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
- Posted in : Income Gap, Wage info
- Author : Kyle
Comments»
You’re right, there is a huge range between admin staff and front office. For instance in my group the average pay check amongst associates (1-2 years out of b-school) is around $400k, the average analyst (1-3 years out of undergrad) is making $150-$250. Most VPs and Principals (who are in their late 20s and early 30s are making north of $500k, and MDs who are mid-30s to above are usually pulling in over $1MM. But admin staff gets paid pretty well, our back office and support people make close to $100k, not bad considering they don’t need the Ivy League degrees and get past severe competition to get their jobs.
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