Average Wall Street Paycheck at $300,000 October 18, 2006
It was reported on Cnn.com yesterday that the average Wall Street paycheck is nearly $300,000. If that’s the average paycheck, there must be a wide range of pay between admin staff and associates/vp/MD. Depending on what your function is, admin staff may get anywhere between $60,000 and 90,000 plus bonus. But the first year associates may get $80,000 plus 100% bonus. This is one example of how the rick get richer.
Wall Street workers took home nearly $300,000 on average last year as profits from trading and merger advising fueled record earnings, New York State Comptroller Alan Hevesi said.
Wall Street compensation averaged $289,664 per person, 5.1 times the average $56,634 for workers citywide, the comptroller said in a study released Tuesday. The highest-paid bankers and traders can command eight-figure pay packages.
Bonuses totaled a record $21.5 billion, or $125,500 per person. The securities industry paid out $48.8 billion, while generating $2.1 billion of taxes for the city, Hevesi said.
Source:
Wall Street average paycheck near $300,000, CNN.com
I’m Back From My Break October 16, 2006
Personal finance requires a commitment to learning and a life long commitment, if you want to be financially free. So while I haven’t posted in a while, I kept up with my personal finance education. I’ve been busy working on keeping up to date on my budget, income statement, and balance sheet.
Since the last post, I’ve joined an investment club for young and aspiring millionaires, updated my net worth statement, and focused on work. My portfolio (401k, investment accounts, and bank account) was fairly flat when I last wrote, but the stock market has come back and is close to breaking 12,000.
Hope to catch up with you all soon!