Big money

[winnieb]

I started out on this same route--- my concentration, for my undergrad and my MBA, was in finance. I was focused on getting my CFA.
Right out of school I worked for a LBO, as a cash manager. I was incharge of our daily cash position-- making decisions if we needed to borrow or invest. I was the keeper of the debt documents--I knew our revolver terms inside and out, as well as every last word on our junk bond issuance documents. And worked closely with the banks to make sure we were always in compliance.
I was also in charge of all our bank accounts, US and foreign currency. I would buy and sell currency. And the company was starting to hedge.
I worked long hours, often 6am or earlier (to catch the european trade floors) and never left work before 6pm-- and often would meet my husband for dinner and go back, until 11 or so.
It was a very cool job. Looking back it is unreal-- I was 22 years old-- a signer on 25+ corporate bank accounts, in charge of soooo much money, had a secretary, an office.
What happened you might ask..... it was an LBO, they were bought out. The new company had their own corp finance people, so I stayed with the company and just took on a new role as inventory control manager. I was married at 22, by 24 I was pg, and the high pressured finance job was not conducive to a family life. I changed jobs, I have a full time job but I am only at work about 32hrs a week--I enjoy the job. But the job is not as prestigous--but I have plenty of time for my family.

-wendi

[Munchkin03]

I would like to be financially secure. That part is already taken care of for me, so I can follow my passion in life without being overly concerned about a large paycheck and climbing my way to the top. I understand that that's a rare thing.

The 80 hour workweeks in the finance industry don't seem to be worth it for me, really. I graduated from school with a lot of kids who moved here to work for JP/GS/BS, etc...and I never see them. They're making a lot of money, to be sure, but they don't get to be young and in their early 20s. Some people like that lifestyle, while others are lucky enough to reap the benefits of that lifestyle without the high pressure.

[AchtungBaby80]

Originally posted by DZHBrown
Sure, a lot of money would be great. But there aren't any jobs I'm interested in that would bring in the big money. It's not worth it if I'm miserable every day going to work. So I'll just hold out for the lottery. lol

You and I think alike.

[APhi Diva]

Originally posted by Rudey
Don't any of you have ambitions for big money? Am I the only one?

Someone out there must also be working in investment banking, trading, for a hedge fund or have a share in a private equity company right?

There has to be one since everyone I know who becomes a BSD and makes bank was Greek.

-Rudey

People who think like this need to get their priorities straight! I hate to break the news, but as a graduate of an Ivy League law school working for a large and prestigious law firm making a big salary, I can tell you from experience that if money is your only motivation you won't go far. The kind of hours it takes to make that kind of $ should only be spent doing something you actually enjoy!

[Rudey]

Originally posted by APhi Diva
People who think like this need to get their priorities straight! I hate to break the news, but as a graduate of an Ivy League law school working for a large and prestigious law firm making a big salary, I can tell you from experience that if money is your only motivation you won't go far. The kind of hours it takes to make that kind of $ should only be spent doing something you actually enjoy!

A) I have my priorities straight. They are MY priorities sweety.

B) Don't flaunt your Ivy League Law degree. You don't know who you're competing with.

C) While working at firms like Skadden might make you money and even bigger money when you reach a senior level, you are not a big swinging dick in terms of what you make by any comparison to those in banking or trading.

I make a decent amount of money and I love what I do. I have a direct say in how the world is being developed. For example, I was in a conference call with Phil Angelides a couple weeks ago discussing California's debt structure as it stands right now. Tell me what other job offers that. My 26 year old friend is taking home about 20K in bonus every month because he's making that much every day for his firm by being one of the best traders on the floor.

Yes you work hard but you play hard. I work on average 80 hours a week and 120 hours isn't unheard of in my line of work every once in a while. I've been taken to incredible dinners, balls, parties, have full access to almost every sporting event and concert I can imagine, sometimes we rent party buses even. Once it's Saturday night all the bankers hit the bars and clubs and have a lot of fun. The time is hard people but I created this thread not for those who don't want to do it but for those who enjoy it. If you don't like it why post here right? Create a thread on professions you enjoy. It's just what I enjoy and I think other people might too so I was trying to find them.

People don't do this forever. At some point you move into ventures that require you putting up your own capital. By the time I'm 40 I might be retired. Who knows? I can pursue politics or religious studies. I don't want to just make it through life, I don't want to be comfortable and I don't want to be well off, I want to be filthy rich at some point. Those are my goals and I was just wondering if there were others out there that pursued that.

-Rudey
--Alphagam-alum were you making the currency sales decisions as a trader?

[winnieb]

Originally posted by Rudey

--Alphagam-alum were you making the currency sales decisions as a trader?

My sales decisions were based, not as a trader, but on need in the accounts I maintained. If I would foresee a need for funds in the very near future I would monitor currency values and decide the best time to buy. The company held interests in Canada and Europe. I primarily dealt with CDN$, Pounds, French and Belgian Francs, Lira, Marks.
We maintained most of our foreign funds in the form of Pounds, if the rate was good between US$ and Pounds, I woud increase our holdings. As the need for other funds would arise, I would sell our Pounds for whatever other currency I was needing.

-wendi

and edited to add--- while in grad school and while working in finance --my finance dream job would have been futures trading in the commodities market.

[Rudey]

Originally posted by alphagam-alum
My sales decisions were based, not as a trader, but on need in the accounts I maintained. If I would foresee a need for funds in the very near future I would monitor currency values and decide the best time to buy. The company held interests in Canada and Europe. I primarily dealt with CDN$, Pounds, French and Belgian Francs, Lira, Marks.
We maintained most of our foreign funds in the form of Pounds, if the rate was good between US$ and Pounds, I woud increase our holdings. As the need for other funds would arise, I would sell our Pounds for whatever other currency I was needing.

-wendi

and edited to add--- while in grad school and while working in finance --my finance dream job would have been futures trading in the commodities market.

So you just purchased currency? I've done that for my own accounts but didn't realize people made a business of it. I just want to be positive you weren't doing FX trading or any interest rate derivatives.

The question is what commodities? Please tell me it's not something boring like beans. Those traders stand around in the pits and are waiting for closing most of the time. Sorry I can't imagine you in any other area of the floor because you generally have to be pretty aggressive and, often times, male. If I'd gone into trading, I probably would have gone with a sexy shop as opposed to a bulge bracket so i wouldn't be doing paper trades for years before they even let me touch the real stuff and probably on eurodollar options. I think I'd do well on the floor but I'm pretty worried about being hot-headed down there and getting a hefty fine.

I think you should ask your broker to approve you for options trading and see what you can do with a couple g's.

-Rudey
--Just don't blow the account

[APhi Diva]

A. Then I feel sorry for you (and learn how to spell, "sweetie").

B. Believe me, I am neither "flaunting" nor "competing." I could care less who you are or what your credentials are, I just think you are sad.

C. I neither claim to be, nor want to be, a [insult vulgar, clearly demonstrative of your lack of command of English language or ability to describe a person, thing, or condition using appropriate or elegant language here] and my whole POINT (which you clearly were incapable of grasping) is that I do what I want to do BECAUSE it's what I want to do. I am not claiming to make the most money or have the biggest paycheck, but at least I can claim that I am doing what I want to do, not just posting random things on websites proclaiming that my motivation is money.

In any event, if you love your job, more power to you, but your original post did not read that way. In fact, it made you sound unbelievably shallow, uninteresting, and unintelligent.

But that's just my two cents....

Originally posted by Rudey
A) I have my priorities straight. They are MY priorities sweety.

B) Don't flaunt your Ivy League Law degree. You don't know who you're competing with.

C) While working at firms like Skadden might make you money and even bigger money when you reach a senior level, you are not a big swinging dick in terms of what you make by any comparison to those in banking or trading.

I make a decent amount of money and I love what I do. I have a direct say in how the world is being developed. For example, I was in a conference call with Phil Angelides a couple weeks ago discussing California's debt structure as it stands right now. Tell me what other job offers that. My 26 year old friend is taking home about 20K in bonus every month because he's making that much every day for his firm by being one of the best traders on the floor.

Yes you work hard but you play hard. I work on average 80 hours a week and 120 hours isn't unheard of in my line of work every once in a while. I've been taken to incredible dinners, balls, parties, have full access to almost every sporting event and concert I can imagine, sometimes we rent party buses even. Once it's Saturday night all the bankers hit the bars and clubs and have a lot of fun. The time is hard people but I created this thread not for those who don't want to do it but for those who enjoy it. If you don't like it why post here right? Create a thread on professions you enjoy. It's just what I enjoy and I think other people might too so I was trying to find them.

People don't do this forever. At some point you move into ventures that require you putting up your own capital. By the time I'm 40 I might be retired. Who knows? I can pursue politics or religious studies. I don't want to just make it through life, I don't want to be comfortable and I don't want to be well off, I want to be filthy rich at some point. Those are my goals and I was just wondering if there were others out there that pursued that.

-Rudey
--Alphagam-alum were you making the currency sales decisions as a trader?

[winnieb]

Originally posted by Rudey
So you just purchased currency? I've done that for my own accounts but didn't realize people made a business of it. I just want to be positive you weren't doing FX trading or any interest rate derivatives.

The question is what commodities? Please tell me it's not something boring like beans. Those traders stand around in the pits and are waiting for closing most of the time. Sorry I can't imagine you in any other area of the floor because you generally have to be pretty aggressive and, often times, male. If I'd gone into trading, I probably would have gone with a sexy shop as opposed to a bulge bracket so i wouldn't be doing paper trades for years before they even let me touch the real stuff and probably on eurodollar options. I think I'd do well on the floor but I'm pretty worried about being hot-headed down there and getting a hefty fine.

I think you should ask your broker to approve you for options trading and see what you can do with a couple g's.

-Rudey
--Just don't blow the account

Yeah Rudey, I was just purchasing. The business was not made on currency purchases, it was an LBO with worldwide holdings-- I was purchasing for company use, to fund daily operations.
What commodities?--precious metals. (although if i would have pursued commodities, and stayed in kc, i probably would have been doing something as boring as ag related-haha).

and Rudey, what exactly are you getting at, with the beans are boring and you can't see me in any other area of the floor comment? I am highly aggresive, I get whatever I go after, and I am positive that I, just as you, would do very well on a trade floor.

-wendi

[Rudey]

Originally posted by alphagam-alum
Yeah Rudey, I was just purchasing. The business was not made on currency purchases, it was an LBO with worldwide holdings-- I was purchasing for company use, to fund daily operations.
What commodities?--precious metals. (although if i would have pursued commodities, and stayed in kc, i probably would have been doing something as boring as ag related-haha).

and Rudey, what exactly are you getting at, with the beans are boring and you can't see me in any other area of the floor comment? I am highly aggresive, I get whatever I go after, and I am positive that I, just as you, would do very well on a trade floor.

-wendi

LOL Very few traders are girls...ever wonder why? Sometimes it's more about being a dick. Plus the traders I know that were girls on the floor were abnormally tall. Don't laugh at that. I have no idea why that is and the only thing I can imagine is so you can quickly react to things visually but I don't know so that's a wild guess. Because of that, if girls were taken into trading at these prop shops they were kept on the desk and off the floor. So I wasn't trying to get at anything. That's just the hierarchy there.

-Rudey
--Yuck on the ag

[winnieb]

Originally posted by Rudey
LOL Very few traders are girls...ever wonder why? Sometimes it's more about being a dick. Plus the traders I know that were girls on the floor were abnormally tall. Don't laugh at that. I have no idea why that is and the only thing I can imagine is so you can quickly react to things visually but I don't know so that's a wild guess. Because of that, if girls were taken into trading at these prop shops they were kept on the desk and off the floor. So I wasn't trying to get at anything. That's just the hierarchy there.

-Rudey
--Yuck on the ag

Abnormally tall--- hahaha. But you might be onto something about the visual and height thing. If I am standing behind a tall person, all I can see is their head, back or chest. So it would be hard to see and react.
But sill the hierarchy sucks!!!!

--"yuck on the ag"-- i concur, it would be boring!!

-wendi

[KSigkid]

I'd love to get big money - whether I will or not, who knows, but I want to be more than comfortable in my life.

I'd like to either have my own public relations firm or be a higher-up at a publishing company. Either way I'd be making decent cash and doing something I'd love.

We'll see what happens - for now though I'll keep putting in the time and try to get ahead.

[KEPike]

Originally posted by Rudey
Yes you work hard but you play hard. I work on average 80 hours a week and 120 hours isn't unheard of in my line of work every once in a while. I've been taken to incredible dinners, balls, parties, have full access to almost every sporting event and concert I can imagine, sometimes we rent party buses even. Once it's Saturday night all the bankers hit the bars and clubs and have a lot of fun. The time is hard people but I created this thread not for those who don't want to do it but for those who enjoy it. If you don't like it why post here right? Create a thread on professions you enjoy. It's just what I enjoy and I think other people might too so I was trying to find them.

People don't do this forever. At some point you move into ventures that require you putting up your own capital. By the time I'm 40 I might be retired. Who knows? I can pursue politics or religious studies. I don't want to just make it through life, I don't want to be comfortable and I don't want to be well off, I want to be filthy rich at some point. Those are my goals and I was just wondering if there were others out there that pursued that.

-Rudey
--Alphagam-alum were you making the currency sales decisions as a trader?

Then how do you find so much time to post on GC?

[SmartBlondeGPhB]

Originally posted by SAEalumnus
I certainly wouldn't complain if someone wanted to pay me some enormous salary for my job, but I'm more concerned with whether or not I enjoy what I do and whether or not I have time for my own life outside of work. If I have to spend 60-80 hours each week at work, then even a 7-figure or higher salary wouldn't be worth it because I wouldn't have any time left to enjoy the money.

I guess the bottom line here is that I don't have any personal need for "bling bling" to validate my choice of profession.

After a life of always having everything I needed/wanted, I agree 100%. I'll take "just getting by" any day if I'm truly happy.

I have plenty of money to do the things I love but I would never say I'm incredibly happy with my life.

[Rudey]

Originally posted by KEPike
Then how do you find so much time to post on GC?

I don't really care too much to argue with anyone on here. Yeah I have a big ego. But I say that with confidence. I admit to every wrong and every fault I have. But that's what makes me confident...knowing what is wrong with me on top of what isn't. That is why I'm not pursuing the girl who responded to this thread earlier. I know where I am, and that's all I care about.

I didn't create this thread to fight with people. You all want to do that then fine. Do it. I honestly created this because I want people out there to understand what these fields are like. I won't lie, the majority of it is about money. I love it. I don't care how others feel but that's how I feel. I bet you that if I told you that you could make 20K next year being a runner for a market maker on the floor and do all the small things, get yelled at, and more...you'd do it. Why? Because you're guaranteed a total comp package of 80K the following year and unless you really are one stupid idiot who got the job because his brother owns the firm, you won't deviate too much from that.

Anyway, why did I go into banking? Because I wanted to see how companies worked. I wanted to know every damn detail on how they are valued, their debt structures, who runs them, why they make those decision, why they do well and more. I tried consulting. I loved the challenge but it still didn't show me how the company worked. When you understand those details you really start to see things differently. It's not about math. I can do math, but if it was based on math, they'd have outsourced my job to India where there are a ton of unemployed PhD's in mathematics. So I got to see how these companies worked, what the economy is based on and I got placed into an amazing group in public finance. Those bridges, airports, roads, schools everything you see out there are financed through underwriters like my firm. When I go to Virginia to meet with a client I know that the bonds I created built the schools that kids for the next 50 years will be sitting in. I see my results. And within public finance, there is an aspect of politics. At my level I don't get to hobnob it with all the top people, but I at least see them and know when I'm qualified I'll be talking into their ears about municipal finance. ie I don't play with numbers all day...those are bean counting accountants. I help put together deals. Without people like me your roads, schools, bridges, would never get built.

So why do I have so much time to post on GC? Part of it is because I'm stupid. I admit my faults. This thing is addictive and as I came on here because of that. The other aspect is that when you work 80 hours a week you need to pace yourself. I don't want to be a burnout. I love my work and if that means I have to stay 82 hours a week to enjoy other things I will. Answer the question? I didn't want to sound too offensive so I hope if you care about these jobs, you'll learn something from what I posted or ask more.

-Rudey
--Take care.