Meet Calvin, from Cleveland, Ohio.
Calvin recently graduated in the top 5% of her class with a bachelor degree from an elite ivy-league school. Like many young midwesterners, the dreams of big money in the big city convinced him to get her degree in economics, and reading books like the Big Short and Liar’s Poker, actually encouraged him to head to Wall Street. With visions of Gordon Gecko and bottles of Dom dancing in his head, Calvin took an offer as a Junior Associate at an Investment Bank. Want to be like Calvin? Here’s what you need to know:
What’s the Average Starting Salary for a Junior Associate?
Calvin can expect between $90,000-$130,000 after bonus. Bonus typically makes up between 40-50% of his salary, so he better watch his cash flow prior to the end of the fiscal year. He also better be financially prepared for expensive rent, lots of fancy dinners, and dry cleaning bills, but those direct deposits should have no problem covering that.
Do I have to live in New York to be an Investment Banker?
Yes (not counting international markets, where you better get used to London fog). If you don’t want to, reconsider your profession.
(by fees generated, according to the financial times)
1. JP Morgan 1,119.45
2. Goldman Sachs 957.94
3. Bank of America Merrill Lynch 896.15
4. Morgan Stanley 767.91
5. Citi 739.01