Ranking the Top 10 Jobs in Finance! (Based on Compensation, Reputation, and Difficulty Breaking In)
ฝัง
- เผยแพร่เมื่อ 27 ก.ค. 2022
- In this video, I rank the top 10 finance jobs based on their reputation, difficulty to break in, and compensation.
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Take the numbers with a grain of salt, currently working out an offer for entry level private wm at Bank of America for 92k, and I’m straight out of college. I think it great depends on company and location.
@@dannyarroyave3017 is it hard to get in BoA as an intern? what is the required gpa for it
Thank you very much for properly explaining about consulting companies. I would highly appreciate if you share your email to contact with you.
I think these rankings are appropriate for those right out of college. However, for someone 10+ years out of college, the rankings change as the lifestyle component becomes more important for most. E.g. private wealth management can be great - making mid 6 figures ($300k+) at a decently sized place, while working like 5 hours a day. And people get sick of $750k / year banking jobs that are a grind.
true, same with Endowments/Foundations industry. a senior analyst (3 yrs post banking) i know at a large private foundation makes ~300k a year. the directors make $1.5 mil and the CIO makes around $3 mil. all work less than or equal to 40 hrs a week.
Is 5 hours a day making mid 6 figures the usual in wealth management?
@@meme_chef what are some example of companies and position titles. I am currently an Adjuster looking for a change
@@nanaasamoah1538 Analyst, Associate Director, Director, Chief Investment Officer is the typical hierarchy. Think large non-profits (Gates Foundation, rockefeller foundation, ford foundation) and colleges/university endowments.
@@dastorm15 senior/upper level positions yes
These rankings are ❤️🔥❤️🔥 more of these please!
Great information thank you for sharing☺️
I am so glad that I came across this channel!
Awesome info. I love this!
The video is quite helpful for students like me learning the finance jobs overly. Thank you!
I work within a family’s company as a real state analyst. Hours vary and pay is of course amazing. I’ve noticed that when we have lots of different deals at once I get completely swamped nearly depriving myself of food sometimes bc I get lost in trying to finish things quickly. But there are times where maybe I’m only working on 1 deal and then the time is alot slower and more manageable. I have friends that work on wall street and alot of the reason why these big firms have crazy hours really is due to the amount of business they attract. The more deals they get awarded the more manpower it’s going to take to execute on those deals
How did u get into that role
Interesting, I never actually thought audit would be counted as "career in finance" since it's all accounting based. Pay in audit does increase greatly, only if you get CPA though.
⏱Timestamps⏱
1:31 - #10
2:55 - #9
3:58 - #8
4:57 - #7
6:11 - Wall Street Prep
7:08 - #6
8:15 - #5
9:12 - #4
1:31 - #3
12:28 - #2
13:14 - #1
Thanks for this
11:31
Extremely informative video. Thanks
Your contents are quality. I’m from your original channel. Following you again here ✨
Hi Thanks for the sharing,could you do a LBO and M&A valuation also? really really looking forward M&A and LBO videos. Thanks.
Great insight !!
it’s pretty common to go to HF from ER too, doesn’t just have to be PE or IB at least at my bank
Great video, very insightful. Keep on creating, Ben👍🏻
I think the difficulty rating should be flipped so instead of something like 4 stars it would be 1 star. This way when you add up the numbers the sum actually reflects how good the job is.
it would be 2 thought
I agree
I also looked where the compensation is better then the difficulty, the only Job was Accounting/Tax/Audit
Absolutely agreed. 120 hours a week = better?! I'm a FA/ Private Wealth Management and am in office about 30 hours a week. Pay is up there with his top 3 so overall it would be a lot higher given I went to two junior colleges 🤷♂️
#10 - Private Wealth Management (1 rep, 1 difficulty, 1 comp)
#9 - Accounting/Tax/Audit (1.5 rep, 1.5 difficulty, 2 comp)
#8 - Commercial banking (2 rep, 2.5 difficulty, 2.5 comp)
#7 - Financial Planning and Analysis ("FP&A") or Treasury (2.5 rep, 2.5 difficulty, 2.5 comp)
#6 - investment banking (non M&A): sales and trading, equity research, asset management (3 rep, 3 difficulty, 3 comp)
#5 - corp development (3.5 rep, 4 difficulty, 3.5 comp)
#4 - investment banking M&A roles (4 rep, 4 difficulty, 4 compensation)
Buy side positions all below
#3 - venture capital (5 rep, 4.5 difficulty, comp 4)
#2 - private equity (5 rep, 5 diff, 4.5 comp)
#1 - hedge fund (5 rep, 5 diff, 5 comp)
Looking for this!
As someone who’s in the app process for my MBA I found this very helpful. Thank you!
FPA and Treasury are very different... One is financial reporting and kind of falls under accounting due to the focus on a financial statement (P&L) and reviewing postings. They're mainly review drivers/impacts to revenue, net income, etc. while Treasury mainly deals with cash management and liquidity (risk). I've done both. Very very different. You don't need any understanding of accounting in the latter. And you'll always find FP&A in companies, it's just that you might not find it as often for entry level grads because experience is often expected by peers in other departments (you'd be directly exposed to business strategies compared to other groups and the fact you're exposed to execs/directors).
thxs thxs Lucky to find the channel
Thanks!
Would you be able to do this but for different hedge funds strategies. Which is hardest to break into, has the highest typical compensation etc.
Man. , I m confusões,wheren t you at wharton?
From Portugal, keep it up 🇵🇹🇵🇹🇵🇹
Thank you sir to upload this vedio
Wow, awesome video! I think it would’ve been nice to add another category discussing the work-life balance
Spoiler: non-existent.
i thought about this but then it would make the lower-ranked jobs ranked higher even when they're not "better" jobs. generally the lower ranked jobs have better work/life balance than the ones towards the top haha
@@rareliquidcareers I understand. Thanks!
@@rareliquidcareersyes the ones at the top are just slaves that work all the time for money😂
Hi Ben,
thanks for your videos! Quick question and maybe you could do a video abt this. What do you think are the chances of European grads joining IB Analyst Programs in the US? Did you ever see that happen?
Best,
Patrick
thank you
That transition sound between jobs is driving me insane lol
Do you have a deep dive on asset management? Also can you get in right out of college?
I’m surprised you didn’t include work/life balance. Compensation/hours worked/stress level should put positions like commercial banking and wealth management a lot higher and high finance IB much lower. Divide an IB analyst pay by their 80 hr workweek, and they probably closer to $25-30 an hour.
yes, of course, but those are different priorities. As people say, you go into corporate finance (IR, FP&A, treasury, etc.) to get your hours back, not lose them. Commercial banking and wealth management also provide a much better WLB than VC, HF, PE, IB, etc. For pure total compensation and not hourly rate, the traditional wall street gigs do better.
80 is being nice you are probably going to work 100 hours
@@dar7279 I havent worked in IB before but im curious. IB is notorious for this 100h workweek but how is this even possible? if you were to work 12h a day 6 days a week thats only 72h so youd need to be working 17h a day to get to 100h. The only way I can see this as being physically possible is if we are counting time spent in the office, not necessarily time actually working. Also is it more so that some weeks you will be doing 100h and others may be less like 70-80? It would have to vary. I think people very much overestimate these things. But I have no experience, let me know
What about business valuation at Big 4 or Independent Valuation firms? I feel that would be higher ranked than commercial banking, but maybe not corporate banking within the investment banking division or non-IB roles on the sell-side? Thoughts on this?
1:50 You hardly invest in mutual funds as a "experienced" private wealth manager. Infact mutual funds are used all the time to provide liquidity into the market and exit to big individual investors. Private wealth management requires rigorous research and analysis, just like any investment job. Most of the top private wealth managers are ex top investment bankers with deep connections in the industry.
PWM doesn’t require any analysis. Wtf are you talking about?
Can you apply the course material on investment banking outside the US, lets say for banking in London?
Would you recommend a recent finance grad go into investment banking? Is there anything else required besides a Bachelors?
And also share about data science in finance Domin and best companies to work
I graduated in December & joined a big firm in wealth management. I make 80k not including bonus! However, It’s not the area I’d like to be in so I totally agree with the other points you spoke to. I’d like to do equity research so hopefully beginning the cfa process will help?
Nice! Trying to go into that area, trying to get an internship but it’s hard.
What degree at university did you take
My brother has completed CFA, what field should he choose? what are his options?
CFA always have a upper hand when getting into IB (core) including equity research, asset management and management consultancy a lot of times ( with decent management skills. Candidates usually pursue MBA from a school with great connections and build a strong network, thus making it even easier.
I am trying to get into PWM, I graduate May 2025 for BS in Finance, Any tips on breaking into the industry?
What about working for Payment Transactions companies like Visa, MasterCard, PayPal? Working in Enterprise Risk Management which covers Financial Risks as well?
what about quant/prop trading/HFT like Jane street, Hudson River trading, citadel, DE Shaw, Two Sigma, etc. NOT A QUANT AT A BANK.
You forgot quant roles. But usually these are masters and phd level with ecperience
Would you place corporate banking within an investment bank a 6.5/7? I’m not sure the exact differences, but at the very least the clients are larger and the deals/loans are bigger than that of commercial banking (as it is usually used).
How would you rank prop firms? Some of them are rly selective and prestigious. They may be at par with HF imo
Curious where you would place Management Consulting in all of these?
Hi Ben! Nice video 👍
I’m now in my sophomore year, and really hesitate to go for Management Consulting or Investment Banking. I’m not that into IBD in that the job is relatively repetitive; however in my long term goal I do want to break into VC or growth equity. So it seems that IBD will be a better option than MC? Are there any suggestions that you could provide? Appreciate it!
Same question
Look into sourcing roles for Growth Equity - lots hire from undergrad
@@PassThroughRevenue Appreciate for your insights but I’m in Taiwan and it’s hard to break into Growth Equity in Hong Kong or Shanghai straight out of Uni let alone US or Europe.
I've been watching rareliquid videos for so long and I've been meaning to ask where that framed dollar bill poster on the wall is from?
Wanting to get into private wealth management but hard to find an internship! Going into my junior year so I rly need to land some internship in that area for next summer. Definitely going to be putting in the work to get one!
Incoming freshmen here, I’ve talked to a lot of seniors and very reputable people in the finance industry (very high net worths) they all say J.P. Morgan is a great place to start in wealth management.
@nick coats I landed my intern by networking on linked in and lots of research on google, a lot of companies are starting the internship process now for the summer of 2023 , good luck 👍🏾
Ah Ben, my memory is a little hazy on this, but I vaguely remember you saying that when you applied to do your MBA, your were aiming to be recruited for one of the top three (and if I'm correct, no longer IB), but then rareliquid starting doing really well and it shifted your goals in your degree. Which one would you have gone into if rareliquid hadn't taken off? I think I've heard you in passing discussing Private Equity and Hedge Funds, but Venture Capital seemed more in line with your skill set (from the very little I know haha)
i think another good metric to use here would be long term viability. yes, hedge funds are often very reputable, lucrative, and difficult to land an offer at, but they can also have really high turnover, especially during recessions. private equity is another that could be hard for a person to stay in past the vp level as partners would have to give up more carry for every promotion.
Give up more carry?
What’s carry?
Hedge funds and prop trading firms also pay a lot less than BBs at higher level of seniority. They poach talent at junior levels with amazing comp, but then even their CEOs and CFOs make less than 2m a year, while MDs at BBs are already making that much.
So, risk and compliance don't make the list. Not surprising. Though it's interesting to me that for every opening I see in investigations, there are literally hundreds of applicants and those openings are usually backfills.
What do you know or think about finance and big DATA ?
Btw I really like this content
Great viedo! I am finishing college (21 year old), and have been working for 3 months in a big four comany, performing due diligence on M&A processes. I recently got an offer to work in equity research.
Taking into account that my goal is to work in investment banking, would you recommend me to take it or to stay at my current job?
Greetings from Argentina!
How would you rank a fundraising role like placement agents
How long does it take for an engineer to learn these finance material, not for IB roles but to get better at equity research
where does a portfolio manager ranks in for example in multi asset fund at a shop like Allianz?
Ayeee I heard my firm !
No one notice the error for VC, #4 not #3 lol, great video though, loved it Ben!
Plz fix thx
@@deerfield007 lol
Could we rank all BB and top EBs?
How would investor relations rank?
What’s the difference between a private wealth management and a financial advisor?
I went straight into the HF world on graduation and left 3 years later to go into tech, it’s just a grind and not much fun anymore
Can I ask you what you did in the HF? Would be also interesting to know what you earned there (which position and work hrs). Currently in my gap year. Thinking about to study informatics/math or economy (in germany prob.). Any tipps for career? Ty and have a nice day :D
@@r3v0a98 I did risk and equity research mainly. I was was paid about in line with or maybe just above an IB analyst/assoc. You have to network your way into HF. Maths and/or CS is a good start
@@finnwheatley2194 how do I start networking from zero? I only know a good friend of my father who ist a MD (DMC, commercial Banking) but that’s it. Is it even worth to get into HF? As a researcher, trader or dev? What position can you reach there? I know that the WLB at like JS is pretty amazing or would you say a tech career is much better? Sorry for all these questions but it’s pretty rare to get in contact with someone who has first hand information
@rate liquid how did you get into Warrten college of business? I really want to go thier for grad school and advice
8:21 Mergers and Inquisitions
Hedge funds come in many forms. Would love a video on that!
Working finance in tech pays pretty good. Depending on the job. You might see a lot of red tape.
Hi, thanks for the video. Could you do one but focusing only on financial markets jobs ? (several types of trader, sales, structurer, quant etc?). Or because it's not your field, do you know any video close to this type ? Thanks.
Bro could you share different industries best firms in their field
I am an under graduate student from India and will pass CFA level two and FRM both level papers till graduation. I am pursuing bachelors degree in account.
And along with this I also do an internship as an equity dealer with one of the Top brokers in India.
After I graduate, I dream of my future and my career in Wall Street in New York, is this dream possible, that I can then take a job in a very big company like Morgan Stanley, JP MORGAN, Goldman Sachs or another big and medium Financial Corporation.
Please reply I need help a lot. And I am going to have a dream that there is a boy who dreams of doing something big in the future. Please reply.
I’m starting an internal audit role in a risk consulting team in September where I will study toward my AAT and ACA. Once I get those qualifications is there a way I can shift to a financial role that Involves advising those on investments or even investment banking ?
No, after internal audit your career is pretty much over.
@@berichon123 Risk consulting you can stay in big 4 or midsize firms and potentially make partner/principal.
what would you have to say about private banking ?
What about proprietary trading firms like Optiver and Jane Street?
A job at Renaissance Technologies guarantees you become wealthy while doing interesting things.
Forgot to mention credit analysts ie, at ratings agencies or banks
You should’ve included actuarial and quant roles, but great video nonetheless
Well those roles you mentioned specifically apply to math majors. When do you get a quant role with a basic finance degree out of college lol. You’d need to major in math/stats for that + ideally a BBA in addition to that BS for math
Where would you rank venture debt on the list?
Does Risk analysis not fall under broad category of Finance?
It would be great to have a video where you rank the Investment Banks or PE from lower to higher compensation in your first year. Some numbers seem unbelievable for a first year analyst.
Drop more podcast!!!
@rareliquidcareers what about Private Banking?
Long Onlys are not hedge funds and long/short funds are fundamental in their research process.
how did you get a job at meryl lynch after your freshmen year
putting trading in the same level as sales and ER is just stupid imo
The ranking of difficulty and comp is usually ER/Sales => IBD => Trading. A mediocre trader gets paid similar to a mediocre IBD (i.e. DCM) and a top trader gets paid more than a top IBD.
We want a video overview of hedge fund
How about quantitative research at JP Morgan? You didn't mention that.
Any entry level jobs you recommend?
The most ads-intensive video ever watched
I’m currently a freshman. Does Merrill Lynch actually hire rising sophomore summer interns?
Do you think that I as a computer engineering major can get into IB, if so how?
Hey just wanted to let you know you put IB and VC both as #4
As always, you did a fantastic job explaining the top 10 jobs in the Finance career. I just had a question; I am going to high school and interested in learning about finance; I was just wondering if there are any things/prerequisites that I have to do/take to better my chances of getting into a reputable university that offers business-related undergrad courses. Thanks!
Enjoy high school while doing your best, whether or not you get into a university or not won’t determine your future. High school is a great time to learn and have fun. Enjoy it
@@MatiasRijoM Thank you so much for the advice, I appreciate it!
It would be good to get involved in business related EC’s. Many schools don’t offer business electives and colleges won’t penalize you for not taking a course that doesn’t exist. If your school have finance/accounting electives, make sure to take it! For me, I started an investment club teaching students financial literacy and also founded a business. Hope that helps:)
Are you 11 or American and like 15 or something
@@tigerxiao8412 Hey there, I hope this finds you well! I appreciate you taking the time to give me beneficial advice regarding Business electives and your experience. It's great that you were able to start your own business from your accumulated experiences! Professional individuals like yourself told me that universities want an all-rounder, so I am thinking of taking 2 or 3 essential matters and trying my best at them. For instance, I am considering starting a business club in High school. Then, depending on how it proceeds, I can use my freshman year knowledge and experience to begin on an Informative YT channel or write a blog about how doing research helped me find better ways to proceed with my career. Of course, this is a hypothetical idea, but I hope it works out! I am not sure if you will read this but thank you for your help; it's greatly appreciated!
What about corporate banking?
Do you need accounting degree to do audit
I work in Private Wealth Managment, and I am trying to transition to FPA, anyone got some advice?
Can you make a video on how Software Engineers can get into Hedge Funds. Do we need an MBA, what growth trajectory would be like.
Awesome! your potential seems limitless. I'm fascinated with investing but being a single mother and juggling all these things are quite difficult. How best can I start and what sector to engage in?
@Bryan wow! do you think you can give me some advice on how to invest in a healthy way as you are doing? please
@Bryan Thanks for sharing, just looked up
on google and I'm super impressed with her credentials. I dropped a massage on her webpage and hope she replies soon
Don’t wait until the market skyrocket again then you start biting your fingers wishing you made the decision to invest. bought my third house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
Am not good doing it alone but getting into the market has been my best decision so far in my road to financial independence as it turns out to be lucrative for me and Personally I have multiple streams so I just enable the use of an investment advisor to navigate and secure the returns.
Woah, Though this is the first time i would be reading comments about my financial advisor Ms. Melisa on TH-cam comments and it is quite a memorable insight
Why does an option having a higher difficulty give it a higher score? higher difficulty does have a benefit in making the job look better but that's offset by the reputation score.
If you don’t mind me asking, why did you leave JP Morgan Chase?
The difficulty should be a con not a pro. Why would a job better if it's harder to get into? Being difficult to get into is already somewhat reflected in the reputation.
You did say it's subjective, so fair enough.
OG, where does Mutual Funds belong to? thx
Investment banking is good if you want a lot of money quickly but you will suffer, your social life will suffer, your significant other will suffer, your kids will suffer, your free time will plummet, your phone will always be ringing. You will never get that time back.
Don’t hedge funds perform worse than index funds?