Finance Salaries

I feel so sorry for you that you'll have such a shallow existence doing nothing of substance

It's all about those $$$ signs baby.

If your sole purpose of work is money and not mastery or purpose or impact etc you will be miserable. Good luck!

If you are wondering about salaries in finance and post on LRC to get that information, then my prediction for you is about $30k a year.

Money Hungry wrote:

Finance major and colliegate runner. How much can you expect to make right out, 5 years, 10 years etc in the finance industry?

"Finance" as an industry is so broad. It could be $30k-$200k 1st year. Since your major is "finance" then it will be closer to the $30k end of the spectrum. If you were a math major, or physics, etc and had a PhD then you could make money. Same goes for an MBA - if you want to be an IBanker.

I work in "finance". Quantitative finance. We don't hire people with "finance" degrees. Only math/physics/etc and generally only PhDs. They can learn the relevant information in a matter of months on the job - but we can't teach "finance" majors how to be as smart as a physicist in any amount of time.

FinanceWhatDoesThatMean wrote:

Money Hungry wrote:

Finance major and colliegate runner. How much can you expect to make right out, 5 years, 10 years etc in the finance industry?

"Finance" as an industry is so broad. It could be $30k-$200k 1st year. Since your major is "finance" then it will be closer to the $30k end of the spectrum. If you were a math major, or physics, etc and had a PhD then you could make money. Same goes for an MBA - if you want to be an IBanker.

I work in "finance". Quantitative finance. We don't hire people with "finance" degrees. Only math/physics/etc and generally only PhDs. They can learn the relevant information in a matter of months on the job - but we can't teach "finance" majors how to be as smart as a physicist in any amount of time.

Exactly. Way too many variables to give an accurate answer. Working in finance could mean a teller at a little community bank or a Wall Street CEO.

There's a misconception that majoring in finance means you're going to have your pick of six figure jobs right out of school. In reality, you'll start at an entry level salary and move up as your talent, ambition, and connections dictate.

I majored in finance, but if I had to do it over again, I'd major in accounting then get an MBA in finance. I now think finance is actually a poor choice for an undergrad major.

Just to expound a bit more, early in my career, the first question interviewers asked me was, how many accounting hours did you have? My first salary out of finance undergrad (no masters degree) was about $32k. That came as quite a shock compared to my unrealistic expectations. My salary has increased as I've proved myself through the years.

P.S. No interviewer ever cared that I was a runner or had been a college athlete.

Money Hungry wrote:

It's all about those $$$ signs baby.

Believe me, it's not. If quality of life sucks, all the money in the world won't keep you from being miserable. In fact, if you think it's all about the money, you've pretty much doomed yourself to misery no matter how much you make. It will literally never be enough to satisfy you. Go read the book of Ecclesiastes. Yes, from the Bible.

Also depends on your program. If you are in a #10-20 level bachelor's program (read that as non-Ivy League but respected) going into corporate finance for a company like HP, you could expect $50k-$60k to start.

This site is one of the worst places for you to find an answer. Why not talk to friends, colleagues, professors, and career advisors at your college? Also, if it's not too late, go ahead and major in Math.

In finance it's not about what salary you can get, it's how much you can embezzle.

That's where the real money is.

whsjsjs wrote:

Money Hungry wrote:

It's all about those $$$ signs baby.

Believe me, it's not. If quality of life sucks, all the money in the world won't keep you from being miserable. In fact, if you think it's all about the money, you've pretty much doomed yourself to misery no matter how much you make. It will literally never be enough to satisfy you. Go read the book of Ecclesiastes. Yes, from the Bible.

I agreed until you dropped the "go read the bible" line.

$200-300K 5 years out

$1.5-20M 10 years out

Finance majors with decent internship experience are getting around $55-$80K starting salaries in the Philly area (depending on their experience and type of firm they land at).

MBAs in finance do much better, esp if they have valuable prior experience, and if their undergrad is math or physics (see earlier comments). Don't go straight from undergrad finance major to MBA (almost no value added). Get work experience first, and then the MBA will add value.

Many PhDs in Finance stay in academics where they teach (for a little $) and consult (for lots of $). PhDs can also do well in industry holding research positions. However, to get into a top PhD program in finance it is best that you are an excellent math or physics undergrad from a top-tier school with some finance work experience.

Read WallStreetOasis forum, and analystforum. better resources

no hate here wrote:

Finance majors with decent internship experience are getting around $55-$80K starting salaries in the Philly area (depending on their experience and type of firm they land at).

MBAs in finance do much better, esp if they have valuable prior experience, and if their undergrad is math or physics (see earlier comments). Don't go straight from undergrad finance major to MBA (almost no value added). Get work experience first, and then the MBA will add value.

Many PhDs in Finance stay in academics where they teach (for a little $) and consult (for lots of $). PhDs can also do well in industry holding research positions. However, to get into a top PhD program in finance it is best that you are an excellent math or physics undergrad from a top-tier school with some finance work experience.

It's funny, I hear so many undergrads say they are majoring in finance or econ or business b/c they want a wall street job. This is so misguided. They'd be much better off studying something like math and taking a few econ or quant fin courses on the side. When I'm hiring, I'd take that candidate 99/100 times over the straight econ/bus/fin major.