Career advice if you want gobs of money: Be a money manager

Off-topic
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In Fairfield County, Conn., home to many hedge funds, the average pay was $23,846 a week. Investment banking paid an average weekly wage of $8,367, compared with $841 for all private sector jobs, the Bureau of Labor Statistics said in a routine report issued Thursday. http://www.nytimes.com/2007/09/01/business/01bankers.html

Top money managers earn such huge incomes that even when their compensation is mixed with the much lower pay of clerks, secretaries and others, the average pay in investment banking is 10 times that of all private sector jobs, new government data shows.

Bureau of Labor Statistics report on wages and bonuses in investment banking
Census Bureau report on income, poverty and health insurance coverage.

The report also showed how far ahead hedge fund managers are of other investment bankers in making money.

In Fairfield County, Conn., home to many hedge funds, the average pay was $23,846 a week. In Manhattan, with a much broader mix of investment banking firms and seven times the number of employees, pay was much less, averaging $16,849 a week in the first quarter of 2006.

Nationally, investment banking accounted for just 0.1 percent of all private sector jobs, but it accounts for 1.3 percent of all wages, the bureau said. Of the nation’s 132.5 million private sector jobs, 173,340 were in investment banking in the first three months of 2006, the report stated.

The bureau said that 4 of the top 10 counties in average industry pay were in the New York City market.

Almost 72 percent of all investment banking earnings were in just five counties: New York (Manhattan), Fairfield, San Francisco, Los Angeles and Cook County, Ill., which envelops Chicago.

“With steady employment totals, very handsome bonuses,” the report said, “it would seem to be an understatement to say that investment banking was thriving.”

The bureau regularly issues reports highlighting incomes in different industries. This was the first on investment banking.

The growth of hedge funds has had a significant effect on jobs and income growth in Fairfield County, which includes Greenwich, Conn.

A decade earlier, in the first quarter of 1996, there were slightly fewer than 1,500 jobs in investment banking and securities, a slightly broader definition of jobs that the bureau used then.

By the first quarter of 2006, Fairfield County had more than four times the jobs, 6,137, just in investment banking.

Average weekly pay more than doubled in real terms, from $10,220 in 1996 to $23,846 in the same period last year. The average pay for all 363,000 jobs in Fairfield, including investment banking, was $1,949 weekly.

Investment banking accounted for more than a fifth of all private sector wages in Fairfield County and more than a seventh in Manhattan, the bureau said.

The bureau’s report comes amid widespread concern about years of lower or stagnant incomes and about the possible reversal of recent increases.

The Census Bureau reported on Wednesday that median household income grew modestly in 2006, rising by 0.7 percent. But is also found that average wages for men and women had declined for the third year in a row.

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In case anyone was hoping or wondering dead hedge fund managers dont suffer any worser fate after their dead than the rest of us. But just so you know too, they also can’t take it with them.

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What do those people even do? The name says nothing to me.

I wanna be a monkey manager.

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So you think you can manage Alex, eh?
I dunno, he can be a bit tricky sometimes.

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Don’t worry, we’ll get along. I can make some sweet monkey noises and if that doesn’t set him straight, my ape impression surely will.

He doesn’t stand a chance.

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That’s potentially the strangest thing I’ve ever heard.

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These money managers are the types of people that came up with the ideas behind Enron. Are you willing to sell our soul for money?

Money managers are also the same types of people that pushed sub-prime loans and adjustable rate loans that are resulting in many people defaulting and foreclosing on their home mortgages because they can’t afford the mortgage now that the interest rates have gone up. What kind of soulless person would sell a loan like that to high risk people?

I say shoot all the money managers along with the ambulance chasing lawyers and the world will be a better place.

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Dig deeper… kill the Federal Reserve. That’s the source of these problems and most others.

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Yeah my dad and his friends in florida are into that hedge fund stuff. He explained it to me once, and basically, you just make obscene amounts of money.

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And how many GUnis in your garage???

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Not until they get back on track on lowering the interest rates. My ARM is still sore from the size of mortgage checks I’ve been writing.