[quuquuquu]

>so that's what banking looks like?

Unfortunately I'd say yes. Consider that Goldman Sachs has 38,000 employees and the average compensation is 350k-400k per year, per their recent quarterly filing.

It is an elite world based on signaling and deep relationships, because there is a lot of money at stake.

[pc86]

I'd be interested in seeing the median salary, I imagine that's quite a bit lower.

[quuquuquu]

I completely agree, I bet you have 100 people making 10m+ per year, and 20,000 staff and interns at the back office in New Jersey making 45,000 maximum, hired from SUNY schools.

What do you think of my estimation?

[brianwawok]

You can find salary info for gs grads right out of college.

Hint: its a lot more than 45k

[pc86]

For IB, sure. But are most GS employees traders? It looks like most of the support staff is in the $20-30k range[0], which includes help desk and the like. Even certain analyst positions seem to be in the $45-50k range. On page ten of ascending salaries I've just barely passed $60k.

My point is that while the "average" compensation may be $400k, that's going to account for a very small percentage of the employees. The median is probably well below $100k, dependent largely on just how many support staff there are compared to traders. And even the traders who only last a year or two before getting fired will probably only make $100-150k.

[0] https://www.glassdoor.com/Salary/Goldman-Sachs-Salaries-E280...

[quuquuquu]

Thank you for your thoughtful, reasoned reply, and the effort you put into confirming what I have said anecdotally.

It is often a thankless job and I appreciate that you've provided these numbers. It really shows the income disparity between the top dogs and the unwashed masses and Goldman.

[csomar]

Care to share the source/link for such info.

[quuquuquu]

pc86 is exactly correct and I'm glad that person tore apart your argument for me.

How dare you tell me "hint, blah blah blah" when your source literally confirms what I have stated.

The young and inexperienced workers are just there for data entry and errands for the SMALL percentage of workers who are high powered investment bankers.