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11-03-2015 12:12 PM
Unregistered Yup, I pretty must agree with those responding to the OP. In summary, for starting, you are looking at at best 4k if coming from a local uni, at a slight premium of 6k coming from global recognized ivies.

I'll add value to this thread by suggesting possible ways if you really want to fast track to five digit per month asap. You friend is a good example. These are the few ways I know, outside the super lucky ones selling insurances, property, etc.

1. Yup, the IB and MC jobs. But as mentioned, they take in global ivies with internship experiences with them.
2. Sales in oil brokerage. Spend a year or two learning the business, then generate sales.
3. Start out as research analyst in an asset management company, generate a few good ideas, be reward handsomely. It depends on the style of investing, but know it isn't easy. You're golden if you can predict price movements correctly more than 50% of the time.

I'm from an Ivey and I'm in path 3.
10-03-2015 08:35 AM
lifeistough
Quote:
Originally Posted by Unregistered View Post
You're not willing to settle for a smaller sized firm?
hi, thankfully I secured a place in the firm and department of my choice, in a JV. looks like its long hours ahead!
10-03-2015 12:25 AM
Unregistered
Quote:
Originally Posted by lifeistough View Post
Hey all,

I'm a local law grad, projected to grad with high 2nd upper (currently easily above the 20th percentile) in 2 years or so. Lately I've been thinking of starting out in a non-law industry for the following reasons:

1) The legal job market is an employer's market. I estimate around 800 law grads (from local and UK unis) competing for around 300 spots in big4 and reputable medium firms by the time I graduate. What this translates to is relative difficulty in picking the right firm and right practice area.

2) I never had an interest in law. This means that I'm driven to law primarily by the ROI. Unfortunately, the ROI in law isn't as good as people may think. The hours in big4 corporate are extremely long (9am - 12am + weekends) and the pay is ~6k starting. The progression is something like ~1k increment and 4-6 months bonus PA. Thing is, I only know of IB and MBB consulting that can beat this kind of pay.

3) I really enjoyed finance and consulting. I did a few finance modules and I quite enjoyed them as I found they made much more 'sense' than law modules. I've also done consulting work for actual companies and found such work to be very enjoyable as well.

So here comes the questions:

1) Are my impressions of the legal/non-legal job landscape accurate?

2) What other industries/specific jobs that I have a reasonable chance to enter, and that will provide a better or comparable pay package? I'm open to most industries, but was looking at IB, consulting, and management assoc programmes.

I've been asking round my contacts and career counsellors but would like as many perspectives on this as possible. Thanks so much for reading through this post!

You're not willing to settle for a smaller sized firm?
10-08-2014 10:14 AM
RedOrangeYellow
Quote:
Originally Posted by Unregistered View Post
it is not that hard lar, my g/f was from NTU engineering with 2nd lower also can get in PWC.
Please considering posting a photo of her to justify the job offer. You can draw a black bar to cover the eyes (for privacy).
09-08-2014 11:46 AM
Unregistered Sod advice is pretty sound, and quite agreed with him
I think ur friend even with a second class is performing really well in his/ her work and thus the quick pay rise within three years of work.

I believe as long as knowing ur interest or passion is and a little bit of effort, any industry will also compensate you well enough for what you r doing.
There's this saying行行出状元. If ur interested in culinary, opening a hawker can also make you five digits.

Ur thinking too much about ROI. That's why u mention there's this whole groupthink stuff of going finance industry or selected jobs because your mind is also thinking what the common man on the streets are thinking(money). Which make me wonder should you rly go into legal or lawyer as their thinking are often wired diff from the average ppl.

I think I've read some article some time ago,( applies to US only) and this article was saying for the remuneration vs work hours, macdonalds staff earn more than the fresh starters in IB. And if u were a us citizen, would that make u look for a job position in macdonalds after u complete ur law deg? Just some thoughts on that
04-08-2014 12:15 PM
lifeistough Thanks so much to all of you for the excellent advice!

Apologies for the confusion I've caused. I'd just like to clarify that I don't have any issue with working long hours (law school hours are something like 8am - 11pm, and I understand that law firm hours are worse).

Its pretty clear also that its (almost) impossible to get a job with a similar starting pay and better hours. But I think the key here is starting pay. I was wondering if there may be professions out there that (despite having a lower starting pay) may outstrip law in terms of pay in the long run. From the associates I've asked, annual increments in law range from 800-1200, with 3-6 months bonus per year.

As an example, I have a friend who graduated 2nd upper (without distinguishing accomplishments) who secured an analyst role in an AM firm as a fresh grad around 3 years ago, and is now earning 5 digits PM.

I understand that I may be being unrealistic with my outlook. I've moderated my expectations accordingly, but believe that there is no harm trying to get the best position I can.

Thanks again!!!
04-08-2014 11:17 AM
Unregistered
Quote:
Originally Posted by SOD View Post
Just to clarify, by Big 3 I meant McKinsey, BCG & Bain. Not referring to the big 4 accounting firms that do mass campus recruitment with minimal screening and offer 2.8k/3k a piece to anyone with a degree by the busloads.
As what some other posters had said, it is almost impossible to get into those top 3 consulting firms with just a local bachelor degree. Even with first class. They usually take in top students from Ivy League Universities, or fresh MBAs (from reputed institutions). Exceptions include direct experiences in consulting, or connections.

I am also somewhat puzzled by your contradicting statements. There are actually very few jobs that offer a high starting salary for fresh graduates. And even if they do, none will be cushy jobs. Unless of course, you're working in family corporation or your own business (think investment). So a starting salary of $6k for a lawyer is pretty impressive; that's about 4 years work for any other fresh grad to hit in general.

I noticed that you're still only in year 2. That means you've yet to take higher level mods, which will be more competitive (due to natural selection, harder topics, and smaller classes). Unless you've reached FCH already, don't bet your horses that you will remain 2nd upper and above.

My advise would for you would be to take more business modules, to enter financial institutions. Think Chen Show Mao.
01-08-2014 06:07 PM
SOD
Quote:
Originally Posted by Unregistered View Post
it is not that hard lar, my g/f was from NTU engineering with 2nd lower also can get in PWC.
Just to clarify, by Big 3 I meant McKinsey, BCG & Bain. Not referring to the big 4 accounting firms that do mass campus recruitment with minimal screening and offer 2.8k/3k a piece to anyone with a degree by the busloads.
01-08-2014 11:38 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
it is not that hard lar, my g/f was from NTU engineering with 2nd lower also can get in PWC.
Who did she sleep with?
01-08-2014 11:28 AM
Unregistered You are a top 20% guy with a top 0.1% expection. Time to come down from heaven to smell the coffee.
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