ie you will not be available for the aforementioned 12-15 hour days. The reason they are losing staff is in part because the contract between employer and employee was you surrender all your free time and have zero social life for the next 10 years and we will make you rich. They can't do that anymore. There's a reason Mac is earning something like 70% of their revenue from businesses they weren't even in pre-GFC.

I'd also add, don't do something because the salary looks good, do something you think you'll enjoy.

It won't be long before these folks are locked out of the sector forever. I saw a report recently that something like 40% of the people that were let go in 2010 still haven't found their way back into the sector.

But for now, it is competitive and there are a whole lot more '0s' being given out at bonus time than ever before.

I have a friend, worked as a buy-side analyst in London, had a fantastic resume, it took him 2 years to find a job here. Another friend, he was a sales trader, would have been pulling in mid six figures easily. He hasn't worked in three years. Everytime he goes for a job he's competing against guys with decades of experience.

It's really, really tough out there. Obviously with a few patchy bright spots, which you are in.

 

[Ageo]

Im actually the opposite....

im lucky to have my yr10 school certificate

i just had the hunger to learn and make money......

i have started and failed many business's

lost a fair wack of borrowed money (very good learning lesson)

every business taught me something new, my risk profile thow is much higher than most people as i figured if i started from being broke i cant get any worse off.

when you lose money the hard way it teaches you the hard way (but i just prefer learning like that)

1 thing i never stopped was my financial education from when i left school still to today, the psychology i wanted to learn was from millionaires and not "financial advisers" (no offence to any advisers here)

i always take the approach "listen to the person who has got what you want"

treat money like monopoly the game and you will soon learn that making money is fun which will help on not becoming emotional when doing anything related to business/investing

some books that seriously helped me
Rich dad Poor Dad
Cashflow Quadrant
Failing Forward
The power of Focus

enjoy the journey

 

[inq]

Lots of people in Finance! I guess that isn't too surprising considering the nature of this forum.

I have a Mortgage Broking business based in Adelaide. Don't need a uni degree to get into the industry (though I do have a degree).

Lots of red tape, lots of regs, lots of licencing, lots of money.

I love it.

 

[doctorj]

so why is there so much competition these days?

is it because the markets arent as strong?
people investing themselves?
every man and his dog has a degree?

Its just been announced that another 10,000 people will be fired at UBS IB. Equivalent to 60% of its investment bankers globally.

 

[Tyler Durden]

Let's just say law has the highest rate of suicide, depression and relationship failures.

Stay away.

 

[banco]

Let's just say law has the highest rate of suicide, depression and relationship failures.

Stay away.

Not to mention there's a huge oversupply of law grads.

 

[dead trader]

"Listen to the person who has got what you want."

So true.

I just had an email conversation with a day trader who focuses on US treasuries. If he had his time all over again, he wouldn't go anywhere near trading.

His advice to me was go and become a doctor, engineer or scientist, or something else I really enjoy.

Do what you love, and the money will take care of itself.

That being said, are there any geology and/or physics career people here that could offer some advice?

I'm considering becoming a geophysicist.

 

[white_goodman]

Not to mention there's a huge oversupply of law grads.

isnt there an oversupply of grads in every field, ive heard finance, engineering, accounting and law, useless arts degrees aswell

 

[RandR]

I was a plumber.
Was then a Foreperson for a plumbing construction firm in high rise commercial projects.
After developing a love of investing and finance through the sharemarket.
I then decided a change of careers was necessary.
I now work for a superannuation fund.
They manage about $40billion atm. My goal long term is to get myself in a position where they let me 'manage' a piece of that pie.

 

[stewiejp]

OP: Find a job/career you love and stick with it - nothing worse than doing something you hate just for the cash. At 23 one would hope you aren't up to your eyeballs in debt and can afford to take a lower paid job than some of the high flyers.
I did it - worked in meatworks and butcher shops for 15 odd years. Whilst I enjoyed it and had a lot of laughs it was bloody hard work, although I can't complain about the pay. Sooner or later 15 hour days takes its toll, and when my son was on the way I tossed it in and became a lowly paid public servant who absolutely loves his job. Yes, the money dropped by about $40,000 per year, but I enjoy going to work each day and live stress free.

Like you, I have no tertiary qualifications, other than some on the job stuff - at 23 I'd consider studying part time as well, especially if you can't "walk in" to a job you'll love for the rest of your life.

 

[Julia]

isnt there an oversupply of grads in every field, ive heard finance, engineering, accounting and law, useless arts degrees aswell

We even have newly graduated doctors who have not been allocated an intern place in a hospital, due, apparently, to lack of supervising senior doctors. What great planning

 

[dead trader]

What kind of work do you do, stewiewjp? I'm curious.

 

[FIGJAM]

funny thing with me is that I dont really have an interest where I can make the type money that I want to support the type of living that I want from life.

The only drive for a career that I have ever had is the Army but I can't join due to medical reasons.

Im actually the opposite....

im lucky to have my yr10 school certificate

i just had the hunger to learn and make money......

i have started and failed many business's

lost a fair wack of borrowed money (very good learning lesson)

every business taught me something new, my risk profile thow is much higher than most people as i figured if i started from being broke i cant get any worse off.

when you lose money the hard way it teaches you the hard way (but i just prefer learning like that)

1 thing i never stopped was my financial education from when i left school still to today, the psychology i wanted to learn was from millionaires and not "financial advisers" (no offence to any advisers here)

i always take the approach "listen to the person who has got what you want"

treat money like monopoly the game and you will soon learn that making money is fun which will help on not becoming emotional when doing anything related to business/investing

some books that seriously helped me
Rich dad Poor Dad
Cashflow Quadrant
Failing Forward
The power of Focus

enjoy the journey

I understand that 100% as I am the same. The way I see it, unless I am a movie star, rock star, or pr0n star, im not going to love what I do. My focus is to work hard and earn my pay each week.

Q: What's the difference between a lawyer and a gigolo?
A: A gigolo only screws one person at a time.

 

[prawn_86]

funny thing with me is that I dont really have an interest where I can make the type money that I want to support the type of living that I want from life.

The only drive for a career that I have ever had is the Army but I can't join due to medical reasons.



I understand that 100% as I am the same. The way I see it, unless I am a movie star, rock star, or pr0n star, im not going to love what I do. My focus is to work hard and earn my pay each week.

Q: What's the difference between a lawyer and a gigolo?
A: A gigolo only screws one person at a time.

So move to LA and become a pr0n star...

 

[CanOz]

So move to LA and become a pr0n star...

Ahh there we go, took a while...the dream job finally comes out.

Seems to me FIGJAM you just need some time to find a passion in life. As many have said, find something you love to do and you'll never 'work' another day in your life.

It may take a while to find a passion. Took me fifteen years.

CanOz