I don’t understand why everyone seems to be so in awe with joining a bank, even my undergrad niece insists she only wants to join the banking sector after school.
Looks to me just a lot of smoke and mirrors about instant riches, trying to act socialite, spend to boast in front of others etc, but in the end 1% gets all the money and the rest left with peanuts.
My best friend works in a foreign bank as a SVP now and previously was from another local bank.
In parties and meet-ups he is always trying to play the part of a successful banking high flier, but privately he admits the total pay is only average when compare to other industries because although the monthly pay is higher, they don’t have AWS and annual bonus for back office about 2 months average only.
He knows of peers who are just analyst/managers in other industries making more than him.
A lot of outsiders hear about bankers making big money with all sorts of inflated titles and they always assume that everyone who works in a bank is making few hundred k a year.
Reality is only a few jobs like investment banking, private banking and trading are making all the money. The rest like support function, ops or consumer/commercial banker jobs in the bank are just normal people making normal wages.
People really need to look beyond the surface – not just the lifestyle the finance people are trying to portray.