Student-athlete ( cross country and track )
15 hours per week
$0
3/10 happiness
Student-athlete ( cross country and track )
15 hours per week
$0
3/10 happiness
Okay I have a question. When someone says "40 hours a week", does that merely mean you are in the office for 40 hours (including breaks), or does it exclude breaks?
(e.g. at my company people tend to take an hour off for lunch everyday, so that's a significant proportion of time)
Hi again,Thanks so much for responding - appreciate the effort your response took. I was fairly certain my post would just be buried forever.Interesting career path you've had. From my perspective, it seems you've enjoyed your independent work substantially more than that at the bank regardless of uncertainty... The lone wolf, eat what you kill, truly depend on the value of your skills style of the one man shop is really interesting to me and I appreciate your explanation of your path as well as the answers to the other questions.I'd rather preserve fairly high anonimity but I'm more or less a young professional in a field/area you're familiar with - and I am interested in the independent shop model, as mentioned. Not working directly in what would be called consulting, but highly applicable skills no doubt.Again, I can't thank you enough for the lengthy response, it's certainly useful.
Posthereallthetime wrote:
Thanks for taking interest.. as you read my responses below consider that I've had an abnormal career path and 10 yrs of experience so far. I majored in accounting and went for my MBA immediately after. I worked at a big 4 firm for 4 years (CPA), then moved to a large bank as a junior controller and then moved within the bank to the strategy seat. That was basically internal management consulting, working with the global head of trading to improve the business and identify and implement initiatives. I was bored in an accounting role and moved out after significant networking. The accounting skills helped tremendously in the strategy seat and I gained other more "businessy" skills. I left to open my own firm knowing I would have at least one large consulting project, also through the network I had built within the bank.
1. It's a mix of standard big 3 and financial specialization. I advertise a general suite of services, but my projects have been mainly focused on building out and optimizing client's operating models. I have also helped a few start-ups create their business plans from scratch and pitch to investors. Two of those engagements were successful and I charged high fees ($400-$450/hr range plus % bonus for successful capital raise). I also have been connecting with boutique i-banks in these types of engagements, free networking. This is definitely an area of opportunity. To be honest just about anything I've touched in my firm has been new to me, but now I can talk the talk more and am much more comfortable venturing into the unknown. I posted a year ago about starting my own firm and a few people said I would be bound to fail since I wasn't even sure what I was selling. They were wrong. Also, accounting work is everywhere but it's not as profitable, so I am keeping that in my back pocket for now.
2. There is some luck involved here, including market conditions and overall firm strategy. Obviously, if you get in with a profitable and growing shop you will have tremendous earning opportunity, which will trump career progression. In a revenue producing role your main sell will be your track record and your comp (this will speak for itself if high). The larger firms like Blackstone offer a great progressive career track and still will compensate and quickly promote the best performers. This is what has changed in banking so stay away. You will end up grinding away and will likely get dinged with a bad bonus as has been the case across the industry since the recession. That is not changing as banks have become more regulated and bureaucratic. Everything is about ROE and there is no way banks will ever go back to paying 50+% of their revs in comp. That has been in the 25%-30% range in recent years and will never go up again. As far as small shops, your experience will be much more broad but you will be exposed to smaller transactions. Money and advancement should be good though. After 8-10 years you could be managing your own pool of assets and leading on top transactions within a small shop and if it's a good place you will be in a "director" role. It is extremely rare to go from a small shop to a big place, but if you're successful you won't care for that anyway.
3. I can speak for NYC/Chicago only, but do know that if you're doing work for tech clients it's pretty good out West. I am in the heart of Manhattan and haven't had to market myself yet, it's been all referrals and I'm getting busier. I've come across some project opportunities outside the city but the rates would not have been worth it. If you're willing to travel/telecommute though you can be even more lucrative living in a lower-cost area and servicing big city clients. I have landed clients in Chicago and Houston. I worked with on tech client out west but luckily haven't had to go out there.
All in all I think a one man show, especially if you're young, will develop into a very organic experience, where you just keep the ball rolling and learning on the job every day. I spend a lot of time researching and brushing up on my communication skills. I have also met a bunch of other consultants, some successful and expensive, others small and cheap. This comes in handy when there are large projects to collaborate on. I will not hire anyone when things pick up more, because I can subcontract so easily. It's a good gig but definitely messes with your identify a bit and there really are no guarantees. I am constantly reassessing and open to landing a good employee position again if I find one. So far so good.
What's your background and current situation?
Asker of question$ wrote:Dude/dudette,
I have a couple quick questions for you that if you would see, I woul really appreciate answered (though cannot give anything but thanks in return).
1. When you say financial management consultant, what do you mean? Are you the standard big 3 type consultant (in one man shop form), are you of some sort of financial specialization, are you a personal financial wealth mgmt consultant, or something else entirely? If something of the first option, that is an independent big 3 type consultant, I would love to hear more about your business and clients.
2. For young graduates lucky enough to get to the PE / hf / investment mgmt world, do you have any advice as it relates to career progression?
3. What do you have to say about geographic diversity as it relates to those with the finance/consulting skill set? To work outside of a very major city must one start his own shop or is it possible to find corp or even strictly finance/consulting jobs in areas under day 200K pop.?
Thanks in advance for all and any advice, I'll be watching this thread closely.
Investment Advisor for Mutual Fund Company
35-40 hours/week
~$65k/year - good benefits - amazing retirement plan
8/10 - love what I do, challenging, stimulating, ever changing. Not too demanding from a work load standpoint. Plenty of free time to do what I want outside of work. Not a 10/10 because of your typical existential thoughts that tend to go through one's head.
software engineer/tech support
Bachelor's in math, Master's in CS.
40h most weeks (in office for 9 hrs, lunchtime run 45min plus changing)
55h for on-call weeks, five times a year
$95k and 5-10k bonus. OK medical, 401k match 5%, no pension, good leave 4wks/yr.
56yrs
3/10 - my job will go to Malaysia or Bulgaria before I'm ready to stop earning.
- working conditions used to be excellent but now it is mostly working with outsourced inexperienced IT guys in wildly separated timezones, across a language barrier. The job is as much political as technical. Don't like politics..
- lunchtime run/workout opportunity pushes it to 3.
- was 0 for some years, now have meds. ha.
xcel wrote:
RESULTS at the end of page 3, sample size 44.
Those with high happiness (%%8) tend to have hours < 45 AND above median pay.
Responded above but here's a brief follow up.
Happiest years of my life were as a grad student and young professional. Peak athletically, met my spouse, worked fairly hard, often 45 to 55 hrs a week doing things I really enjoyed, but plenty of time to play. Lots of friends. Pay was low, $15k to $30K in today's dollars and spouse made less than half of what I did. But for many years it was enough. After kids salary went up a lot but so did expenses and debt.
Having kids and raising a family were more satisfying, but more stressful than those early years. Our lifestyle is now more like it was in our 20s, not quite as go go go, but we have more money and time to do things.
One big hurdle to clear (minor financial implications but huge in other ways) and hopefully one of life's biggest challenges will be behind us.
Environmental Scientist
40 hrs
90k + Pension and benefits
Very happy
bae area wrote:
Bloomfield Hills wrote:I live in an incredibly expensive area of Michigan where a 3,000 Sq Ft. Home costs you close to $700K-$800K.
lololol! try san francisco, where a 500 sq ft apartment is 800k.
engineer (not computer/software)
40 hrs/wk
$88k/year + $12k bonus + great benefits, just a couple years out of undergrad
7.5/10 happiness
San Fran is the probably the most expensive place to live in the US. But there are cheaper options in/near the city (I should know...I visited an old co-worker there and he's paying less than 3,500K per month for his place near the Embarcadero).
But a $700K home is on the high side in Michigan (no jobs, poor pay, poor economy, bankruptcy, awful weather, etc.). The only people living in 3000-4000 sq ft. homes in my neighborhood are physicians, lawyers, finance drones.)
Bloomfield Hills wrote:
San Fran is the probably the most expensive place to live in the US. But there are cheaper options in/near the city (I should know...I visited an old co-worker there and he's paying less than 3,500K per month for his place near the Embarcadero).
He can probably do better than 3,500K per month.
Hedge fund portfolio manager (very small hedge fund)
Average 60-70 hours/wk
Guaranteed $300k, with incentive comp that can be as high as $2.0 million
Happiness averages 7-8, but some weeks are incredibly stressful in the 0-1 range and other weeks it all seems effortless and in the 9-10 range. Unfortunately, those 0-1 weeks have a tendency to cluster.
FR runner wrote:
Happiest years of my life were as a grad student and young professional. Peak athletically, met my spouse, worked fairly hard, often 45 to 55 hrs a week doing things I really enjoyed, but plenty of time to play. Lots of friends. Pay was low, $15k to $30K in today's dollars and spouse made less than half of what I did. But for many years it was enough. After kids salary went up a lot but so did expenses and debt.
I need to echo this. I was much happier as a 21 year old senior in college washing dishes for a living and residing in a $500 per month apartment. All I did was run, go to class, sleep in, watch movies on VHS and drink Miller High Life.
Life simply is not as enjoyable when you've got a mortgage, 60-70 work weeks, projects to manage, and you are trying to raise an infant and keep your marriage strong. The rat race is real and a very sad existence at times.
I'd also like to add that money itself doesn't make you happier....it's the relationships and support from the people you care about that bring meaning to your life. I had jobs where I made LOTS of money and just happened to have a lot miserable things going on in my personal life that nullified any sort of happiness I SHOULD be having. There were times when I wish I scrubbing pans instead because my LIFE was better then.
If you are wealthy because of your salary, you'll end up working ALL THE TIME to maintain it and you WILL devote your life to it. Someone always has more than you do. The formula for happiness is good health, the absence of stress, someone to love, someone to be loved by, and something to look forward to.
The most unhappy man I know is single and makes $250,000 per year in sales.
The happiest man I know makes $50K per year as a teacher, is married, has two kids, and lives out in the woods and makes bass guitars from the trees on his property.
Bloomfield Hills wrote:
Art Director (Fortune 500 company)
40-45 hours per week
$96,000 Per Year
Happiness Level - 8.5/10. Would like to make more money since I live in an incredibly expensive area of Michigan where a 3,000 Sq Ft. Home costs you close to $700K-$800K. The schools are incredibly good here and the town is very nice, so I don't want to leave, but will probably have to when the kid turns 5 or 6 and we need more space. Life is good...but I need to advance my career.
Plenty of less expensive place around Bloomfield Hills man! I live in a cheaper area of michigan, 99k+small bonus. decents bene's. 40 per work. Corporate Finance. Boring as shit job. Over happiness 7/10. Pay allows me to live comfortably but work is mundane. Rather be a bar/restaurant owner
Bloomfield Hills wrote:
FR runner wrote:Happiest years of my life were as a grad student and young professional. Peak athletically, met my spouse, worked fairly hard, often 45 to 55 hrs a week doing things I really enjoyed, but plenty of time to play. Lots of friends. Pay was low, $15k to $30K in today's dollars and spouse made less than half of what I did. But for many years it was enough. After kids salary went up a lot but so did expenses and debt.
I need to echo this. I was much happier as a 21 year old senior in college washing dishes for a living and residing in a $500 per month apartment. All I did was run, go to class, sleep in, watch movies on VHS and drink Miller High Life.
Life simply is not as enjoyable when you've got a mortgage, 60-70 work weeks, projects to manage, and you are trying to raise an infant and keep your marriage strong. The rat race is real and a very sad existence at times.
I'd also like to add that money itself doesn't make you happier....it's the relationships and support from the people you care about that bring meaning to your life. I had jobs where I made LOTS of money and just happened to have a lot miserable things going on in my personal life that nullified any sort of happiness I SHOULD be having. There were times when I wish I scrubbing pans instead because my LIFE was better then.
If you are wealthy because of your salary, you'll end up working ALL THE TIME to maintain it and you WILL devote your life to it. Someone always has more than you do. The formula for happiness is good health, the absence of stress, someone to love, someone to be loved by, and something to look forward to.
The most unhappy man I know is single and makes $250,000 per year in sales.
The happiest man I know makes $50K per year as a teacher, is married, has two kids, and lives out in the woods and makes bass guitars from the trees on his property.
^ This exactly. Having recently gotten out of debt and gotten a considerable raise, I realize that when financial problems are not there, there are other things to worry about. Not being in debt + having a little in savings does help with stress levels...but only to a point. The person on here talking about making a TON of money and feeling unappreciated by family seems pretty miserable. The problem is that if you put all of your focus on Money and make too much of it, then you will often attract people who see money as your most valuable asset and don't really value other things you may have to offer. Then again, if you put too much of your focus on money, what else do you have to offer to someone?
HS Principal, 37 years old
70-80hrs/week
180K, excellent benefits; COL is v. high in the area
Happiness level = 10/10; I get to do it all: inspire kids, work with adults, teach occasionally, support the community. There are immensely challenging days, but the overall experience has been immensely rewarding.
D1 Track coach
Full time ~60hrs a week
23,350 +simple benefits
Highs are high and the lows are low so average it all out to 5/10 for happiness.
Wow, except for the last sentence, the true reality of a software engineer.
Want a long lucrative career? Take medicine or dentistry, not engineering.
Yup, in office 9hrs a day, forced hour lunch (not a bad thing), paid for 8hrs. 30 minutes commute each way. The reality is 10hrs per day spent working. More if you include time getting ready in the morning.
Yep, and 4wks lousy vacation per year is considered good. My doctor friends get 8wks per year at least.
Always be outsourced too.
Grad Assistant (engineering) 20 hrs/week $15k + tuition
Head XC and assistant track coach 15 hrs/week $0
Elite Amateur Cyclist ~$2-3k prize money
23 years old
7/10 starting to lean towards making coaching a career and wish I had made it easier on myself in college.
Self-employeed for 20 years....
6 out of 10. Sometimes 8 but never lower than 6. I have the time and money to get to a 10 but for some Wierd reason I don't?
Started out making $10-12k....probably have slowly grown to $50-70k some years... Tons of free time but I waste it horribly. I did more when I was busier and was happier when I made less money.... i get to do pretty much whatever I want most days and have solid fitness but rarely optimize it...
Live with very little financial stress most of the time... Money doesn't seem to motivate me and oddly niether does using my time for liesure...
detroit rock city wrote:
Bloomfield Hills wrote:Art Director (Fortune 500 company)
40-45 hours per week
$96,000 Per Year
Happiness Level - 8.5/10. Would like to make more money since I live in an incredibly expensive area of Michigan where a 3,000 Sq Ft. Home costs you close to $700K-$800K. The schools are incredibly good here and the town is very nice, so I don't want to leave, but will probably have to when the kid turns 5 or 6 and we need more space. Life is good...but I need to advance my career.
Plenty of less expensive place around Bloomfield Hills man! I live in a cheaper area of michigan, 99k+small bonus. decents bene's. 40 per work. Corporate Finance. Boring as shit job. Over happiness 7/10. Pay allows me to live comfortably but work is mundane. Rather be a bar/restaurant owner
Where do you live?
We've considered Royal Oak due to it's affordability but Birmingham and Bloomfield Hills are such great towns. It's tough to leave even though we realize our money doesn't go very far here. When I lived in Lansing, my wife and I could easily afford a 3,000 sq ft. home...but NOT here. The taxes are horrendous and anything less than $400K is not even worth looking at.
Market research consultant/business strategist for retail grocery chain
Technically 40 hrs/wk (9-5) but I only really work 35 of those hours (I take lunches)
$125,000 (not including benefits, that's just pay)
9/10. The job is interesting, easy for me now (been doing it 8 years since I got out of college), I like the people I work with and has almost zero stress. I never think about work outside of work. The first 5-6 years were a climb, taking harder work and less interesting roles, with lower happiness and money, but I'm glad I stuck it out.