Professionals and Managers - Is Your Pay above the Median?

fin slave: I pity your current situation. I can still remember my ex-MD’s favourite lines: “do you know the amt of bonus you’ll be getting depends on me?” and “this is really unacceptable, do you know you can be fired for this?”. some of these senior bankers can be so abusive!!

I think if you’re really uncomfortable with your current situation, maybe you should plan to switch when there’s a chance. just do something that pays half you’re getting now, but opens up your weekends and will give you a better family life.

puzzled: i agree with u that full time is better but that does not mean that part timers are a definite no-no for career switch yeah? like what u said, networking is the key so i think i will go with the part-time option and make the most out of the networking sessions

the reason why i am insisting on a change is because i know IT has a certain cap. once i hit 150k, it is very difficult to go beyond that amount unless i become an IT director in some MNCs and this is just as difficult to get into a front office financial job. The upside in a front office financial role is definitely much greater and i believe to get 150-200k in finance should be alot easier than IT. Since i am ard the 125k mark and nearing 150k in a few years, i might as well give it a shot in finance right? No harm even if i do my MBA part-time but dont get to switch.

sure, there’re definitely parttime grads that managed to switch successfully…..it’s just that doing a fulltime prog can better your chance.

it’s no harm having an additional degree, even if you decided not to change right? is still better than having nothing ….but remember that the later you switch, the cost of switching will be higher.

thanks guys. i know that i definitely have to get out of this job soon, it’s just a matter of when and how (without upsetting the family). i think the problem is that i lack the killer instinct for a financial job in the first place, but i switched only because of the $$$. now i know it was definitely a wrong decision. at the end of the day, i think hard core finance only appeals to a certain type of person - you have to make sure you’re really that sort of person before jumping in. please don’t end up like me.

side note, there’s this story making the rounds at my bank, not sure whether it’s true or not: a VP’s dad passed away and the MD asked, “Sorry to hear that, when’s the funeral?” Thinking that the MD finally had a heart and was going to attend, the VP said, “Monday morning, 9am.” But before the VP could give him the venue, the MD said, “Good. That means you’re still around during the weekend to work on the XXX deal. And we can have a meeting on Monday afternoon to discuss the pitch.”

financial slave: Not surprising. The banking industry is pretty cold and ruthless.

My boss often makes me work during my lunch time even though it is stated explicitly and legally in my contract that I will have 1 hours lunch.

Sometimes I work straight from morning till 10pm without lunch and dinner. I’m the fastest & most efficient worker in my team and I’m really working every minute, no chatting, no stepping out for breaks, just rushing deadlines after deadlines. I don’t even need to drink coffee because the stress alone keeps me awake. Haha!

littlenova: no lunch, dinner and coffeebreaks but u have time to post msgs on forums? :P just joking….

displeased: I am earning less than you when I was your age. I am still in the bracket that you are in but if you ask me on switching to finance or to strive for senior IT management. I would definitely say the latter is easier any day and with considerable less risk. If you are good enough to succeed in finance from scratch, you are likely to be good enough to succeed in IT management. But if you are a 200-300k IT executive, be prepared to work just as hard as those who earn 200-300k through other means.

kevin: mind revealing your age? Personally, i feel that it is harder to achieve 150k and above in IT than finance because only senior IT managers or directors get 150k and above. But in banking/finance, you dont need to hold such senior position to earn that much money. So on average, it should be easier to earn 150k and above in finance (without considering the amount of hours we have to put in). No risk no gain. I dont think i am that old yet so i think it is better for me to strive/try now before i regret in future. If i really fail to switch, i guess i can always fall back on IT.

fin slave: that incident can be true, why not? I remember not taking a day of MC even when I’m sick a couple of times due to the long hrs/stress work. and when I’m on leave, my phone just kept ringing non-stop. I’m afraid that if I missed an impt call, I’ll be informed that I don’t have to return to work after my leave

it’s a cold/harsh world in finance. hence you IT guys who’re already making good money at your age should be satisfied. Main Street types jobs are for normal people, but if you really want to go beyond 200k or even 300k/yr wall st type jobs may present a higher chance.

littlenova: i know what you’re talking abt. I used to be so deprived of sleep, but the stress and speed just kept me awake without the use of cafeinne.

but I think you’ll have to be a superman to go long hrs without lunch/dinner/breaks…..and you health will also go down the drain