A career on Wall Street is an envied position by many. Mainstream media has glorified these roles and the fast-paced working environment in one of New York City’s most influential districts. Many do not realize all that Wall Street entails until they find themselves lucky enough to be in that career for themselves. The following facts will give you a bit more realistic expectations for what it looks like to work in this sector.
High Salaries Are Not Guaranteed for Newbies
What draws many individuals to the Wall Street dream is the possibility of making a high salary by New York City standards. While the average investment banker can expect to make between $300k to $400k a year, and some of the managing directors earn between $550k to $20 million, these salaries are not guaranteed for newcomers. As with most industries, there are the top dogs who make a high salary, and there are also the entry-level employees who make significantly less. Even though an entry-level employee on Wall Street could see a salary of $70k, which is a high dollar amount for many suburban and rural populations, this is a relatively low number for a Wall Street professional wanting to make a comfortable living in New York City.
Long Work Hours
With this high salary also comes long working hours. This high-earning potential does not come without plenty of sacrifice and dedication. For some employees, a typical workday can be between 14 to 18 hours, and work weeks can range from 80 to 120 hours. In fact, it would not be considered uncommon to see employees pulling an all-nighter in the office. This undoubtedly leads to burnout for some, as it can be difficult to prepare for such a rigorous work schedule. Wall Street certainly takes New York’s nickname seriously, capitalizing on “the city that never sleeps” reputation. Workers can expect to lose out on a lot of their social life in order to earn a pretty dime.
Gives You Entrepreneurial Skills
Even with its exhausting schedule and performance-based culture, Wall Street is known to have produced a great number of high-earning entrepreneurs. This career teaches individuals the value of determination and persistence. Additionally, Wall Street will give you confidence in handling money, a necessary skill for those looking to run a successful business. This in-depth knowledge of finances has led to many successful entrepreneurs with a past on Wall Street. After already dealing with the highs and lows faced in this competitive field, you’ll feel much more confident entering the world of entrepreneurship.